Development

Trion Properties Completes 28-Unit Apartment Project in Culver City, California

by Amy Works March 23, 2020

CULVER CITY, CALIF. — Los Angeles-based Trion Properties has completed 5012 Apartments, a multifamily community with tech amenities located at 5012 Slauson Ave. in Culver City. As Trion’s first ground-up development, the 28-unit property represents the company’s expansion from value-add multifamily renovations to ground-up development. Additionally, the property is the first project that the firm has taken through the entire process, from unentitled to developed and stabilized. The three-story, pet-friendly community features 15 one-bedroom and 13 two-bedroom units. The property features a variety of interior and common-area tech amenities, including a high-level security system, Nest thermostats, Luxer One package locker service, a ButterflyMX smart video intercom system and Sonos smart speakers. Each unit features state-of-the-art appliances and flooring, stackable washers and dryers, central air conditioning, walk-in closets, cable television and modern finishes. Community amenities include a second-floor amenity deck, breakfast bar, courtyard equipped with furniture and planters, exterior hallways and covered assigned parking.

March 23, 2020

Development Maryland Southeast Student Housing Top Stories

Balfour Beatty Starts Construction of 557-Bed Student Housing, Innovation Center Development in Bowie, Maryland

by Alex Patton March 20, 2020

BOWIE, MD. — Developer Balfour Beatty Campus Solutions is underway on a 557-bed student housing and mixed-use development in Bowie, a northeastern suburb of Washington, D.C. The 170,000-square-foot development will house students of Bowie State University and will also be the site of the Bowie Business Innovation Center, a program for business acceleration in collaboration with the U.S. Small Business Administration. The development is slated to open in fall 2021. The project cost will be approximately $42 million. “This partnership allows the university to support its growing student body with much-needed modern housing options and provides a dedicated place for the creative leaders of tomorrow to develop their knowledge and skills as they prepare to enter the business world upon graduation,” says Bob Shepko, president of Balfour Beatty. The development will also house the university’s Entrepreneurship Academy, which will help students develop their own business opportunities and better navigate the greater business world. Other project features include a variety of amenities, including a fitness center, laundry facilities, community kitchens, parking and flexible classroom space. The project is primarily funded with tax-exempt bonds through the Maryland Economic Development Corp. Balfour Beatty Construction is and Smoot Construction are serving as contractors for …

March 20, 2020

Development Multifamily Texas

Bolour Begins Work on 780-Unit Multifamily Redevelopment Project in Houston

by Taylor Williams March 20, 2020

HOUSTON — Bolour Associates, an investment and development firm based in Southern California, has begun work on the redevelopment of Bella Luna and San Lucas, two multifamily communities totaling 780 units in Houston. The properties are situated on a combined 20 acres and feature one-, two- and three-bedroom units, as well as townhomes. Amenities include pools, playgrounds and onsite laundry facilities. The redevelopment will deliver new kitchens and bathrooms, upgraded interiors and renovated landscaping, common areas and exteriors. Completion is slated for September.

March 20, 2020

Colorado Development Loans Office Western

JV Receives $29.4M Construction Loan for S’PARK Railyards Office Project in Boulder

by Amy Works March 20, 2020

BOULDER, COLO. — A joint venture between The John Buck Co., Kinship Capital and Element Properties has secured a $29.4 million construction loan for the development of S’PARK Railyards, a Class A office project in Boulder. Located at 3401 Bluff St., the four-story Railyards building will feature 64,000 square feet of office space and 5,263 square feet of ground-floor retail space. The office layouts have been designed with 25-foot spans between columns, offering nearly column-free floor plates. Slated for completion in March 2021, the project is 92.4 percent pre-leased. The Railyards project is located within S’PARK, a master-planned community that will offer 288 multifamily units, 106,029 square feet of office space, 31,363 square feet of ground-floor retail space and approximately 350 parking spaces across six separate buildings. Railyards is the fourth of six planned buildings to be built by the joint venture. Construction of the last two projects are scheduled to start by the end of the year. JLL Capital Markets arranged the five-year, floating-rate construction loan through Wintrust Financial Corp. Keith Largay, Brian Walsh and Leon McBroom of JLL Capital Market represented the borrower in the financing.

March 20, 2020

Development Industrial Leasing Activity Washington Western

Bertch Capital Secures Tenant for 116,572 SF Industrial Asset Under Construction in Washington

by Amy Works March 20, 2020

SUMNER, WASH. — Bertch Capital Partners has signed CTE Warehousing to occupy Sumner Ridge’s Building A, located at 3400 W. Valley Highway East in Sumner, in a long-term lease agreement. Building A is the second facility at Sumner Ridge, which is home to a 112,100-square-foot industrial property occupied by Automatic Products. The freight management partner will occupy the entire 116,572-square-foot warehouse facility, which is slated for completion at the end of the second quarter. The company plans to relocate from at least one of its existing buildings in the area. Bill Condon and Matt McGregor of Colliers International represented the developer, while Jeff Forsberg of NAI Puget Sound Properties represented CTE Warehousing in the deal.

March 20, 2020

Development Multifamily Texas

Dhanani Completes 288-Unit Territory at Greenhouse Multifamily Community in Metro Houston

by Taylor Williams March 19, 2020

KATY, TEXAS — Dhanani Private Equity Group has completed Territory at Greenhouse, a 288-unit apartment community located in the western Houston suburb of Katy. The Class A property features one-, two- and three-bedroom floor plans with stainless steel appliances, brushed nickel hardware, granite countertops and private balconies. Amenities include a pool, fitness center, resident clubhouse, business center, outdoor movie amphitheater and dog park. Dhanani developed the project with Allied Orion Group as the general contractor.

March 19, 2020

Development Loans North Carolina Office Southeast

PCCP Provides $95.6M Construction Loan for 16-Story Office Building in Charlotte

by Alex Tostado March 19, 2020

CHARLOTTE, N.C. — PCCP LLC has provided a $95.6 million construction loan to a joint venture for a 16-story office building in Charlotte’s South End. Atlanta-based Portman Holdings and Washington, D.C.-based National Real Estate Advisors LLC are developing 2151 Hawkins, which will feature multiple rooftop terraces, a six-story parking structure, ground-level retail anchored by Sycamore Brewing and access to the LYNX Light Rail Blue Line. In addition to Sycamore, the developers plan to incorporate a food hall concept on the ground floor. Gensler designed the building, which, according to media reports, is expected to come on line in March 2021.

March 19, 2020

Civic Development Iowa Midwest

Hannon Armstrong Makes $115M Preferred Equity Investment in University of Iowa Utility System Project

by Kristin Harlow March 19, 2020

IOWA CITY, IOWA — Hannon Armstrong Sustainable Infrastructure Capital Inc. has made a $115 million preferred equity investment in a utility public-private partnership including the University of Iowa, ENGIE and Meridiam. ENGIE is a natural gas distribution company and Meridiam is a global investor and asset manager specializing in the development, financing and management of long-term public infrastructure projects. The partnership will operate, maintain and upgrade the university’s energy and water utilities. Known as the Hawkeye Energy Collaborative, the partnership was awarded a $1 billion, 50-year utility management concession contract in December 2019. The collaborative will support the University of Iowa’s energy, water and sustainability goals for two campuses spanning 1,700 acres in Iowa City.

March 19, 2020

Development Multifamily Texas

Nichols Trinity Begins Leasing 56-Unit Apartment Community in Fort Worth

by Taylor Williams March 18, 2020

FORT WORTH, TEXAS — Developer Nichols Trinity LLC has begun leasing Cityscape Arts, a 56-unit apartment community located near downtown Fort Worth’s Arts District and Sundance Square. The property features one- and two-bedroom units ranging in size from 690 to 1,260 square feet and amenities such as fitness center, rooftop lounge, dog park, conference room and private offices.

March 18, 2020

Development Multifamily South Carolina Southeast Student Housing

Preiss Beaks Ground on 433-Bed Student Housing Development Near Clemson University

by Alex Tostado March 18, 2020

CLEMSON, S.C. — The Preiss Co. has broken ground on Signature Hartwell Village, a planned 433-bed student housing community that will service Clemson University students. The property is located at 13060 Clemson Blvd., less than one mile from campus. Communal amenities will include a 24-foot jumbotron, fire pits, grills, dog park, cornhole court, pool with in-water lounging deck, cabana with misters, lounge room with an 82-inch TV, fitness center, access to study rooms and a package locker system. The property will offer one- to four-bedroom floor plans, each equipped with a 50-inch smart TV, furniture, stainless steel appliances, granite countertops, plank vinyl flooring throughout the unit and in-unit laundry. BSB Design is the architect on the project and Boarman Kroos Vogel Group Inc. is serving as the interior designer. Preiss expects the community to open in fall 2021. Signature Hartwell Village will be part of the 45-acre Hartwell Village mixed-use development. Hartwell Village features residential, dining options and retail space, including Aldi, Petco, Marshalls and multiple hotels.

March 18, 2020

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