Southeast

Provenza at Old Peachtree in Suwanee, Georgia
GeorgiaInvestment SalesNewsSoutheast

RangeWater, Nippon Steel Kowa Acquire Provenza at Old Peachtree Near Atlanta

by Channing Hamilton

SUWANEE, GA. — RangeWater Real Estate and Nippon Steel Kowa Real Estate have acquired Provenza at Old Peachtree, a garden-style community located at 1460 Distribution Drive in the Atlanta suburb of Suwanee. The asset will be rebranded as Echo Ridge Suwanee. The property offers amenities such as a pool, outdoor patio with a fireplace, fitness center, clubroom, catering kitchen, car care center, business center with a private meeting space and a community pond with walking trails. The new owners are planning to add a dog park and a pet spa …

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Soleste NoMi Beach in North Miami Beach, Florida
DevelopmentFloridaNewsSoutheast

The Estate Cos. Completes 23-Story Soleste NoMi Beach in North Miami Beach, Florida

by Channing Hamilton

NORTH MIAMI BEACH, FLA. — The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story high-rise development located on Biscayne Bay in North Miami Beach. The project comprises 685,957 square feet. The 1.8-acre waterfront property is situated near beaches, the Oleta River State Park, Aventura Mall and Bal Harbour Shops. Soleste NoMi Beach offers 367 apartments. The property will also include 4,460 square feet of commercial space that will house a Peruvian restaurant called Uma Cantina Peruana. Units come in one-, two- and three-bedroom floor plans ranging from 700 …

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DevelopmentFinanceGeorgiaNewsSoutheast

BWE Secures $31 Million to Construct Imperium Suwanee in Atlanta Suburb

by Channing Hamilton

SUWANEE — BWE has secured a $31 million loan to finance the construction of Imperium Suwanee, a 212-unit development in the Atlanta suburb of Suwanee. The community will offer amenities such as a fitness center, rooftop clubhouse, EV chargers, cybercafé with a coffee bar, pool, outdoor kitchen and bar, bike storage and repair station, courtyard, dog spa and a business center with a conference room. Thomas Wiedeman, Alan Tapie, Brad Walker and Hanley Long of BWE’s Atlanta office originated the loan through two community bank lenders. The borrower was Imperium …

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Mason at Van Dorn in Alexandria, Virginia
BerkadiaFinanceInvestment SalesNewsSoutheastVirginia

Berkadia Provides $157 Million in Acquisition Financing for Mason at Van Dorn Apartments in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit community in Alexandria. The borrower and purchaser was a partnership between Shoreham Capital and Bridge Investment Group. The seller was CIM Group, which acquired the asset in 2017. Walter Coker, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia originated the financing on behalf of the buyers. Mason at Van Dorn was originally built in 1972. The complex consists of 14 buildings on a 30-acre site. Amenities include two pools, …

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Cirrus at Aqua in Bradenton, Florida
FloridaInvestment SalesNewsSoutheast

West Shore Acquires 354-Unit Cirrus at Aqua in Bradenton, Florida

by Channing Hamilton

BRADENTON, FLA. — West Shore has purchased Cirrus at Aqua, a community in Bradenton, 13 miles north of Sarasota. The property offers one-, two- and three-bedroom apartments, as well as amenities such as a pool, fitness center, on-site resident market and a game room. Cirrus at Aqua is situated at 6850 Foxtail Palm Way, about nine miles south of Bradenton’s downtown area. According to Apartments.com, the complex comprises 354 units and was built in 2023.

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Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

CREI Holdings Secures $76 Million to Develop Affordable Housing Community Near Miami

by Channing Hamilton

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, a 328-unit affordable and workforce housing community in the Miami suburb of Sweetwater. Centennial Bank provided the financing. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank Li’l Abner III will comprise one eight-story building that will be situated adjacent to Li’l Abner I and II. Apartments will come in one- and two-bedroom layouts. Forty …

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Westmont Commons in Asheville, North Carolina
Investment SalesNewsNorth CarolinaSoutheast

TruAmerica, Spoke Real Estate Capital Purchase Westmont Commons in Asheville, North Carolina, for $49.9 Million

by Channing Hamilton

ASHEVILLE, N.C. — TruAmerica Multifamily, in partnership with Spoke Real Estate Capital, has purchased Westmont Commons, a 252-unit community in Asheville, for $49.9 million. The seller was not disclosed. Greystone provided a Freddie Mac Optigo loan to finance the acquisition. Rob Russell and Richard Kourbage originated the loan. Westmont Commons was built in two phases in 2003 and 2008. The community offers one-, two- and three-bedroom floor plans. Amenities include a clubhouse with a kitchen and game room, pool with a sundeck, dog park, fitness center and picnic area with …

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Effingham Green Condos in Portsmouth, Virginia
Investment SalesNewsSoutheastVirginia

Marcus & Millichap Brokers $2.4 Million Sale of 17-Unit Complex in Portsmouth, Virginia

by Channing Hamilton

PORTSMOUTH, VA. — Marcus & Millichap has brokered the sale of Effingham Green Condos, a 17-unit property in Portsmouth. Nouveux Effingham LLC purchased the community from Capps Equity LLC for $2.4 million. Justin Ferguson, Altay Uzun, Theo Jolley and Jack Carroll of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer. Situated at 1007 Green Street, Effingham Green Condos was built in 1987 on a two-acre site. The property features 17 two-bedroom units across two buildings.

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Hancock Bridge Square in Fort Myers, Florida
DevelopmentFinanceFloridaNewsSoutheast

Mast Capital, BLG Capital Advisors Secure $65 Million Construction Financing for Hancock Bridge Square in Fort Myers, Florida

by Channing Hamilton

FORT MYERS, FLA. — Mast Capital, in partnership with BLG Capital Advisors, has secured $65 million in construction financing for Hancock Bridge Square, a 320-unit development in Fort Myers. Situated on 14.5 acres of land at 13370 North Cleveland Avenue, Hancock Bridge Square will feature three- and four-story buildings. The garden-style community will include amenities such as a fitness center, lounge, entertainment kitchen and a pool with a sun deck. The lender was Centerbridge Partners, which served as agent for MassMutual Life Insurance Co. JLL Capital Markets represented the joint …

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Murphy Crossing in Atlanta
DevelopmentGeorgiaNewsSoutheast

Culdesac, Urban Oasis to Develop 20-Acre Mixed-Use Redevelopment in Atlanta

by Channing Hamilton

ATLANTA — Culdesac Inc. and Urban Oasis Development will develop Murphy Crossing, a mixed-use redevelopment in Atlanta’s Oakland City neighborhood. The project is currently awaiting approval from Atlanta BeltLine Inc. (ABI) and Invest Atlanta, the City of Atlanta’s economic development arm. A development timeline was not disclosed. Located at 1050 Murphy Ave., Murphy Crossing will span 20 acres and offer 1,100 residential units, as well as commercial and light industrial space. Of the total unit count, 30 percent will be designated as affordable housing for residents earning 60 to 80 …

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