Beachwold Residential inked a $50.5 million first mortgage loan to refinance a 308-unit garden-style apartment community in Jacksonville, FL. The financing was led by Mesa West Capital’s Russell Frahm and Brad McCarthy. The loan was arranged by Taylor Williams of Walker and Dunlop. 

The five-year, non-recourse loan is secured by Gran Bay Apartments, a 308-unit, 2015-vintage garden-style community comprising 14 buildings on 15.5 acres. The property offers a mix of one, two, and three-bedroom units featuring stainless steel appliances, walk-in closets, private balconies, and in-unit washers and dryers. Amenities include a swimming pool, fitness center, business center, grilling areas, fire pits, dog park, and children’s play area. 

Gran Bay Apartments is located at 13444 Gran Bay Parkway in Duval County’s Southside submarket, providing immediate access to Interstate 95 and proximity to Flagler Center, a major employment corridor anchored by Baptist Medical Center and Citigroup’s regional operations campus.

SRS Real Estate Partners recently closed the $2.7-million ground lease acquisition of a Dutch Bros property located at 4085 Cameron Park Dr. in Cameron Park, a suburb of Sacramento. Built in 2024, the 950-square-foot property is situated on 0.87 acres and has a new, 15-year, absolute triple-net corporate-guaranteed lease in place.

VP Alexander Moore represented the buyer, a Sacramento-based private investor who was in a 1031 exchange. The seller was an Oregon-based investment group.

“This investment was ideal for my client as it provided them with a cash-flowing opportunity to have a ground lease with Dutch Bros, a fast-growing drive-thru coffee chain in the affluent Cameron Park area,” said Moore. “It is also proximate to Cameron Park Place Shopping Center and one block away from US Highway 50, providing an excellent location for consumer activity.”

Hanley Investment Group Real Estate Advisors arranged the sale of a new construction, 9,000-square-foot multi-tenant retail pad, Shops II, at the new Anatolia Marketplace shopping center in Rancho Cordova. The sale price was $6.08 million.

EVPs Bill Asher and Jeff Lefko represented the seller, Anatolia Marketplace, LLC, based in Sacramento. The buyer, a private investor from Orange County, was represented by Frank Vora, SVP with Lee & Associates in Riverside.

“We generated multiple qualified and competitive offers within the first week of marketing and procured a Southern California-based private buyer for the new construction, three-tenant retail pad at Anatolia Marketplace through a longstanding broker relationship,” said Asher.

Shops II at Anatolia Marketplace pad building sits on a 2.04-acre parcel at 4011 Sunrise Blvd. It is 100% leased to Pacific Dental Services, Round Table Pizza and Southern Veterinary Partners.

Urban Street Development and Berkadia secured $38.5 million in permanent and construction financing to fund the expansion of the Hotel Indigo Tallahassee – CollegeTown. The project at 826 Gaines Street, is near Florida State University.

Urban Street recently bought an adjacent .43 acre parcel in order to add on to the hotel. The hotel is expanding from 143 rooms to 237 and 5,500 square feet of prime ground floor retail at the roundabout entrance facing Doak Campbell Stadium.

Brad Williamson, Mitch Sinberg, and Harry Mancera of Berkadia Hotels & Hospitality, arranged the financing package on behalf of Urban Street. Synovus Bank provided the five-year loan which includes funds to refinance Phase 1 of the seven-story, mid-rise hotel – 143 rooms completed in 2020 – as well as construction of Phase II, 94 keys slated to deliver in 2026. Construction of Phase II has already commenced.

The Brentmoor Apartments, located at 2080 Brentmoor Drive just outside the Beltline, sold for $45.6 million after the former owner, Silver Point Group, defaulted on the loan. St. Clair Holdings was the buyer. The Triangle Business Journal reports the company specializes in value-add real estate projects in the Southeast and Southwest.

Silver Point Group borrowed $45.6 million from an affiliate of Berkshire Residential in late 2021 to purchase the apartment complex for $52 million in early 2022.

The deed states that the borrower is in default as it “failed to pay the note as and when due” and that the default has continued. As of April 2024, Silver Point Group owed an outstanding balance of more than $48.7 million.

Brentmoor Apartments features one-, two- and three-bedroom units in 3-story buildings with rent starting at $999 a month. The units range from 735 to 1,240 square feet. Amenities include a swimming pool, grilling stations, fire pit, sauna, dog park, fitness center and more.

Real Capital Solutions acquired a 509,000-square-foot office building in Dallas for $66 million. The Tower at Park Lane is located at 8750 North Central Expressway. The class A office building is located in the Park Lane mixed-use district and includes a six-story attached parking garage.

The Dallas Business Journal reports the price was a significant reduction from the price paid for the building seven years ago. The tower, built in 1984, was purchased by CBRE Global Investors in 2017 for what was reported to be more than $120 million.

The new owner plans to invest roughly $13 million in capital improvements, such as upgrades to the lobby and fitness center. The money will also go toward the addition of third-floor pre-built suites and back-of-house amenities. The North Dallas tower hit the market last year. The building’s tenants include Topgolf, Texas A&M-Commerce and Match.com.

Advantage Capital has come up with more than $53 million in state low-income housing tax credits to support the development and rehabilitation of three communities in the metro area. Altogether, these projects would deliver more than 600 units of affordable housing and cost more than $200 million to build.

Two new residential developments will rise in Southwest Atlanta’s Greenbriar neighborhood.

The Atlanta Business Journal reports the Flats at Stone Hogan is slated to feature 256 affordable housing units available to households earning less than the area median income. The adjacent Villas at Stone Hogan development would comprise 192 affordable units reserved for lower-income renters aged 55 and older. Zimmerman Properties is in line to deliver both communities. The projects would cost approximately $100 million and $70 million to develop, respectively.

Additionally, Advantage Capital’s investment will help fund the roughly $20 million revitalization of Applewood Towers.

Applewood Towers redevelopment should be completed by the end of 2025. The two new-construction developments lining Stone Hogan Connector Road are expected to wrap in mid-2027.

Madison Capital Group launched the Go Store It Opportunity Fund, LP, a $250 million self-storage investment initiative aimed at acquiring and developing a diversified portfolio across high-growth Sun Belt markets, concentrating on Florida, North Carolina and Georgia.

The Go Store It Opportunity Fund, LP encompasses a strategy that value-add acquisitions of under-managed, locally owned facilities with below-market rents, create potential for rental growth and operational improvements. The fund will also pursue pre-stabilized acquisitions, enabling it to acquire properties at a discount, with valuations nearing replacement cost and potential for improved cap rates as the properties stabilize. Additionally, the fund will target stabilized assets with strong occupancy rates, providing incremental growth in high-demand areas.

The fund also integrates a development component to construct high-quality storage facilities in select markets with favorable supply-demand dynamics. By strategically building in suburban, urban fringe, and urban core areas, the fund aims to meet diverse storage needs across communities in the Sun Belt.