CAPRE’s Commercial Real Estate Headlines for December 3, 2019
Check out the latest deals and developments in commercial real estate for December 3, 2019:
- Greystone Brown Facilitates $36.5M Sale of Multifamily Portfolio in Metro Atlanta: Greystone Brown Real Estate Advisors has brokered the $36.5 million sale of a three-property, 490-unit multifamily portfolio in Austell, a suburb of Atlanta in Cobb County. Taylor Brown, Chandler Brown, Barden Brown and Walter Miller of Greystone Brown represented the seller, HKP Austell LLC, in the sale. Greystone & Co.’s Leor Dimant originated a $30 million acquisition loan on behalf of the undisclosed buyer. The three properties are adjacent to one another and less than five miles from downtown Austell. Built in 1988, Hunter’s Grove comprises 200 one- and two-bedroom units. Kingsley Village, which was built in 1974, includes 146 units, and Parkview Apartments, built in 1971, features 144 units. Both Kingsley Village and Parkview Apartments offer one-, two- and three-bedroom floor plans. All three apartment complexes feature access to nearby Interstate 20, several industrial parks and Six Flags Over Georgia.
- Grande Oasis at Carrollwood Marks Largest Acquisition for Real Estate Investment Firm: West Shore has completed the acquisition of a premier 883-unit residential community in Tampa, Florida, the company’s largest single transaction in its three-year history. Grande Oasis at Carrollwood is a well-located top-tier asset, offering residents a variety of amenities on a sprawling, 58 acre site. The transaction marks West Shore’s 26th acquisition nationwide and its 12th in Florida. Palm trees surround the private, gated, pet-friendly, lakeside community, which was built in 1991 and renovated in 2006. Residents also have easy access to public transportation from the property. The community offers residents spacious studio, one, two, and three bedroom floor plans, designed to be customized to meet their every need. Individual units feature fully-renovated kitchens with granite countertops; upgraded plank flooring and carpeting; spacious walk-in closets; ample storage space; high ceilings; fireplaces; beautiful views of the lake, pools, and nature; high-end appliances and screened-in balconies or patios in select units. Community amenities include an activity center; three resort-style pools with spa and sundeck; new, upgraded fitness center complete with cardio room and equipment; and three lighted tennis courts.
- NorthMarq Exclusively Markets 1,260-unit, Value-Add Multifamily Portfolio in Dallas-Ft. Worth: NorthMarq’s Dallas Multifamily Investment Sales Group announced today it is marketing the 1,260-unit Vineyards at the Ranch multifamily portfolio. Located in the highly desirable North Dallas submarket bordering I-635 and I-75 interchanges, this two-property adjacent Class B portfolio is being offered free and clear, with initial offers due December 17, 2019. The portfolio is being marketed by NorthMarq’s Dallas Investment Sales team, consisting of Taylor Snoddy, Philip Wiegand, James Roberts and Eric Stockley. All 1,260-units have upgrade potential, giving the new owner the option to implement an interior unit enhancement program. In addition, the properties have significant value-add opportunities in the common areas and exteriors. The portfolio is located in a top performing submarket with average 5.7 percent annual rent growth over the last five years and in an award-winning school district. The surrounding area has experienced 15 percent population growth within a one-mile radius since 2010.
- Affirmed Housing Grand Opens 160 Affordable Apartment Homes in San Diego: Affirmed Housing hosted a Grand Opening celebration for Stella and Bluewater, two new affordable housing communities located in the Grantville community of San Diego. Located at 6121 Fairmount Avenue, the 9:30am Grand Opening drew the attendance of numerous elected officials, including California State Treasurer Fiona Ma, California State Senate President Pro Tempore Toni G. Atkins, San Diego City Mayor Kevin Faulconer, San Diego City Councilman Scott Sherman. Helping address a state-wide affordable housing shortage, Stella and Bluewater are highly-anticipated developments, particularly for 160 of San Diego’s most vulnerable individuals and families. Stella features a mix of 80 studios and one-bedroom supportive housing apartment homes for formerly homeless individuals or those with special needs. Located at 4304 Twain Ave, Stella offers on-site services to residents through its partners, Interfaith Community Services and the VA. Bluewater consists of 80 one-, two-, and three-bedroom apartments for low-income households earning between 30 percent and 60 percent of the area median income (AMI). Bluewater, located at 6121 Fairmount Ave, features on-site management, energy-efficient appliances, and airy common areas.
- 25-story Speculative Office Project to Begin Construction in Tysons, VA: Foulger-Pratt and USAA Real Estate will begin construction on Tysons Central for delivery in 2021, representing the market’s only full-building opportunity for new trophy-class construction. The 383,628 square-foot office building will be located just 35 steps from the entrance to the Greensboro Metro Station, next to The Boro, offering tenants one of the shortest walks to Metro available anywhere on the Silver Line. Gensler designed the 25-story tower with 9′ ceilings and column-free floors typically ranging from 26,000 to 29,000 square feet. A dramatic two-story lobby invites the outdoor visitors inside with feelings of spaciousness and openness. Two elevated terraces on upper portions of the building create beautifully landscaped common and private outdoor spaces for tenants and their guests. USAA Real Estate joined the project last September, viewing its commitment as an early investment into the transformation of Tysons from an office-only business district into a vibrant 24/7 mixed-use urban community.
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