{"id":1004057205,"date":"2013-01-04T09:08:00","date_gmt":"2013-01-04T17:08:00","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=92457"},"modified":"2022-12-07T17:23:55","modified_gmt":"2022-12-08T01:23:55","slug":"regency-buys-interest-in-philips-place-476-unit-apartment-community-sold-in-95m-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/regency-buys-interest-in-philips-place-476-unit-apartment-community-sold-in-95m-portfolio\/","title":{"rendered":"Regency Buys Interest in Philips Place; 476-Unit Apartment Community Sold in $95M Portfolio"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

Regency Centers, a national\u00a0owner, 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\u2019s Philips Plaza\u2014a 133,059-square-foot upscale retail center located at the intersection of Fairview Road and Cameron Valley Parkway in the affluent SouthPark submarket.<\/p>\n

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.<\/p>\n

The company also purchased Uptown District\u2014a 148,638-square-foot urban center in San Diego\u2014for $81.1 million, as well Sandy Springs Plaza\u2014a 115,794-square-foot\u00a0shopping center in Atlanta. The latter was picked up for $35.3 million.<\/p>\n

Regency\u2019s 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\u2014a neighborhood center located in Chapel Hill, N.C.\u2014was bought. Regency also shed its interest in three properties for $49.7 million.<\/p>\n

In other news, Elco Landmark Residential REIT, an owner and operator of multifamily properties located throughout the southeastern United States, announced entering a \"\"<\/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.<\/p>\n

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\u2019s play area and two tennis courts.<\/p>\n

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, caf\u00e9s, 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.<\/p>\n

The portfolio\u2019s 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.<\/p>\n

Photo courtesy of <\/em>Heatherwood Apartment\u2019s Google+ profile<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Regency Centers Corporation ended December like most of us: on a shopping spree. Regency, a national owner, operator, and developer of grocery-anchored and community shopping centers acquired four shopping centers in the last month of November, at a total purchase price of $188.5 million.<\/p>\n","protected":false},"author":49,"featured_media":1004506567,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[],"class_list":["post-1004057205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-latest"],"acf":[],"yoast_head":"\nRegency Buys Interest in Philips Place; 476-Unit Apartment Community Sold in $95M Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/regency-buys-interest-in-philips-place-476-unit-apartment-community-sold-in-95m-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regency Buys Interest in Philips Place; 476-Unit Apartment Community Sold in $95M Portfolio\" \/>\n<meta property=\"og:description\" content=\"Regency Centers Corporation ended December like most of us: on a shopping spree. 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