REBusinessOnline

Mississippi State University, Greystar Open $67M Mixed-Use Development on Campus

STARKVILLE, MISS. — A public-private partnership between Mississippi State University (MSU) and Greystar has opened College View, 650-bed residential development on the university’s campus in Starkville. The mixed-use property features 46,000 square feet of retail space and a 7,000-square-foot addition to the MSU Child Development and Family Studies Center. Communal amenities include a fitness center, computer lab, study rooms, swimming pool, community lounge, volleyball court and fire …

Cushman & Wakefield Arranges $59M Sale of Multifamily Community in Tampa

TAMPA, FLA. — Cushman & Wakefield has arranged the $59 million sale of Mezzo of Tampa Palms, a 340-unit multifamily community in Tampa. The property offers one-, two- and three-bedroom floor plans spread across 20 three-story buildings. The average unit in the community is 1,193 square feet with an average market rent of $1,313. The property was above 95 percent occupied at the time of sale. Communal amenities include a 7,000-square-foot clubhouse, a fitness center with Fitness On Demand, …

Wood Partners Trades 273-Unit Multifamily Community in Arizona for $71.7M

CHANDLER, ARIZ. — Wood Partners has completed the sale of Alta San Marcos, an apartment complex located in Chandler. JLL Income Property Trust acquired the property for $71.7 million or $262,821 per unit. The buyer plans to rebrand the property as Summit at San Marcos. Located within walking distance of downtown Chandler, the multifamily property features 273 apartments with nine-plus feet ceilings and an average unit size of 940 square feet. Community amenities include a clubhouse and …

Dakota Partners to Build 144-Unit Multifamily Community in Griswold, Connecticut

GRISWOLD, CONN. — Dakota Partners, a Massachusetts-based developer, will build a 144-unit multifamily property in Griswold, about 50 miles east of Hartford. Dakota Partners purchased the land from Omega Healthcare for $1.3 million. More than 75 percent of the units will be leased as affordable housing. Construction is slated to begin in 2020. Ron Lyman of Lyman Real Estate represented both Dakota Partners and Omega Healthcare in the land

Mogharebi Group Arranges $34.4M Sale of Age-Restricted Community in San Gabriel Valley

HACIENDA HEIGHTS, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Sagewood Gardens, an age-restricted community located on Gale Avenue in Hacienda Heights. A San Gabriel Valley-based private investor acquired the asset from a Los Angeles-based private owner for $34.4 million. Built in 1988, Sagewood Gardens is a one- and two-story apartment community comprising 21 residential buildings totaling 93,930 rentable square feet. Situated on 5.3 acres, the property features 162 …

Brinkmann Completes Construction of 675-Bed Student Housing Property in West Lafayette, Indiana

LAFAYETTE, IND. — Brinkmann Constructors has completed construction of the Rise on Chauncey, a 675-bed student housing property near Purdue University in West Lafayette. At 16 stories, the property is West Lafayette’s tallest building. Apartments range from studios to four-bedroom units. CA Student Living, the student housing division of Chicago-based CA Ventures, was the developer. The complex spans 458,000 square feet with 283 fully furnished units. Brinkmann completed the project in 19 …

Demand for Higher-End Markets in Southwest Florida Helps Class B Market

As job growth supports a healthy economy in Southwest Florida, the region is experiencing major population growth, causing a surge in new Class A multifamily construction. The number of new construction Class A units in Southwest Florida has increased by nearly 150 percent year-over-year. In first-quarter 2018, there were 257 Class A units completed, and in first-quarter 2019, that number rose to 622. With this increased supply of Class A properties, there is now more demand in Class B …

JPI to Develop 433-Unit Apartment Community in Irving’s Las Colinas District

IRVING, TEXAS — Locally based multifamily developer JPI will build Jefferson Innova, a 433-unit community in Irving’s Las Colinas district, the company’s sixth project in that submarket. JPI has closed on construction financing for the five-acre project and expects to open the property in spring 2021. Amenities at Jefferson Innova will include a pool, business center, fitness center with a yoga studio, a coffee bar and two outdoor kitchens. Humphreys & Partners is the project …

StreetLights Residential Breaks Ground on 358-Unit Multifamily Project in Frisco

FRISCO, TEXAS — StreetLights Residential, a multifamily developer with five offices across the country, has broken ground on The Margo, a 358-unit project within The Canals at Grand Park in Frisco. The property will feature one-, two- and three-bedroom units ranging in size from 505 to 2,000 square feet. The Margo will offer amenities such as two pools, an entertainment lawn with outdoor games, a fitness center, game room, theater room and a private lounge. LRK served as the architect for the …

Parallel to Open 502-Bed Student Housing Community Near UT Austin on Aug. 18

AUSTIN, TEXAS — Parallel Co., a student housing development and investment firm, will open MUZE, its new 502-bed community that is located two blocks from the University of Texas in Austin. The grand opening is set for Sunday, Aug. 18. Located at 2100 Neuces St., the 18-story property will offer one-, two-, three- and four-bed units that will come fully furnished with stainless steel appliances, quartz countertops and washers and dryers. Walk-in closets will be available in select units. …

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