LYNCHBURG, VA. — Capstone Apartment Partners has arranged the $68.9 million sale of West Edge Apartments, a newly built, 270-unit multifamily community located on 22.7 acres in Lynchburg. Eric Liebich and Ron Corrao of Capstone arranged the off-market transaction between the undisclosed seller and the buyer, Gastonia, N.C.-based Southwood Realty. Delivered earlier this year by the unnamed developer, West Edge features one-, two- and three-bedroom layouts. Amenities include a swimming pool, a clubhouse/community center, fitness center and laundry facilities. West Edge was 96 percent occupied at the time of the sale.
NASHVILLE, TENN. — Walker & Dunlop has negotiated the sale of Park Central, a 200-unit apartment community located at 220 25th Ave. N in Nashville’s Midtown district. Russ Oldham of Walker & Dunlop represented the unnamed seller and the buyer, Houston-based Dinerstein Cos., in the transaction. The sales price was not disclosed. Built in 2013 a couple blocks north of Vanderbilt University, Park Central features studio, one- and two-bedroom apartments, as well as a clubroom, fitness center and a sky deck with a heated rooftop pool overlooking Centennial Park. The eight-story apartment community also includes an adjacent parking garage.
Can you dig it? Possibly, but site civil engineers can help determine if construction can rock on without running into rocky situations. Thorough site civil due diligence is the foundation for developing a project with minimal delays. Keeping land development projects moving forward — especially during construction — requires highly informed due diligence processes and expertise when it comes to approvals and plans. Site civil engineering design with constructability in mind can support general contractors while streamlining the overall bidding and construction process. But what are best practices when it comes to ensuring a successful project? REBusinessOnline spoke to two experts who specialize in high-quality construction documents: Benjamin Plumb, P.E. project manager, and Keith Simpson, director of engineering, work for Bohler, a land development consulting and technical design company. You Never Know What You’ll Find Before You Dig — However, These Tips Can Help Uncertainty is part of any development project, but Simpson outlines two scenarios that make up the majority of the challenges he sees: 1. Existing underground utilities that are not reflected in plans. 2. Soils that differ from what was expected from the geotechnical report. In some cases, slowdowns are unavoidable and will cause delays, but due diligence can …
ATLANTA — The City of Atlanta has received approval for $39 million in acquisition financing for the purchase of Two Peachtree Street, a 41-story office building located in downtown Atlanta. The city’s economic development authority, Invest Atlanta, will purchase the building, which the city plans to convert to a mixed-income, mixed-use development. Invest Atlanta is acquiring the property on behalf of the city and plans to hold the property until a redevelopment partner is selected. Built in 1968, the building is currently owned by the State of Georgia.
MADISON, ALA. — Richmond-based Capital Square has completed the acquisition of FarmHaus Apartments, a 324-unit, Class A multifamily community in the Huntsville suburb of Madison. FarmHaus, a 22-acre property located at 1260 Balch Road, features one-, two- and three-bedroom apartments averaging 973 square feet. Amenities at the community include a pool, hot tub and spa, fitness center, business center, TV and gaming lounge, grilling station and dog park and pet spa. Capital Square acquired the property on behalf of CS1031 FarmHaus Apartments DST, an investment vehicle with plans to raise $55.9 million in equity. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller, Thompson Thrift, in the transaction. The sales price was not disclosed.
WASHINGTON, D.C. — Mitsui Fudosan America (MFA) has signed a partnership agreement with Industrious, a flexible workplace company, for the use of 40,653 square feet of space at The Homer Building, an office building located at 601 13th St. NW in Washington, D.C. Located on the 12th floor, the space will feature private offices and a total of over 500 seats. The Industrious space at The Homer is scheduled to open in early 2023. Located atop Metro Center Station in D.C.’s East End neighborhood, The Homer Building features a rooftop deck, modernized elevator mechanicals and cabs, a four-level parking garage, full-service fitness center and a Panera Bread and coffee shop on the ground level.
RALEIGH, N.C. — Alchemy Properties South, in partnership with New Valley Realty, has purchased two properties located in Raleigh for a combined $16 million. The site of the properties, which include a vacant lot at 303 S. Dawson St. and an adjacent retail building at 217 W. Martin St., will be redeveloped as a luxury residential building to feature up to 40 stories and 450 rental and condominium units. Morris Adjmi Architects and JDavis Architects will design the new building. Maxim Capital Group provided financing for the transaction. No construction timeline was disclosed.
MIAMI — Marcus & Millichap has arranged the sale of Keystone Shoppes, a 9,566-square-foot retail center located at 190 NW 42nd Ave. in Miami. Ruben Gonzalez and John Obando, private investors, acquired the property for $9.4 million. Jonathan De La Rosa of Marcus & Millichap marketed the center on behalf of the seller, Keystone Holdings. Chipotle Mexican Grill anchors the center.
What was once a vacant landscape has undergone a modern-day renaissance, transforming into a thriving, energetic hub infused with dynamic retail, local chef-driven eateries and desirable living and working environments. Tampa has evolved into a top “a place to see” and “place to be” for both out-of-state guests and residents alike. What is one the main driving forces behind this urban revitalization? The rise of high-density mixed-use developments and lifestyle centers that create central spaces for people to live, work, play, shop, dine and explore new experiences. Recently, Florida has benefited from a massive influx of residents and development activity as a result of the COVID-19 pandemic. Varying demographics and age groups flocked to the Sunshine State in search of more space, agreeable weather and an expedient reopening as far as retail, restaurant and entertainment. Along with the mass of new residents, Tampa quickly rose to become the second most popular city in the country for prospective homebuyers, reflecting a new interest to settle down in the area. The retail sector also boomed state-wide, but specifically in Tampa, with retail rents growing 7.8 percent over the last 12 months and ranking among the top 10 fastest growing markets, according to …
ARLINGTON, VA. — Chevy Chase, Md.-based developer JBG Smith has filed plans with the City of Arlington to develop a mixed-use project within the 36-acre Riverhouse district. The project would preserve three existing multifamily buildings while also adding three mid-rise apartment complexes with more than 1,000 units, as well as 185 seniors housing residences, 265 townhomes and 164 for-sale condos. In addition, the project would feature 30,000 square feet of retail and restaurant space and more than seven acres of public parks and green spaces that would be connected by trails and paths. Lastly, JBG Smith would invest in infrastructural improvements throughout the district and commission public art installations. The development team is engaging in the communal outreach phase of the project while it awaits the completion of the permitting and approvals process.