GEISMAR, LA—Gov. John Bel Edwards and Shell Chemical LP officials joined the Organization for International Investment to highlight the contributions of foreign-owned companies doing business in Louisiana. Since 2003, more than 145 projects have produced $42.9 billion in FDI capital investment in Louisiana. That track record ranks fourth overall in the US, and Louisiana's average of $296 million per project ranks first in the US In the past decade, all FDI project and equity investments of more than $60 billion rank Louisiana number one per capita among the US states.

DEAL TRACKER

BIRMINGHAM—Cushman & Wakefield's Southeast Multifamily Advisory Group arranged the $11.85 million sale of Iron City Lofts, a 70-unit apartment community located in Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, KRE Ventures, in the transaction. Engel Realty acquired the property. “Downtown is continuing to garner substantial capital investment and urbanization, with jobs and dollars still moving into the urban core,” Adams said. “Iron City Lofts is attractively positioned in the rental market, and even after a wealth of multifamily development, there is still pent up Class A demand compared to other Southeast metros.”

DECATUR, GA—Praedium Group acquired Reserve Decatur. Built in 2016, Reserve Decatur consists of 298 units comprised of one-, two-, and three-bedroom units ranging in size from 620 square feet to 1,555 square feet. Community amenities include a two-story clubhouse, cyber café, conference room with kitchen area, poolside outdoor kitchen with cabana bar, game lounge, rooftop entertainment lounge, second outdoor kitchen cabana with outdoor fireplaces and TVs, dog park and spa, and 1.2-acre green space.

ATLANTA—The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital designed to address the nation's growing shortage of affordable workforce housing, has expanded its portfolio with the acquisition of four multifamily housing communities, totaling approximately 1,300 units in the key growth markets of Houston, Atlanta, and Las Vegas. The acquisitions, secured within the past several months, expand the fund's total portfolio to approximately 4,500 units across eight markets. The new acquisitions are all garden-style apartment communities, and include: Maravilla, 212 units located northeast of the Las Vegas Strip in Las Vegas; Woodland Ridge, 302 units located northeast of Downtown Atlanta; Sonoma Ridge, 440 units located northeast of Downtown Atlanta, and Bridges of Cypress Creek, 314 units in northwest Houston.

ATLANTA—Barclay at Dunwoody, a 204-unit apartment community located in Dunwoody, GA, has traded hands. The sale price: $29.3 million. Cushman & Wakefield's Southeast Multifamily Advisory Group arranged the sale. Mike Kemether, Josh Goldfarb and Travis Presnell represented Barclay at Dunwoody, the seller, in the transaction. FPA Multifamily acquired the property. “The Perimeter Center submarket continues to create high-quality jobs between medical expansions, the new State Farm campus and Mercedes new headquarters,” Kemether tells GlobeSt.com. “This job engine supports strong demand for multifamily and will allow the new owner to push rents through an interior value-add program.”

BUILDING BLOCKS

ARDSTOWN, KY—Gov. Matt Bevin and Stoli Group embarked on the construction of “Kentucky Owl Park,” a state-of-the-art distillery and visitor center experience at Cedar Creek Quarry in Bardstown. The 420-acre site, which will also include rickhouses for aging product and a bottling center will house operations for the newly created American Whiskey Division of Stoli Group. In the long-term, Kentucky Owl Park, named for the bourbon that joined Stoli Group's portfolio earlier this year and served as the inspiration for this groundbreaking, will feature a freshwater lake, a gourmet restaurant, a remarkable convention center, a vintage passenger train, and a refurbished train station. Currently, work is scheduled to start in early 2018 with a goal of completing the distillery phase and begin production of whiskies in 2020, bringing as many as 57 jobs to the area.