Southeast

Doster Completes Construction of 290-Unit Dempsey Apartments in Madison, Alabama

by Hayden Spiess October 31, 2023

MADISON, ALA. — Doster Construction Co. has completed the construction of The Dempsey Apartments, a 290-unit multifamily community in Madison. In addition to studio, one- and two-bedroom apartments, the property features 483 surface parking spaces, 25 detached garages and 5,000 square feet of retail space. Amenities at the community include a swimming pool, coworking lounge, fitness center, dog park and a clubroom. Located at 375 Lime Quarry Road, Dempsey Apartments is adjacent to the 563-acre Town Madison mixed-use community. Doster completed the construction on behalf of the developer, Novare Group.

October 31, 2023

Acquisitions Florida Multifamily Southeast

LeCesse Sells 269-Unit Avila Apartment Community in Oviedo, Florida

by Hayden Spiess October 31, 2023

OVIEDO, FLA. — LeCesse Development Corp. has sold Avila, a 269-unit apartment community located in Oviedo, about 18 miles northeast of Orlando. LeCesse completed construction on the property — which features one-, two- and three-bedroom units across three buildings — in June 2022. Humphreys & Partners Architects was the project architect, and Roger B. Kennedy Construction served as the general contractor. Florida Engineering Group was the civil engineer. Wells Fargo and Federal Capital Partners provided financing. Amenities at the community include a clubhouse, dog park, car wash, grilling stations, a putting green, fire pits and electric car charging stations. GAIA Real Estate acquired the property for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the buyer in the transaction.

October 31, 2023

Georgia Leasing Activity Retail Southeast

Two Tenants Sign Leases at Boone Centre in Kennesaw, Georgia

by Hayden Spiess October 31, 2023

KENNESAW, GA. — Two new tenants have signed leases at Boone Centre, a shopping center located in Kennesaw, roughly 30 miles northwest of Atlanta. Backsmith Chiropractic and Axe Throwing Therapy will open at the property, which is situated at 2680 Cobb Parkway. Max Albers of Stratus Property Group represented both tenants in the lease negotiations. The landlord was not disclosed.

October 31, 2023

Acquisitions Content Partner Features Leasing Activity Multifamily NAI Single-Family Rental Southeast Texas

Southeast Single-Family Rental Market Remains Resilient

by Sarah Daniels October 31, 2023

Families searching for more space, in part as remote work options retain their hold on the workplace landscape, plus strong migration into the Southeast have helped fuel a robust single-family rental market, especially in Atlanta and other Georgia markets over the last several years. More recently, young renters pairing up to share the growing burden of housing costs, as well as would-be home buyers putting off a purchase because of higher interest rates, have also gravitated toward single-family rentals, says Troy Reynolds, a multifamily advisor with NAI G2 Commercial Real Estate, who has added single-family rentals to his business focus. Given the lack of housing supply in the Southeast, these conditions are likely to persist for the foreseeable future. As a result, a growing number of investors have been piling into the assets amid a multifamily investment market saturated with buyers and a consequent leap in prices over the past few years, he adds. “We just don’t have enough housing to meet all the demand, and we continue to see a mass exodus from other states into the Southeast, and particularly into Georgia,” Reynolds states. “So, we’re seeing a lot of younger as well as newer investment groups coming …

October 31, 2023

Acquisitions Florida Southeast Student Housing

CBRE, GMH Communities Acquire 734-Bed Student Housing Community in Tampa

by John Nelson October 30, 2023

TAMPA, FLA. — A joint venture between the CBRE Strategic Partners U.S. Value 9 investment management fund and GMH Communities has acquired Venue at North Campus, a 734-bed student housing community located in Tampa. Situated adjacent to the University of South Florida at 13702 42nd St., the property features units in studio, two-, four- and five-bedroom layouts. Amenities at the community include in-unit washers and dryers, valet garage service, two swimming pools, fitness centers, grilling stations, a study room and internet café, volleyball court and a convenience store. Venue at North Campus was fully leased at the time of sale. The seller and sales price were not disclosed.

October 30, 2023

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers Sale of 224-Unit Spoke Multifamily Community in Atlanta

by John Nelson October 30, 2023

ATLANTA — Cushman & Wakefield has brokered the sale of Spoke, a 224-unit multifamily community located in Atlanta’s Eastside neighborhood. Robert Stickel, Wesley Lacefield and Alex Brown of Cushman & Wakefield represented the seller, Waypoint Residential, in the transaction. The deal included a Fannie Mae loan assumption and tax abatement. The buyer and sales price were not disclosed.

October 30, 2023

Development Leasing Activity Maryland Mixed-Use Restaurant Retail Southeast

Pinky Cole to Open Two Restaurant Concepts at $5B Baltimore Peninsula Development

by John Nelson October 30, 2023

BALTIMORE — Restaurateur Pinky Cole will open two food-and-beverage concepts, Slutty Vegan and Bar Vegan, at Baltimore Peninsula, a $5 billion mixed-use redevelopment project currently underway in Baltimore. Scheduled to open in the fourth quarter of 2024, the plant-based restaurants are expected to create more than 100 new jobs. The 14 million-square-foot, 235-acre Baltimore Peninsula development also features a four-acre sports venue, ROOST Apartment Hotel and the Rye House and 250 Mission residential communities. The development and investment team for the project includes MAG Partners, MacFarlane Partners, Kevin Plank of Under Armour and his Sagamore Ventures investment firm and Goldman Sachs Asset Management Urban Investment Group. Additionally, Pinky Cole will join the development team for Baltimore Peninsula’s Rye Street Market component.

October 30, 2023

Development Florida Leasing Activity Retail Southeast

Three Retail Tenants Sign Leases at Century Town Center in Doral, Florida

by John Nelson October 30, 2023

DORAL, FLA. — Three new tenants have signed leases at Century Town Center, a mixed-use property in Doral. My Salon Suites, Rumble Boxing and Kidstrong will occupy 5,910; 2,541; and 2,734 square feet of ground-floor retail space, respectively. Located at 8175 NW 107th Ave., Phase I of Century Town Center features 326 residential units and 31,000 square feet of retail space. A planned second phase of the project will comprise an additional 408 residential units and 27,000 square feet of retail space. Rafael Romero and Malina Huynh of JLL represented the landlord — a partnership between Mattoni Group, Double C and Century Homebuilders Group — in the lease negotiations.

October 30, 2023

Georgia Leasing Activity Office Southeast

JLL Arranges Office Leases Totaling 24,472 SF at Salesforce Tower in Atlanta’s Buckhead District

by John Nelson October 30, 2023

ATLANTA — JLL has arranged two leases at Salesforce Tower in the Buckhead submarket of Atlanta. Rubicon renewed its 6,338-square-foot lease at the property, and payment solutions provider Clearent by Xplor signed a new 18,134-square-foot lease. Brooke Dewey, Jeff Taylor and Caroline Fisher of JLL represented the landlord, a partnership between Banyan Street Capital and KKR, in the negotiations. Newmark represented Rubicon, and CBRE represented Clearent by Xplor. Amenities at the building include direct access to MARTA and The Buc rideshare service, a fitness center, coffeeshop and electric vehicle charging stations.

October 30, 2023

Florida Market Reports Multifamily Southeast Southeast Market Reports

Strong Office Sector Helps Propel Miami’s Multifamily Market

by John Nelson October 30, 2023

While many cities grapple with a declining population, softening rents and a struggling office market, Miami is riding a wave of population growth and apartment demand. This stems from the usual factors — sun, lifestyle and low taxes — as well as something unprecedented: an influx of large office users. New-to-market office tenants are transforming Miami’s economy and helping offset the challenges of inflation and rising interest rates. Miami multifamily fundamentals remain strong, with plenty of liquidity in the market. Our economy is more diversified than ever, and this has made it one of the most desirable markets in the country. Supply and demand People and businesses fleeing states with higher taxes and longer pandemic restrictions helped fuel Miami’s population surge between 2020 and 2022 and led to record-breaking rent growth during that period. Miami has become a magnet for large financial and tech firms, with well-heeled companies like Starwood Property Trust, Citadel Securities, BlockChain and Blackstone Group taking new office space. All told, a record 57 companies relocated or expanded to Miami-Dade County last year. Between May 2022 and May 2023, Miami added over 83,000 jobs, more than a 4 percent increase. Miami’s unemployment rate as of May 2023 …

October 30, 2023

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