The capital investment group purchased the 160-unit extended stay complex and leased 10 acres where it is located at 1600 Azalea Hills Drive. The property will operate under the ownership name of Azalea Hill Apartments L.P.
Ballard Cos., operating as Verdae Partners Ltd. of Montgomery, Ala., sold the apartments, including the land transaction from Verdae Properties LLC, a statement said Thursday.
NAI Earle Furman announces the sale of Residences at Chadwick Square in Hendersonville, North Carolina. Tony Bonitati, Kay Hill, and Gwinna Cahal of NAI Earle Furman’s Multifamily Division represented the buyer, Oak Island LP, in the transaction. The sales price was not disclosed.
Built in 2003, the 67-unit residential community at Chadwick Square has many unique features that are not found at other apartment properties in the Hendersonville area. The seven buildings and pool house are surrounded by a beautiful natural landscape including an active creek on three sides of its perimeter. Many of the studio, one, two and three bedroom units have wood burning fireplaces and garages as well as individual washer/dryers.
Vista Capital Management Group out of Greenville was retained for future management of the property and will be exploring the latest techniques for using social media and online services for tenant support.
Two annexation ordinances came to Council at its May 13 meeting for Waterside on the Catawba, which if approved will be located on 470 acres between Whites Road, off Doby’s Bridge Road, and the Catawba River. All but four parcels within the development would need annexation into town limits. With more annexations coming than the two appearing Monday night, town planning staff requested that Council defer the issue to June 10 when all petitions could come together.
There also will be a public hearing on the annexations that night.
Lennar Homes would build the project. Kevin Granelli represented the company Monday night. Included in Waterside would be homes ranging from the low $200s to the $400s, he said. There also are a little more than five acres for public use. Shown as an option were a soccer and baseball field with parking. Pocket parks would be located throughout, Granelli said.
Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,017,000. This is 14.3 percent (±1.0%) above the revised March rate of 890,000 and is 35.8 percent (±1.3%) above the April 2012 estimate of 749,000. Single-family authorizations in April were at a rate of 617,000; this is 3.0 percent (±0.9%) above the revised March figure of 599,000. Authorizations of units in buildings with five units or more were at a rate of 374,000 in April.
Houston-based Moody National REIT I has entered into an agreement to acquire the Charleston Hotel, a Hyatt Place hotel in North Charleston, SC, for an aggregate purchase price of $11.8 million, excluding acquisition costs.
Located adjacent to the Charleston Area Convention Center and Centre Point Shopping Center/Tanger Outlets, The Hyatt Place Charleston Airport/Convention Center is a 6-story building featuring 127 guestrooms, according to the hotel website.
Now that the national hotel occupancy rate is approaching its long run averages and scarcity has returned in certain markets and property types, guests have to pay more to rent rooms. However, after the guests have checked in, managers are struggling to get them to spend more on the additional services and amenities offered by hotels. This finding comes from the recently released 2013 edition of Trends® in the Hotel Industry, the annual compendium of hotel operating statistics prepared by PKF Hospitality Research, LLC (PKF-HR) that dates back to 1937.
Based on a sample of operating statements collected from approximately 6,500 hotels during the 2013 Trends® survey, rooms revenue increased by a healthy 6.3 percent from 2011 to 2012; however, total hotel revenue grew by just 5.0 percent. This means that the combined revenue earned from food and beverage, other operated departments, and rentals and other income increased only 2.3 percent per available room (PAR), or a mere 0.5 percent when measured on a dollar per occupied room basis (POR).
Brad Rundbaken, with Charles Towne Capital, does an impressive analysis of the Charleston residential market. His report includes some interesting perspectives on the overall market. I though you might be interested in checking it out.
Davis Property Group, LLC, a Greenville-based real estate development, investment and consulting firm specializing in multifamily properties, has announced project leasing and completion plans for the newly renovated Bristol Apartment Homes on Cleveland Street in Greenville.
Davis Property Group is finalizing renovations to the entire complex, formerly known as Crossroads Apartments – repositioning the property to match the growing demands for reasonably priced rental housing in the city.
The Bristol Apartment Homes feature an improved amenities package and the convenience of downtown Greenville-living without the price of similar downtown rentals. Apartments have been completely renovated with washers and dryers and other new energy-efficient appliances, new upgraded finishes and large balconies, some of which are screened-in. Additional amenities include a new clubhouse with a computer lounge, fitness center and yoga area, a pool with new cabana and two dog parks.
The Bristol is managed by Greystar and model apartment units are now available for tours upon request. Interested individuals are encouraged to begin pre-leasing. Davis Property Group expects the first move-ins to take place in May with project completion by fall. Pricing for The Bristol includes one bedroom apartments beginning at $775, two bedrooms at $845 and three bedrooms at $1,110.
A subsidiary of KBS Legacy Partners Apartment REIT, Inc. has entered into an agreement to acquire the Millennium Apartment Homes, an apartment complex with 305 units on 32.9 acres of land in Greenville, SC.
The seller is Millennium Property LL, LLC. The purchase price is approximately $33.6 million plus closing costs.
Millennium Apartment Homes encompasses 303,131 rentable square feet and was constructed in 2009. The asset is currently 94% occupied. The current aggregate annual effective base rent for the tenants of Millennium Apartment Homes is approximately $3.2 million.
Hunter Hotel Advisors announced that the firm recently sold the 4-year-old, six story, 120- room Hilton Garden Inn in Greenville, S.C. The firm represented the seller Deean Hospitality on the sale to Summit Hotel Group for $127,000 per key.
“The seller came to us because they wanted to run an efficient process. We were able to bring the property to market and complete the transaction in just five months,” said Teague Hunter, president of Hunter Hotel Advisors. “We marketed the hotel to well capitalized buyers with whom we have very strong relationships. Like most of our transactions today, the process was completed quickly and quietly.”
Hunter Brokers involved in the transaction included Teague Hunter and Trey Scott.
“The hotels location and strong cash flow made this an attractive investment for Summit. They outbid three strong competitors,” said Trey Scott, vice president of Hunter Hotel Advisors. To date, Hunter has closed 22 transactions in 2013. The firm has close to 100 hotels on the market totaling close to a billion dollars in value, with six additional hotels scheduled to close by the end of May.
Over the past two years we have seen substantial cap rate compression in the casual dining restaurant subsector. In past years, this sector was typically marked by higher cap rates than the overall net lease retail market – this trend has somewhat abated. The recession hit casual dining hard as many customers cut budgets back and dining out was an easy sacrifice. The lack of net lease product on the market along with a return of economic stability has increased this sector’s desirability. Link to REPORT HERE
A Charleston development group has plans to replace the aging 119-room Masters Inn at 300 Wingo Way, at the corner of McGrath Darby Boulevard near the base of the Arthur Ravenel Jr. Bridge, with a 133-room Hilton Garden Inn.
The plans, which include a one-acre parcel fronting Johnnie Dodds Boulevard for a 5,000-square-foot undetermined restaurant, were filed with the state Department of Health and Environmental Control.
The coastline along the city of Santos, some 80 km from Sao Paulo, in Brazil, offers a strange sight. Like dominoes about to topple, the waterfront is lined by a string of high rise apartments that are unmistakably tilted to one side.
The problem lies in Santos’ soil. Below a seven-meter layer of sand is a 30-40 meter deep bed of slippery clay that doesn’t cope well with the weight of the structures. Until 1968, the local building code had no restrictions whatsoever on the type of foundation that could be used for multistory buildings. Ideally, the foundations of buildings should reach bedrock, which in the region is about 50 meters deep. But these buildings in Santos’ waterfront has foundations that are only 4 or 5 meters (13 to 16 feet) deep. After the leaning in the first building became visible, there was realization that the practice of placing tall buildings on shallow footings could not continue, and a requirement was added to Santos building code to use deep foundation for tall buildings.
Hotel Florence is in the final stages of completion. The plan for the hotel, located on West Evans Street, has been in the works since 2010. Hotel Florence is a three-story building featuring a restaurant on the first floor.
Victor’s Bistro will be moving into the first floor of Hotel Florence. According to Florence Downtown Development Manager Ray Reich, Victors Bistro and Hotel Florence will have a soft open at the end of the month.
“You get a hotel down here which, their activities really begin about six o’clock in the evening when people check in and you start getting that vibrancy,” said Reich.
Richmond, VA-based Landmark Apartment Trust of America, Inc. has acquired 100 percent of the membership interests in Riverview Partners SC, LLC, which owns Reserve at River Walk, a multifamily residential apartment project in Columbia, South Carolina.
The purchase price for the acquisition is approximately $15,254,800. The new first mortgage on the property is $10,789,678.
The River Walk Property is comprised of 201,724 rentable square feet and contains 220 units. As of April 30, 2013, the River Walk Property was 96.82% occupied.