Southeast

Portman Adds Retrograde Coffee, Social Cantina to Starling Apartment Tower Underway in Nashville

by John Nelson September 12, 2023

NASHVILLE, TENN. — Atlanta-based Portman has signed two new food-and-beverage tenants to occupy commercial space at Starling, a 363-unit apartment tower underway in Nashville’s Germantown neighborhood. The new tenants include Retrograde Coffee, a neighborhood coffeeshop, and Social Cantina, a modern Mexican restaurant and tequila bar. The coffeeshop will be the first café to front the Cumberland River Greenway, which Portman will expand to directly interface with the Starling tower, and the restaurant will be the first Southeast location for Social Cantina and will feature an outdoor patio. In addition to 17,000 square feet of commercial space, Starling will feature a game room, library, coworking space and a rooftop pool deck overlooking First Horizon Park. Portman plans to deliver the first units in January and fully complete the project in March. In addition to Starling, Portman’s current Nashville projects include the 1,475-unit Eleven North residential development that will break ground in 2025 and the recently delivered Moore Building in Music Row.

September 12, 2023

Georgia Loans Retail Southeast

CBRE Arranges $55M Refinancing for Peachtree Battle Shopping Center in Atlanta

by John Nelson September 12, 2023

ATLANTA — CBRE has arranged a $55 million loan for the refinancing of Peachtree Battle Shopping Center, a 152,951-square-foot grocery-anchored center located at 2333-2365 Peachtree Road NE in Atlanta. Situated on 12.6 acres in Atlanta’s Buckhead district, the three-building shopping center was fully leased at the time of sale to tenants including Publix, Walgreens, Ace Hardware, CAVA and Onward Reserve. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the loan through Thrivent Financial on behalf of the borrower, Branch Properties.

September 12, 2023

Multifamily Market Overleveraged Revere Capital

Acquisitions Content Partner Features Loans Midwest Multifamily Northeast Southeast Texas Western

Multifamily Market Faces Strain as Overleveraged Investors Confront Rising Costs, Property Value Decline

by Sarah Daniels September 12, 2023

As the pandemic lockdowns hammered offices and retail properties, investors abandoned those assets and plowed cash into apartments and warehouses, both of which witnessed robust rent growth and appreciation as the economy reopened. But in many cases, apartment investors tapped ultra-cheap, variable-rate financing to overpay for multifamily properties, expecting rental rates to continue to climb and help the deals pencil financially. While in large part rents have grown — albeit not at the same double-digit level seen during 2021 and early 2022 — buyers often made the deals with too much optimism and failed to account for potential risks or often, at least, underappreciated them. Now, not only has the debt on those multifamily assets become considerably more expensive in about a year’s time, but labor, insurance, taxes and other operating costs also have increased. As a result, financial cracks are emerging in the multifamily market, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. What’s more, because of the typical 12-month apartment lease term, landlords are unable to pass those higher expenses onto tenants in a timely fashion, declares Salladin, leader of the firm’s real estate debt team. Even if multifamily owners could increase rents, …

September 12, 2023

Development Florida Multifamily Southeast

McHugh, Stiles Top Off 39-Story NEMA Apartment Tower in Downtown Miami

by John Nelson September 11, 2023

MIAMI — McHugh Construction and Stiles Construction have topped off NEMA Miami, a 39-story luxury apartment tower underway at 2900 Biscayne Blvd. in downtown Miami. Crescent Heights is developing the project, which will comprise 588 apartments in studio, one-, two-and three-bedroom layouts, as well as ground-floor retail space, including a 42,030-square-foot Whole Foods Market store. Additionally, the development will feature a 748-spot parking garage, with 195 spots reserved for Whole Foods patrons. Designed by Arquitectonica, NEMA Miami’s amenities will include indoor and outdoor lounges, a swimming pool, sauna and steam rooms, event space and catering kitchen, private bar lounge and a fitness center. Rockwell Group is providing interior design services. The first move-ins are scheduled for next summer.

September 11, 2023

Acquisitions North Carolina Retail Southeast

CenterSquare Acquires 105,785 SF Shopping Center in Wilmington, North Carolina

by John Nelson September 11, 2023

WILMINGTON, N.C. — CenterSquare has acquired The Forum, a 105,785-square-foot shopping center located in Wilmington. The property was fully leased at the time of sale to tenants including Dunkin’, Jimmy John’s, Club Pilates, The UPS Store, Chop’t, Bento Box, True Blue Butcher and Osteria Cicchetti. The seller and sales price were not disclosed.

September 11, 2023

Acquisitions Multifamily Southeast Virginia

GID Acquires 282-Unit Apartment Community in Fairfax, Virginia

by John Nelson September 11, 2023

FAIRFAX, VA. — GID has acquired Arbors at Fair Lakes, a 282-unit apartment community located in Fairfax, roughly 20 miles outside of Washington, D.C. Amenities at the property, which will be rebranded as Windsor Fair Oaks, include a clubhouse, pool and sundeck, 24-hour fitness center, dog park, tennis court, two outdoor grilling stations and a complimentary shuttle to the Vienna Metro station. The seller and sales price were not disclosed.

September 11, 2023

Acquisitions Georgia Loans Southeast Student Housing

BWE Arranges Acquisition Financing for 456-Bed Student Housing Community in Metro Atlanta

by John Nelson September 11, 2023

MARIETTA, GA. — BWE has arranged financing for the acquisition of The Beacon, a student housing community located near Kennesaw State University’s Marietta campus, roughly 20 miles outside Atlanta. Situated at 315 Freys Gin Road, the property totals 456 beds across 158 units. Residences at the community feature private bedrooms and bathrooms, as well as full-size washers and dryers, and amenities include high-speed Wi-Fi, package delivery lockers, a yoga room, private study rooms, 24-hour fitness center, free parking and a swimming pool. Chris Carroll and Max Miller of BWE secured the financing on behalf of the buyer, Campus Realty Advisors. Campus Realty Management, a division of Campus Realty Advisors, will manage The Beacon.

September 11, 2023

Acquisitions Florida Retail Southeast

Azora Purchases Retail Building in Miami Beach for $16M

by John Nelson September 11, 2023

MIAMI BEACH, FLA. — Azora has purchased a retail building in the South Beach neighborhood of Miami Beach for $16 million. Located at 1000 17th St., the property totals 18,000 square feet. Azora acquired the property, which was fully leased at the time of sale, through its subsidiary Azora Exan. The buyer plans to maintain the current operation of the building, with gradual increases to rental rates. The seller was not disclosed.

September 11, 2023

Florida Market Reports Multifamily Southeast Southeast Market Reports

Orlando Finds Strength as One of Nation’s Top Multifamily Markets

by John Nelson September 11, 2023

Orlando remains one of the strongest multifamily markets nationally despite the slowdown being experienced in commercial real estate at large. Its strength is largely defined by growth in rent, supply, upcoming development opportunities, employment and the local economy, which have all contributed to healthy fundamentals. Being a top U.S. tourism destination has also helped with more than 74 million visitors coming to Orlando in 2022. Local tourism has created 212,000 jobs as of year-end 2021, and the city is home to nine world-renowned theme parks that are frequented by tourists. Orlando has also proven to be a very attractive and viable place to live long-term. The city is the fourth-largest in Florida, with an estimated population of more than 312,200 in 2023 and over 2 million within the metropolitan statistical area (MSA). The area’s population growth has supported multifamily growth opportunities, ensuring there is a vast renter pool and demand for the inventory that continues to be delivered. That has propelled rent growth up with submarkets like Colonial Town and Florida Center North, which are still posting year-over-year increases between 10 and 16 percent, significantly higher than the national average. Overall supply has also held up well with 6,103 units …

September 11, 2023

Development Florida Multifamily Southeast

LCOR to Develop 42-Story Apartment Tower in Miami’s Edgewater Neighborhood

by John Nelson September 8, 2023

MIAMI — LCOR has announced plans for a 544-unit apartment tower located at 1775 Biscayne Blvd. in the Edgewater neighborhood of Miami, pending approval from the Miami Urban Development Review Board (UDRB). Upon completion, the development will feature studio, one-, two- and three-bedroom residences across 42 stories, as well as 50,000 square feet of amenity space, 10,000 square feet of ground-floor retail space and a 628-space parking garage. ODP Architects is designing the project, with interiors designed by KAS. Amenities will include a rooftop pool, fitness center, tenant lounges and coworking spaces and a gaming area. Construction is expected to begin in the second quarter of 2024. The project marks the firm’s first ground-up development in the state of Florida.

September 8, 2023

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