Southeast

Grove Central in Miami
FinanceFloridaNewsSoutheast

Terra and Grass River Secure $245 Million for Grove Central Mixed-Use Development in Miami

by Channing Hamilton

MIAMI — Locally-based developers Terra and Grass River have secured $245 million in permanent financing for Grove Central, a recently completed mixed use project in Miami’s Coconut Grove neighborhood. The loan was issued by JP Morgan Chase & Co. Walker & Dunlop represented Terra and Grass River in arranging the financing, with Keith Kurland as the mortgage broker. The funds will be used to pay off the development’s existing construction loan, which was provided by Apollo Global Management in 2021, and to fund remaining public infrastructure improvements. Grove Central includes …

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Metro Parc South in Hialeah, Florida
DevelopmentFloridaInvestment SalesNewsSoutheast

MG Developer Secures $16 Million to Acquire Metro Parc South Near Miami

by Channing Hamilton

HIALEAH, FLA. — MG Developer has secured a $16 million acquisition loan for a land parcel in the Miami suburb of Hialeah. The land will be used to build a 347-unit community called “Metro Parc South” on the site. Metro Parc South will offer studios, one- and two-bedroom units. MG Developer expects to break ground on the development in the third quarter of 2024, with delivery slated for the third quarter of 2026. The project will complement Metro Parc, a 559-unit mixed-use community located at 955 East 25th Street and …

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ArkansasDevelopmentNewsSoutheast

ERC, Tradewind to Develop 272-Unit The Ramsay in Springdale, Arkansas

by Channing Hamilton

SPRINGDALE, ARK. — ERC Holdings and Houston-based Tradewind Properties will develop The Ramsay, a 272-unit project located at Elm Springs Road and N. 48th Street in Springdale. The property will comprise 18 three-story buildings. The unit mix includes 143 one-bedroom and 129 two-bedroom apartments. Planned amenities include a café and lounge, 1,900-square-foot wellness center, pocket park, meditation room, dog park and a clubhouse. Pick-It Construction is the general contractor, and the architect is Rob Sharp. The first units are slated to deliver in the fall of this year.

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Avenues at Verdier Point in Charleston, South Carolina
FinanceGeorgiaNewsNorth CarolinaSouth CarolinaSoutheast

JLL Secures $149 Million to Refinance Three-Property Portfolio in the Southeast

by Channing Hamilton

ASHEVILLE, N.C., CHARLESTON, S.C. AND SAVANNAH, GA. — JLL has secured a $149 million loan to refinance a three-property portfolio the Southeastern U.S. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The portfolio includes: Verde Vista, a 313-unit community in Asheville; Avenues at Verdier Point, a 288-unit property in Charleston; and Adara at Godley Station, a 256-unit complex in Savannah. Sunroad Enterprises acquired the portfolio in 2021. The company …

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Company NewsNewsOperationsPeople NewsSoutheastVirginia

National Apartment Association Selects Rick Snyder as Chair of the Board

by Channing Hamilton

ARLINGTON, VA. — The National Apartment Association (NAA) has selected Rick Snyder, president and owner of San Diego-based R.A. Snyder Properties, as 2024 Chair of the Board. Snyder was formally installed at NAA’s Assembly of Delegates in San Diego last November. NAA’s headquarters are located in Arlington. Snyder has been involved with NAA for nearly 20 years, having previously served as a Regional Vice President, Membership Committee Chair and as a member of several committees. Snyder received his Bachelor of Science degree in Business Administration from San Diego State University …

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DevelopmentFinanceGeorgiaNewsSoutheast

BWE Secures $29.5 Million to Construct 229-Unit Oakwood Near Gainesville, Georgia

by Channing Hamilton

OAKWOOD, GA. — BWE has secured a $29.5 million loan to finance the construction of Imperium Oakwood, a 229-unit development in the Gainesville suburb of Oakwood. Thomas Wideman, Alan Tapie, Hanley Long and Brad Walker of BWE originated the floating-rate construction loan through a community bank on behalf of the borrower, Imperium Development. Imperium Oakwood will offer amenities such as a clubhouse with fitness and office rooms, a pool, fireplace, grill stations, covered lounge, game area, on-site parking, and a dog park with a wash station. Construction is anticipated to …

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GeorgiaNewsPeople NewsSoutheast

Marcus & Millichap Hires Three to Atlanta-Based Multifamily Team

by Channing Hamilton

ATLANTA — Marcus & Millichap has hired Scott Spalding, Marco Welch and Joe Mitchell to the firm’s multifamily real estate investment team in Atlanta. Marcus & Millichap hired Spalding and Welch as senior vice presidents and Mitchell as a first vice president. Prior to joining Marcus & Millichap, the three worked with Atlanta-based Bull Realty Inc. Spalding is a member of the Atlanta Apartment Association and the Atlanta Commercial Board of Realtors. Welch studied business and finance at Morehouse College and is a member of the Atlanta Commercial Board of …

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The Park at Pottsburg Creek Apartments in Jacksonville, Florida
FloridaInvestment SalesNewsSoutheast

NAI Hallmark Brokers Sale of The Park at Pottsburg Creek in Jacksonville, Florida

by Channing Hamilton

JACKSONVILLE, FLA. — NAI Hallmark has negotiated the sale of The Park at Pottsburg Creek Apartments, a 128-unit property located at 4800 Atlantic Boulevard in Jacksonville. NAI Hallmark’s John Rutherford and Luke McCann brokered the deal on behalf of the seller, Toro Jax Property II LLC, and the buyer, Red Raider 45 LLC. The complex was built in 1963 and consists of ten buildings on an 8.3-acre site. The site includes expansion opportunity with an undeveloped 2.3-acre parcel. Units come in one-, two- and three-bedroom floor plans.

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An apartment community in Glen Mills, Pennsylvania
GeorgiaInvestment SalesMidwestMissouriNewsNorth CarolinaNortheastPennsylvaniaSoutheast

Equus Capital Partners Acquires Six-Property, Multi-State Portfolio for $220 Million

by Channing Hamilton

PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition. The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. …

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Forest Pine Apartments in Franklin, Virginia
Investment SalesNewsSoutheastVirginia

S.L. Nusbaum Realty Co. Brokers $18 Million Sale of Forest Pine Apartments in Franklin, Virginia

by Channing Hamilton

FRANKLIN, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Forest Pine Apartments, a 244-unit community located at 101 Forest Pine Road in Franklin. The asset traded hands for $18 million in an off-market transaction. John Wessling, Chris Devine, Anthony Grecco and Bill Overman of S.L. Nusbaum Realty Co. represented the seller, Forest Pine Apts LLC, in the deal. The sale was finalized in December of last year, with a cap rate of 5.5 percent.

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