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Franklin Street Closes Retail Center Sale in Metro Atlanta

Franklin Street arranged the sale of a 70,955-square-foot retail plaza in the McDonough submarket of Atlanta to an Alpharetta, Ga.-based private investment group.  Franklin Street’s Bryan Belk, John Tennant and the Atlanta retail investment sales team represented the seller, GBT Realty Corp., a real estate development company based in Brentwood, Tenn.  

McDonough Commons is located at 1541 Highway 20 West, across from the South Point regional shopping center.  The newly built, mid-sized power center is 92.95% leased by a national tenant lineup that includes Burlington, Tuesday Morning, Pet Supermarket, Sprint and Great Clips.  

“We have noted an important change in the type of commercial retail projects that developers are building,” said Tennant, senior director of retail investment sales for Franklin Street. “Gone are the days of 300,000+-square-foot regional power centers. It’s much more common to see 70,000-120,000-square-foot retail centers being built now because of the lack of depth of large box retailers.”

“This transaction shows Burlington’s strength to carry a real estate deal,” said Belk, senior director of retail investment sales for Franklin Street.  “In the past, investors viewed Burlington as a coat retailer. But now, Burlington has rebranded and is a major off-price retailer competing with the likes of Marshalls, Ross and TJ Maxx.  They have continued to see substantial same-store sales growth quarter after quarter.”

McDonough Commons is located on the highly-trafficked corridor of Hampton Road (Highway 20 West) in Georgia’s Henry County. The property is near many national retailers including Academy Sports, Hobby Lobby, JCPenney, Kohl’s, Rooms To Go, Party City and Five Below.

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.

About GBT Realty Corp.:  Founded in 1987, GBT Realty Corporation develops and operates virtually all types of retail and mixed-use developments throughout the United States from its headquarters in Brentwood, Tennessee, a suburban Nashville community. In recent years, the real estate company has completed over 6 million square feet of development totaling over $1 billion of project cost in 27 states through its shopping center, net lease and diversified development platforms. Since inception, GBT has been involved with the development, construction, leasing and management of over 30 million square feet of retail including grocery-anchored shopping centers, neighborhood centers, single-tenant buildings, regional power centers and mixed-use developments. The team’s combined decades of experience with local, regional and national tenants includes such names as Academy Sports + Outdoors, Hobby Lobby, Sprouts Farmers Markets, Publix Supermarkets, Walgreens, Dollar General, Ross Dress for Less, Kohl’s, Bed Bath and Beyond, T.J. Maxx, Marshalls, PetSmart and Target, to name a few. Currently, the company has $1 billion of commercial development totaling five million square feet in the pipeline and under construction.

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Tenth Street Ventures, Braden Fellman Group Acquire Atlanta Multifamily Portfolio

Excerpted from GlobeSt.com story.

ATLANTA, GA–Tenth Street Ventures and Braden Fellman Group have purchased 13 apartment buildings in the Morningside / Lenox Park neighborhood of Atlanta, with plans to collectively rebrand the properties as one complex, The Piet.

The nearly $42 million transaction consists of 1960’s- and 1970’s-eras buildings, acquired from three different owners, totaling 335 units across 12.5 acres.
The Piet will be anchored by an apartment building at 2175 Lenox Rd. The firms plan to connect the buildings with walking trails, two pools, several dog parks, numerous grill stations, bocce ball courts and putting greens, creating one cohesive, garden-style apartment complex.

The firms additionally intend to unify the properties by having artist, Chastain Bernard paint the buildings’ exteriors, inspired by the neoplasticism movement, using vertical and horizontal shapes in black, white and primary colors.

CBRE finance partner Yakhin B. Israel secured $40.9 million from MF1 Capital to finance the portfolio’s acquisition and renovation. The loan was funded in two phases to accommodate the sponsors’ closing timeline. Recently, Israel and MF1 also arranged a bridge loan for the acquisition and renovation of a 67-unit apartment community in Decatur, GA for the joint-venture partners.

Franklin Street’s Atlanta multifamily investment sales team of Jake Reid, Chad DeFoor and Roger Schoerner brokered the deal. Wesley C. Turner of Krevolin & Horst served as the real estate attorney for the deal.

The transaction is part of the two firms’ strategic partnership to create affordable housing options in the Atlanta area.

For full story, visit https://www.globest.com/2019/08/26/tenth-street-ventures-braden-fellman-group-acquire-atlanta-multifamily-portfolio/

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Franklin Street Arranges 2 New Leases for Autism Therapy Centers in Metro Atlanta

Franklin Street arranged two long-term leases for the opening of the fifth and sixth Georgia locations for Hopebridge Autism Therapy Centers. The Indianapolis-based autism therapy center chain is now occupying 11,910 square feet at Market Square in Douglasville, Ga., which is located 20 miles west of downtown Atlanta, and 9,765 square feet at Fayette Pavilion in Fayette, Ga., which is situated 22 miles south of Atlanta. Franklin Street’s Sam Krueger and Mariah Klein represented the landlord in the transactions.

The new centers serving the Atlanta autism community are located at:

Douglasville Hopebridge center: 9503-9579 US Hwy 5, Douglasville, GA 30135
Fayette Hopebridge center: 72 Pavilion Pkwy, Fayetteville, GA 30214

“For 15 years Hopebridge has served various communities with autism treatment services and improved the lives of affected children and families,” said Krueger, senior associate at Franklin Street’s Atlanta office. “These two store openings reflect the growing need for unique medical uses in retail shopping centers. Retail centers provide healthcare tenants with great parking opportunities and easy curbside access. The new locations in heavily-trafficked corridors made them an ideal fit for Hopebridge.”

Hopebridge Autism Therapy Centers currently operates in four states; Georgia, Indiana, Kentucky and Ohio, with additional states planned in 2019. These two additional centers will bring Hopebridge’s growing network to 34 centers in four states consisting of Georgia, Indiana, Ohio and Kentucky, with additional states planned in 2019. For a complete list of Hopebridge centers and the services each offers, visit hopebridge.com/centers.  

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.

 
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TSV and Braden Fellman Group Acquire Atlanta Apartments for $42M

Tenth Street Ventures and Braden Fellman Group bought multiple apartment buildings in Morningside/Lenox Park, Atlanta, with plans to create a unified community by rebranding them as one garden style apartment complex called The Piet. The exterior, to be painted by artist Chastain Bernard will be inspired by the neoplasticism movement with visual compositions of vertical and horizontal shapes using only black, white and primary colors to simplify and unify the buildings’ exteriors.

In this nearly $42 million transaction, TSV & BFG bought 13 buildings from multiple owners, totaling 335 units over 12.5 acres. At complex, anchored by the 2175 Lenox Road NE building, the team also plans to connect the 1960s- and 1970s-era buildings with walking trails, two pools, several dog parks, more than a dozen grill stations, bocce ball courts and putting greens. Jake Reid, Chad DeFoor and Roger Schoerner of Franklin Street’s Atlanta multifamily investment sales team, brokered the deal. Wesley C. Turner with Krevolin Hurst was the real estate attorney for the deal.

CBRE’s Yakhin B. Israel, CCIM, arranged the $40.9-million loan with lender MF1 Capital, LLC to finance the acquisition and renovation of the portfolio. The loan was funded in two phases to accommodate the sponsors’ closing timeline for the assemblage, which included three different sellers. MF1 closed the first phase in 10 business days.

TSV and BFG have created a strategic partnership combining Braden Fellman’s proven track record in the multifamily space with Tenth Street Venture’s design-focused renovations. Tenth Street is a dynamic collaborative of developers, designers and builders who are bringing more affordable market rate housing to Atlanta. Founded in 1981, Braden Fellman owns and manages more than 1,700 apartment units and 55,000 square feet of commercial space in metro Atlanta.

“We approach real estate differently,” said Brian McCarthy, a principal at TSV. “We find older properties that could use some attention and give them a design-focused renovation that appeals to our target market keeping the current and future residents in the forefront of our design decisions. We make decisions on what’s best for the end user without overspending. That’s because we have a vision and plan to keep these renovated, beautiful homes within reach so that Atlanta continues to have housing at more affordable prices and make people proud of where they live.”

Added Andrew Braden of Braden Fellman, “This joint venture was created by a group of innovators who are thinking about real estate in a completely different way. The duo is similar to any new tech start-up in that they we are generating innovative ways to tackle the current challenges related to providing housing. We’re not afraid to contest conventional ways of thinking. I expect amazing things out of our team over the next 5 to 10 years and beyond.”

TSV – which buys, designs and renovates properties with their in-house team – has gone from zero assets under management to over $100 million and 500+ units nationally in the last two years. TSV is led by an under-40-year-old management team, trained at the top commercial real estate companies and universities in the country in deal structuring, finance, asset and property management, construction management, architecture and design.

“TSV’s relatively fast growth has been impressive, a result of the combination of solid relationships, savvy project choices, smart financing and excellent execution,” said CBRE’s Israel, the finance partner who arranged the debt for the acquisition of the Morningside apartments. Mr. Israel also recently arranged a $9.8 million bridge loan with MF-1 for the TSV/BFG acquisition and renovation of a 67-unit apartment community in Decatur, Ga.

TSV is working on raising new funds from investors for other similar investments this fall. TSV has been focusing on buying older buildings in popular intown neighborhoods then either renovating to sell as condos or lease as apartments. A few recent projects include:

In the spring, TSV opened Studio9Forty, an apartment project just blocks from Piedmont Park with spacious apartments and décor inspired by Studio 54, and offers residents the option to Airbnb their units if desired.

In Buckhead, TSV renovated older buildings to develop Portico, where people can buy large, 2-bedroom condos for as low as $275,000.

Also in Midtown, TSV recently purchased an apartment complex on Crescent Street at 13th Street that includes Tin Lizzy’s and Sutra Lounge and 14 units above creating a very unique opportunity for a new type of mixed-use project.

TSV and BFG purchased three Decatur apartment complexes, including Adair Oaks, and plan to renovate the 100+ units using a protégé of Ryan Gainey, the renowned landscape architect who called Decatur home and had lived one street over. Cooper Sanchez will work on the landscape design and art for the exterior using Gainey’s essential design philosophies.

About Tenth St. Ventures

Tenth Street Ventures (TSV) is a full-service real estate group specializing in acquiring and enhancing intown real estate assets in highly desirable locations. Each investment is tailored to capture the unique energy of the surrounding neighborhood. TSV employs a two-pronged approach: First, to capitalize on up-and-coming submarkets in the path of development, and second, to breathe new life into established neighborhoods with imaginative, ahead-of-the-curve projects. The TSV team is a curated partnership of professionals, spanning a variety of industries, who share a common vision.

The team’s background includes accounting, financial structuring, asset and property management, acquisitions and dispositions, deal structuring, development planning, construction management, brokerage, investor relations, architecture, design and marketing. The combined expertise and the team’s past success is the foundation on which future, successful ventures are built. For more information, visit https://tenthsv.com/

About Braden Fellman Group

Braden Fellman Group is focused on providing unique and original spaces in intown locations. BFG currently owns and manages more than 1,700 apartment units and 55,000 square feet of commercial space. BFG provides total real estate, management, and construction services for clients primarily in the Atlanta market. Since 1981, BFG has built, bought, sold and renovated thousands of apartment units throughout the Southeast. BFG has development expertise in adaptive reuse projects, lofts conversions, ground up/midrise apartment construction, residential construction, condo conversions and other commercial properties. For more information, visit bradenfellman.com

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Atlanta Value-Add Portfolio Sells for $42M

Excerpted from Multi-Housing News story.

Tenth Street Ventures and Braden Fellman Group have acquired 13 properties from three sellers in the Morningside/Lenox Park neighborhood in Atlanta for approximately $42 million and will create one unified garden-style community with 335 units that will be rebranded The Piet.

The properties span 12.5 acres and will be connected with walking trails. Community amenities will also include two pools, five dog parks, more than a dozen grill stations, basketball courts, bocce ball courts and putting greens. Artist Chastain Bernard, using the abstract neoplasticism style made famous by Piet Mondrian with black, white and primary colors, will paint the buildings’ exteriors to unify the properties.

The joint venture partners expect to invest about $25,000 per unit in interior and exterior renovations, Brian McCarthy, TSV principal, told Multi-Housing News. Most of the money will be spent on the interiors to modernize and upgrade the1960s- and 1970s-era buildings. Upgrades will include quartz countertops, all new cabinets, new flooring and laundry hookups. The units will have updated technology, including smart locks, doors and thermostats. All the renovations are expected to complete within 18 months.

Aimed at working-class renters, McCarthy said the goal will be to keep the rents under $1,400 or as he put it, “market-rate affordability.”

McCarthy said the joint venture acquired a 117-unit property nearly a year ago and began the process of adding the other nearby properties to create the larger portfolio. They closed on the last property about 30 days ago.

Jake Reid, Chad DeFoor and Roger Schoerner of Franklin Street’s Atlanta multifamily investments sales team brokered the deal. Wesley Turner with Krevolin & Horst was the real estate attorney for the deal.

For full story, visit https://www.multihousingnews.com/post/value-add-atlanta-portfolio-sold-for-42m/

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Tenth Street Ventures & Braden Fellman Group Purchase Morningside/Lenox Park Apartments for Nearly $42M

Tenth Street Ventures and Braden Fellman Group bought multiple apartment buildings in Morningside/Lenox Park, Atlanta, with plans to create a unified community by rebranding them as one garden style apartment complex called The Piet. The exterior, to be painted by artist Chastain Bernard will be inspired by the neoplasticism movement with visual compositions of vertical and horizontal shapes using only black, white and primary colors to simplify and unify the buildings’ exteriors.

In this nearly $42 million transaction, TSV & BFG bought 13 buildings from multiple owners, totaling 335 units over 12.5 acres. At complex, anchored by the 2175 Lenox Road NE building, the team also plans to connect the 1960s- and 1970s-era buildings with walking trails, two pools, several dog parks, more than a dozen grill stations, bocce ball courts and putting greens. Jake Reid, Chad DeFoor and Roger Schoerner of Franklin Street’s Atlanta multifamily investment sales team, brokered the deal. Wesley C. Turner with Krevolin Hurst was the real estate attorney for the deal.

CBRE’s Yakhin B. Israel, CCIM, arranged the $40.9-million loan with lender MF1 Capital, LLC to finance the acquisition and renovation of the portfolio. The loan was funded in two phases to accommodate the sponsors’ closing timeline for the assemblage, which included three different sellers. MF1 closed the first phase in 10 business days.

TSV and BFG have created a strategic partnership combining Braden Fellman’s proven track record in the multifamily space with Tenth Street Venture’s design-focused renovations. Tenth Street is a dynamic collaborative of developers, designers and builders who are bringing more affordable market rate housing to Atlanta. Founded in 1981, Braden Fellman owns and manages more than 1,700 apartment units and 55,000 square feet of commercial space in metro Atlanta.

“We approach real estate differently,” said Brian McCarthy, a principal at TSV. “We find older properties that could use some attention and give them a design-focused renovation that appeals to our target market keeping the current and future residents in the forefront of our design decisions. We make decisions on what’s best for the end user without overspending. That’s because we have a vision and plan to keep these renovated, beautiful homes within reach so that Atlanta continues to have housing at more affordable prices and make people proud of where they live.”

Added Andrew Braden of Braden Fellman, “This joint venture was created by a group of innovators who are thinking about real estate in a completely different way. The duo is similar to any new tech start-up in that they we are generating innovative ways to tackle the current challenges related to providing housing. We’re not afraid to contest conventional ways of thinking. I expect amazing things out of our team over the next 5 to 10 years and beyond.”

TSV – which buys, designs and renovates properties with their in-house team – has gone from zero assets under management to over $100 million and 500+ units nationally in the last two years. TSV is led by an under-40-year-old management team, trained at the top commercial real estate companies and universities in the country in deal structuring, finance, asset and property management, construction management, architecture and design.

“TSV’s relatively fast growth has been impressive, a result of the combination of solid relationships, savvy project choices, smart financing and excellent execution,” said CBRE’s Israel, the finance partner who arranged the debt for the acquisition of the Morningside apartments. Mr. Israel also recently arranged a $9.8 million bridge loan with MF-1 for the TSV/BFG acquisition and renovation of a 67-unit apartment community in Decatur, Ga.

TSV is working on raising new funds from investors for other similar investments this fall. TSV has been focusing on buying older buildings in popular intown neighborhoods then either renovating to sell as condos or lease as apartments. A few recent projects include: 

* In the spring, TSV opened Studio9Forty, an apartment project just blocks from Piedmont Park with spacious apartments and décor inspired by Studio 54, and offers residents the option to Airbnb their units if desired.
* In Buckhead, TSV renovated older buildings to develop Portico, where people can buy large, 2-bedroom condos for as low as $275,000.
* Also in Midtown, TSV recently purchased an apartment complex on Crescent Street at 13th Street that includes Tin Lizzy’s and Sutra Lounge and 14 units above creating a very unique opportunity for a new type of mixed-use project.
* TSV and BFG purchased three Decatur apartment complexes, including Adair Oaks, and plan to renovate the 100+ units using a protégé of Ryan Gainey, the renowned landscape architect who called Decatur home and had lived one street over. Cooper Sanchez will work on the landscape design and art for the exterior using Gainey’s essential design philosophies.

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TSV and Braden Feldman Group buy Atlanta apartments for nearly $42 mln

Excerpted from PEI Media story.

Tenth Street Ventures and Braden Fellman Group bought multiple apartment buildings in Morningside/Lenox Park, Atlanta, with plans to create a unified community by rebranding them as one garden style apartment complex called The Piet. The exterior, to be painted by artist Chastain Bernard will be inspired by the neoplasticism movement with visual compositions of vertical and horizontal shapes using only black, white and primary colors to simplify and unify the buildings’ exteriors.

In this nearly $42 million transaction, TSV & BFG bought 13 buildings from multiple owners, totaling 335 units over 12.5 acres. At complex, anchored by the 2175 Lenox Road NE building, the team also plans to connect the 1960s- and 1970s-era buildings with walking trails, two pools, several dog parks, more than a dozen grill stations, bocce ball courts and putting greens. Jake Reid, Chad DeFoor and Roger Schoerner of Franklin Street’s Atlanta multifamily investment sales team, brokered the deal. Wesley C. Turner with Krevolin Hurst was the real estate attorney for the deal.

 

For full story, visit https://www.pehub.com/2019/08/tsv-and-braden-fellman-group-buy-atlanta-apartments-for-nearly-42-mln/

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Franklin Street Closes $41.875 Million Apt Sale in Lenox Park Submarket of Atlanta

ATLANTA  – Franklin Street has arranged the $41.875 million sale of the 335-unit Lenox apartment portfolio, located along Lenox Road NE and Woodland Avenue near the Morningside-Lenox Park neighborhood of Atlanta, Ga.  

Jake Reid, Chad DeFoor, and Roger Schoerner of Franklin Street’s Atlanta multifamily investment sales team sold the apartment portfolio to a joint venture between Atlanta-based Tenth Street Ventures and Braden Fellman Group.  

“This portfolio represents the ideal in-town value-add investment property,” said Reid, senior director for Franklin Street. “Affordable, urban, value-add opportunities are diminishing, given rising replacement and labor costs.” 

This is one of many recent acquisitions into urban Atlanta by Tenth Street. The firm also recently acquired properties in Midtown Atlanta, Decatur and Buckhead.

“Atlanta is one of the most affordable major cities in the United States relative to job growth and job talent,” said Brian McCarthy, principal of Tenth Street.  “We expect immense growth in the Southeast and Atlanta.”

“We are implementing return strategies through condominium sales, tenant revenue sharing, and traditional value-add opportunities,” added McCarthy.  “The focus is on live, work, and play communities and finding underserved experiences for the tenant and customer.”

“Tenth Street has been able to execute in a highly competitive market through a creative approach to investing,” said Reid.  

About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.

 

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In Atlanta, they see a housing opportunity that others miss – the working class

Excerpted from Atlanta Business Chronicle story.

In Atlanta, rental costs have increased 48% since 2010 and have outpaced wage growth in the region. Atlanta loses 1,500 affordable housing units annually, a trend that hits moderate and low-income families hard.

Typically, the housing is replaced by higher-cost units.

Andrew Braden of Braden Fellman compared the work it’s doing with Tenth Street to the way tech startups use innovation to tackle complex challenges, in this case providing workforce housing.

The 13-acre purchase of the apartments was brokered by Jake Reid, Chad DeFoor and Roger Schoerner of real estate services firm Franklin Street. Wesley Turner with Krevolin Hurst was the real estate attorney. CBRE Group Inc.’s Yakhin Israel arranged the financing.

For full story, visit https://www.bizjournals.com/atlanta/news/2019/08/20/in-atlanta-they-see-a-housing-opportunity-that-ot.html?iana=hpmvp_atl_news_headline

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Audubon Announces $30.2 Million Sale of Georgia Asset

Audubon announced it has sold Sundance Creek, a 232-unit townhome community located at 575 McDonough Parkway in McDonough, GA. The sale price was $30.2 million – or $130,172 per unit. The broker in the transaction was Dan Phelan, senior director at Franklin Street.

After acquiring the property from a long-term owner in 2016, Audubon completed a $1 million capital program to improve the functionality and curb appeal of the property. As a highlight of the campaign, the clubhouse was fully renovated with a rearranged floor plan that created a more open and contemporary environment for both employees and residents.

“THE VALUE OF SUNDANCE CREEK HAS GREATLY INCREASED SINCE WE COMPLETED OUR CAPITAL CAMPAIGN,” SAID CHRIS EDWARDS, MANAGING PARTNER AT AUDUBON. “THE RENOVATED CLUBHOUSE AND AMENITIES CREATED A TRULY ‘CLASS A’ FIRST IMPRESSION AND ALLOWED OUR STAFF TO REALIZE THE FULL POTENTIAL OF THIS ASSET.”

Other community upgrades included a new outdoor grill, fireplace, state-of-the-art fitness equipment, a new resident Wi-Fi lounge and the conversion of the laundry room to a yoga space.

“When we acquire value-add assets, our goal is to be in position to realize a capital event – either a refinancing or a sale – after roughly three years,” said Edwards. “We decided to sell Sundance Creek now to capitalize on the strong demand in the market for high-quality assets.”

Audubon has recently completed similar amenity overhauls at properties throughout the Southeast, including capital programs at The Metro in Atlanta, GA, The Reserve at Lithonia in Lithonia, GA, and Centre at Peachtree Corners in Peachtree Corners, GA. Following this sale, Audubon’s portfolio includes 23 properties featuring over 5,600 units.

For full story, visit https://www.blaujournal.com/audubon-announces-30-2-million-sale-of-georgia-asset/