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Alliance-Residential-Apts-Lakewood-WA
AcquisitionsDevelopmentMultifamilyWashingtonWestern

Alliance Residential Acquires 9.7-Acre Development Site in Lakewood, Washington

by Amy Works

LAKEWOOD, WASH. — Alliance Residential has purchased a 9.7-acre development site within Lakewood Towne Center, a retail destination in Lakewood. The site is slated for the development of a 285-unit Class A apartment community that will include units under the City of Lakewood’s Multifamily Tax Exemption program. The new multifamily property will help address the growing housing demand in Lakewood, where only one new 100-plus market-rate apartment development has been delivered since 2011. Ross Klinger and Austin Kelley of Kidder Mathews represented the undisclosed seller in the deal. Terms of the transaction were not disclosed.

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CaliforniaDevelopmentRestaurantRetailWestern

Prime Pizza to Open Five New Restaurants in Southern California

by Amy Works

LOS ANGELES — Los Angeles-based Prime Pizza, a rapidly expanding New York-style pizza restaurant, has signed leases for five new locations in Southern California. The locations are at Alicia Landing Shopping Center in Mission Viejo; Gaslight Square in Brea; Farmers & Merchants Bank Center in Torrance; and two freestanding locations, one in Thousand Oaks and another in Valley Village, Calif. Mark Seferian of RCI Brokerage represented Prime Pizza in the transactions, which ranged from 1,256 to 1,951 square feet. The Mission Viejo and Brea locations are slated to open in the fourth quarter of 2025, while the Valley Village, Thousand Oaks and Torrance locations will open during the second quarter of 2026.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Completes 70-Unit Affordable Housing Project in Lacey, New Jersey

by Taylor Williams

LACEY, N.J. — New Jersey-based developer Walters has completed Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger development that consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request.

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ArizonaDevelopmentMixed-UseTop StoriesWestern

Vestar, Pacific Proving to Develop $2B Mixed-Use Project in Mesa, Arizona

by John Nelson

MESA, ARIZ. — Vestar, a shopping center and mixed-use developer based in Phoenix, has partnered with Pacific Proving LLC, a landowning entity that controls 1,805 acres in the state capital’s East Valley, to co-develop a $2 billion mixed-use project. Legacy Park will span 200 acres at Pacific Proving’s site in Mesa near the confluence of Gilbert and Queen Creek. The groundbreaking is set for 2027. “As someone who has believed in the potential of this area and land for decades, we are thrilled to partner with Vestar to bring this phase of our property Legacy Park to life,” says Andrew Cohn, principal of Pacific Proving. “Legacy Park is not just another development. It is a thoughtfully designed community that will bring lasting value and lifestyle to the East Valley. We have waited for the right timing, the right opportunity and the right partners, and that moment is now.” Vestar expects Legacy Park to generate $56 billion in economic output over the next 20 years and to create more than 20,000 jobs. Located adjacent to Mesa Gateway Airport and easily accessible via the new State Route 24 at Williams Field Road, Legacy Park at full build-out will feature: “Legacy Park is a …

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DevelopmentMichiganMidwestOffice

Ford to Relocate Headquarters in Dearborn, Michigan to 2.1 MSF Campus, Tear Down Former ‘Glass House’

by Kristin Harlow

DEARBORN, MICH. — Ford Motor Co. has unveiled plans to open a new Ford World Headquarters at its Dearborn product development campus, the new Henry Ford II World Center. The 2.1 million-square-foot property will house thousands of engineering, design and technology team members together in one collaborative space that is twice the size of the company’s current headquarters and built to accommodate double the employees. Construction is underway, and hundreds of employees are working in the building already. The majority of the facility will be complete this year, but work will continue through 2027 on a final section of the site. Upon completion, up to 4,000 people can work from the headquarters with a total of 14,000 employees within a 15-minute walk of the new World Headquarters building. Once Ford has vacated the former headquarters, dubbed the Glass House, the facility will be demolished over the course of 18 months. Ford plans to “repurpose the site as an asset to its teams and community.” Ford is working with the City of Dearborn on a plan for how the site can best serve employees and neighbors. Glass House, which totals 950,000 square feet, has housed Ford’s headquarters since 1956. Ford will …

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Hale-Haukani-Honolulu-HI
DevelopmentHawaiiMultifamilyStudent HousingWestern

Greystar, University of Hawaii at Mānoa Complete Two-Tower Student Housing Community in Honolulu

by Amy Works

HONOLULU — A public-private partnership between Greystar and the University of Hawaii at Mānoa has completed Hale Haukani, a two-tower development on the university’s campus in Honolulu. The community offers 558 beds across 316 fully furnished units in studio, two-, three- and four-bedroom configurations. Shared amenities include study rooms, community lounges and an amenity deck on the 12th floor. An onsite daycare operated by the university is also available to support students with families. 

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DevelopmentIndustrialTexas

Avera Breaks Ground on 374,297 SF Industrial Project in Southeast Houston

by Taylor Williams

HOUSTON — Locally based developer Avera Cos. has broken ground on Baywood Logistics, a 374,297-square-foot industrial project in southeast Houston. Baywood Logistics will be a front-load building that will be situated on a 34-acre site south of the Houston Ship Channel. Building features will include 36-foot clear heights, 235-foot truck court depths, 62 dock-high doors, ample car and trailer parking space, 4,197 square feet of office space and an ESFR sprinkler system. Completion is slated for mid-2026. CBRE has been named the leasing agent.

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Affordable HousingDevelopmentMultifamilyTexas

FTK Construction Begins Renovation of 90-Unit Affordable Housing Complex in Beaumont, Texas

by Taylor Williams

BEAUMONT, TEXAS — FTK Construction Services has begun the renovation of Seville Apartments, a 90-unit affordable housing complex in Beaumont that was built in 1980. The renovation will upgrade flooring, paint, appliances, countertops, cabinets and bathrooms in unit interiors; other updates will apply to roofing, HVAC systems and amenity spaces. The rehabilitation will also ensure the preservation of the property’s affordability status. Benton Design Group is the architect for the project, which is expected to last about 12 months. Denver-based Steele Properties owns Seville Apartments.

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MacDonald Manor
AcquisitionsAffordable HousingDevelopmentSoutheastVirginia

Fairstead Acquires 152-Unit Affordable Housing Community in Chesapeake, Virginia, Plans $26M Rehabilitation

by Abby Cox

CHESAPEAKE, VA. — Fairstead has acquired MacDonald Manor, a 152-unit affordable housing community in Chesapeake, with plans for a $26 million rehabilitation of the property. In partnership with Chesapeake Redevelopment and Housing Authority (CRHA), Virginia Housing and Hudson Housing Capital, Fairstead will finance the acquisition and rehabilitation of MacDonald Manor through a federal program that combines elements of HUD’s Rental Assistance Demonstration (RAD) and Section 18 programs to ensure reinvestment in the community, while preserving affordability for residents. Originally built in 1972, MacDonald Manor features three one-bedroom units, 114 two-bedroom units and 35 three-bedroom units that are reserved for residents earning 60 percent or less of the area median income (AMI). Renovations are set to commence this fall, with completion scheduled for fall 2027. Interior renovations will include modern lighting and plumbing fixtures, stainless steel appliances and new flooring and paint. Exterior improvements will consist of fresh landscaping, the repair of building facades and upgraded roofs and windows. Enhancements will also be made to the leasing office, maintenance and community buildings, mailboxes and the basketball court, as well as with the addition of a new playground. Fairstead recently announced the $10 million revitalization of another public housing community in Chesapeake: the …

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Eastfield Village
DevelopmentMultifamilyNorth CarolinaSoutheast

NRP Begins Construction on 348-Unit Eastfield Village Apartment Community in Selma, North Carolina

by Abby Cox

SELMA, N.C. — The NRP Group has kicked off construction on Eastfield Village, a 348-unit, garden-style apartment community located in Selma, roughly 26 miles southwest of Raleigh. The development will anchor the 435-acre master-planned community of Eastfield, which comprises a 3 million-square-foot business park, medical and retail space, three hotels, a variety of senior and workforce housing and entertainment amenities. Eastfield Village will feature one-, two- and three-bedroom floorplans across 12 three-story buildings. Amenities at the complex will include a resort-style swimming pool with a sundeck, landscaped courtyard, pickleball court, shuffleboard area, fitness center, coworking/business lounge, multiple indoor and outdoor gathering spaces and a dedicated dog park and pet wash station. Additionally, walking trails and green spaces at the complex will connect residents to the broader Eastfield development. First move-ins are expected in late 2026, with full occupancy slated for the fourth quarter of 2027.

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