Southeast

Harlow in Smyrna, Georgia
GeorgiaInvestment SalesNewsSoutheast

Cushman & Wakefield Arranges Sale of 303-Unit Harlow in Atlanta Suburb

by Channing Hamilton

SMYRNA, GA. — Cushman & Wakefield has negotiated the sale of Harlow, a recently-completed community in the Atlanta suburb of Smyrna. RA Capital Partners purchased the asset from South City Partners for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay, and Sim Patrick of Cushman & Wakefield represented the seller in the deal. Harlow offers 303 units, as well as more than 6,000 square feet of amenity space. The property is situated nearby The Battery, a mixed-use entertainment district and home of the Atlanta Braves.

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FinanceNewsNorth CarolinaSoutheast

NewPoint Provides $45 Million to Refinance 300-Unit Community in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — NewPoint Real Estate Capital has provided a $45 million lease-up bridge loan to refinance a recently completed 300-unit community in Charlotte. Mike Ortlip of NewPoint originated the floating-rate, interest-only bridge loan, which features a two-year initial term. The borrower is an undisclosed North Carolina-based development firm. The property offers a mix of one-, two- and three-bedroom apartments. Amenities include a pool, grilling pavilion, fitness center with a yoga and spinning room, a billiards room and a dog park.

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Grove Central in Miami
DevelopmentFloridaNewsSoutheast

Terra, Grass River Property Finish Constructing Grove Central Mixed-Use Development in Miami

by Channing Hamilton

MIAMI — Terra and Grass River Property have completed the construction of Grove Central, a mixed-use development in Miami’s Coconut Grove neighborhood. The project is a public-private partnership between the two Miami-based developers and Miami-Dade County, which owns the land. The project’s design team includes Miami-based Touzet Studio, RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture. Grove Central comprises a 23-story residential tower, as well as a 1,250-space public parking garage and 170,000 square feet of retail space. The residential tower offers 402 units in layouts …

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Adam Wolfson, CEO, Wolfson Development Co.
Build-to-RentFinanceFloridaIndustry VoicesOperationsSoutheast

Economic Forces Brew a Perfect Storm for Build-to-Rent

by Channing Hamilton

— By Adam Wolfson and Darryl Kasper of Wolfson Development Co. — Against a backdrop of recently proposed (though unlikely to pass) legislation aimed at forcing large build-to-rent (BTR) and single-family-rental investors to shed units and convert them to for-sale housing, BTR fundamentals — and the investment case for the sector — remain strong as ever. While debatably well-intentioned, the legislation mistakes correlation for causation. The BTR sector is indeed benefitting from problems in the housing market. However, these problems pre-dated the industry and are more likely caused by factors …

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Azul Luxury Residences in Stuart, Florida
FinanceFloridaNewsSoutheast

JLL Brokers $10.6 Million to Refinance Azul Luxury Residences in Stuart, Florida

by Channing Hamilton

STUART, FLA. — JLL Capital Markets has negotiated the $10.6 million refinancing of Azul Luxury Residences, a 49-unit community in Stuart, on Florida’s Atlantic Coast. JLL worked on behalf of the borrower, Diversyfund, to secure a $9 million senior mortgage loan and a $1.6 million mezzanine loan through SteepRock Capital. Bryan Clark, Kenny Cutler, Brad Vansant and Emily Pohlman led the JLL Capital Markets Debt Advisory team. Built in 2019, Azul Luxury Residences features one-, two- and three- bedroom units across three stories. Amenities include a pool, spa, clubhouse and fitness center.

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Marisol in Port Charlotte, Florida
DevelopmentFinanceFloridaNewsSoutheast

JLL Capital Markets Arranges $65 Million to Construct 292-Unit Marisol in Port Charlotte, Florida

by Channing Hamilton

PORT CHARLOTTE, FLA. — JLL Capital Markets has arranged $65 million in construction financing and preferred equity for Marisol, a garden-style development in Port Charlotte. The property is located at 1200 Loveland Blvd. and offers 292 units. JLL represented the borrower, Roers Cos., to secure the non-recourse construction loan through Knighthead Funding and the preferred equity through Amzak Capital Management. Christopher Drew, Lee Weaver, Scott Loving, Brian Gaswirth and Shane Ciacci led the JLL Capital Markets Debt Advisory team.

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GeorgiaLeasing & MarketingNewsPeople NewsSoutheast

PeakMade Real Estate Selects Sam Owens as Vice President of Multifamily Operations

by Channing Hamilton

ATLANTA — Atlanta-based PeakMade Real Estate (PeakMade) has promoted Sam Owens to the role of regional vice president of multifamily operations. In this role, Owens will be responsible for overseeing all property operations, client relations and regional managers for PeakMade’s multifamily portfolio. Owens has worked with PeakMade for over 12 years. She began her career as a part-time leasing consultant and has served in on-site leadership roles such as leasing manager, assistant manager and property manager. Most recently, she worked as a regional manager for three years, supporting operations for …

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501 Estates in Durham, North Carolina
Investment SalesNewsNorth CarolinaSoutheast

Cushman & Wakefield Brokers $70 Million Sale of 501 Estates in Durham, North Carolina

by Channing Hamilton

DURHAM, N.C. — Cushman & Wakefield has arranged the $70 million sale of 501 Estates, a 270-unit community in Durham. Jefferson Apartment Group and Stars REI purchased the property from Spyglass Capital Partners LLC. Alex McDermott and Hunter Bowling of Cushman & Wakefield represented the seller in the transaction. 501 Estates was built in 2001 near Durham-Chapel Hill Boulevard. The community offers a mix of garden units, townhomes and cottages. Amenities include a 3,000-square-foot fitness center, pool, dog park, detached garages and billiards room. 

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Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Pinnacle, Birdsong Secure $33.9 Million to Build Affordable Housing Community in Kissimmee, Florida

by Channing Hamilton

KISSIMMEE, FLA. — Pinnacle and Birdsong Housing Partners have jointly secured $33.9 million in financing to begin constructing Pinnacle at the Wesleyan, a 96-unit affordable housing community in Kissimmee. Pinnacle at the Wesleyan will be available to households earning up to 60 percent of the area median income (AMI). Ten percent of units will be reserved for extremely low-income residents at 33 percent AMI. The complex will offer 12 one-bedroom units, 60 two-bedroom units and 24 three-bedroom units. The developers broke ground on the project at the beginning of December. …

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Spoke in Atlanta
DevelopmentFinanceGeorgiaInvestment SalesMarket ReportsSoutheast

Atlanta’s Supply Surge Coming to a Halt 

by Channing Hamilton

Atlanta has experienced a dip in rents amid a surge of supply. The number of deliveries in the third quarter of this year increased 63 percent compared with the same period in 2022.  Most data sources indicate about 15,000 units have been delivered so far this year, but only about 5,000 have been absorbed. In short, new supply is greatly outpacing tenant demand, and effective rents fell on a year-over-year basis as of the third quarter.  Still, industry experts say this is likely only a temporary condition with developers struggling …

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