Southeast

Property Managers in D.C. Can Avoid Unwelcome Property Tax Surprises by Managing Liabilities

by John Nelson March 11, 2021

By Sydney Bardouil, Esq. After the tumult and disruptions of 2020, the last thing taxpayers need is another surprise. Our society craves predictability more than ever before, and commercial real estate owners want predictability in their property taxes. In the District of Columbia, commercial real estate owners keen to make their future expenses more predictable can start by familiarizing themselves with the full gamut of real property liabilities. In addition to the standard annual property tax, the District imposes a variety of charges on real estate that vary by the property’s location, use and payment history. Managing these real estate charges can help a taxpayer budget for upcoming expenses and minimize the risk of incurring unplanned costs. What follows is a primer to help taxpayers manage real property tax liabilities in the District. Start with the basics The DC Office of Tax and Revenue (OTR) recently launched MyTax.DC.gov, a new taxpayer website intended to streamline the tax assessment and billing processes. This single portal offers insight into taxes on individual income, businesses and real property, as well as fees administered by OTR. The site features self-service tools that enable taxpayers to review and pay property tax bills online, view assessment …

March 11, 2021

Acquisitions Florida Multifamily Southeast

Dasmen Residential Acquires Five Apartment Properties in Orlando, Tampa for $102M

by Julia Sanders March 10, 2021

ORLANDO AND TAMPA, FLA. — New Jersey-based Dasmen Residential has acquired five apartment communities in Orlando and Tampa for a total of $102 million. Dasmen acquired the portfolio from Amzak Capital Management and The Focus Group using $15 million of equity raised from 275 investors on CrowdStreet. The CrowdStreet offering was oversubscribed, and investors on CrowdStreet pledged $22.9 million in offers in less than 18 hours. The transaction also included $33 million of total investor equity, as well as a $76.4 million Freddie Mac loan provided and serviced by Greystone. With 1,011 units total, the five apartment properties are 92 percent occupied. The names and addresses of the Orlando communities include Addington Place Apartments at 4757 Silver Star Road, Oak Hill Apartments at 4500 Silver Star Road and Oakmont Apartments at 3024 Rio Grande Ave. The properties in Tampa include Jasmine Terrace Apartments at 1250 Skipper Road and Laurel Crossings Apartments at 13101 Aarans Pond Drive. Dasmen plans to give the properties upgrades to individual units and common areas. The capital improvements will include rebranding all five communities. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the sellers in the transaction.

March 10, 2021

Development Florida Hospitality Southeast

SH Hotels & Resorts to Open 62-Story Treehouse Hotel in Miami’s Brickell District

by Julia Sanders March 10, 2021

MIAMI — SH Hotels & Resorts, an affiliate of global private investment firm Starwood Capital Group led by Barry Sternlicht, will open the Treehouse Hotel in Miami’s Brickell district in 2023. Rockwell Group and SHoP Architects are the designers of the development, which will be the first U.S. Treehouse Hotel. The first Treehouse Hotel debuted in London in 2019. Treehouse Brickell will be a 62-story hotel with 191 rooms. The property is filled with repurposed materials and found objects, like reclaimed flooring, wood beams and mismatched lighting. The hotel will feature two rooftop pools, with several bar and snack options. The main dining area will have a designated terrace and private bar. Treehouse Hotel has environmentally conscious features including rainwater harvesting and reuse, low-carbon energy materials, electric car recharging stations and bike parking. JDS Development Group is a team of innovators and builders based in New York. Rockwell Group is an architecture and design firm based in New York.

March 10, 2021

Development Life Sciences North Carolina Southeast

Crescent Communities to Develop 255,000 SF Life Sciences Campus in Holly Springs, North Carolina

by Julia Sanders March 10, 2021

HOLLY SPRINGS, N.C. — Crescent Communities will develop a three-building life sciences campus within Oakview Innovation Park in the Raleigh-Durham market of Holly Springs. The property will be situated at the intersection of Green Oaks Parkway and Holly Springs New Hill Road. Crescent Communities worked with the Town of Holly Springs and Trustwell Property Group to co-develop the life sciences campus. The campus, which is located near Seqirus’ North American campus and adjacent to the Holly Springs Business Park, will feature three buildings spanning over 255,000 square feet on approximately 25 acres. Two of the development’s buildings will be constructed to meet biomanufacturing specifications, with each one offering over 100,000 square feet and the ability to accommodate single or multi-tenant needs. The third facility will be a two-story office building designed for smaller office users or expanding ones. Crescent Communities aims to start construction later this summer, with the first building’s delivery expected in summer 2022. The design team includes Timmons Group, O’Brien Atkins Associates and Gilbane . Crescent Communities is a Charlotte-based real estate investor, developer and operator of mixed-use communities.

March 10, 2021

Acquisitions Florida Retail Southeast

JLL Brokers Sale of Winn-Dixie-Anchored Shopping Center in Naples, Florida

by Julia Sanders March 10, 2021

NAPLES, FLA. — JLL Capital Markets has brokered the sale of Mission Hills Shopping Center, a fully leased, 85,078-square-foot neighborhood shopping center anchored by Winn-Dixie in Naples. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, Phillips Edison & Company Inc., a REIT based in Cincinnati. Slate Grocery REIT acquired the asset for an undisclosed price. Completed in 2005, Mission Hills Shopping Center was renovated in 2018 and features 17 service-oriented tenants, with 85 percent deemed “essential.” The center is situated on 18.8 acres at 7550 Mission Hills Drive, about 37 miles from Fort Myers. Toronto-based Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate.

March 10, 2021

Development Multifamily Seniors Housing Southeast Virginia

The Virginian Breaks Ground on $56.5M Landmark Renovation in Fairfax, Virginia

by Julia Sanders March 10, 2021

FAIRFAX, VA. — The Virginian Retirement Community, a senior living community in Fairfax, will break ground on an 18-month renovation schedule. Development costs are estimated at $56.5 million. The Virginian project is a collaboration between Focus Healthcare Partners LLC, Life Care Services and Allied Partners. The Virginian Retirement Community will be located at 9229 Arlington Blvd., about 17 miles from Washington, D.C. The seven-story, 367,000-square-foot building will include four wings featuring 155 independent living apartments, 56 assisted living units and 38 memory care residences. The property is located on a 32-acre wooded campus near downtown Fairfax, and was acquired by an affiliate of Focus Healthcare Partners LLC in 2019. The Virginian will offer a fitness center with trainers, as well as daily exercise classes including aerobics, Tai Chi, balance and strength training and yoga. Other activities include a high-tech Golf Simulator, new indoor swimming pool with water aerobics classes and a water exercise program. The property will also include a new theater, virtual entertainment room, tech lounge, three full-service salons and four restaurants.

March 10, 2021

Development Georgia Multifamily Southeast Student Housing

Landmark, AECOM-Canyon to Develop 32-Story Student Housing Tower in Downtown Atlanta

by Julia Sanders March 9, 2021

ATLANTA — Landmark Properties and AECOM-Canyon Partners have partnered to co-develop The Metropolitan at Atlanta, a 32-story, 835-bed student housing development located a quarter-mile from Georgia State University (GSU) in downtown Atlanta. Construction at The Metropolitan will begin later this month and is scheduled for completion by August 2023. Located at Luckie Street and Ted Turner Drive, the 265-unit project will span 325,000 square feet, including approximately 5,700 square feet of retail space. The mixed-use development will be located near Five Points MARTA station, Centennial Olympic Park, Mercedes-Benz Stadium and State Farm Arena. The Metropolitan will be Landmark’s fourth development in the Atlanta area since 2018. The Metropolitan will offer one- to five-bedroom units. Community amenities will include a clubhouse, outdoor pool, concierge service, 24-hour fitness center, golf simulator and café study lounge. Units will feature granite countertops and stainless steel appliances, as well as high-speed internet and cable. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital and Canyon Partners LLC, is bringing design, construction management and engineering expertise to the project. Landmark Urban Construction is the general contractor for the project, and CNNA Architects and W&A Engineering are also part of the development team. Landmark is a student …

March 9, 2021

Development Multifamily Seniors Housing Southeast Virginia

Pembroke Realty, Beth Sholom Village to Build Senior Living Community in Virginia Beach

by Julia Sanders March 9, 2021

VIRGINIA BEACH, VA. — Pembroke Realty Group and Beth Sholom Village will build a seven-story senior living community in Virginia Beach known as the Senior Living Project at Pembroke. Kahler Slater Architects designed the community with CJMW Architecture in charge of programming. The community is scheduled to open in 2023. The Senior Living Project at Pembroke will have 124 independent living residences, 20 assisted living apartments and 12 memory support units. Community amenities will include entertaining spaces, a rooftop terrace, indoor pool, fitness room and Wi-Fi throughout. The property will also feature a pet-friendly environment, beautician services, health and wellness classes, chef-prepared meals with flexible dining options and professional housekeeping services. The senior living community will be located at the corner of Jeanne Street and Constitution Drive. Beth Sholom Village first opened in 1980 and has grown from a 120-bed skilled nursing facility to a campus that includes The Terrace Assisted Living. The growth continued with various services, including rehabilitation, transportation, skilled home health and hospice care.

March 9, 2021

Acquisitions Industrial Southeast Virginia

Stan Johnson Co. Brokers $12.7M Sale of Manufacturing Facility in Salem, Virginia

by Julia Sanders March 9, 2021

SALEM, VA. — Stan Johnson Co. has brokered the sale of a single-tenant manufacturing facility in Salem fully leased to the Mack Trucks division of parent company AB Volvo Group, which is a manufacturer of trucks, buses, construction equipment and marine and industrial engines. Rob Gemerchak of Stan Johnson marketed the 280,900-square-foot property on behalf of the undisclosed seller, an individual investor based in Virginia. The undisclosed buyer, a private equity partnership based in Buenos Aires, Argentina, bought the property for $12.7 million. Located at 6450 Technology Drive, the facility launched production in 2020 and serves as Mack Trucks’ only medium-duty assembly plant in the country. The property, originally built in 1997 on 134 acres, is located along Interstate 81 just west of Roanoke and offers access to Interstates 64 and 77. The property is less than 50 miles from Volvo’s truck manufacturing facility in Dublin, Va. Property amenities include 18- to 21-foot clear heights, 11 dock doors with two drive-in doors, a sprinkler system and 400-plus parking spaces.

March 9, 2021

Acquisitions Multifamily Southeast Virginia

Capital Square 1031 Acquires Multifamily Community in Metro D.C.

by Julia Sanders March 9, 2021

GAINESVILLE, VA. — Capital Square 1031 has acquired SomerHill Farms, a 140-unit multifamily community in Gainesville, a suburb of Washington, D.C. Located at 7351 Yountville Drive, the community is situated on 18.8 acres. Constructed in 2006, SomerHill Farms features six three- and four-story residential buildings and one clubhouse. The community includes one-, two- and three-bedroom units ranging in size from 786 square feet to 1,446 square feet. Community amenities include a clubhouse, outdoor pool, dog park, fitness center, tot lot and community garden. Capital Square 1031 acquired the property via an investment vehicle that seeks to raise $23.2 million in equity from accredited investors and has a minimum investment threshold of $50,000. The seller and sales price were not disclosed. Capital Square 1031 is a national real estate firm specializing in real estate investments, including Delaware statutory trusts for 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion.

March 9, 2021

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