AUSTIN, TEXAS — The NRP Group, a Cleveland-based multifamily owner-operator, has broken ground on Phase I of a 675-unit multifamily redevelopment project in East Austin. Developed in partnership with the Austin Independent School District, the project will convert the former Anita Ferrales Coy School, located on an 18-acre site at 4812 Gonzales St., into a mixed-income community. The Austin Business Journal reports the redevelopment project has a total cost of approximately $142 million. The first phase will add 341 units to the local supply, while the second phase, which is expected to begin later this year, will comprise 334 units. About half of the apartments will be reserved for households earning between 60 and 80 percent of the area median income. The Urban Investment Group at Goldman Sachs Alternatives provided construction debt for the project, and Clarion Partners provided an equity investment. The school closed in 2018, after which time the property was used as an alternative learning center.
Development
WYLIE, TEXAS — Skanska USA Building has broken ground on the 66,309-square-foot Career and Technical Education facility at Collin College’s Wylie campus on the northeastern outskirts of Dallas. The facility will support education and training for fields such as welding, HVAC repair/maintenance and veterinary technology, among other disciplines. Completion is slated for summer 2027.
Bogard Construction Breaks Ground on 100-Unit Educator Housing Project in Santa Cruz, California
by Amy Works
SANTA CRUZ, CALIF. — Bogard Construction, in partnership with Santa Cruz City Schools, has broken ground on the district’s first Educator Housing Community at 313 Swift St. The property will offer 100 below market-rate apartments designated for district teachers and staff. Funded through voter-approved Measures K and L, the project is being delivered through an Alternative Design-Build approach with Bogard, Santa Cruz Schools, EHDD and Studio VARA working together throughout the process to align budget, constructibility, site planning and program goals. The 120,000-square-foot community will feature studio, one-, two- and thee-bedroom apartments, along with site improvements and renovations to two existing buildings on the property. Architecturally, the project is organized into smaller neighborhoods across three distinct masses connected by elevated bridges and exterior walkways. Completion is slated for 2028.
BIRMINGHAM, MICH. — Bernard Financial Group (BFG) has arranged a $29.5 million construction loan for a new mixed-use office property in Birmingham. Joshua Bernard of BFG arranged the loan on behalf of the borrower, 320 Investments LLC. A life insurance company provided the loan.
SAVANNAH, GA — Bethesda, Md.-based Greysteel has arranged construction financing for a dual-branded, 146-room SpringHill Suites and TownePlace Suites Marriott hotel in Savannah. Greysteel secured the loan on behalf of Arya Hospitality, a Savannah-based developer. An Atlanta-based regional bank provided financing for the project. Further details of the transaction were not disclosed, but a source familiar with the transaction said the loan amount was north of $15 million.
LINTHICUM HEIGHTS, MD. — SRS Real Estate Partners has completed the lease-up of a newly developed, 10,576-square-foot retail center in Linthicum Heights, just south of Baltimore and immediately adjacent to the Baltimore-Washington International Thurgood Marshall Airport (BWI). Situated at 1709-1713 W. Nursery Road, the retail center is now home to Paris Baguette, Buffalo Wild Wings GO (BWW GO), Sardi’s Peruvian Chicken, Tropical Smoothie Café and Jersey Mike’s Subs. Arris Noble and Rachel Callender of SRS Real Estate Partners represented the landlord, a Washington, D.C.-based private investor and developer, in the lease negotiations.
HOUSTON — Locally based firm Moody National Development has broken ground on Silo Springs, a 346-unit multifamily project in West Houston that represents Phase I of a larger development. The 17-acre site is located at the northeast quadrant of I-10 and the Beltway, and the five-story building will offer one-, two- and three-bedroom units. Amenities will include a clubroom, fitness center, game lounge, business center, pool, courtyard, outdoor grilling and dining stations and a pet park. Architecture firm PVEDI (formerly EDI International) designed the project, and Arch-Con Corp. is serving as the general contractor. Completion is slated for mid-2028.
STAMFORD, CONN. — New York City-based owner-operator RFR has unveiled plans for the repositioning of 300 Atlantic Street, a 300,000-square-foot office building in Stamford. Plans call for 10,000 square feet of additional amenity space, including a new tenant lounge, as well as a new offering of prebuilt suites. RFR also plans to elevate the building’s food-and-beverage offerings and enhance other amenity spaces, including fitness and conferencing facilities, as well as to update building exteriors and streetscape design. Ownership has tapped Newmark to lease the building.
Sobrato Organization Opens 120-Unit Affordable Housing Development in Redwood City, California
by Amy Works
REDWOOD CITY, CALIF. — The Sobrato Organization has opened The Millton, an affordable housing community located at 900 Chestnut St. in Redwood City, with units designated for residents earning between 30 percent to 80 percent of the area median income. The Millton features 120 studio, one-, two- and three-bedroom apartments across five stories. Apartments offer wood plank flooring, 10-foot ceilings, pantry/entryway closets, soaking tubs, stainless steel energy-efficient appliances, stone countertops in kitchens and bathrooms, recessed lighting and private balconies in select units. Community amenities include a 24-hour fitness center, onsite laundry, a business center with computers and printing capabilities, outdoor living spaces with barbecues and a resident lounge with seating, media and kitchenette. Additionally, the property offers bicycle storage with a repair station, high-speed Wi-Fi, controlled access, assigned garage parking and a playground.
AREP Opens CityHouse Old Town Office-to-Residential Conversion Project in Alexandria, Virginia
by Abby Cox
ALEXANDRIA, VA. — American Real Estate Partners (AREP) has opened CityHouse Old Town, an office-to-residential adaptive reuse development at 1101 King St. in Alexandria, a suburb of Washington, D.C. The community has been welcoming residents since late 2025 and is 40 percent occupied. Originally constructed in 1983 as a 236,000-square-foot office building, CityHouse Old Town has been reimagined into a seven-building, luxury residential community. The complex offers 199 apartments ranging in size from 500 to 1,559 square feet. Monthly rental rates begin at $3,300. Amenities the property include coworking spaces, a hospitality-inspired club lounge, 24-hour fitness center, pet washing station, electric vehicle charging stations and landscaped gathering areas. AREP is pursuing Fitwel certification for the project. Bozzuto serves as leasing and property manager for CityHouse Old Town.