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DevelopmentMichiganMidwestMultifamilyStudent Housing

Landmark Properties, Cerca Trova Open 521-Bed Student Housing Community in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — Landmark Properties and Cerca Trova LLC have opened The Legacy at Ann Arbor, a 521-bed student housing community at 616 E. Washington St. in Ann Arbor. Designed by ESG Architecture & Design, the project consists of two interconnected buildings — a 19-story high-rise and a mid-rise structure attached to the historic Michigan Theater. Landmark Construction was the general contractor. The development is fully leased ahead of the 2025-2026 school year. The Legacy at Ann Arbor offers a mix of studios to five-bedroom apartments across 253 units. Apartments come fully furnished and wired for high-speed internet and cable. The development features more than 9,700 square feet of amenities, including a rooftop pool deck and resident clubroom, academic lounge, fitness center and bike storage. The project also includes 4,150 square feet of ground-floor retail space and onsite gated parking. The building is immediately adjacent to the University of Michigan campus. With the opening of The Legacy at Ann Arbor, Athens, Ga.-based Landmark currently operates and manages more than 2,400 beds across six properties in Michigan.

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DevelopmentHospitalityMidwestMissouri

Midas Building Group Completes $20M Dual-Branded Hotel Project Near St. Louis Airport

by Kristin Harlow

ST. LOUIS — Midas Building Group has completed a $20 million dual-branded hotel at 10300 Natural Bridge Road serving the nearby St. Louis Lambert International Airport. Lawrence Group was the architect, and Lodging Hospitality Management was the developer. The project connects the existing St. Louis Airport Hilton hotel built in the 1960s with a new 78,957-square-foot Hampton Inn hotel. In addition to architecture, Lawrence Group provided interior design, furniture procurement and landscape architecture on the project, which also included extensive interior renovations to the Hilton’s existing 18,100-square-foot, first-floor public areas. The Hilton’s four-story wing was replaced with a new six-story, 128-bed Hampton Inn hotel designed to operate independently from the adjacent Hilton hotel. Hampton Inn guests are able to utilize amenities within the renovated Hilton, including the fitness center, business center and indoor pool. Construction of the Hampton Inn portion was coordinated to not disrupt operations of the Hilton hotel, which provides an additional 397 rooms.

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AcquisitionsDevelopmentIllinoisMidwestMultifamily

SVN Chicago Commercial Brokers $6M Sale of Multifamily Development Site in Roscoe Village

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has brokered the nearly $6 million sale of an 80,000-square-foot land parcel at 2221 W. Oakdale Ave. in Chicago’s Roscoe Village neighborhood. Developer Zev Salomon of ZSD Dorp. purchased the site with plans to transform the long-vacant parcel into a 35-unit row home community called RiverWard Row Homes. Wayne Caplan and Adam Thomas of SVN Chicago represented the undisclosed seller, while Matthew Lucas of Accretive LLC and Kale Realty represented the buyer. The deal took more than a year to close due to a zoning change and coordination with the Army Corps of Engineers on river access, according to Caplan.

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DevelopmentIllinoisIndustrialMidwest

CRG Begins Development of 85,680 SF Spec Industrial Facility in Cicero, Illinois

by Kristin Harlow

CICERO, ILL. — CRG has begun development of The Cubes at Cicero, an 85,680-square-foot speculative industrial facility in Cicero, just west of Chicago. The project at 5401 W. Roosevelt Road will feature a clear height of 32 feet, 16 dock-high loading doors, two drive-in doors and approximately 2,000 square feet of office space. Thomas Rodeno, Patrick Turner and Sean Austin of Colliers will market the development for lease. DSI is the general contractor. Lamar Johnson Collaborative, CRG’s integrated architecture and design firm, is the project architect.

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Paseo-Austin
DevelopmentMultifamilyTexas

LV Collective Begins Leasing 48-Story Apartment Tower in Downtown Austin’s Rainey Street District

by Taylor Williams

AUSTIN, TEXAS — Locally based multifamily and student housing developer LV Collective, formerly known as Lincoln Ventures, has begun leasing Paseo, a 48-story apartment tower located at 80 Rainey St. in downtown Austin. Paseo offers 557 units in studio, one-, two- and three-bedroom floor plans, as well as four penthouses and a pool, deck and bar on the 12th floor with views of Lady Bird Lake. Residents also have access to a ground-level café and bar, a fitness center with a yoga studio, cold plunge and saunas and two floors of coworking space with private pods and conference rooms. Monthly rents start in the $1,900s for a studio apartment. Construction began in early 2023 and is expected to be fully complete in October.

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DevelopmentMultifamilyTexas

SHIR Capital Completes 174-Unit Multifamily Adaptive Reuse Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Local private equity firm SHIR Capital has completed Veer Apartments, a 174-unit multifamily adaptive reuse project in Austin. The project converted a former five-story Quality Inn hotel located just north of downtown into an apartment complex with two sets of studio floor plans. The conversion also added a fitness center and outdoor pool to the property to complement the existing business center, onsite laundry facilities and pet spa. Pfluger Architects designed the project, and Ava’s Construction served as the general contractor. Monthly rental rates at Veer start at $790, according to the property website

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The Scoundrel
DevelopmentHospitalityLoansSoutheastTennessee

Arriba Capital Arranges $40M Construction Loan for Marriot Hotel in Downtown Gatlinburg, Tennessee

by Abby Cox

GATLINBURG, TENN. — Arriba Capital has arranged a $40 million construction loan for a Marriot-branded hotel in downtown Gatlinburg. Dubbed The Scoundrel, the hotel will act as the gateway to the Great Smoky Mountains National Park. The new hotel will total 128 rooms and will operate under the Marriot Tribute Portfolio brand. The borrower is a locally based, private hospitality and development group. A construction timeline was not disclosed.

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Blue-Hill-at-Watchung
DevelopmentMultifamilyNew JerseyNortheast

Partnership Breaks Ground on 230-Unit Multifamily Project in Watchung, New Jersey

by Taylor Williams

WATCHUNG, N.J. — A partnership between Boston-based investment firm Marcus Partners and two regional developers, Sterling Properties and Danbro Properties, has broken ground on a 230-unit multifamily project in the Northern New Jersey community of Watchung. Blue Hill at Watchung will comprise six buildings on a 41.8-acre site. Amenities will include a pool, clubhouse, fitness center, coworking spaces, indoor/outdoor lounges, dog park and a golf simulator. The first units are expected to be available for occupancy by the end of 2026. Jon Mikula, Jim Cadranell and Michael Lachs of JLL arranged construction financing for the project through First Citizens Bank. The loan amount was not disclosed, but the project carries a price tag of roughly $104 million.

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DevelopmentMassachusettsMultifamilyNortheast

Procopio Begins Leasing 140-Unit Multifamily Project in Marlborough, Massachusetts

by Taylor Williams

MARLBOROUGH, MASS. — Locally based developer The Procopio Cos. has begun leasing Vesa, a 140-unit multifamily project in the western Boston suburb of Marlborough. Designed by Maugel Destefano Architects with a Procopio affiliate also serving as the construction manager, Vesa offers 60 one-bedroom units, 62 two-bedroom apartments and 18 three-bedroom residences. Amenities include a pool, resident lounge, dog park, fitness center and walking trails. Information on starting rents was not announced.

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Waterline-Austin
DevelopmentMixed-UseTexasTop Stories

Lincoln Property Co., Kairoi Top Out 74-Story Waterline Mixed-Use Tower in Downtown Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between Dallas-based Lincoln Property Co. and San Antonio-based Kairoi Residential has topped out Waterline, a 74-story mixed-use tower located at 98 Red River St. in downtown Austin. The property gets its name from the site’s location near the nexus of Waller Creek and Lady Bird Lake. According to the development team, at 1,025 feet, Waterline is now the tallest building in Texas, eclipsing JPMorgan Chase Tower in Houston, which had allegedly been the state’s tallest building since 1981. Construction of Waterline began in fall 2022 and is expected to be fully complete in late 2026. Waterline will ultimately feature 352 upscale apartments, 700,000 square feet of office space, a 251-room hotel that will be operated under the 1 Hotels brand and 24,000 square feet of ground-floor retail and restaurant space. Residential amenities will include two pools, a fitness center, lounge, kitchen and coworking space. Office tenants will also have access to a fitness center, as well as a bar and lounge and indoor meeting spaces. The partnership is now marketing office space for lease. The launch of residential leasing and the opening of the hotel are scheduled for this fall. Kohn Pedersen Fox (KPF) is …

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