| Landmark Properties has millions of dollars in student housing projects under way across the country. And it's about to start a new project in its own backyard. | ||
| We spoke with Landmark's Wes Rogers, who tells us the firm plans to break ground on a 615-bed verticle student housing project in Downtown Athens (at the site of the old Athens Hardware store for you former UGAers). Wes is one of our panelists for next week's 2nd Annual Student Housing Summit at the W Hotel in Midtown (tickets are here). The site is one of eight Landmark has under contract across the country, and $190M in projects currently under way, including student housing in Tallahassee, Raleigh, and Tuscon, Ariz. | ||
| Here's that Athens project in crayon form. Wes tells us Landmark also has been harvesting some of its past projects. It recently sold two in Texas for more than $90M to The Scion Group. And it's on a path to sell a property in San Marcos, Texas to American Campus Communities for $52M. Wes also says the company has just listed another $98M in assets in Tallahassee and Raleigh. | ||
| LEASING | ||
| Ackerman & Co's David Ellis and Jimmy Stevens (above at a recent Hines Interests event) helped ink a 20,500 SF new deal with Property Masters at White Water Business Center. Hughes Commercial's Bill Doran brokered the deal for the tenant. | ||
| *** | ||
| First Edge Solutions leased 11k SF at White Water Business Park in a direct deal with the landlord. Ackerman's Jimmy Stevens and David Ellis handled the landlord talks. The duo also leased 7,000 SF at White Water with Atlanta Blood Services and 3,700 SF with H&R Block. | ||
| SALES | ||
| Griffin American Healthcare REIT II reported this week to the SEC that it purchased a bunch of real estate for $232M, including a collection of skilled nursing facilities in Atlanta, Conyers, Covington, Snellville and Gainesville (totaling $166.5M). The seller was not identified. | ||
| *** | ||
| Cousins has placed its Galleria 75, a 111k SF office building under contract with an unidentified buyer, the company reported to the SEC. It expects to close the sale during Q2. | ||
| *** | ||
| Mid-America Apartment Communities purchased Allure in Buckhead Village (or The Artist Formerly Known as The Atrium) earlier this week, a 230-unit mid-rise apartment complex, for an undisclosed sum. The company reports it will renovate all the units in the complex, built in 2002 by Trammell Crow Residential. | ||
| FINANCING | ||
| Winthrop Realty Trust reported to the SEC that a loan on the Newmarket flex property in Atlanta, owned in a JV with Sealy & Co, is in special servicing with a maturity in 2016. The company reports the partnership is ?attempting to negotiate a restructuring of the debt? and that it has stopped making debt service payments and the property is 52% leased. The JV also owns Northwest Business Park in Atlanta. | ||
| *** | ||
| Atlanta-based Preferred Apartment Communities made a $6.1M mezz loan (at 8% annual fixed rate) to Oxford Summit Apartments II to partially finance the construction of a 140-unit complex at its existing Summit Crossing, according to the SEC. The company also has an option to purchase the property after delivery and leaseup for $19.2M. | ||
| *** | ||
| Cousins Properties got a $100M mortgage note secured by 191 Peachtree Tower late last month, the company reported in a recent SEC filing. The company is paying monthly interest only through 2016 at 3.35%, followed by principal and interest payments through maturity in 2018. | ||
| *** | ||
| Walker & Dunlop's Charlie Mentzer placed $18.7M Fannie Mae refinancing for Calibre Springs, a 336-unit apartment complex owned by Sterling Trust. The interest-only loan is good for five years. Colliers International's Phil Davis originated the loan. | ||
| MANAGEMENT | ||
| The Shopping Center Group's Stephanie McCall has been tapped by North American Development Group to lease its Edgewood Retail District, the 350k SF retail center off Moreland Ave. The property is 98% occupied. |
THE DEAL SHEET
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Related Topics:
America Apartment Communities
, American Campus Communities
, Buckhead Village
, Charlie Mentzer
, David Ellis
, Downtown Athens
, Edgewood Retail District
, Hines Interests
, Hughes Commercial
, Jimmy Stevens
, Landmark Properties
, North American Development Group
, NorthWest Business Park
, Peachtree Tower
, Preferred Apartment Communities
, San Marcos
, Stephanie McCall
, The Atrium
, The Scion Group
, The Shopping Center Group
, Trammell Crow Residential
, Wes Rogers
, Winthrop Realty Trust
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