Regency Buys Interest in Philips Place; 476-Unit Apartment Community Sold in $95M Portfolio
By Eliza Theiss, Associate Editor
Regency Centers, a national owner, operator and developer of grocery-anchored and community shopping centers, acquired four such complexes in November 2012 at a total purchase price of $188.5 million. Among the properties picked up is Charlotte’s Philips Plaza—a 133,059-square-foot upscale retail center located at the intersection of Fairview Road and Cameron Valley Parkway in the affluent SouthPark submarket.
Philips Place is 99 percent leased to clients that include Dean & Deluca, Brooks Brothers and Regal Cinemas. According to a press release, Regency purchased a 50 percent interest in the complex for $27.7 million.
The company also purchased Uptown District—a 148,638-square-foot urban center in San Diego—for $81.1 million, as well Sandy Springs Plaza—a 115,794-square-foot shopping center in Atlanta. The latter was picked up for $35.3 million.
Regency’s fourth purchase had a price tag of $16.7 million, yet the company only ended up paying $3.3 million. This is because only a share of Village Plaza—a neighborhood center located in Chapel Hill, N.C.—was bought. Regency also shed its interest in three properties for $49.7 million.
In other news, Elco Landmark Residential REIT, an owner and operator of multifamily properties located throughout the southeastern United States, announced entering a private label partnership with Timbercreek Asset Management. The partnership purchased a four-property multifamily portfolio from Colonial Properties Trust for $95.4 million. The 1,380-unit portfolio is collectively 95 percent occupied.
Among the purchased properties is the 476-unit Heatherwood Apartment Homes in Charlotte. Located at 5931 Providence Rd., the 1980-built apartment community boasts two pools, a 24-hour work-out facility, business center, children’s play area and two tennis courts.
According to a press release, Elco will renovate and re-brand the entire portfolio. Estimated to take about 10 months, the renovation will include upgrades such as adding dog parks, cafés, business centers and Wi-Fi technology. Clubhouses will be remodeled and interior lighting is set to be replaced, this along with cabinet doors, kitchen and bath floors, and carpeting. New appliances will also be added.
The portfolio’s other assets include the 229-unit Colonial Village at Canyon Hills in Austin, Texas, the 250-unit Colonial Village at Highland Hills in Chapel Hill, N.C., and the 425-unit Autumn Hill Apartments in Charlottesville, Va.
Photo courtesy of Heatherwood Apartment’s Google+ profile