Development

New Multifamily Starts to Slow to a Crawl in 2024, Say InterFace Panelists

by John Nelson December 5, 2023

ATLANTA — Multifamily developers are bracing for the uncertainty of 2024 as their projects are delivering into a landscape where new supply is outpacing demand by a significant margin. In the third quarter, a total of 114,000 new multifamily units were delivered in the United States compared to 82,100 absorbed, according to research from CBRE. The absorption figure is technically rebounding as it represents the highest quarterly figure since early 2022, but there is still a sizeable delta compared to supply growth. The trailing four-quarter total for U.S. multifamily deliveries stands at 376,500 units, which CBRE reports is the highest since it began tracking the metric 27 years ago. “This is historic supply,” said Todd Oglesby, managing director of Alliance Residential Co.’s Southeast division. “It’s at the highest levels since the 1980s.” Oglesby made his comments as part of a panel of developers at France Media’s InterFace Multifamily Southeast, an annual conference held on Thursday, Nov. 30 at the Westin Buckhead hotel in Atlanta. Chad Riddle, senior project manager at Bohler, moderated the panel entitled “Given the Interest Rate & Debt Market Environment, How Are Developers Making New Projects Pencil?” Throughout the full-day conference, several panelists mentioned that their firms’ …

December 5, 2023

Development Multifamily Texas

Rosewood Begins Leasing 311-Unit Multifamily Project in San Antonio

by Taylor Williams December 5, 2023

SAN ANTONIO — Dallas-based Rosewood Property Co. has begun leasing Phase II of Tobin Estates, a 311-unit multifamily project located on the north side of San Antonio. In addition to the 304 apartments that are housed in four buildings, Phase II features a building with seven townhomes and additional amenities, including a 4,500-square-foot fitness center. Units come in one-, two- and three-bedroom floor plans, with rents starting at roughly $1,400 per month for a one-bedroom apartment. Project partners included Oden Hughes Taylor Construction (general contractor), WDG Architecture, Westwood (civil engineer), B2 Architecture + Design (interior designer) and LandDesign (landscape architect). Full completion is slated for early 2024.

December 5, 2023

Development Georgia Multifamily Southeast

Tidal Delivers First Southeast Mass Timber Residential Project With 389-Unit Ann Street Lofts in Savannah

by John Nelson December 5, 2023

SAVANNAH, GA. — Tidal Real Estate Partners, on behalf of investment vehicle Flank GP Fund I, has delivered Ann Street Lofts, a two-building residential development located at 110 Ann St. in downtown Savannah. The 389-unit property represents the first mass timber residential project in the Southeastern United States, according to Tidal. The developer and project architectural firm, LS3P, are targeting LEED Gold certification for Ann Street Lofts, which features a rooftop solar array and electric vehicle charging stations, as well as exposed timber columns, beams and ceilings throughout. Greystar manages the property, whose rental rates range from $1,712 to $3,902 per month, according to Apartments.com. Floor plans range from studios to four-bedroom apartments. Amenities include a pool, fitness center, clubhouse, movie theater, grilling areas, business center, onsite property management and maintenance, bicycle storage, pet play area and a pet washing station.

December 5, 2023

Development Georgia Multifamily Southeast

Crescent Communities Opens 340-Unit Novel West Midtown Apartments in Atlanta

by John Nelson December 5, 2023

ATLANTA — Crescent Communities has opened Novel West Midtown, a 340-unit apartment community located at 1330 Fairmont Ave. in Atlanta. Situated in the city’s West Midtown district, the property features walking trails that connect to various hiking trails and a future connection to the Atlanta BeltLine; a dog park; saltwater pool with cabanas, hammocks and spa; outdoor kitchen; and a private courtyard with an elevated terrace view. Indoor amenities include a fitness center, coworking lounge, club room and a game room. The unit mix at Novel West Midtown includes studio, one-, two-, and three-bedroom residences, with 10 percent of homes designated as affordable housing. Rental rates range from $1,699 to $3,515 per month, according to Apartments.com.

December 5, 2023

Development Loans Multifamily Northeast Pennsylvania

Parkview Financial Provides $19.8M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams December 5, 2023

PHILADELPHIA — Los Angeles-based Parkview Financial has provided a $19.8 million construction loan for a 108-unit multifamily project that will be located at 2000 E. Hagert St. in Philadelphia’s Fishtown neighborhood. The property will comprise four studios, 82 one-bedroom units and 22 two-bedroom units. The average unit size will be 707 square feet, and the property will also house 13 live/work artist lofts that will average 571 square feet. Amenities will include a rooftop terrace, pet park and a courtyard. The borrower is M&B Development. Completion is slated for early 2025.

December 5, 2023

Arizona Build-to-Rent Development Single-Family Rental Western

Saunders & Amos, MEB Management Near Completion of 194 Single-Family Rental Homes in Tucson, Arizona

by Amy Works December 5, 2023

TUCSON, ARIZ. — Saunders & Amos and its management partner MEB Management Services have begun pre-leasing at Casitas Catalina, a single-family rental development in Tucson. Slated to open in 2024, Casitas Catalina will offer 194 single-family rental homes in a mix of one-, two- and three-bedroom floorplans. The property features pre-installed fiber-optic Wi-Fi, covered parking and smart-home technology for each resident. Situated on 19 acres, the community also features an outdoor pool and spa. Move-ins for the $50 million project are slated to begin this month, with final construction extending through early 2024.

December 5, 2023

Arizona Development Multifamily Western

Habitat Metro Opens 102-Unit ECO MESA Multifamily Property in Arizona

by Amy Works December 5, 2023

MESA, ARIZ. — Habitat Metro has completed the development of ECO MESA, an apartment community located at 127 W. Pepper Place in Mesa. Willmeng Construction served as general contractor for the 102-unit property, which CCBG Architects designed. Situated in downtown Mesa, the infill community was developed on a former parking lot. The seven-story, 179,227-square-foot building features a mix of studio, one- and two-bedroom apartments. Onsite amenities include a 14,000-gallon heated swimming pool, a fully equipped lounge with a kitchen, game room, water-vapor fireplace and indoor/outdoor seating options. Additionally, the property features a sky deck with outdoor barbecue areas and a fitness center.

December 5, 2023

Arizona Development Industrial Western

DIV Industrial Buys Development Site in Goodyear, Arizona for 847,988 SF Sarival Business Park

by Amy Works December 5, 2023

GOODYEAR, ARIZ. — DIV Industrial has acquired 47.4 acres of land in the Phoenix suburb of Goodyear for the development of Sarival Business Park, a Class A industrial complex. The company purchased the land site from a private investor for an undisclosed price and completed rezoning and entitlements during escrow. At completion, the 847,988-square-foot park will feature five freestanding buildings ranging in size from 135,000 square feet to 235,000 square feet. Groundbreaking is slated for late first-quarter 2024, with completion scheduled for first-quarter 2025. Each building will provide 3,600 amps of power (expandable to 7,200 amps), two oversized grade-level doors, up to 34 dock-high doors and high-image speculative office space. Buildings 1, 2 and 3 will feature 32-foot clear heights, and Building 4 and 5 will feature 36-foot clear heights. All buildings will offer fully air-conditioned warehouse space, ESFR sprinklers and ample parking. Sarival Business Park will be located at the southeast corner of Sarival Avenue and MC-85.

December 5, 2023

Development Florida Industrial Southeast Top Stories

Partnership to Develop 3 MSF Industrial Park on Florida’s Space Coast

by John Nelson December 5, 2023

TITUSVILLE, FLA. — A partnership between Houston-based Hines and locally based Key Group has announced plans to develop Space Coast Innovation Park, a 3 million-square-foot industrial development in the Space Coast city of Titusville. Located in Brevard County, the three-phase development will be situated on 450 acres near Space Coast Regional Airport’s Exploration Spaceport and within a few miles of NASA’s Kennedy Space Center. Nearby space exploration and aerospace defense firms include SpaceX, Blue Origin, Boeing, Northrop Grumman and Lockheed Martin. This past summer, Amazon announced it is developing a $120 million satellite processing facility in nearby Cape Canaveral, Fla. Additionally, the U.S. Air Force recently selected Patrick Space Force Base as its preferred headquarters location for the U.S. Space Force’s Space Training and Readiness Command operations. “As the rapid commercialization and privatization of the aerospace industry continues, with the space economy expected to generate more than $1 trillion in annual sales by 2040, we believe now is the perfect time to create a best-in-class logistics hub for aerospace companies requiring more direct access to Kennedy Space Center and Cape Canaveral than properties located further south can offer,” says Ryan Wood, managing director at Hines. “We look forward to partnering …

December 5, 2023

Alabama Development Multifamily Southeast

Dobbins Group to Develop Two Apartment Communities in Birmingham Totaling 785 Units

by John Nelson December 4, 2023

BIRMINGHAM, ALA. — Dobbins Group will develop two apartment communities in Birmingham. The first community, Colina West Homewood, will comprise 310 units in one-, two- and three-bedroom floorplans at 80 West Oxmoor Road. Amenities at the property will include package lockers, grilling stations and outdoor kitchens, hiking trails, a fitness center, swimming pool, coworking space, car wash, lawn game area, central green space, dog spa and park, clubhouse with resident lounge and attached and detached garages. The property will also feature a Grab & Go Market. The second property, Colina Hillside, will total 475 apartments in one-, two- and three-bedroom layouts across four- and five-story buildings. Amenities at the property, which will be located at 1121 Colina St., will include two heated saltwater pools, private pool cabanas and an outdoor kitchen entertainment area, 24-hour fitness center, a pet spa and pet parks, greenspace, firepits, grilling stations, electric car charging stations, valet trash service, a 24-hour resident market and lounge and coworking spaces. Protective Life provided financing. LBYD will serve as civil engineer for both developments, with Lorberbaum McNair providing landscape architecture and Catori Design House overseeing interior design. Forestry Environmental is the sitework contractor, and Capstone Building Corp. will provide …

December 4, 2023

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