Development

Partnership Breaks Ground on 230-Unit Multifamily Project in Watchung, New Jersey

by Taylor Williams August 4, 2025

WATCHUNG, N.J. — A partnership between Boston-based investment firm Marcus Partners and two regional developers, Sterling Properties and Danbro Properties, has broken ground on a 230-unit multifamily project in the Northern New Jersey community of Watchung. Blue at Watchung will comprise six buildings on a 41.8-acre site. Amenities will include a pool, clubhouse, fitness center, coworking spaces, indoor/outdoor lounges, dog park and a golf simulator. The first units are expected to be available for occupancy by the end of 2026. Jon Mikula, Jim Cadranell and Michael Lachs of JLL arranged construction financing for the project through First Citizens Bank. The loan amount was not disclosed, but the project carries a price tag of roughly $104 million.

August 4, 2025

Development Massachusetts Multifamily Northeast

Procopio Begins Leasing 140-Unit Multifamily Project in Marlborough, Massachusetts

by Taylor Williams August 4, 2025

MARLBOROUGH, MASS. — Locally based developer The Procopio Cos. has begun leasing Vesa, a 140-unit multifamily project in the western Boston suburb of Marlborough. Designed by Maugel Destefano Architects with a Procopio affiliate also serving as the construction manager, Vesa offers 60 one-bedroom units, 62 two-bedroom apartments and 18 three-bedroom residences. Amenities include a pool, resident lounge, dog park, fitness center and walking trails. Information on starting rents was not announced.

August 4, 2025

Development Mixed-Use Texas Top Stories

Lincoln Property Co., Kairoi Top Out 74-Story Waterline Mixed-Use Tower in Downtown Austin

by Taylor Williams August 4, 2025

AUSTIN, TEXAS — A partnership between Dallas-based Lincoln Property Co. and San Antonio-based Kairoi Residential has topped out Waterline, a 74-story mixed-use tower located at 98 Red River St. in downtown Austin. The property gets its name from the site’s location near the nexus of Waller Creek and Lady Bird Lake. According to the development team, at 1,025 feet, Waterline is now the tallest building in Texas, eclipsing JPMorgan Chase Tower in Houston, which had allegedly been the state’s tallest building since 1981. Construction of Waterline began in fall 2022 and is expected to be fully complete in late 2026. Waterline will ultimately feature 352 upscale apartments, 700,000 square feet of office space, a 251-room hotel that will be operated under the 1 Hotels brand and 24,000 square feet of ground-floor retail and restaurant space. Residential amenities will include two pools, a fitness center, lounge, kitchen and coworking space. Office tenants will also have access to a fitness center, as well as a bar and lounge and indoor meeting spaces. The partnership is now marketing office space for lease. The launch of residential leasing and the opening of the hotel are scheduled for this fall. Kohn Pedersen Fox (KPF) is …

August 4, 2025

California Development Loans Mixed-Use Multifamily Retail Western

MMCC Arranges $64M in Construction Financing for Rancho Cucamonga Mixed-Use Development

by Amy Works August 1, 2025

RANCHO CUCAMONGA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $64 million in financing for the construction of a mixed-use development project at 8500 Haven Ave. in Rancho Cucamonga. Ron Bayls of MMCC secured the financing through Parkview Financial on behalf of a private developer. At full build-out, the 248-apartment project will feature six residential buildings, a mixed-use building, ground-floor commercial space and a retail building. Planned apartment amenities include a pool, fitness center, pickleball court, clubhouse, onsite laundry and landscaped outdoor areas.

August 1, 2025

Development Multifamily Texas

AMLI Residential Completes 360-Unit Multifamily Project in Austin’s Mueller District

by Taylor Williams August 1, 2025

AUSTIN, TEXAS — AMLI Residential has completed a 360-unit multifamily project in Austin’s Mueller District, which is a 700-acre mixed-use redevelopment of a former municipal airport campus. Designed by HLR Architects and O’Brien Architects, AMLI North Park offers studio, one- and two-bedroom units with stainless steel appliances and individual washers and dryers. Amenities include a pool, fitness center, putting green, outdoor grilling and dining areas, sky lounge and makers’ and coworking spaces within a 2,500-square-foot clubroom. Rents start at $1,945 per month for a studio apartment.

August 1, 2025

Acquisitions Development Kansas Midwest Restaurant Retail

Vietnam Cafe to Open Second Location in Overland Park, Kansas

by Kristin Harlow August 1, 2025

OVERLAND PARK, KAN. — Vietnam Cafe will open its second location at 9500 W. 135th St. in Overland Park. Bill Maas of Block & Co. Inc. Realtors represented the seller in the transaction. The Vietnamese restaurant’s first location is at 522 Campbell St. near the River Market in Kansas City. The menu features authentic pho, as well as dishes from chicken, beef, shrimp and vegetarian options. The new restaurant will occupy the 4,075-square-foot former Beef-A-Roo space. The property will undergo construction, with a proposed open date to be determined.

August 1, 2025

Affordable Housing Development Illinois Midwest Multifamily

Related Midwest, KABOOM! Unveil Resident-Designed Playground at Chicago Affordable Housing Property

by Kristin Harlow August 1, 2025

CHICAGO — Related Midwest, the Related Affordable Foundation and Related Affordable Management Co. have opened a newly renovated playground at Marshall Field Garden Apartment Homes in Chicago’s Old Town neighborhood. Related partnered with KABOOM!, a national nonprofit, to construct the playground at the 628-unit affordable housing community. Residents, volunteers, Related team members and community partners built the playground on July 23 and 24. The project’s completion comes nearly two months after Related and KABOOM! hosted a design day at the community, where children and adult residents shared visions for the playspace. There are more than 17,000 KABOOM! playspaces nationwide. Related led a $175 million renovation of Marshall Field Garden Apartment Homes following its acquisition of the property in 2016.

August 1, 2025

Development Loans Multifamily New Jersey Northeast Top Stories

JLL Arranges $255M Loan for Refinancing of High-Rise Apartment Building in Jersey City

by Abby Cox August 1, 2025

JERSEY CITY, N.J. — JLL has arranged a $255 million loan for the refinancing of Journal Squared III, a newly constructed, 58-story multifamily apartment building in the Journal Square neighborhood of Jersey City. The borrower was a joint venture between Kushner Real Estate Group (KRE) and National Real Estate Advisors. Located at 595 Pavonia Ave., adjacent to the Journal Square PATH station, Journal Squared III is the third and final tower in the $900 million Journal Squared mixed-use development, which has a combined 2.3 million square feet and 1,840 residential units, according to Wikipedia. A decade in the making, construction of Phase I of Journal Squared began in 2014. Journal Squared II, which rises 68 stories and houses 538 units, opened in summer 2021. Construction of Journal Squared III topped out in May 2023. Completed in 2024, Journal Squared III features 598 luxury apartment units with a mix of studio, one-, two- and three-bedroom floor plans averaging 719 square feet. The development also offers 100,000 square feet of amenity space across the three buildings, such as a boxing ring, multiple fitness centers, recording studio, theater and a variety of coworking spaces and resident lounges that serve as an extension of …

August 1, 2025

Acquisitions Development Multifamily Texas

Platte Canyon Capital Buys 268-Unit Allure Apartments in San Antonio, Plans $4.7M Renovation

by Taylor Williams July 31, 2025

SAN ANTONIO — Denver-based investment firm Platte Canyon Capital has purchased Allure Apartments, a 268-unit multifamily complex in San Antonio. The property was developed in phases on an 11.5-acre site on the city’s west side, with the first 116 units constructed in 1984 and another 152 delivered in 2017. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, clubhouse, playground and grilling areas. Platte Canyon acquired Allure Apartments in partnership with an unnamed, Los Angeles-based institutional investment company in an off-market transaction. The new ownership plans to invest about $4.7 million in capital improvements to the property.

July 31, 2025

Development Georgia Southeast Student Housing

Carter, Front Street Break Ground on 521-Bed Student Housing Development Near Wake Forest University

by John Nelson July 31, 2025

WINSTON-SALEM, N.C. — A joint venture between Carter and Front Street Capital has broken ground on Creekside at The Grounds, a 521-bed student housing development located near the Wake Forest University campus in Winston-Salem. The community will be part of Phase I of The Grounds, a 100-acre mixed-use project under development by the partnership. The $215 million first phase of construction is also set to include an office building and a retail village. Creekside at the Grounds will offer 229 fully furnished units with bed-to-bath parity. The community will also feature a clubhouse with study rooms and a fitness center, as well as an outdoor swimming pool, kitchen and entertainment area. The project is scheduled for completion in fall 2027. The design-build team includes The Preston Partnership (architect), Brasfield & Gorrie (general contractor) and Stimmel Associates (engineer of record). Carter and Front Street Capital’s financial partners on Creekside are Kayne Anderson Real Estate and Truist Financial Corp.

July 31, 2025

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