Development

Pollack Shores Acquires 494-Unit Apartment Complex in Charlotte, Plans $6.6M Renovation

by Alex Tostado July 24, 2019

CHARLOTTE, N.C. — Pollack Shores has acquired The Bryce, a 494-unit apartment complex in Charlotte. The Atlanta-based apartment developer and owner plans to invest $6.6 million to upgrade the property and unit interiors. Unit interiors will receive new stainless steel appliances, granite countertops and hard-surface flooring. Exterior upgrades include converting the outdoor volleyball court into a green space with grilling areas and a beer garden, and renovating the clubhouse to include an expanded gym with modern equipment. Other communal amenities include a three-hole golf course, tennis court, swimming pool and several walking trails. The community is situated at 4101 Double Creek Crossing Drive, 10 miles north of downtown Charlotte and four miles from University Research Park. The seller and sales price were not disclosed.

July 24, 2019

Development Multifamily Oregon Western

Fore Property Opens 211-Unit The Revere Apartment Complex in Portland, Oregon

by Amy Works July 24, 2019

PORTLAND, ORE. — Fore Property has opened The Revere, an urban infill residential development in North Portland’s historic Mississippi neighborhood. The community is Fore’s fifth multifamily property in metro Portland. Holst Architecture designed the project. Located at 3309 N. Mississippi St., The Revere features 211 apartments in a mix of one-, two- and three-bedroom layouts. Units feature kitchens with stainless steel appliances, gas cooktops, quartz countertops, under-cabinet lighting and porcelain tile backsplash. Other unit features include wood-style plank flooring, in-unit washers/dryers, walk-in closets and private balconies or patios. Community amenities feature a rooftop lounge with fire pits, yoga studio, fitness center and a bouldering wall. Fore also recently developed Northpointe Apartments, located at 1314 N. Skidmore St., as well as Hearth apartment community, which is slated to open in August.

July 24, 2019

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens 104,000 SF Seniors Housing Community Near Seattle

by Amy Works July 24, 2019

MERCER ISLAND, WASH. — Aegis Living has opened its newest seniors housing community, located on Mercer Island, between Seattle proper and the developer’s headquarters in Bellevue. Inspired by a Lake Placid ski lodge, the 104,000-square-foot building features 89 units of assisted living and memory care. The community offers a mix of studio, one-bedroom and two-bedroom options, with 16 apartments dedicated to memory care. Aegis Living is the developer, owner and operator. Compass Construction was general contractor for the property, which architect Ankrom Moisan designed. The LA Studio was landscape architect. Aegis operates 32 communities in Washington, California and Nevada, with seven additional communities in development.

July 24, 2019

Development Multifamily Texas

Hillwood Underway on 332-Unit Apartment Community in Fort Worth

by Taylor Williams July 24, 2019

FORT WORTH, TEXAS — Hillwood is underway on construction of Tacara Village, a 332-unit multifamily community that will be located within the company’s 26,000-acre AllianceTexas campus in Fort Worth. The property will offer 14 different floor plans and will feature smart locks and thermostats from provider Dwelo. Amenities will include a pool, outdoor kitchen, fitness center, pet park, game room and access to nearby walking trails and parks. Phase I of the project will open later this summer, and full completion is slated for early 2020.

July 24, 2019

Development Illinois Industrial Midwest

CA Industrial Breaks Ground on 146,029 SF Spec Warehouse in Suburban Chicago

by Kristin Harlow July 24, 2019

ELK GROVE VILLAGE, ILL. — CA Industrial, the industrial investment and development division of CA Ventures, has broken ground on CA Elk Grove, a 146,029-square-foot speculative warehouse in Elk Grove Village. The Class A project will sit on seven acres at 550 E. Devon Ave. Slated for completion in the first quarter of 2020, CA Elk Grove will feature a clear height of 32 feet, 18 loading docks and parking for 135 cars. The new warehouse is being constructed on the site of an existing retail center. A portion of the retail space, 7,800 square feet, will remain as retail. The other portion was rezoned as industrial. Established businesses Tata’s Pierogi and La Spa Nails will be relocated to renovated space within the retail center. They will join Subway, Peking Express and Fatt Mustard Café, which will remain in their current locations. The retail property will receive a new façade, signage, roof and resurfaced parking lot. Harris Architects Inc. is the architect and Pepper Construction is the general contractor.

July 24, 2019

Development Multifamily New Jersey Northeast

Cushman & Wakefield Arranges $57.3M Refinancing for Seniors Housing Property in Hamilton, New Jersey

by Alex Patton July 24, 2019

HAMILTON, N.J. — Cushman & Wakefield has arranged a $57.3 million loan for the refinancing of Homestead at Hamilton, a seniors housing community in Hamilton, an eastern suburb of Trenton. The building rises four stories and features 195 units of independent living, assisted living and memory care housing. At the time of loan closing, the property was 61 percent occupied with expected stabilization within 12 months. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield arranged the transaction. MidCap Financial provided the $57.3 million floating-rate, first-mortgage loan that refinanced the original construction loan and mezzanine debt with accrued interest. The MidCap team included Lawrence Brin, Andrew Lavinder and Kevin McMeen.

July 24, 2019

Development Maryland Mixed-Use Southeast

Stonebridge, Montgomery County Break Ground on 530,000 SF Mixed-Use Tower in Downtown Bethesda

by Alex Tostado July 23, 2019

BETHESDA, MD. — A public-private partnership between Stonebridge and Montgomery County in Maryland has broken ground on Avocet Tower, a 530,000-square-foot, 250-foot tall mixed-use building in Bethesda’s Central Business District. The transit-oriented tower will be located at 7373 Wisconsin Ave., directly across the street from the Bethesda Metro Station. Avocet Tower will comprise 370,000 square feet of office space and a 220-room AC Hotel by Marriott. Delivery is expected in summer 2021. Pickard Chilton designed the building, and Cooper Carry is the architect of record. The development team is expecting the tower to earn LEED Platinum certification and will include modern mechanical systems, secured bicycle storage, electric vehicle charging stations, bio-retention basins on the roof terrace and glass elements throughout the entire office area. Other amenities will include a fitness and business center on the 18th floor, as well as a restaurant available to the public.

July 23, 2019

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $45.5M Construction Loan for Affordable Housing Project in Aurora, Colorado

by Amy Works July 23, 2019

AURORA, COLO. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have secured a $45.5 million construction loan for the development of Range View Apartments in Aurora. Portland, Ore.-based DBG Properties LLC is the borrower and developer. KeyBank’s CDLI team provided the construction loan and KeyBank’s CMG team provided a $35 million forward commitment through Fannie Mae. The transaction includes the first execution in Colorado of the incoming averaging rules enacted with the 2017 tax reform bill, allowing a property to serve households up to 80 percent area median income (AMI) as long as the average household income is 60 percent AMI. In addition to the tax-exempt bonds, financing also included tax credits through the Colorado Housing and Finance Authority; HOME funds from the city of Aurora; a loan through the Colorado Division of Housing’s Colorado Housing Investment Fund, and tax equity from CREA, the equity investor and limited partner. Range View Apartments will feature 10 garden-style residential buildings, covering parking, a pool and a community building with play areas and a community rooms. The residential buildings will have one-, two- and three-bedroom apartments reserved for residents earning up to 30 percent, 60 percent and …

July 23, 2019

Development Industrial Nevada Western

Alston Construction Completes 213,000 SF Centennial Commerce Center in North Las Vegas

by Amy Works July 23, 2019

NORTH LAS VEGAS, NEV. — Alston Construction, as general contractor, has completed Centennial Commerce Center, located at 6405 E. Centennial Parkway in North Las Vegas. Situated on 10.4 acres, the facility features 213,000 square feet of speculative industrial space. Centennial Commerce Center features cross-dock industrial warehouse space, 32-foot clear heights, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. Valued at $16 million, the property was designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway 10 Industrial LLC owns Centennial Commerce Center.

July 23, 2019

Development Illinois Midwest Multifamily Student Housing

$100M Academic, Housing Complex Opens at University of Illinois Chicago Campus

by Kristin Harlow July 23, 2019

CHICAGO — A $100 million academic building and residence hall has opened at the University of Illinois at Chicago (UIC) known as the Academic and Residential Complex. The property is home to a two-story, 54,000-square-foot academic building as well as a 10-story residence hall featuring 548 beds. The complex features 16,000 square feet of shared spaces, including study lounges on each floor, a fitness center, laundry facility and 10th-floor sky lounge. A 1,600-square-foot retail area includes a Starbucks. The facility was the result of a public-private partnership with developer American Campus Communities. Most of the financing for the project came from a tax-exempt bond issuance with Collegiate Housing Foundation, a nonprofit organization. Chicago-based SCB Architects designed the facility. Thornton Tomasetti provided structural engineering services.

July 23, 2019

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