NEWS & NOTABLES

ATLANTA—Elliot Howell joined Walker & Dunlop Investment Sales (WDIS) as managing director. Howell is based out of the company's Atlanta office and is responsible for the origination and execution of investment sales for multifamily assets in the Southeast. Howell previously served as managing director at Trammell Crow Residential, where he was involved in multifamily property acquisition, financing, and development in the Southeast. He was previously in the multifamily capital markets group at JLL. During his time at JLL, Howell was directly involved in the underwriting and sale of over $1.8 billion in transaction volume.

ATLANTA—Brooks Burton has joined Windermere Real Estate as COO, a new position for the second-generation business which aims to allow its CEO and co-presidents to focus less on day-to-day operations and more on company engagement and growth. Burton is the former executive vice president and COO of Ohio-based HER Realtors. His foray into the real estate business officially started in 2007 when he joined HER, but he comes from a family of real estate professionals.

ATLANTA—RADCO Companies announced a change in organizational structure and new senior leadership appointments to further its growth and success. Norman Radow will remain acting Chief Executive Officer of the RADCO Companies, which will act as the single parent company that guides six distinct business divisions—RADCO Residential, Construction, Accounting, Investment Transactions, Capital Markets, and Investment Management. Each division will be responsible for the execution of respective business plans set to achieve collective goals. Robert Clark has been promoted to president while continuing to serve as Chief Investment Officer. Bryan Gershkowitz has been promoted to COO and executive vice president. “This structural shift, which empowers our amazing talent, is part of our larger effort to continue RADCO's trailblazing work in our field,” says. “Our portfolio is worth well over $2 billion today. But, it is hands down our people that are the most valuable asset of our incredible company.”

DEAL TRACKER

ATLANTA—PGIM Real Estate acquired Regions Plaza, a 23-story, class A office tower in Atlanta, on behalf of institutional investors. PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial. Built in 2001, Regions Plaza is a 502,846-square-foot LEED Gold- and Energy Star-certified office tower on about 1.8 acres at the northwest corner of West Peachtree and 14th streets in Midtown Atlanta. It is within walking distance to numerous restaurants and high-end condominiums, with easy access to Interstates 75 and 85, Atlanta's primary north-south highways, and MARTA's Arts Center Station.

JOHNS CREEK, GA—JLL Income Property Trust acquired The Reserve at Johns Creek Walk, a 210-unit apartment complex located in the affluent Atlanta suburb of Johns Creek which has been ranked “3rd Best City to Live in the United States” by USA Today. The purchase price was approximately $47 million. “The Reserve at Johns Creek furthers our apartment acquisition strategy of identifying suburban locations within highly rated school districts with attractive demographics and significant barriers to entry,” says Allan Swaringen, president and CEO of JLL Income Property Trust. “This investment brings our aggregate apartment allocation to nearly $650 million, with over 2,500 total units and represents 27% of the value of the overall JLL Income Property Trust portfolio.”

ATLANTA—Colliers International East Region Multifamily Advisory Group represented Investors Management Group in the 23.15 million sale of a 2002 vintage, 228-unit, asset in southwest Atlanta. San Francisco-based Hamilton Zanze purchased the property. Will Mathews and Craig Brown of Colliers represented IMG in the transaction. “This transaction represents a significant value add investment in one of the most insulated areas of the city with strong employment drivers and a yield premium to many other suburban locations in the Atlanta market,” Matthews says. “The investment serves as a strong vote of confidence in the submarket which continues to benefit from increasing industrial expansion and employment.”

MEMPHIS—Cushman & Wakefield secured $40 million in loan financing on behalf of Middleburg Real Estate Partners for the construction of a 328-unit luxury apartment community located in Williamson County, TN. Mike Ryan, Telly Fathaly and Brian Linnihan of Cushman & Wakefield's Atlanta Equity, Debt & Structured Finance team sourced approximately $40 million in senior debt and also sourced the remaining joint venture equity with an institutional capital partner.

ATLANTA—Corporate Properties Trust II LP, a partnership between Mirae and Transwestern Corporate Properties I Investor LP, closed on the acquisition of a 591,000-square-foot Atlanta building in a sale-leaseback with State Farm Auto Insurance Co. This transaction mirrors the acquisition of the 2.2 million-square-foot State Farm campus in Dallas' CityLine project last fall. The partnership acquired Park Center I, a 13-story, LEED-certified office tower on a seven-level parking structure with ground-floor retail. The class A building sits on four acres at Hammond Drive and Perimeter Center Parkway, directly adjacent to the new Dunwoody MARTA station. The below-grade parking structure also provides direct access to the two additional buildings in the complex, which are currently under construction. State Farm employees began moving into the new building in fourth quarter 2016.

HOUMA, LA—Chase Properties Ltd., a Beachwood, Ohio-based owner and operator of shopping centers, acquired the Magnolia Square, an approximately 242,000-square-foot shopping center that is anchored by Ross Dress for Less, Michaels, and PetSmart. The retail property is shadow-anchored by Target. HFF brokered the sale. The property is located in the heart of Houma's retail corridor, consisting of retailers such as Super Walmart, Home Depot, Kohl's and Lowe's. Magnolia Square is Chase Properties' first property in Louisiana, as the company continues to expand geographically by acquiring high quality shopping centers in secondary and tertiary markets.

BUILDING BLOCKS

SMYRNA, GA—Wood Partners completed Alta at Jonquil, a 266- unit luxury apartment community in Smyrna. Developed as a part of the Jonquil Plaza Alta at Jonquil has access to Interstates 75, 85, and 20 and is about 20 minutes from Hartsfield Jackson International Airport. Next door to Publix, and walking distance to restaurants, and specialty retail stores, the community was developed for residents who currently work in Atlanta, and are drawn by the desire of living in a walkable neighborhood with a small-town feel.

ATLANTA—This week in the Southeast saw significant deal flow in Louisiana. RADCO Companies is also settling into some big changes.

BY THE NUMBERS

Atlanta is recognized as the economic engine of the Southeast with a population that is expected to grow by 7% over the next five years. The Atlanta metro area ranks second out of 147 cities in LaSalle's Regional Economic Growth Index due to a robust job and population growth outlook creating an upside for apartment demand. (Source: JLL)

New apartment supply in Atlanta's suburbs has averaged just one percent of existing stock since 2014, approximately half of the net absorption rate. This has led to growth in average annual apartment rents of over seven percent for the past three years. (Source: JLL)

NEWS & NOTABLES

ATLANTA—Elliot Howell joined Walker & Dunlop Investment Sales (WDIS) as managing director. Howell is based out of the company's Atlanta office and is responsible for the origination and execution of investment sales for multifamily assets in the Southeast. Howell previously served as managing director at Trammell Crow Residential, where he was involved in multifamily property acquisition, financing, and development in the Southeast. He was previously in the multifamily capital markets group at JLL. During his time at JLL, Howell was directly involved in the underwriting and sale of over $1.8 billion in transaction volume.

ATLANTA—Brooks Burton has joined Windermere Real Estate as COO, a new position for the second-generation business which aims to allow its CEO and co-presidents to focus less on day-to-day operations and more on company engagement and growth. Burton is the former executive vice president and COO of Ohio-based HER Realtors. His foray into the real estate business officially started in 2007 when he joined HER, but he comes from a family of real estate professionals.

ATLANTA—RADCO Companies announced a change in organizational structure and new senior leadership appointments to further its growth and success. Norman Radow will remain acting Chief Executive Officer of the RADCO Companies, which will act as the single parent company that guides six distinct business divisions—RADCO Residential, Construction, Accounting, Investment Transactions, Capital Markets, and Investment Management. Each division will be responsible for the execution of respective business plans set to achieve collective goals. Robert Clark has been promoted to president while continuing to serve as Chief Investment Officer. Bryan Gershkowitz has been promoted to COO and executive vice president. “This structural shift, which empowers our amazing talent, is part of our larger effort to continue RADCO's trailblazing work in our field,” says. “Our portfolio is worth well over $2 billion today. But, it is hands down our people that are the most valuable asset of our incredible company.”

DEAL TRACKER

ATLANTA—PGIM Real Estate acquired Regions Plaza, a 23-story, class A office tower in Atlanta, on behalf of institutional investors. PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial. Built in 2001, Regions Plaza is a 502,846-square-foot LEED Gold- and Energy Star-certified office tower on about 1.8 acres at the northwest corner of West Peachtree and 14th streets in Midtown Atlanta. It is within walking distance to numerous restaurants and high-end condominiums, with easy access to Interstates 75 and 85, Atlanta's primary north-south highways, and MARTA's Arts Center Station.

JOHNS CREEK, GA—JLL Income Property Trust acquired The Reserve at Johns Creek Walk, a 210-unit apartment complex located in the affluent Atlanta suburb of Johns Creek which has been ranked “3rd Best City to Live in the United States” by USA Today. The purchase price was approximately $47 million. “The Reserve at Johns Creek furthers our apartment acquisition strategy of identifying suburban locations within highly rated school districts with attractive demographics and significant barriers to entry,” says Allan Swaringen, president and CEO of JLL Income Property Trust. “This investment brings our aggregate apartment allocation to nearly $650 million, with over 2,500 total units and represents 27% of the value of the overall JLL Income Property Trust portfolio.”

ATLANTA—Colliers International East Region Multifamily Advisory Group represented Investors Management Group in the 23.15 million sale of a 2002 vintage, 228-unit, asset in southwest Atlanta. San Francisco-based Hamilton Zanze purchased the property. Will Mathews and Craig Brown of Colliers represented IMG in the transaction. “This transaction represents a significant value add investment in one of the most insulated areas of the city with strong employment drivers and a yield premium to many other suburban locations in the Atlanta market,” Matthews says. “The investment serves as a strong vote of confidence in the submarket which continues to benefit from increasing industrial expansion and employment.”

MEMPHIS—Cushman & Wakefield secured $40 million in loan financing on behalf of Middleburg Real Estate Partners for the construction of a 328-unit luxury apartment community located in Williamson County, TN. Mike Ryan, Telly Fathaly and Brian Linnihan of Cushman & Wakefield's Atlanta Equity, Debt & Structured Finance team sourced approximately $40 million in senior debt and also sourced the remaining joint venture equity with an institutional capital partner.

ATLANTA—Corporate Properties Trust II LP, a partnership between Mirae and Transwestern Corporate Properties I Investor LP, closed on the acquisition of a 591,000-square-foot Atlanta building in a sale-leaseback with State Farm Auto Insurance Co. This transaction mirrors the acquisition of the 2.2 million-square-foot State Farm campus in Dallas' CityLine project last fall. The partnership acquired Park Center I, a 13-story, LEED-certified office tower on a seven-level parking structure with ground-floor retail. The class A building sits on four acres at Hammond Drive and Perimeter Center Parkway, directly adjacent to the new Dunwoody MARTA station. The below-grade parking structure also provides direct access to the two additional buildings in the complex, which are currently under construction. State Farm employees began moving into the new building in fourth quarter 2016.

HOUMA, LA—Chase Properties Ltd., a Beachwood, Ohio-based owner and operator of shopping centers, acquired the Magnolia Square, an approximately 242,000-square-foot shopping center that is anchored by Ross Dress for Less, Michaels, and PetSmart. The retail property is shadow-anchored by Target. HFF brokered the sale. The property is located in the heart of Houma's retail corridor, consisting of retailers such as Super Walmart, Home Depot, Kohl's and Lowe's. Magnolia Square is Chase Properties' first property in Louisiana, as the company continues to expand geographically by acquiring high quality shopping centers in secondary and tertiary markets.

BUILDING BLOCKS

SMYRNA, GA—Wood Partners completed Alta at Jonquil, a 266- unit luxury apartment community in Smyrna. Developed as a part of the Jonquil Plaza Alta at Jonquil has access to Interstates 75, 85, and 20 and is about 20 minutes from Hartsfield Jackson International Airport. Next door to Publix, and walking distance to restaurants, and specialty retail stores, the community was developed for residents who currently work in Atlanta, and are drawn by the desire of living in a walkable neighborhood with a small-town feel.