An Atlanta-based real estate investment firm is adding $1B in warehouses and distribution centers to its portfolio from Blackstone’s Link Logistics.

Stonemont, in a joint venture with Los Angeles-based PCCP, bought a 38-building portfolio totaling 5.9M SF in markets including Austin, central Florida, Charlotte, Dallas and Phoenix, the company announced in a Wednesday press release. The projects add to Stonemont’s 15M SF industrial portfolio.

JPMorgan Chase and Wells Fargo financed the transaction, and Eastdil Secured brokered the debt execution.

“We carefully curated this portfolio by emphasizing properties that sit at the intersection of population growth, cross-border trade activity and tenant demand,” Stonemont President Bryan Blasingame said in the release. “These assets, which consist of bulk and light industrial properties, come with a stable, long-term tenant base.”

Stonemont declined a request to identify the properties it acquired.

The purchase comes as the national industrial market is showing a turnaround from its slower period. For the first time after two years of steady increases, the U.S. vacancy rate fell by 7 basis points to 7.3% in the second quarter, Colliers reported, with Indianapolis, Phoenix, Charleston, South Carolina, and Columbus, Ohio, demonstrating the biggest drops in empty space.

At the same time, companies absorbed 59M SF in the second quarter, more than double the 27M SF tallied in the same period last year and up 17% from the first quarter, according to Colliers. Absorption leaders included Houston at 7.6M SF, Dallas-Fort Worth at 4.7M SF, and Atlanta at 4.5M SF.

Investors have been focused on the Sun Belt and Midwest industrial markets, where demand has been stronger than supply, according to a Marcus & Millichap report.

Link said the artificial intelligence revolution has benefited its industrial portfolio, with 15% of new leases linked to data center-related tenants, Bloomberg reported.

Link has sold other properties in recent months, including a 17K SF warehouse used by FedEx in Boston to Stockbridge Capital Group for $45M and two flex industrial buildings totaling 142K SF in suburban Atlanta to Faropoint in May for $20.1M.

PPR Capital Management just began investing in the build-to-rent housing sector last year, and now it is looking to pounce on a market it sees as benefiting from the new federal housing law. 

The Wayne, Pennsylvania-based firm this week is launching the PPR Keystone Housing Growth Fund, its first-ever fund focused on build-to-rent housing. PPR executives tell Bisnow it has a fundraising target of $100M. 

Courtesy of PPR Capital Management

A build-to-rent property PPR acquired in the Nashville metro area

The fund is designed to buy build-to-rent communities from the developers that constructed them. This type of sale was ultimately allowed by the 21st Century Road to Housing Act after months of debate over a proposal that would have required these types of homes be sold to individual buyers. 

The lengthy period of uncertainty froze the BTR market and caused financial distress that PPR is looking to capitalize on.

“There’s a lot of product available across the markets we’re targeting that has been built to rent but that the builder, their original take-out isn’t there anymore,” PPR Chief Asset Officer Craig Johnsen said. “So we are targeting build-to-rent properties, but also taking the development risk out of there and buying from distressed sellers.”

He named 10 regions the firm is targeting: Dallas, Salt Lake City, Nashville, Charlotte, Philadelphia, Chicago, Raleigh, Denver, West Palm Beach and Richmond. 

The fund is raising money from accredited individual investors, and its minimum check size is $50K. It is looking to buy properties with between 150 and 250 units, and with its $100M fundraising target, Johnsen said he anticipates that would yield six to eight deals. 

Founded in 2007, PPR is a private equity firm with $1.5B in assets under management. It has historically focused on acquiring nonperforming loans and residential mortgages. The firm began buying some multifamily in 2022 before entering the BTR sector last year. 

Johnsen said there were distressed BTR situations popping up early last year even before Congress disrupted the market. An overbuilding of units in some markets made it impossible for some developers to achieve the rents they needed to hit their return projections. 

An estimated 68,000 build-to-rent housing units began construction in the U.S. last year, according to the National Association of Home Builders, below the 2024 peak of 84,000 units but above most other years this century. 

BTR housing starts soared after the pandemic and became a larger share of the single-family housing market.

Some developers that have been unable to hit their rent projections have decided to cut their losses and sell, Johnsen said. 

This was the case for the first BTR deal PPR closed in March 2025: the $87M purchase of the Highline at Knoxville in Tennessee.  

“That happened to be one where the first phase of construction was totally complete and the second phase was underway, and they were looking to get out of the deal — they could see how the economics were going,” Johnsen said. 

While these conditions existed early last year, the lengthy Road to Housing debate made it much more difficult for BTR developers to sell their assets, as prospective buyers didn’t know how the rules for the market would be rewritten. 

Now that the bill became law Saturday at midnight — without President Donald Trump’s signature — the market appears ripe for a rebound. Hunter Housing Economics President Brad Hunter told Bisnow this week that BTR “could absolutely be one of the biggest winners” of the legislation.

Johnsen described the BTR market as being “over the hurdle.”

“We’re not anticipating any additional headwinds from a regulatory standpoint for build-to-rent going forward,” he said. “So that makes it a great time, especially given one reason a building might be under distress or needs capital to take them out was because of this three- to six-month period where there was a pause.”

Much of the debate over the bill had centered on lawmakers’ concerns about large companies buying up single-family houses and pricing individuals out of the market. The law ultimately kept some restrictions for institutional investors buying single-family homes, but it included a carve-out for build-to-rent properties. 

Developers that built single-family home projects intentionally for renters did so with the plan of ultimately selling to another landlord, rather than individuals, so Johnsen said the economics wouldn’t work for them to sell homes one by one.

And he said these properties don’t present an attractive investment for homebuyers compared to renting, given the elevated interest rates and homeownership costs like association fees and maintenance. 

“The levered return on buying a townhome for a homeowner is not actually good anymore,” he said. “When I look at it in terms of PPR wanting to supply housing to people, it’s more cost-effective for a company like ourselves to experience economies of scale.”

While PPR isn’t building new housing with this fund, Johnsen said allowing developers to exit their prior projects frees them up to build more.

More build-to-rent housing is needed across the country because Americans are increasingly renting for longer periods of their lives, but some still want the comfort of a single-family home with a yard. 

This creates strong demand for BTR housing, and Johnsen said he doesn’t see that changing anytime soon. He said that is part of why PPR decided to focus on BTR with its new fund.

“Going forward, rents in build-to-rent properties — or properties that mimic single-family housing, whether it’s a townhome or detached single-family — are going to significantly outperform rents at your more traditional garden-style, podium-style multifamily property,” he said. 

“But right now, especially given some of the supply surges that have happened in these Sun Belt markets, that’s not really reflected in their valuations,” he added. “So we think there’s a great opportunity for our investors to get in with relatively low downside.”

New York-based DLC Management Corp. has acquired an open-air shopping center in Charlotte’s Northlake neighborhood.

The center, Perimeter Woods, sits at 10125 Perimeter Parkway, across from Northlake Mall, and is accessible via Interstates 485 and 77, the Charlotte Business Journal reported. The 127K SF retail center is anchored by Best Buy, PetSmart, Burlington and Michael’s. The property spans more than 20 acres along the parkway.

The $36.6M deal for the site was part of a six-property acquisition by DLC, which specializes in open-air shopping center development. DLC owns and operates nearly 100 centers in the U.S., including the 303K SF Pavilion at King’s Grant in Concord, north of Charlotte. The six-property deal adds more than 1M SF to the firm’s portfolio across several states, according to the CBJ.

The Perimeter Woods acquisition reflects continued investor interest in Charlotte’s retail market, despite the challenges the 1.1M SF Northlake Mall across the street has faced. The enclosed mall sold last year for about $39M following a period of financial distress. 

Open-air shopping centers tend to be more reliable assets than enclosed malls, as their mainstream retail anchors, like grocery markets or big-box stores, provide stable shopping traffic, according to investment firm RockStep Capital. Enclosed malls include a variety of tenants to manage, from entertainment to dining to fitness, and often require longer lease terms. Open-air centers usually have lower operating costs, better visibility and accessibility, and are more sustainable than indoor malls, according to a McNeil Engineering report.

In recent years, many retailers have shifted from malls toward “outdoor, non-mall locations such as grocery-anchored shopping centers and strip malls,” The Wall Street Journal reported in 2024.

Among three different mall formats — indoor malls, open-air shopping centers and outlet malls — open-air shopping centers saw the most traffic growth year-over-year, according to the April Placer.ai mall index. Those centers’ visits rose 3.5% in April compared to the previous year, while indoor malls saw a 2.2% increase.

Retail vacancy in Charlotte is among the lowest in the U.S., at less than 2.9%, according to a first-quarter Colliers report. The rate has stayed below 3% for three consecutive years.  

Charlotte has a few more enclosed malls in addition to Northlake, including SouthPark Mall, Concord Mills and Carolina Place Mall. But the metro has many more open-air shopping sites — at least 15 open-air malls, like Phillips Place — as well as walkable shopping-oriented villages.

DLC made the acquisition with a fund managed by investment adviser DRA Advisors, the CBJ reported. The seller was KRG Charlotte Perimeter Woods LLC, affiliated with Kite Realty Group. 

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.