AUSTIN, TEXAS — American Campus Communities (ACC) has delivered new student housing projects totaling $855 million this year. Together, the six communities — which include Meadows Apartments at Princeton University, Casa del Valle at Arizona State University, The Ridge Graduate & Professional Housing at Emory University, xučyun ruwway Graduate Student Apartments at University of California Berkeley, East Campus Graduate Apartments at The University of Texas at Austin and Graduate Junction at MIT — feature 3,867 beds. Austin, Texas-based ACC is the third-party developer and manager for Graduate Junction (676 beds), East Campus Graduate Apartments (784 beds), The Ridge Graduate & Professional Housing (535 beds) and Meadows Apartments (604 beds). Amenities at Meadows Apartments at Princeton University include a communal kitchen, children’s playroom and a market and café. In addition to a communal kitchen, The Ridge Graduate & Professional Housing at Emory University features a fitness center, study areas and a parking garage. At Graduate Junction at MIT, amenities include study areas, a recreation center and gym and indoor bike storage. ACC is the owner, developer and manager of Casa del Valle at Arizona State University, which offers 507 suite-style beds with social lounges, Zen areas and landscaped outdoor amenities. ACC …
Development
WARNER ROBINS, GA. — Parkland Residential has secured a $57 million loan for the financing of Grover Landing, a build-to-rent (BTR) residential community underway in Warner Robins, roughly 20 miles south of Macon, Ga. The loan will be used to refinance completed homes at the development, which will total 317 units. Residences at the community range from two to four bedrooms in size. Amenities at the development include a swimming pool with a cabana, playground, pocket parks and a playfield, as well as yard maintenance, pest control, home repairs and appliances. Avi Kozlowski, Thomas Wayda and Dante Distefano of Greystone arranged the financing through Encore Finance. Additionally, Synovus Bank will provide construction financing for newly built homes.
FORT WORTH, TEXAS — General contractor Linbeck has completed a 95,000-square-foot academic project at Texas Christian University (TCU) in Fort Worth. Known as Arnold Hall, the four-story building houses the Anne Burnett Marion School of Medicine and will function as a hub for some 240 medical students, nearly 150 faculty and staff and clinicians from affiliated hospitals. Arnold Hall features a commons area, library, classrooms and faculty offices and suites, as well as anatomy and experimental labs, medical simulation suite and a clinical skills room. The project team included CO Architects (design architect) and Hoefer Welker (executive architect).
NEW YORK CITY — National general contractor JT Magen has completed the 180,000-square-foot office build-out for law firm Freshfields Bruckhaus Deringer at 3 World Trade Center in Lower Manhattan. The space spans four levels and features a kitchen and cafeteria with food service, a dedicated barista and grab-and-go coffee station, as well as several breakout and meeting spaces that encourage collaborative interactions. Gensler designed the space, and Robert Derector Associates handled engineering initiatives.
MATTHEWS, N.C. — Pappas Properties has broken ground on Cadia Matthews, an 82-acre mixed-use development in Matthews, a southeastern suburb of Charlotte. Upon completion, the community will feature residential units, 85,000 square feet of retail space and 18,000 square feet of office space. Amenities at the development will include a wellness center, multi-modal paths, a community park with a performance stage and additional open space. All residents will have access to the wellness center and other community amenities. Priority for the housing at Cadia Matthews will be given to first responders, teachers, active-duty and veteran military members, as well as those who work in Matthews. “The foundation of Cadia Matthews is based on our commitment to providing wellness-oriented, residential master-planned communities that promote health through social, environmental and physical wellness,” said Tom Walsh, managing director of Pappas Properties. Phase I of the project is currently underway and will comprise 45 single-family homes, 80 for-sale townhomes and 14 apartments. Additional residential space at the development will include active adult cottage homes and apartments, for-lease duplexes and market-rate apartments. A construction timeline for Cadia Matthews was not disclosed. Founded in 1999, Pappas Properties is based in Charlotte and has completed 14 master-planned …
SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on a $79 million, 321-unit mixed-income multifamily project in San Antonio. Palladium Old FM 471 will be located on an 11-acre site on the city’s west side and will offer one-, two- and three-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. Amenities will include a pool, fitness center, conference room, dog park, business center and a children’s playroom. Cross Architects is designing the project, and Brownstone Group is serving as the general contractor. HPA Design Group is handling interior design. Palladium is developing the project in partnership with the Bexar Management Development Corp. PNC Bank provided $32 million of equity and more than $35 million in long-term debt to the development team, and Texas Department of Housing and Community Affairs issued $36 million in tax-exempt bonds to finance the project. Preleasing is scheduled to begin next fall.
TOMBALL, TEXAS — Tricon Residential, a subsidiary of Blackstone, has completed a 148-unit build-to-rent-residential project in the northeastern Houston suburb of Tomball. Tricon Willow Creek features three- to four-bedroom homes with four different configurations that are furnished with stainless steel appliances, granite countertops, two-car garages and fully fenced backyards. Amenities include a pool, playground, dog park and sports park. Tricon developed the property in partnership with HHS Residential, a division of Plano-based Highland Homes. Rents start at $2,289 per month for a three-bedroom home.
Walker & Dunlop Arranges $72.8M HUD-Insured Loan for Apartment Development in Panama City Beach
by John Nelson
PANAMA CITY BEACH, FLA. — Walker & Dunlop has arranged a $72.8 million construction loan for Vintage Lake Powell, a 289-unit apartment development located at 24000 Panama City Beach Parkway in Panama City Beach. Keith Melton and David Strange of Walker & Dunlop originated the HUD 221(d)(4) loan on behalf of the developers, Oldacre McDonald LLC and TDK Construction LLC. Planned amenities at Vintage Lake Powell include a clubhouse and leasing center, fitness facility, package/storage center, resort-style pool and sundeck, arbor with outdoor seating and grilling station, pickleball and bocce ball court, playground, dog park and a lakefront amenity area on Lake Powell. Additionally, the property will include 19,783 square feet of ground-level retail spaces fronting Panama City Beach Parkway. The construction timeline was not disclosed.
HUNTSVILLE, ALA. — TriOut Advisory Group plans to develop a 223,500-square-foot industrial project in Huntsville. The project will be situated near I-565 on an 18-acre site along Sparkman Drive within Cummings Research Park. The project team includes locally based civil engineer Johnson & Associates. NAI Chase Commercial Real Estate is handling the leasing assignment on behalf of TriOut.
MOORESVILLE, N.C. — Berkadia has brokered the $14.5 million sale of Townes at Lake Norman, a 116-lot townhome development site located at 752 River Highway in the northern Charlotte suburb of Mooresville. The seller is North Carolina-based Evolve Cos., which is developing an apartment community that includes the 116-lot townhome site called Evolve at Lake Norman. The developer plans to deliver first units later this month and has tapped Hawthorne Residential to operate the community. Caleb Troop, Thomas Colaiezzi and Matt Robertson of Berkadia represented the seller in the transaction. The buyer was not disclosed.