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The-Blake-Phoenix-AZ
AcquisitionsArizonaDevelopmentMultifamilyWestern

CBRE Negotiates Sale of 400-Unit The Blake Multifamily Development in Phoenix

by Amy Works

PHOENIX — CBRE has arranged the sale of The Blake, a multifamily community currently under development in Phoenix. A venture between StreetLights Residential and an affiliate of RED Development sold the asset to a venture between RXR and Korman Communities for an undisclosed price. Slated for completion in early 2025, The Blake will offer 400 apartments featuring 10-foot ceilings with coves in the living rooms; wood-style flooring in living areas and bedrooms; tile flooring in bathrooms; both granite and quartz countertop design options in bathrooms; walk-in closets; washers/dryers; energy-efficient stainless steel appliances; custom cabinetry and hardware; and Sonos speaker systems in all units. Community amenities will include a clubhouse with library, dining room, coffee bar, conference rooms, co-working stations and TV seating areas. The private resident bar includes a roll-up window leading to outdoor seating around a resort-style pool and spa area with cabanas, fire features, televisions, barbecue grills and dining areas. The Blake is part of the mixed-use project being developed on the former Paradise Valley Mall site. Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen of CBRE represented the sellers in the transaction.

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Build-to-RentDevelopmentFeaturesMultifamilySingle-Family Rental

Strong Tenant, Investor Demand Ensures Build-to-Rent Model Is Here to Stay

by Jeff Shaw

— By Bendix Anderson — Empty nesters and millennials with children are increasingly drawn to new subdivisions of build-to-rent (BTR) houses for lifestyle and financial reasons. These professionally managed BTR homes come in many shapes and sizes.  For a growing family, a new three- or four-bedroom rental house might be the ideal fit. Renters who don’t need a lot of space, but who value private parking and a modest backyard, can move into a one- or two-bedroom cottage-style home.  These properties provide more living space and privacy than a typical apartment and at a more affordable cost than a for-sale home.  New BTR developments of single-family rental (SFR) homes are finding renters in every region of the country. Developers define “BTR” in different ways, but all of them create new subdivisions of single-family homes offered as rentals.  Urban Townhouses Draw Families In April, workers finished the first units at Oxenfree at WeHo, a new development of SFR townhouses in the Wedgewood-Houston neighborhood of Nashville. In May, the paint was finally dry on the model unit. By the beginning of June, work had finished on 10 new single-family townhouses.  In the past month, Oxenfree has hosted nearly 50 in-person tours and …

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DevelopmentMixed-UseNew YorkNortheastOfficeRetailTop Stories

Ingka Investments Acquires Stake in Fifth Avenue Mixed-Use Tower Development in Manhattan, Now to Feature IKEA Store

by John Nelson

NEW YORK CITY — Ingka Investments, the investment arm of Ingka Group, which owns and operates a majority of IKEA stores globally, has purchased a one-third stake in the development of a 1 million-square-foot mixed-use tower underway in Manhattan. As part of the arrangement, IKEA will open a two-level store at the base of 570 Fifth Avenue, which will include a corner entrance along Fifth Avenue. Extell Development Co. is the master developer of 570 Fifth Avenue, which will feature Class A retail space and offices at the intersection of Manhattan’s Plaza and Grand Central districts. The project marks the largest development on Fifth Avenue in more than 60 years, according to Ingka Investments. “We have been working on assembling this project for almost two decades, and Ingka Investments’ substantial commitment allows us to move forward with the construction and leasing of the best new office building in New York,” says Gary Barnett, founder and chairman of Extell Development, which will retain a two-thirds ownership stake in the development. Ingka Investments’ stake in the tower includes the planned IKEA store. IKEA will open a “customer meeting point,” the retailer’s small-format store prototype, within the tower’s 80,000 square feet of planned …

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DevelopmentFloridaIndustrialSoutheast

Excel Construction Delivers 266,000 SF Industrial Facility in Metro Miami for World Electric Supply

by John Nelson

HIALEAH GARDENS, FLA. — Excel Construction has delivered a 266,000-square-foot industrial facility at 10701 N.W. 142nd St. in Hialeah Gardens, approximately 20 miles outside Miami. World Electric Supply will occupy the property, which features 253,390 square feet of warehouse and packaging space and 12,862 square feet of office space. The building is situated within Northwest Dade Logistics Center I, which is owned by The Easton Group. Ware Malcomb was the architect on the project, and Luis Caicedo and Juancarlo Lopez of Excel served as the project manager and superintendent, respectively.

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DevelopmentMarylandSoutheastStudent Housing

MCB Real Estate Tops Out 473-Bed Student Housing Project Near Morgan State University in Baltimore

by John Nelson

BALTIMORE — MCB Real Estate has completed vertical construction on The Enolia, a 473-bed, off-campus student housing development located in Baltimore near Morgan State University. According to the developer, this marks the first off-campus housing project for the university in 20 years. Scheduled to open in 2025, the property will feature 151 units at 4529 Harford Road. The project is named after civil rights icon Enolia Pettigen McMillan.

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DevelopmentFloridaMixed-UseSoutheast

City of Jacksonville Approves Incentive Package, Rezoning for 8.3-Acre PHXJAX Mixed-Use Development

by John Nelson

JACKSONVILLE, FLA. — The Jacksonville City Council has approved a $5.5 million incentive package from the Office of Economic Development for Phoenix Arts & Innovation District (PHXJAX), an 8.3-acre mixed-use project currently underway by Future of Cities (FoC) in Jacksonville. Additionally, FoC received approval for rezoning to allow for commercial and multifamily residential uses. The developer has invested $38 million into the project. Upon completion, the development will comprise 10 separate properties, with creative office space, artist studios, galleries, event and gathering spaces and retail and restaurant space. The first phase of development began in December 2023 with the groundbreaking for Emerald Station. Construction is also underway on Liberty Building, which will total 17,850 square feet. The buildings are scheduled for completion in the third quarter of 2024 and second quarter of 2025, respectively. A nearby property at 2335 Market St. will serve as an outdoor market, offering green and community activity space, and PHXJAX will also include dedicated office space for the Jacksonville Small and Emerging Business (JSEB) organization. The City of Jacksonville has also authorized a 50 percent, 15-year recaptured enhanced value (REV) grant not to exceed $1.5 million for the project.

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The-RO-Houston
DevelopmentMixed-UseTexas

TDC Breaks Ground on 17-Acre Mixed-Use Project in West Houston

by Taylor Williams

HOUSTON — Transwestern Development Co. (TDC) has broken ground on The Ro, a 17-acre mixed-use project that will be located near the River Oaks district in West Houston. The Ro will be the future home of The Birdsall Hotel & Residences, which is part of the Auberge Resorts Collection family of brands. The development will also feature a retail village with local chef-driven restaurants, boutique concepts and service-oriented shops, as well as an apartment community and Class A office space. Completion is slated for 2027.

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SOLA-Queens
DevelopmentMultifamilyNew YorkNortheast

Hakimian Organization Begins Leasing 364-Unit Apartment Community in Queens

by Taylor Williams

NEW YORK CITY — The Hakimian Organization, a locally based development and investment firm, has begun leasing SOLA, a 364-unit apartment community in the Woodside neighborhood of Queens. Designed by Aufgang Architects with interiors by Durukan Design, the property features studio, one-, two- and three-bedroom units that range in size from 350 to 1,200 square feet. Amenities include a soundproof music room, art studio, children’s playroom, fitness center, coworking lounge, dog park, zen garden and a golf simulator. Rents start at approximately $3,000 per month for a studio apartment.

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AcquisitionsAffordable HousingConnecticutDevelopmentMultifamilyNortheast

WinnCos. Buys 84-Unit Affordable Housing Complex in Hartford, Plans $18.7M Renovation

by Taylor Williams

HARTFORD, CONN. — Regional owner-operator WinnCos. has purchased Bedford Gardens Apartments, an 84-unit affordable housing complex in Hartford, with plans to implement an $18.7 million renovation. The 10-building complex was built in the 1920s, and its residences are reserved for households earning 60 percent or less of the area median income. Two Massachusetts-based firms, The Architectural Team and Keith Construction, are providing design and general contracting services for the project, respectively.

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DevelopmentIllinoisMidwestMultifamilyOffice

Lamar Johnson Collaborative Unveils First Renderings of $130M LaSalle Residences Adaptive Reuse Project in Chicago

by Kristin Harlow

CHICAGO — Lamar Johnson Collaborative (LJC) has revealed the first renderings of The LaSalle Residences, an office-to-multifamily adaptive reuse project at 208 S. LaSalle St. in Chicago’s Loop. The project is part of the city’s LaSalle Corridor Revitalization initiative. Led by Chicago-based developer The Prime Group Inc., the project calls for the repurposing of 222,500 square feet of office space on floors 13 to 16 into 226 apartment units in studio, one- and two-bedroom floor plans. The development will feature a new ground-floor lobby as well as amenities such as a fitness facility; tenant lounge spaces for coworking, meetings and social events; and penthouse-level community terraces with an outdoor pool and gathering areas overlooking the central atrium. The project will also upgrade all older mechanical systems with energy-efficient equipment and replace the existing single-pane windows with high-performance insulated glass. Of the 226 units, 30 percent will be set aside for residents earning an average of 60 percent of the area median income. Completed in 1914, the 1.2 million-square-foot, 22-story building was initially designed by Chicago architect D.H. Burnham & Co. in the classical revival style for the Continental and Commercial National Bank. The property was listed on the National Register …

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