During the first half of 2016, Atlanta employers created 33,600 jobs, contributing to the 71,100 positions added over the last 12-month period. In the previous year, 88,500 jobs were created. (Marcus & Millichap)

Builders in Atlanta completed more than 7,900 apartments during the previous 12 months ending at midyear. Of these deliveries, 3,800 were completed during the first half of 2016. During the prior year, more than 7,850 units were built. (Marcus & Millichap)

NEWS & NOTABLES

ATLANTA—Revere Capital hired Robb Bryan as a senior vice president with responsibility for commercial real estate loan originations based out of the firm's Atlanta office and serving the entire southeast region of the US. A 15-year commercial real estate lending and investment banking executive, he most recently was a director for Guggenheim Partners, where he led the firm's southeastern origination efforts by sourcing and structuring commercial real estate debt with balance sheet financing, CMBS, bridge and Fannie Mae loans. Office, retail, multifamily, hotel, self-storage and student housing properties collaterized all the loans. He previously served as an asset manager at Trimont Real Estate Advisors.

ATLANTA—HFF hired John Barton as a managing director in its Atlanta office to focus on office investment sales transactions in Atlanta and the Southeastern United States. Barton joins managing director Ralph Smalley and associate director Kelly Kuykendall. Barton has more than 20 years of commercial real estate experience and most recently served as a senior vice president and managing director at Parkway Properties. During his 16-year career at Parkway, he facilitated more than $1.5 billion of office acquisitions and dispositions, and was involved in joint ventures, leasing and operations for the firm as well. Prior to Parkway, Barton served as an asset manager for approximately 2 million square feet of office buildings, underwrote and negotiated CMBS loans and practiced business law including commercial real estate.

DEALTRACKER

ATLANTA—Carroll Organization acquired Nevadan Apartments, a 480-unit multifamily community in Atlanta. Carroll Management Group will manage the property. The Nevadan Apartments is a value-add asset with an A+ location in the heart of Central Perimeter, Atlanta's largest office market. The area is home to the headquarters of nine Fortune 1000 companies and within one mile of three nationally ranked hospitals. The Central Perimeter submarket continues to expand its employment base with the recently announced relocation of Mercedes-Benz's U.S. Headquarters and State Farm Insurance's regional consolidation. The community is also under ½ mile from both I-285 and GA-400, two of the most heavily trafficked roads in the city which provide unparalleled access in all directions. “Headquartered in Atlanta, we know the market well and have the ability to identify unique opportunities like Nevadan,” says M. Patrick Carroll, founder and CEO of Carroll Organization. “The property benefits from an excellent Central Perimeter location, but has not achieved its full potential as evidenced by its below market rents.”

BATON ROUGE—Inland Real Estate Acquisitions facilitated the acquisition of 24 newly developed CVS Pharmacy properties, totaling 276,466 square feet across 14 states. The purchase price was more than $116 million. Joe Cosenza, president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate. “This was an attractive acquisition opportunity due to the fact that each store was under a new 25-year absolute triple net lease that CVS Health Corporation guaranteed for each CVS Pharmacy property,” he says. The properties are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin.

ATLANTA—Carroll Organization acquired Estates at Vinings Station, a 315-unit multifamily community in Atlanta, as part of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP. The property will be rebranded as ARIUM Vinings Station. “Institutionally-built and owned since its original development, Estates at Vinings is an ideal value-add candidate that is poised to benefit from the tremendous growth in Cobb County including the new SunTrust Park, and several large-scale commercial and infrastructure project,” says M. Patrick Carroll, CEO of Carroll Organization.

MEMPHIS—Steve Whitehead, senior director of NorthMarq Capital's Dallas-based regional office, and Rob Hervey, executive vice president and senior managing director of the firm's Los Angeles-based regional office collaborated to secure a $22.6 million floating-rate refinance of the Gather on Southern, a 136-unit/435-bed student housing property located across the street from the University of Memphis campus. The transaction was structured with a five-year term with one-year interest only followed by a 30-year amortization schedule. NorthMarq arranged the non-recourse financing for the borrower through its correspondent relationship with a life insurance company. “The borrower was looking for a low-rate non-recourse bridge loan to take out the existing construction financing,” says Whitehead. “This project was 100% leased and at the steps of the University of Memphis campus. One of our life insurance companies used their bank to tailor the loan for the client.”

BUILDING BLOCKS

ATLANTA—Athens, Georgia-based Landmark Properties and Atlanta-based Selig Enterprises have announced The Standard at Atlanta, a new 362,000-squar-foot student housing and mixed-use development in Midtown. Construction on the 765-bed development began in August. Landmark and Selig expect the first phase of the project to be open to residents during the second half of 2018 and anticipate pre-leasing to begin late 2017. The Standard is close to Georgia Tech's campus and an amenities package unique to student housing developments in the Atlanta market, including a clubhouse, rooftop pool, tanning beds, fitness center, sauna, golf simulator, study lounge and computer lab.

ATLANTA—Skanska signed a contract to build a corporate office building in Atlanta for a confidential client. The contract is worth $56 million. The commercial real estate project will consist of an 18,500-square-meter office building and a 19,500-square-meter parking garage. Construction began in September 2016. The project is slated for completion in 2018.