CONYERS, GA. — St. Germain, Wis.-based Eliason 1031 Properties has acquired Lake St. James in Conyers from a group of limited liability companies and associated individuals. The 20-building, garden-style community features 484-units and is situated on approximately 55 acres at 50 St. James Dr., along Interstate 20. Property amenities include a clubhouse, a fitness facility, two swimming pools, picnic areas and tennis courts. Eliason plans to offer the property to TIC investors. Steve Griffin with Cushman & Wakefield of Georgia represented the seller in the transaction.
Multifamily
MURFREESBORO, TENN. — Radnor, Pa.-based DeSanto Realty Group has acquired Cason Estates in Murfreesboro from Tarragon Corp. for $27 million. The 20-building community, situated on 19 acres at 1650 Cason Ln., features one-, two- and three-bedroom units. The property will be offered to TIC investors. CB Richard Ellis brokered the transaction.
CHATTANOOGA, TENN. — A joint venture between CORE Real Estate Services and Birmingham, Ala.-based Broder & Sachse Real Estate Services has acquired Mountain Creek Apartments, a 296-unit apartment and townhome community located at the intersection of Mountain Creek Road and North Runyan Drive in Chattanooga for $13.25 million. The property was secured with a non-recourse Fannie Mae loan from Prudential. An out-of-state owner sold the 93 percent occupied multifamily property.
ATLANTA — MCL Cos. has purchased the Connie Rose Apartments, located adjacent to Skyline at Lindbergh. The current apartments sit on approximately 5 acres of land that will be transformed into 70,000 square feet of retail space as well as additional residences for Skyline at Lindbergh. The multifamily property stands as the tallest building in the area and will include 220 one-, two- and three-bedroom units priced from the $190,000s to the $600,000s. Completion is set for spring 2009.
ATLANTA — Cortland Partners has begun building Avalon Ridge Apartments in South Atlanta. Located at 183 Mt. Zion Rd., the $26.6 million mixed-income community will have 222 one-, two- and three-bedroom apartments. The first residents are expected to move in next summer, with full completion the following winter. Amenities will include a park-like central courtyard with a swimming pool, a playground and picnic areas.
RINCON, GA. — Auburn, Ala.-based McShane Construction Corp. has been selected by Continental Properties Co. to build Springs at Effingham, a 352-unit apartment complex. The project is situated on a 32-acre site located at 617 Towne Park West Dr. in Rincon. McShane will provide final completion of the new apartment development in April 2009 with initial occupancy slated for summer 2008.
FORT LAUDERDALE, FLA. — Construction has completed on Bamboo Flats, a residential community within Flagler Village in Fort Lauderdale. Located along NE 3rd Avenue between NE 7th and NE 8th streets, Bamboo Flats features 57 three- and four-story units, rooftop terraces, 11-foot ceilings, a community swimming pool and two courtyards. Bamboo Flats is one of six communities within Flagler Village, a mixed-use development currently underway. Project partners for Bamboo Flats included owner Flagler Junction LLC, Fort Lauderdale-based Pasquale Kuritzky Architecture and general contractor W.A. Bentz.
MARIETTA, GA. — Atlanta-based Lane Co. and Griffin Realty Advisors have acquired River Heights Apartments, located off Columns Drive in Marietta, for $40.7 million from Waterton Associates. This is the first investment for Griffin Realty Advisors value-added fund. The community includes 384 one-, two- and three-bedroom apartments. Renovation of the first group of apartments should be complete by first quarter 2008 with work continuing through November 2009.
ATLANTA — McShane Construction Corp. has completed Park View at Coventry Station on behalf of developer The Shelter Group. The 166-unit affordable senior housing project is located on a 5.75-acre site at 3381 Greenbriar Pkwy. in Atlanta. Park View at Coventry Station is part of a 138-acre, mixed-use development by master planner Priske-Jones Southeast Co., featuring single-family and multifamily residences with retail and office space. McShane’s assignment included the construction of a four-story residential building that features 66 one-bedroom units and 100 two-bedroom units.
TAMPA, FLA. — Byron Moger and Luis Elorza of Cushman & Wakefield have represented Camden Property Trust in the $35.8 million sale of Camden Isles, a 484-unit, 349,506-square-foot multifamily community located at 6202 Sheldon Rd. in Tampa. The Lightstone Group purchased the property. The community offers a mix of one- and two-bedroom units. Amenities include two lakeside pools, racquetball and tennis courts and a fitness center.