ATLANTA—Stonemont Financial Group added industry veterans Jeff Berryhill, principal of net lease investment, and David Neef, senior vice president of student living, to its firm. Berryhill and Neef bring more than 30 years of combined experience in the real estate and student housing industry to Stonemont. Berryhill joins Stonemont with 15 years of real estate, capital markets and banking experience. Neef brings to Stonemont more than 16 years of multifamily and student housing real estate experience, including the oversight of more than 50,000 beds in 40 states.

DEAL TRACKER

ATLANTA—CiTYR Group acquired LaVista Crossing, a 240-unit multifamily community in the Tucker submarket of Atlanta for an undisclosed purchase price. Eastern Union Funding senior managing director Michael Muller arranged a three-year, $19.5 million bridge loan on behalf of the New York region-based investor. Atlanta-based CFLane LLC, a subsidiary of Cocke Finkelstein, was selected to oversee management of the multifamily community.

LAGRANGE, GA—Crossman & Company negotiated the sale of LaGrange Plaza in LaGrange. Crossman COO John Zielinski and managing director Brian Carolan represented the seller, DCTJPS 312 LaGrange GA, LLC of Delaware, in the $12 million transaction. The 118,005-square foot retail center sits on over 15 acres and is 97% occupied. Tenants include a recently remodeled Publix with a Dollar Tree, Hibbett Sports, Petsense, Aarons and T-Mobile. “LaGrange Plaza is in an excellent location at 139 Commerce Ave., a major retail corridor in Troup County,” says Zielinski. “Just an hour from Atlanta, the city of LaGrange was already growing before Kia Automotive invested over $1.2 billion to build vehicles in nearby West Point.”

DECATUR, GA—Audubon Communities completed a $26.3 million recapitalization of two multifamily properties in Decatur. The Decatur properties include the 168-unit Domain at Cedar Creek and the 164-unit Gateway at Cedar Brook, which are located less than one mile apart on Valley Brook Road. Both properties were built in the 1970s, share the same architecture, and have been mutually owned throughout the past four decades. Audubon and an institutional investor originally acquired the properties in 2013 and invested $7.3 million—roughly $22,000 per unit—in renovations because the buildings were in advanced state of decline.

FAIRBURN, GA—Compass Self Storage acquired a self-storage facility in Fairburn. This store offers over 71,000 net rentable square feet and marks the 10th self-storage center in the Greater Atlanta market operating under the Compass flag. Several physical improvements are planned for the location, including upgraded state-of-the-art security systems and individual digital customer access control. This transaction marks the company's fourth acquisition since the start of 2017. Company growth is projected to continue with the acquisition and development of quality self-storage properties in select markets.

BUILDING BLOCKS

BIRMINGHAM, AL—Homewood Suites by Hilton announced its newest property, Homewood Suites by Hilton Birmingham Downtown Near UAB. “Last year, Birmingham had a significant impact on Alabama's tourism sector, accounting for 20 percent of the state's overall visitation,” says Adrian Kurre, global head, Homewood Suites and Home2 Suites by Hilton. “The continued growth of the city, coupled with downtown's booming center, provides the ideal opportunity to expand Homewood Suites' offering for both business and leisure travelers to the area.”

More musical chairs to report early this week in the Southeast and plenty of multifamily action. Beyond Atlanta, Decatur and Fairburn are making headlines this week as investors look beyond the core.

BY THE NUMBERS

Multifamily vacancy in Atlanta remains tight despite substantial construction. Growth in degreed fields will expand recruiting to outside of Atlanta and support additional relocations to the metro during 2017, fortifying rental housing demand. New industries will also play a vital role. (Source: Marcus & Millichap)

NEWS & NOTABLES

ATLANTA—Stonemont Financial Group added industry veterans Jeff Berryhill, principal of net lease investment, and David Neef, senior vice president of student living, to its firm. Berryhill and Neef bring more than 30 years of combined experience in the real estate and student housing industry to Stonemont. Berryhill joins Stonemont with 15 years of real estate, capital markets and banking experience. Neef brings to Stonemont more than 16 years of multifamily and student housing real estate experience, including the oversight of more than 50,000 beds in 40 states.

DEAL TRACKER

ATLANTA—CiTYR Group acquired LaVista Crossing, a 240-unit multifamily community in the Tucker submarket of Atlanta for an undisclosed purchase price. Eastern Union Funding senior managing director Michael Muller arranged a three-year, $19.5 million bridge loan on behalf of the New York region-based investor. Atlanta-based CFLane LLC, a subsidiary of Cocke Finkelstein, was selected to oversee management of the multifamily community.

LAGRANGE, GA—Crossman & Company negotiated the sale of LaGrange Plaza in LaGrange. Crossman COO John Zielinski and managing director Brian Carolan represented the seller, DCTJPS 312 LaGrange GA, LLC of Delaware, in the $12 million transaction. The 118,005-square foot retail center sits on over 15 acres and is 97% occupied. Tenants include a recently remodeled Publix with a Dollar Tree, Hibbett Sports, Petsense, Aarons and T-Mobile. “LaGrange Plaza is in an excellent location at 139 Commerce Ave., a major retail corridor in Troup County,” says Zielinski. “Just an hour from Atlanta, the city of LaGrange was already growing before Kia Automotive invested over $1.2 billion to build vehicles in nearby West Point.”

DECATUR, GA—Audubon Communities completed a $26.3 million recapitalization of two multifamily properties in Decatur. The Decatur properties include the 168-unit Domain at Cedar Creek and the 164-unit Gateway at Cedar Brook, which are located less than one mile apart on Valley Brook Road. Both properties were built in the 1970s, share the same architecture, and have been mutually owned throughout the past four decades. Audubon and an institutional investor originally acquired the properties in 2013 and invested $7.3 million—roughly $22,000 per unit—in renovations because the buildings were in advanced state of decline.

FAIRBURN, GA—Compass Self Storage acquired a self-storage facility in Fairburn. This store offers over 71,000 net rentable square feet and marks the 10th self-storage center in the Greater Atlanta market operating under the Compass flag. Several physical improvements are planned for the location, including upgraded state-of-the-art security systems and individual digital customer access control. This transaction marks the company's fourth acquisition since the start of 2017. Company growth is projected to continue with the acquisition and development of quality self-storage properties in select markets.

BUILDING BLOCKS

BIRMINGHAM, AL—Homewood Suites by Hilton announced its newest property, Homewood Suites by Hilton Birmingham Downtown Near UAB. “Last year, Birmingham had a significant impact on Alabama's tourism sector, accounting for 20 percent of the state's overall visitation,” says Adrian Kurre, global head, Homewood Suites and Home2 Suites by Hilton. “The continued growth of the city, coupled with downtown's booming center, provides the ideal opportunity to expand Homewood Suites' offering for both business and leisure travelers to the area.”