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Presidium-Frisco-Square
DevelopmentMultifamilyTexas

Presidium Completes on 368-Unit Multifamily Project in Frisco Square

by Taylor Williams

FRISCO, TEXAS — Texas-based multifamily developer Presidium has completed Presidium Frisco Square, a 368-unit multifamily project located within the Frisco Square mixed-use development in metro Dallas. Units come in studio, one-, two- and three-bedroom floor plans and feature keyless entry mechanisms, ecobee thermostats and energy-efficient appliances. Amenities include a pool, three courtyards with outdoor kitchens, a dog park, clubroom, cinema lounge, golf simulator, fitness center and a business center with micro-offices and a podcast room. Dallas-based O’Brien Architects designed the project, construction of which began in late 2021. Rents start at $1,367 per month for a studio apartment.

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AcquisitionsDevelopmentHospitalityTexas

Angleton Realty Buys 50 Acres in Metro Houston for RV Park, Commercial Development

by Taylor Williams

ANGLETON, TEXAS — Locally based investment firm Angleton Realty has purchased approximately 50 acres in Angleton, located south of Houston, for the development of a new RV park and commercial space. Details on the commercial component, as well as an overall construction timeline, were not disclosed. Kirk Laguarta, Duane Heckmann and Nate Jackson of Land Advisors Organization represented the seller, an entity doing business as Rancho Isabella LLC, in the transaction. Darbe Gosda of CBRE represented Angleton Realty.

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DevelopmentMultifamilyNew JerseyNortheast

Garden Communities Nears Completion of 192-Unit Multifamily Project in New Providence, New Jersey

by Taylor Williams

NEW PROVIDENCE, N.J. — New Jersey-based developer Garden Communities is nearing completion of Providence Place, a 192-unit multifamily project located about 30 miles west of Manhattan in New Providence. Providence Place will feature two- and three-bedroom townhome-style apartments with private garages and driveways. Amenities at the 27-acre property will include a resident clubhouse and an outdoor pool, among others. Full completion is slated for this spring.

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DevelopmentFloridaHospitalityLoansSoutheast

Bayview PACE Provides $137M C-PACE Financing for Westin Cocoa Beach Resort Development

by John Nelson

COCOA BEACH, FLA. — Bayview PACE has provided $137 million in C-PACE financing for the development of Westin Cocoa Beach Resort & Spa, a $420 million hospitality development located at 100 N. Atlantic Ave. in Cocoa Beach. Coral Gables, Fla.-based Driftwood Capital is the borrower and developer behind the 502-room development, which is slated to open in early 2027. In addition to the C-PACE loan, Driftwood Capital obtained $70 million in construction financing from City National Bank of Florida and a $50 million credit facility from Amerant Bank, bringing the new capital infusion to a combined $257 million. Construction is currently underway on the Marriott-branded project, which will feature 11 food-and-beverage venues and 123,700 square feet of indoor/outdoor meeting space in addition to the hotel rooms and wellness features. The transaction represents the largest C-PACE deal in Florida and the third-largest hospitality C-PACE loan in the United States, according to Bayview PACE. Commercial property assessed clean energy financing (C-PACE) has become a viable financing method for developers as the loan becomes an assessment that borrowers pay with their tax bill. These loans also pay for energy and water upgrades in new construction and rehabilitation projects, including retroactively.

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DevelopmentIndustrialSouth CarolinaSoutheast

Glenstar Completes First Building at 290-Acre CCC-85 Industrial Park in Gaffney, South Carolina

by John Nelson

GAFFNEY, S.C. — Glenstar has completed the first building within Cherokee Commerce Center 85 (CCC-85), a 290-acre industrial park located along I-85 in Gaffney. The new 550,520-square-foot cross-dock facility is the first of five buildings within the park and is expandable up to 1.3 million square feet. The speculative building features 40-foot clear heights, 56- by 50-foot column spacing, 60-foot speed bays, up to 232 dock doors, four drive-in doors, up to 200 megawatts of power within three years of operation and flexible parking. The project team includes capital partners Creek Lane Capital and CrossHarbor Capital Partners, general contractor The Conlan Co., architect Ware Malcomb and civil engineer SeamonWhiteside. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers’ Spartanburg, S.C., office are marketing the building on behalf of Glenstar. At full build-out, CCC-85 is slated to comprise 3.6 million square feet of logistics space.

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Nellis-Commerce-Center-North-Las-Vegas-NV
DevelopmentIndustrialNevadaWestern

Panattoni Development Completes 228,760 SF Nellis Commerce Center in North Las Vegas

by Amy Works

NORTH LAS VEGAS, NEV. — Panattoni Development Co. has completed Nellis Commerce Center in North Las Vegas. The 228,760-square-foot, Class A industrial building features 17 dock doors, 18 additional knock-out panels and 48 trailer parking stalls. The facility also features 36-foot clearance, ESFR fire sprinklers and the ability to accommodate up to two tenants with square footage divisible to approximately 105,700 square feet. Nellis Commerce Center is situated 12 miles from Harry Reid Airport, less than five miles from the I-15 interchange and seven miles from US Highway 95. Panattoni Development Co. developed Nellis Commerce Center, which is being marketed by Sean Zaher, Garrett Toft and Jake Higgins of CBRE.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Flournoy Delivers 315-Unit Ellison at The Preserve Apartments in Asheville, North Carolina

by John Nelson

ASHEVILLE, N.C. — Flournoy Development Group has delivered Ellison at The Preserve, a 315-unit apartment community located at 375 Spring Bluff Lane in Asheville. Units come in one-, two- and three-bedroom floor plans, along with quartz countertops, stainless steel GE appliances, wood-style flooring and balconies with views of the Blue Ridge Mountains in select apartments. Monthly rental rates at the community range from  $1,609 to $3,472, according to Apartments.com. Amenities include a heated pool, fitness center, coworking lounge, outdoor entertainment spaces, grab-and-go market, pet spa, private garages, mail lounge and a private package room. Flournoy Properties Group is operating Ellison at The Preserve on behalf of ownership.

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The-Cheney-Homes-Boston
DevelopmentMassachusettsMultifamilyNortheast

JPDNC to Undertake 48-Unit Affordable Housing Redevelopment Project in Boston

by Taylor Williams

BOSTON — The Jamaica Plain Neighborhood Development Corp. (JPDNC) will undertake a 48-unit affordable housing redevelopment project in Boston. The nonprofit owner-operator will convert a dilapidated, obsolete building in the Dorchester area into housing for seniors aged 55 and above. The property will be known as The Cheney Homes and will primarily house one-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. ICON Architecture is designing the redevelopment, and NEI General Contracting is handling construction. MassHousing is financing the project in conjunction with other public-sector entities.

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DevelopmentLoansMidwestMultifamilyWisconsin

Neutral Receives $133.3M in Construction Financing for Luxury Apartment Project in Milwaukee

by Kristin Harlow

MILWAUKEE — Neutral has received a $133.3 million construction loan for The Edison, a 378-unit luxury apartment project in Milwaukee. JLL Capital Markets arranged the financing through Bank OZK and Pearlmark. The Edison, located at 1005 N. Edison St., will feature 7,200 square feet of retail space. At 31 stories, the project is slated to be the tallest mass timber building in North America, according to Neutral. Amenities will include a fitness center, spa, pool, sauna, café, demo kitchen, dog park, movie room, community garden, entertainment deck and sky lounge. The developer has secured more than 62 percent of the required equity funding and will commence construction this spring while the remaining 38 percent of equity is being finalized. Completion is slated for the third quarter of 2027.  

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DevelopmentMidwestMinnesotaMultifamily

Kraus-Anderson Completes Phase II of Luxury Apartment Property in Hopkins, Minnesota

by Kristin Harlow

HOPKINS, MINN. — Kraus-Anderson has completed construction on Hallon II, a luxury apartment building in Hopkins, a southwest suburb of Minneapolis. Designed by ESG Architecture and Design, the seven-story, 398,822-square-foot community features 250 units and 10,000 square feet of retail space. Outdoor amenities include a third-floor courtyard with pool, hot tub, fitness area, game lawn, lounge and grill stations. Interior amenities include a sauna, fitness and yoga studio, speakeasy with connected sky deck, listening lounge and pet wash station. Construction began in September 2022.

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