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DevelopmentIndustrialMidwestMissouriSelf-Storage

Inland, Devon Complete 797-Unit Self-Storage Adaptive Reuse Project in St. Louis

by Kristin Harlow

ST. LOUIS — Inland Real Estate Investment Corp. and Devon Self Storage have completed an 80,217-square-foot self-storage facility with 797 units in St. Louis. The project at 4222 Union Blvd. involved the conversion of a warehouse into a climate-controlled self-storage property. The three-story facility features a 24-hour security system and is situated near I-70. Approximately 75 percent of St. Louis’ self-storage inventory is comprised of converted properties from prior uses, according to Inland, which maintains a self-storage portfolio of more than $1.8 billion in assets under management. Devon currently manages 190 properties across 31 states.

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Dori Nolan multifamily institutional investors quote
Content PartnerDevelopmentFeaturesLeasing ActivityLoansMidwestMultifamilyNortheastSoutheastTexasWestern

Institutional Investors Resume Activity Amid Stabilizing Conditions

by Sarah Daniels

Since the Federal Reserve began raising rates in March 2022 to combat inflation, the real estate market has faced challenges such as rising interest rates, capital market volatility and economic uncertainty. These factors caused many institutional investors to pause their real estate investment activities compared to historical levels. Despite ongoing volatility, investors are gradually re-entering the market, driven by several factors. Key reasons for the pause included a challenging fundraising and capital markets environment, the unpredictable cost of capital, a scarcity of transactions leading to a lack of pricing discovery and widening bid/ask spreads. Some institutional investors were impacted by the “denominator effect,” resulting in an overweighting to real estate and the need for portfolio rebalancing. Additionally, to create bolster funds for other portfolio issues, some institutional investors entered redemption queues seeking liquidity. Broader capital market constraints reduced the availability of equity, while simultaneously driving a growing preference for structuring investments as debt rather than equity among those who remained active. During this period of muted transaction activity, private investors capitalized on the market’s dislocation. These investors increasingly prioritized their acquisition efforts toward newer vintage core and core-plus assets over value-add or development opportunities, reflecting a shift toward higher quality …

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DevelopmentMultifamilyTexas

Rosewood, MetLife Break Ground on 382-Unit Multifamily Project in Frisco

by Taylor Williams

FRISCO, TEXAS — A partnership between Dallas-based developer Rosewood Property Co. and MetLife Investment Management has broken ground on Penrose, a 382-unit multifamily project located within the Frisco Southstone Yards mixed-use development. Information on floor plans was not announced. Penrose will feature amenities such as a pool, clubhouse, fitness center, coworking space, wellness space, golf simulator and a covered outdoor lounge. The Penrose team includes Hensley Lamkin Rachel Inc. (architect), LandDesign (landscape design), B2 Design Co. (interior designer), KFM (civil engineer) and OHT Partners (general contractor). Veritex Community Bank and Associated Bank are providing construction financing for the project, which is scheduled for an early 2027 completion.

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Build-to-RentDevelopmentSingle-Family RentalTexas

Legacy Partners, Resmark Begin Leasing 134-Unit Build-to-Rent Project in Aubrey, Texas

by Taylor Williams

AUBREY, TEXAS — A partnership between two California-based firms, developer Legacy Partners and investment manager The Resmark Cos., has begun leasing Adair, a 134-unit build-to-rent residential project in Aubrey, located in Denton County. Designed by Architecture Demarest and built by Blackland Partners, the development offers one-, two- and three-bedroom homes that range in size from 770 to 1,625 square feet. Amenities include a pool, fitness center, coworking space, an outdoor kitchen and a dog park. Rents start in the mid-$1,600s for a one-bedroom home.

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450-Union-St.-Brooklyn
DevelopmentLoansMultifamilyNew YorkNortheast

JLL Arranges $123M in Construction Financing for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — JLL has arranged $123 million in construction financing for a 158-unit multifamily project that will be located at 450 Union St. in the Gowanus area of Brooklyn. The financing consists of a $90 million loan from Bank Hapoalim and IDB Bank and a $33 million equity investment from Global Holdings Management Group. Known as Anagram Gowanus, the 20-story building will house 118 market-rate apartments and 40 affordable housing units in studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, children’s playroom, coworking space and an indoor-outdoor rooftop lounge, as well as 22,000 square feet of retail and commercial space. Peter Rotchford, Nicco Lupo, Winfield Clifford and Jonathan Faxon of JLL arranged the financing on behalf of the developer, a joint venture between two local real estate companies, MacArthur Holdings and Tankhouse. Completion is slated for mid-2027.

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Tufts-University-Residence-Hall
DevelopmentMassachusettsMultifamilyNortheastStudent Housing

Capstone, Tufts University Break Ground on 664-Bed Residence Hall in Metro Boston

by Taylor Williams

MEDFORD, MASS. — A public-private partnership between Capstone Development Partners and Tufts University has broken ground on a 664-bed residence hall on the university’s campus in Medford, located north of Boston. The site is situated along the edge of campus adjacent to the Medford/Tufts Green Line public transportation station and previously housed a surface level parking lot. The complex will span 271,000 square feet across two 10-story buildings that will offer 271 apartment-style units in studio, two-, four- and six-bedroom configurations. Shared amenities will include common rooms and lounges, a fitness center, study spaces, conference rooms and onsite laundry facilities, as well as 4,000 square feet of retail space. Project partners include Provident Resources Group, Elkus Manfredi Architects, Erland Construction, Steven Winter & Associates and Barclays. Completion is slated for fall 2027.

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J-Centra-Burlington-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Jefferson Apartment Group Completes 500-Unit Project in Burlington, New Jersey

by Taylor Williams

BURLINGTON, N.J. — Jefferson Apartment Group, a developer based in Northern Virginia, has completed J Centra, a 500-unit multifamily project located in the Southern New Jersey community of Burlington. The property comprises 20 buildings on a 46-acre site that house 452 apartments in one-, two- and three-bedroom floor plans, as well as 48 townhouse-style units with garages. Residences, 20 percent of which are designated as affordable housing, are furnished with stainless steel appliances, quartz countertops, custom cabinetry, tile backsplashes, walk-in closets and individual washers and dryers. J Centra also features two separate clubhouses totaling nearly 11,000 square feet that have outdoor kitchens, courtyards, lounge areas and pools. Other amenities include a grand clubhouse with a fireplace lounge, bar, gaming area, coworking stations and a pet spa, as well as a fitness center with a yoga studio, pickleball and tennis courts, a playground, dog park and walking trails. Rents start at roughly $2,200 per month for a one-bedroom apartment.

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Company NewsDevelopmentGeorgiaIndustrialSoutheast

Pilgrim’s to Invest $400M for Prepared Foods Facility in Northwest Georgia, Create 630 Jobs

by Abby Cox

LAFAYETTE, GA. — Pilgrim’s, a global food company primarily known for producing and processing chicken and pork, will invest $400 million for the construction of a new prepared foods facility located in the northwestern corner of Georgia in LaFayette, about 30 miles south of Chattanooga, Tenn. Situated within Walker County Business Park, the multi-phase development is expected to create more than 630 new jobs at full capacity. The project is scheduled to break ground in the fall, and hiring is expected to begin in 2027, aligning with the scheduled completion of the first phase of construction. Lori Dowdy, in partnership with the Walker County Development Authority and Georgia Quick Start, internally represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team in the Pilgrim’s deal. Pilgrim’s currently operates seven food production facilities across Georgia, employing roughly 7,500 people.

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The Weldon
DevelopmentGeorgiaMultifamilySoutheast

Alliance Residential Opens 330-Unit Multifamily Community in McDonough, Georgia

by Abby Cox

MCDONOUGH, GA. — Alliance Residential Co. has opened The Weldon by Broadstone, a 330-unit multifamily community located in McDonough, roughly 30 miles south of Atlanta. The project team included locally based Dynamik Design, which served as the architect and interior designer, and Planners & Engineers Collaborative, which served as the project’s civil engineer. Situated within metro Atlanta’s I-75 corridor, The Weldon features one- and two-bedroom apartments ranging in size from 810 square feet to 1,182 square feet, according to Apartments.com. Amenities at the complex include a resort-style saltwater swimming pool with in-pool lounge chairs, outdoor lounge seating, a covered outdoor entertainment area with grilling stations, 24-hour fitness center, coworking spaces, a clubroom with an entertainment kitchen, gated pet park, children’s playground and a mailroom featuring a Luxer One package locker. Private balconies will also be available to residents in select units. Rental rates begin at $1,383 for a one-bedroom apartment.

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Moxy Charlotte Uptown Hotel
DevelopmentHospitalityNorth CarolinaSoutheast

TMGOC Ventures Delivers 208-Room Moxy Hotel in Uptown Charlotte

by Abby Cox

CHARLOTTE, N.C. — TMGOC Ventures has delivered the Moxy Charlotte Uptown Hotel, a 208-room boutique hotel located in Uptown Charlotte. The hotel was delivered in collaboration with general contractor BL Harbert International, ODA Architecture and interior designer DLR Group. This hotel marks TMGOC Ventures’ second ground-up Moxy project, as well as its 18th operating hotel in its national portfolio. Lexima Lodging manages the property, which features a 24-hour fitness center, valet parking, a ground-floor Starbucks Coffee shop and nearly 7,000 square feet of flexible event space with indoor-outdoor connectivity and skyline views. Additional communal spaces at the hotel include the Bar Moxy, a rooftop lounge, and various breakout rooms. Moxy is a boutique hotel brand that Marriott International launched in partnership with IKEA.

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