Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

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Page 15 of 56 Southeast Real Estate Business • October 2016 • 15 G E O R G I A BLUE ROCK PARTNERS BUYS TWO MULTIFAMILY COMMUNITIES IN ATLANTA, ORLANDO FOR $44.4 MILLION ORLANDO, FLA. AND ATLANTA — Blue Rock Partners LLC has pur- chased two apartment communities in Orlando and Atlanta totaling $44.4 million. The acquisitions included the $21 million purchase of the 320-unit Silver Oaks Apartments in Orlando and the $23.4 million purchase of the 450-unit Landings at Oak Hill in At- lanta. Blue Rock Partners purchased the Orlando asset from Madison Ex- change LLC and the Atlanta complex from Chartwell Multifamily LLC. The Tampa-based company purchased both assets in partnership with Ca- nadian investor Rosdev Group. Blue Rock plans to invest $5.8 million in in- terior and exterior upgrades at the two apartment communities. The compa- ny will also rebrand Silver Oaks as The Park at Highgate and Landings at Oak Hill as The Park at Morella. Marcus & Millichap brokered the sale of the Orlando community, and Cushman & Wakefield brokered the sale of the At- lanta project. Pembrook Capital Group provided acquisition financing for the Orlando community, and Wells Fargo Multifamily Capital provided acquisi- tion financing for the Atlanta complex. CAREY WATERMARK INVESTORS 2 ACQUIRES RENAISSANCE ATLANTA MIDTOWN HOTEL ATLANTA — Carey Watermark In- vestors 2 Inc. (CWI 2), a hospitality- focused REIT, has purchased the Re- naissance Atlanta Midtown Hotel, a 304-room, 21-story hotel located at the northwest corner of West Peachtree Street and Abercrombie Place in Mid- town Atlanta. The seller and sales price were not disclosed. Atlanta- based Davidson Hotels & Resorts will manage the hotel. Built in 2009 and converted to Marriott International's Renaissance brand in 2011, the hotel has undergone more than $3 million of capital improvements between 2011 and 2015. The hotel's restau- rant, Community Smith, reopened in January 2015. Other amenities include 8,600 square feet of meeting space, a rooftop bar and lounge, 24-hour spa and fitness center and a 24-hour busi- ness center. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI 2 and manage its overall portfolio. CENTERPOINT TO DEVELOP 492,492 SF SPEC INDUSTRIAL FACILITY IN SAVANNAH SAVANNAH, GA. — CenterPoint Properties plans to develop a 492,492-square-foot spec industrial fa- cility within CenterPoint Intermodal Center in Savannah. Situated on 32 acres about four miles from the Port of Savannah's main gate, the facility will feature Norfolk Southern rail ser- vice and the ability to be subdivided based on tenant requirements. Danny Chase and John Neely of Colliers In- ternational are marketing the facility on behalf of CenterPoint Properties. The Class A, cross-dock warehouse is expandable up to roughly 780,000 square feet and will feature 32-foot clear heights, 80 dock doors, four drive-in ramps, 176 trailer parking positions and 182 car parking spots. CenterPoint Properties expects to de- liver the facility in summer 2017. HONEYWELL INTERNATIONAL TO DEVELOP $20 MILLION SOFTWARE CENTER IN MIDTOWN ATLANTA ATLANTA — Honeywell Internation- al Inc., a global technology company with ties to the aerospace and home- building industries, plans to build its Software Center in Midtown Atlanta, bringing more than 730 software- focused jobs to the area over the next five years. The $20 million develop- ment will also house the company's Home and Building Technologies headquarters, which will bring an additional 100 jobs to Atlanta while continuing to maintain a presence in Minnesota. Honeywell intends to in- vest $19 million in the site, which is set to open in the fourth quarter of this year. The company will also use $2 million in grants from the state of Georgia and Invest Atlanta, the city of Atlanta's economic development arm. Honeywell also expects to use tax credits totaling more than $10 mil- lion, assuming the company hires as scheduled. Formation Capital Portfolio $171 Million Florida FHA Glendare Park Apartments $23 Million Winston Salem, North Carolina Interim Loan Apex on Preston $31 Million Louisville, Kentucky Freddie Mac Oakbrook Student Housing Apartments $18 Million Baton Rouge, Louisiana Interim Loan South Florida Portfolio $26 Million South Florida Acquisition Loan Pinnacle Phase II $22 Million Bristol, Virginia CMBS The Securities Building $17 Million Washington, DC Life Company Manhattan Laundry $24 Million Washington, DC Renovation Loan To learn more, contact: Acquisition & Bridge Financing David Shillington at 770-510-2112 Multifamily Charlie Williams at 720-904-4449 Commercial Scott Bois, Mid-Atlantic, at 202-452-4942 Steve Williams, Southeast, at 770-510-2115 Visit Ideas have the power to move buildings Banking products and services are offered by KeyBank National Association. All credit, loan and leasing products subject to credit approval. is a federally registered service mark of KeyCorp. ©2016 KeyCorp. KeyBank is Member FDIC. 160914-132997

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