MAA Acquires 256-Unit Community in Savannah
- Jun 14, 2011
Savannah, Ga.—MAA has acquired Avala at Savannah Quarters, a 256-unit apartment community located in the Pooler neighborhood of Savannah, Ga. The purchase was funded with common stock issuances through MAA’s at-the-market program and with borrowings from the company’s credit facility.
“We are very pleased to add Avala at Savannah Quarters to our Georgia portfolio,” says Al Campbell, executive vice president and chief financial officer at MAA. “We believe the continued growth of the Port of Savannah, which is the fourth-largest container port in the United States, and the recently announced expansion of Mitsubishi Power Systems will further support steady economic growth in the area for the foreseeable future.”
The property was developed in 2009 in the Greg Norman-designed golf community of Savannah Quarters. Community amenities include a fitness center, pool, picnic area and two acres of parks. Units feature nine-foot ceilings, crown molding, tile floors, raised panel cabinetry and mosaic tiled backsplashes.
Cushman & Wakefield sells a 116-unit development in Mass.
Arlington, Mass.—Cushman & Wakefield has sold a to-be-built site of 116 apartments at 30 Mill Street in Arlington, Mass. The property is located at the former site of the Brigham’s Ice Cream facility, a New England classic summer staple. C&W’s Capital Markets Group represented the seller, CSB Transaction LLC, and sourced the buyer, W.P. East Acquisitions LLC, an affiliate of Wood Partners. Cambridge Savings Bank is providing construction financing for the development. Wood Partners is developing the community, and plans to break ground in late June.
The 3.9 acre parcel is approved for 116 luxury apartments. An existing 85,000 square-foot office and warehouse facility will be demolished to make way for the five-story structure. Fifteen percent of the units will be reserved for residents earning less than 70 percent of the area median income. There is nearby access for public transportation via the MBTA bus and train. The community also faces the Minuteman Bikeway, an old rail line converted into a greenway for walking, biking and running.
NAI Hanson markets development site approved for 64-unit garden complex
Fair Lawn, N.J.–NAI James E. Hanson has secured an assignment to market 18-35 River Road in Fair Lawn, N.J. The property is a seven-acre development site for a planned 64-unit garden apartment complex.
NAI Hanson’s associate vice presidents Darren M. Lizzack, MSRE, and Hal B. Messer, MSRE, are marketing the property on behalf of the owner, Hadco LLC.
“Fair Lawn created a corporation for the exclusive purpose of fostering a private/public partnership to organize, plan and implement the economic and physical improvement of the River Road area, where this site is located,” says Lizzack. “The redevelopment of this site is important for the town of Fair Lawn, as it will enhance the local community and is in line with the character of the neighborhood.”
Designed by Studio 5 Partnership, Architects/Planners, the three-story development located at the Gateway to Fair Lawn consists of a mixture of one-, two- and three-bedroom units. Most units have private decks, and there are 123 parking spaces. Situated well back from the commercial traffic along River Road and Maple Avenue, the site is part of a subdivision with 3.9 acres of residential development and 20,000 square feet of neighborhood retail.
The site, which is minutes away from Routes 4, 20, 208 and Interstate 80, is within close proximity to three shopping districts along Broadway, River Road and Fair Lawn Avenue, as well as two train stations serviced by New Jersey Transit.