NEWS & NOTABLES

ATLANTA—Andrew Kroll has joined Coro Realty as vice president of asset management. Kroll will focus on representing and maximizing the value of key assets through the development, coordination and implementation of both short- and long-term asset plans and strategies. Kroll has over 25 years of experience in the real estate industry, previously serving as COO for Trimont Real Estate Advisors, as well as spending over 17 years with SunTrust Bank in a variety of senior real estate roles.

ATLANTA—After over 10 years of service at Coro Realty, Doug Burton, will become CFO upon the retirement of Michael Salisbury at year end. Burton will be tasked with taking Coro's first-class accounting department to the next level, drawing on not only his experience at Coro but also his previous experiences providing corporate support and accounting services within the insurance, service and hospitality industries.

DEAL TRACKER

AUSTELL, GA—WPT Capital Advisors has secured a $28.7 million acquisition loan for Core5 Logistics Center at Interstate West. Core5 is a 781,440-square-foot industrial facility in Austell, GA. CBRE Capital Markets' Debt & Structured Finance Joel Torborg, based in Minneapolis, and Atlanta-based Jonathan Rice and Jeff Ackemann led the capital markets efforts for the three-year loan provided by BMO Harris. The loan will be used to provide acquisition financing along with the costs to provide for lease-up of the facility.

ATLANTA—Preferred Apartment Communities acquired of Crossroads Market, a 98% leased 126,895-square-foot shopping center located in Naples, FL, and anchored by a 55,999-square-foot Publix grocery store. Crossroads Market is strategically located just off of Interstate 75 at the entrance to the Vineyards luxury golf community and directly across from the Physicians Regional Medical Center. PAC acquired this asset through its wholly-owned subsidiary New Market Properties.

MARIETTA, GA—Federal Capital Partners acquired Stratford Ridge, a 446-unit garden-style multifamily community in the Atlanta suburb of Marietta, for $45 million. Stratford Ridge marks FCP's fifth investment in the Atlanta area. Amenities at Stratford Ridge include a clubhouse, fitness center, playground and pet park, sundeck and pool, and an after-school care program.

MARIETTA, GA—Ashford Retreat, a multifamily garden-style property in Marietta, GA, has traded hands. The sale price: $61 million. Berkadia managing directors Andrew Mays and Paul Vetter, senior director Judy MacManus and director Matthew White of Berkadia's Atlanta office secured the deal on behalf of Washington-based Wilkinson Corporation, and the seller, Radco Companies.

JOHNSON CITY, TN—Berkadia brokered the sale of University Edge, located at 918 West Watauga Avenue in Johnson City. The student housing property was purchased by Phillips Enterprises. Kevin Larimer and Greg Gonzalez of Berkadia's Student Housing group negotiated the transaction on behalf of seller IRA Realty Capital. Built in 2011, the 624-bed, 192-unit, purpose-built student housing community is located within walking distance to East Tennessee State University. The property sits on 12.41 acres and consists of three, four-story buildings plus a clubhouse. University Edge offers two-, three-, and four-bedroom units with an overall average unit size of 1,205 square feet.

VESTAVIA HILLS, AL—Berkadia announced today the sale of 1800 Vestavia, located at 1800 Arboretum Circle in Vestavia Hills. David R. Oakley of Berkadia's Birmingham office negotiated the transaction on behalf of Four Four Arboretum. 1800 Vestavia sold for $11.8 million at a 6.5% cap rate to Springer Capital. The sales price reflects a per-unit price of $69,411 or $73.35 per square foot. The property was 91% occupied at the time of the sale.

ATLANTA—HFF arranged financing for CoHo, a 128-unit, garden-style multifamily property that was recently extensively renovated and is currently 95% occupied in Atlanta. The HFF team worked exclusively on behalf of the borrower, Venterra Realty, to place the seven-year, 3.86%, fixed-rate loan with four years of interest-only payments with a correspondent life company lender. Loan proceeds were used to acquire the property. CoHo sits on approximately 8.7 acres at 177 North Colonial Homes Circle Northwest next to Atlanta Memorial Park.

BUILDING BLOCKS

ALPHARETTA, GA—Hotel Development Partners recently broke ground groundbreaking ceremony for the Courtyard by Marriott Alpharetta, GA, located across the street from Avalon, a high-end shopping mall in the heart of a booming, mixed-use development north of Atlanta. Hotel Equities will manage the 115-room Courtyard by Marriott. Alex Brown Realty serves as a joint venture partner with HDP in developing the hotel that is expected to open in late 2018. The four-story hotel will feature an innovative lobby space, as well as Courtyard's latest contemporary room design. The hotel will include an indoor swimming pool, fitness center and guest laundry and meeting space to accommodate functions of up to 75 people.