Georgia

The-Mitchell
DevelopmentGeorgiaNewsSoutheast

CIM Group Opens Centennial Yards High-Rise in Atlanta

by Lynn Peisner

ATLANTA — CIM Group and Centennial Yards Co. have opened The Mitchell, a 19-story luxury high-rise, which is also the first ground-up building completed within the $5 billion Centennial Yards mixed-use development in Atlanta. An earlier project, The Lofts at Centennial Yards South, was built above an existing brewery. The Mitchell, located at 250 Martin Luther King Jr. Drive SW, offers studios and one-, two- and three-bedroom floor plans. Some units feature floor-to-ceiling windows with views of the city. Amenities include a pool, a fitness center, coworking spaces, outdoor gathering …

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Brentwood-Commons
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Wendover Housing Partners Opens Atlanta Affordable Housing Community

by Lynn Peisner

ATLANTA — Wendover Housing Partners has opened Brentwood Commons, a 113-unit affordable housing community in Atlanta. The property offers one-, two- and three-bedroom apartments with monthly asking rents for one-bedrooms starting at $1,192 and three-bedroom rates set at approximately $1,632. Amenities include a clubhouse with a fireplace-anchored gathering area, a computer center for work and study, a splash pad and playground for children and a fitness center. Each unit is equipped with Energy Star-certified appliances, walk-in closets and a full-size washer and dryer. Designed by Slocum Platts Architects and built …

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Richmond-Hill
DevelopmentGeorgiaNewsSoutheast

ECI Breaks Ground on $60 Million Mixed-Use Project Near Savannah

by Lynn Peisner

RICHMOND HILL, GA. — Atlanta-based ECI Group broke ground Aug. 20 on The Averly Richmond Hill, a mixed-use development that includes 291 multifamily units. The project is in Richmond Hill, about 20 miles southwest of Savannah, Georgia. ECI Construction is the general contractor, with construction financing provided by Synovus and CIBC. Ashley Smith and Tyler Mouchet of Colliers Savannah have been selected to market the 3.5 acres of retail pad sites, which are available for ground lease. Behind the commercial acreage, ECI is constructing the multifamily community, which consists of …

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DevelopmentGeorgiaNewsSoutheast

Alliance Residential Buys Charleston Land for Joint Project with MAA

by Lynn Peisner

CHARLESTON, S.C. — Alliance Residential Co. has acquired about 19 acres of land at 1730 Clements Ferry Road in Charleston for the development of MAA Point Hope, a 336-unit community Alliance is developing in partnership with MAA. The site is located within the 9,000-acre master-planned community of Point Hope. MAA Point Hope will include six three-story and two four-story residential buildings and a freestanding clubhouse. Units will include granite countertops, stainless steel appliances, screened-in balconies, wood-style flooring and a washer and dryer in every apartment. Community amenities will include a …

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ZMR Hanley Place
ArizonaFinanceFloridaGeorgiaNewsSoutheastWestern

ZMR Lands $230 Million Debt-Equity Refinancing

by Lynn Peisner

TAMPA, FLA. — ZMR Capital, a Tampa-based multifamily investment firm founded by Zamir Kazi, has secured $230 million to refinance a portfolio of 1,600 units across Florida, Georgia and Arizona. The financing includes equity from an institutional joint venture and a five-year, fixed-rate Fannie Mae loan. ZMR will complete gradual renovations to each property during its hold period. Henry Stimler and Ricky Warner of Newmark represented ZMR Capital in the transaction. The portfolio includes four properties in Tampa, one in Atlanta and one in Phoenix.

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Yale-West
Company NewsGeorgiaInvestment SalesNewsNortheastSoutheastWashington, D.C.

Elme Communities Agrees to Sell Portfolio to Cortland for $1.6 Billion as Part of Liquidation Plan

by Lynn Peisner

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of …

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12th-&-James
Affordable HousingGeorgiaInvestment SalesNewsSoutheast

Atlanta Property Sells to EQ Housing Advisors for $39 Million

by Lynn Peisner

ATLANTA — Aspen Square Management has sold 12th & James in Atlanta’s Upper Westside neighborhood to EQ Housing Advisors for $39 million. Under the new ownership, a public-private partnership with Atlantica Properties will convert the 214 apartments from market-rate to affordable housing. JLL represented Aspen Square in the deal. EQ Housing Advisors is a nonprofit housing investment firm, and Atlantica is a for-profit developer and investor. EQ was founded in 2022 by former RangeWater Chairman Marc Pollack. All groups, except the seller, are Atlanta-based. Atlanta Urban Development Corp. provided the …

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Alliance-Residential-TheWeldon
DevelopmentGeorgiaLeasing & MarketingNewsSoutheast

Alliance Opens Broadstone Development in McDonough

by Lynn Peisner

MCDONOUGH, GA. — Alliance Residential has opened The Weldon by Broadstone, a 330-unit community in McDonough, an Atlanta suburb located about 35 miles south of downtown. The architect and interior designer on the project was Atlanta-based Dynamik Design, Planners & Engineers Collaborative+ was the project’s engineer.  The Weldon offers a selection of one- and two-bedroom units that feature full-size Samsung side-by-side washers and dryers. Amenities include a saltwater pool with in-pool chaises, outdoor lounge seating and a pergola-covered outdoor entertainment area with grilling stations. Additional amenities include a 24-hour fitness …

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Village_on_Spring_Mill
FinanceGeorgiaIndianaKentuckyMidwestNewsOhioSoutheast

Buckingham Cos. Lands $330 Million Loan for Seven-Property Portfolio

by Lynn Peisner

INDIANAPOLIS — Indianapolis-based investor Buckingham Cos. has received a $330 million loan to refinance seven properties in five states. The New York-based CBRE Debt & Structured Finance team of Shawn Rosenthal, Jason Gaccione, Tom Traynor, Tom Rugg, Jake Salkovitz, Henry Fenmore, Lauren Weinstein and Justin Helbling arranged the floating-rate loan funded by Goldman Sachs and Atlas SP Partners. Buckingham’s portfolio comprises 2,381 units. The firm began acquiring the properties, which were constructed between 1982 to 2021, seven years ago and has invested approximately $45 million in capital improvements since then, …

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Alessia-Gardens
GeorgiaInvestment SalesNewsSoutheast

RSN, Monday Acquire Asset Near Lake Lanier, Georgia

by Lynn Peisner

OAKWOOD, GA. — Joint venture partners RSN Property Group and Monday Properties have acquired Audubon Crest, a 126-unit, garden-style community in Oakwood, 50 miles northeast of Atlanta. The new owners have rebranded the asset Alessia Gardens and are planning unit upgrades. The deal marks the partnership’s fourth acquisition in the past eight months. Amenities at the property include a pool, a dog park, green space and a car-washing station.

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