ATLANTA—The Management Group was recently named to Multifamily Leadership's annual list as one of the “Best Places to Work in Multifamily” for 2018. In the list, which spotlights 25 multifamily companies across the United States, TMG ranked No. 6. To evaluate companies against the criteria, Multifamily Leadership conducted Employee Engagement & Satisfaction Surveys that consisted of 78 statements for employees to respond to, along with two open-ended questions and seven demographics questions. This survey made up 75% of a company's overall score. An employer questionnaire on benefits and polices made up the other 25%.

DEAL TRACKER

ATLANTA—SunTrust Banks closed on a $58.3 million loan with an affiliate of South City Partners for the development of a 26-story student housing project near the Georgia State University campus. The total cost of the development is nearly $90 million. Located at 120 Piedmont Avenue Northeast at the intersection of John Wesley Dobbs Avenue, the 467,125-square-foot tower, which is called 120 Piedmont, will accommodate 685 students and include 8,200 square feet of retail space.

MEMPHIS, TN—Stan Johnson Company brokered the sale of a free-standing, 5,842-square-foot Hooters restaurant for a recent record cap rate. The property traded during fourth quarter 2017 for more than $3.9 million. The sale closed at a 5.25% cap rate, setting a new cap rate record for Hooters investments sold in the last two years across the US. The restaurant was acquired by a high net worth individual based in California. Stan Johnson Company's team of Chris Lomuto and Milo Spector represented the seller, a developer. “This property sold for a full asking price to an all-cash, California-based exchange buyer who was looking for a solid triple net investment. This is a great example of ongoing demand from exchange buyers looking for stable, passive investments in good locations,” says Spector, associate director in Stan Johnson Company's San Francisco office. “We were able to put this property under contract and start due diligence before construction was complete. This is very important to a lot of our developer clients as the proceeds from these sales can be reinvested into their next project.”

BIRMINGHAM—Cushman & Wakefield's Southeast Multifamily Advisory Group arranged the $5.4 million sale of Timberchase, a 94-unit apartment community located in Birmingham. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, Trade Winds Real Estate, in the transaction. Morrison Avenue Capital Partners acquired the property. Timberchase, built in 1973, includes one-, two- and three-bedroom apartments, 38 of which have been renovated. The property is located in close proximity to major employment centers and lifestyle amenities in Birmingham.

BIRMINGHAM—Cushman & Wakefield's Southeast Multifamily Advisory Group arranged the $7.3 million sale of Terrace 31, a 79-unit apartment community located in Birmingham. Josh Jacobs and Jimmy Adams of CushWake, along with Birmingham-based LAH Real Estate, represented the seller, Terrace 31 Holdings, in the transaction. Hillside Circle acquired the property. Terrace 31 was built in two phases between 1972 and 1998. The property was fully renovated in 2015, and offers outstanding access and visibility off the Hwy 31 corridor.

BUILDING BLOCKS

NEW ORLEANS—Homewood Suites by Hilton opened its newest property, Homewood Suites by Hilton New Orleans Westbank Gretna. Developed, owned and managed by BN Management Group Company, Homewood Suites by Hilton New Orleans Westbank Gretna offers a combination of studio, one- and two-bedroom accommodations, featuring fully equipped kitchens and separate living and sleeping areas. The property also offers 650 square feet of flexible space that is ideal for meetings and social events.