Carolinas

Nelson Knight, EVP and chief investment officer of Apple Hospitality, says, “Through these attractively priced transactions, we adjusted our market exposure in ways that we feel will further enhance the strength and stability of our hospitality platform.”

The deal for the garden apartment property at 2203 Plaster Road NE marks FCP's seventh investment in Atlanta.

The company, which also has offices in Charlotte, NC, reports that Justin Siemens has been named president, Carolinas. Siemens is now responsible for sourcing, evaluating, and structuring new development and acquisition opportunities throughout the region.

“We have discussions for at least one other office this year and have the potential to open two to three offices per year.”

The deal for Gateway Center follows Hamilton EQ's entrance into the Charlotte marketplace with the purchase of seven buildings in Parkway Plaza in late February.

The transaction marks Chevy Chase, MD-based FCP's sixth investment in the North Hills market of Raleigh in the last eight years.

The respective properties were acquired through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding company, and a global institutional asset management firm. The properties will be leased back to the seller on a triple-net basis.

An entity of BRT Apartments in which the firm has a 65% interest, has purchased the 312-unit Vive at Kellswater community for $48.1 million, including $33.4 million of mortgage debt assumed in connection with the acquisition.