Development

Thompson Thrift to Develop 224-Unit Refinery at Pointe17 Multifamily Community in Phoenix

by Amy Works November 7, 2023

PHOENIX — Thompson Thrift has released plans for Refinery at Pointe17, a Class A apartment property to be located near the $40 billion Taiwan Semiconductor Plant in northern Phoenix. Construction is set to begin this month, with completion slated for the latter half of 2025. Refinery at Pointe17 will feature 224 one-, two- and three-bedroom apartments that average 1,000 square feet. Apartments will feature nine-foot ceilings, stainless steel appliances, tile backsplashes, designer fixtures and finishes, hardwood-style flooring, walk-in closets, patio and balcony options and full-size washers/dryers, as well as a suite of Alexa-compatible smart home technology. Community amenities will include a fully equipped, 24-hour fitness center; yoga and spin studio; bike storage; resort-style swimming pool; fire pits with seating areas; community grilling areas; pickleball courts; 24-hour business center; private focus rooms and offices for rent; rooftop deck; event lounge; over 80 on-site electric vehicle charging stations; dog park and pet spa; billiards; and a shuffleboard court. Refinery is the multifamily component of Pointe17 mixed-use development. Retail tenants at Pointe17 include Oregano’s, Twisted Sugar, Over Easy, Foothills Grille, Heartland Dental, Yoga Six, BFT fitness studio, The Bar and a nail salon.

November 7, 2023

Development Multifamily New Jersey Northeast

Russo Development Begins Leasing 296-Unit Apartment Community in Downtown Newark

by Taylor Williams November 7, 2023

NEWARK, N.J. — Locally based firm Russo Development has begun leasing Vermella Broad Street, a 296-unit apartment community located at 355 Broad St. in downtown Newark. The property consists of two five-story buildings that house studio, one- and two-bedroom units. Residences are furnished with stainless steel appliances and quartz countertops, and select units offer private balconies. Vermella Broad Street also features 40,000 square feet of indoor and outdoor amenity space. Rents start at roughly $1,900 per month for a studio apartment.

November 7, 2023

Development New Jersey Northeast Office

Onyx Equities Completes Renovation of Two Office Buildings Totaling 33,882 SF in Parsippany, New Jersey

by Taylor Williams November 7, 2023

PARSIPPANY, N.J. — Locally based investment and development firm Onyx Equities has completed renovations of 4 and 6 Campus Drive, two office buildings totaling 33,882 square feet in the Northern New Jersey community of Parsippany. Both buildings are part of Arbors at Parsippany, a 60-acre campus that offers amenities such as a conference center, café and outdoor walking trails. Renovations included upgrades of the lobbies and various common areas. Ware Malcomb handled design of the project.

November 7, 2023

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail

Lee & Associates: Slowing Absorption, Rent Growth Put Brakes on New Development for Most Real Estate Types, Though Retail Sector Shines

by Sarah Daniels November 7, 2023

Slower absorption and rent growth plagued industrial, office and multifamily asset classes across the United States in the third quarter, as outlined in Lee & Associates’ 2023 Q3 North America Market Report. Some regional exceptions were able to buck the overdevelopment trend, but retail was the only property type to avoid the quarter’s shift toward rising vacancy rates. High interest rates, slower rent growth and fear of overbuilding have contributed to lower construction starts in every sector. The full Lee & Associates report is available — including breakdowns of factors like detailed vacancy rates, inventory square footage, cap rates outlined city by city, market rents and more — here. The analysis below provides an overview of industrial, office, retail and multifamily real estate sectors alongside sector trends, economic background as well as geographic exceptions within each property type. Industrial Overview: Absorption Continues Slowing, Inventories to Spike Demand for industrial space remained positive in the United States in the third quarter, but growth this year has lost steam compared to strong net absorption totals of the last two years. U.S. net growth in the third quarter totaled 29.9 million square feet compared to 94 million square feet for the same period last year. …

November 7, 2023

Development Leasing Activity Mixed-Use Office Southeast Tennessee

CAA Signs 75,000 SF Office Lease at Nashville Yards

by John Nelson November 6, 2023

NASHVILLE, TENN. — Entertainment and sports agency Creative Artists Agency (CAA) has signed a 75,000-square-foot office lease at Nashville Yards, a 19-acre mixed-use project currently underway in downtown Nashville. Scheduled to begin in late 2025, CAA’s occupancy will span two floors. Designed by CannonDesign, the office will feature indoor-outdoor workspaces, game and listening lounges and private terraces on each floor. Amenities at the property, which is located at 955 Church St., will include plazas, courtyards, green spaces, meeting hubs, entertainment spaces, an outdoor deck, three levels of retail and dining space, parking and valet services. CAA will be relocating from its current Nashville office within the SunTrust building next to the Ryman Auditorium. Southwest Value Partners is the landlord and developer at Nashville Yards, which, upon completion, will feature a 591-room hotel and a 4,500-person concert venue in addition to retail, dining and office space.

November 6, 2023

Development Multifamily North Carolina Southeast

Camden Property Trust Opens 420-Unit Multifamily Community in Downtown Durham

by John Nelson November 6, 2023

DURHAM, N.C. — Camden Property Trust (CPT) has opened Camden Durham, a 420-unit multifamily community located at 441 Dillard St. in downtown Durham. The property features one-, two- and three-bedroom apartments, as well as 14 one- and two-bedroom townhomes. Amenities at the community include a 24-hour athletic club, resident lounge and community workspace, swimming pool, barbecue grills and a lawn for gatherings. Additionally, the property features 5,945 square feet of ground-floor retail space available for lease. Monthly rental rates begin at $1,529, according to the community website.

November 6, 2023

Development Loans Seniors Housing Southeast Virginia

Ziegler Arranges $52.5M Bond Financing for Seniors Housing Development in Winchester, Virginia

by John Nelson November 6, 2023

WINCHESTER, VA. — Ziegler has arranged $52.5 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a senior housing development located in Winchester, approximately 70 miles west of the Washington, D.C. metro area. Constructed in 1982, the 87-acre property features 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. Currently, an independent living villa apartment expansion project is underway at the development. Ziegler financed the first phase, which includes 48 new independent living villa apartments, in 2022. The second phase of the project is being financed with the new bonds and includes an additional 49 independent living villa apartments, for which SVWC issued two tranches of draw-down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners. The two tranches include a $27.5 million, 10-year bank commitment period with an accreting swap that mitigates interest rate risk through the bank commitment period and a $25 million intermediate-term bond with a 30-month maturity to be repaid with entrance fees to the expansion.

November 6, 2023

Affordable Housing Development Florida Seniors Housing Southeast

HTG, AM Affordable Housing Break Ground on $37M Seniors Housing Community in Miami

by John Nelson November 6, 2023

MIAMI — A joint venture between Housing Trust Group (HTG) and AM Affordable Housing has broken ground on a $37 million affordable seniors housing project located at 18700 NE 25th Ave. in Miami. Dubbed Oasis at Aventura, the development will feature 95 one-bedroom units across eight stories reserved for residents age 62 years or older earning at or below 25, 33 and 60 percent of the area median income (AMI). Amenities at the community will include a community room, fitness center, business center, library and lounge and outdoor terrace. Monthly rents at the property will range from $484 to $1,161. Funding for the project includes $21 million in low-income housing tax credits (LIHTC) syndicated through Raymond James, a $19.3 million construction loan provided by JP Morgan Chase Bank, a permanent $7.5 million Freddie Mac loan secured through Berkadia, a $4.3 million Florida Housing Finance Corp. viability loan and a $2.4 million loan provided by the Miami-Dade County affordable housing surtax program. The project team includes Realization Architects, general contractor Ballast Construction, engineer Sun-Tech Engineering, interior designer B Pila Design Studio and landscape architect Witkin Hults + Partners. Completion of Oasis at Aventura is scheduled for spring 2025.

November 6, 2023

California Civic Development Western

C.W. Driver Cos. Breaks Ground on First Phase of Malibu High School Expansion in California

by Amy Works November 6, 2023

MALIBU, CALIF. — C.W. Driver Cos. has broken ground on the first phase of Malibu High School’s expansion for Santa Monica-Malibu Unified School District. The 70,000-square-foot building is slated for completion in fall 2025. Located at 30215 Morning View Drive, the $100 million Malibu High School core building will be built on the site of the former Juan Cabrillo Elementary School campus, immediately adjacent to the existing high school. The new two-story building will feature a library, visual and performing arts classrooms, project-based learning facilities, multipurpose spaces, special education classrooms, STEM classrooms, a campus cafeteria and administration offices. Outdoor common space for the school’s students will be partially shaded by an overhead canopy with built-in photovoltaic panels that will generate power for the school and contribute to the campus’ energy conservation. The project team includes NAC Architecture, Koning Eizenberg Architecture, AMPCO North, Pfeiler & Associates Engineers, California Solar Integrators and Hunsaker and Associates. The project is funded by Measure M, passed by Malibu voters in 2018.

November 6, 2023

Development Massachusetts Mixed-Use Northeast Top Stories

Tishman Speyer Breaks Ground on 900,000 SF Enterprise Research Campus in Boston

by Taylor Williams November 6, 2023

BOSTON — New York City-based real estate giant Tishman Speyer has broken ground on Phase I of Enterprise Research Campus, a 900,000-square-foot mixed-use project that will be located in the Allston neighborhood of Boston. The nine-acre site is adjacent to the Harvard Business School and Harvard Science & Engineering Complex in Allston. New York City-based Otera Capital led a syndicate of lenders that provided $750 million in construction financing for the project earlier this year. Phase I of the development will consist of two life sciences buildings totaling 440,000 square feet, a 343-unit apartment complex and a hotel, all of which will be developed on a nine-acre parcel. Within the multifamily component, 25 percent of the units will be designated as affordable housing for households earning between 30 and 100 percent of the area median income. Tishman Speyer will also develop, on Harvard University’s behalf, the mass-timber David Rubenstein Treehouse to serve as a campus-wide conference facility. Turner Construction is partnering with Janey Construction Management and J&J Contractors to build the life sciences portion of the project. A partnership between Consigli Construction and Smoot Construction is building the multifamily and hotel portions of the development. At full build-out, Enterprise Research …

November 6, 2023

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