LOS ANGELES — Landmark Properties has broken ground on The Standard at Los Angeles, a 1,284-bed student housing community located a few blocks south of the University of Southern California (USC) campus. The mid-rise apartment building will include the construction of 1,236 beds across 429 units, as well as the renovation of five existing townhomes that will comprise 48 beds. Landmark Construction, the in-house general contractor for Landmark Properties, is managing construction. HED designed the project. The property is slated to open in August 2026. Situated at the east side of the 160-acre Exposition Park, The Standard at Los Angeles will include a mix of floor plans ranging from studios to five-bedroom units. Residences will be fully wired for high-speed internet. Landmark says the amenity package at The Standard at Los Angeles will be one of the largest by square footage within its portfolio. Residents will have access to more than 60,000 square feet of indoor and outdoor amenity spaces. The rooftop will include a resort-style pool with a sun deck, Jumbotron and outdoor grilling stations. The clubhouse spaces will be anchored by a rooftop clubroom adjoining the 24-hour fitness center. Students will have access to multiple study lounges as …
Development
MELISSA, TEXAS — A partnership between two California-based firms, developer Legacy Partners and investment manager Resmark Cos., is underway on construction of a 133-unit build-to-rent residential project in Melissa, located north of Dallas in Collin County. Designed by UD Architects and known as Highland, the development will offer one-, two- and three-bedroom homes ranging in size from 780 to 1,500 square feet. Amenities will include a pool, fitness center, coworking space, an outdoor kitchen and a dog park. Rents will start at $2,100 per month for a one-bedroom home. Completion is slated for late 2025.
ALVIN, TEXAS — Murdoch’s Ranch & Home Supply, a provider of outdoor apparel and agricultural equipment, will open a 55,000-square-foot store at 2500 S. Bypass 35 in Alvin, about 30 miles south of Houston. Culbertson Contractors is constructing the store from the ground up after buying the 12.6-acre site. Alex Makris and Patrick Keegan of Partners Real Estate represented the seller, East Bay Partners Ltd., in the disposition of the land. Danny Elliott and Thomas Tyng of CBRE represented Culberson Contractors.
BURLINGTON, N.J. — Lee & Associates has secured a 478,000-square-foot industrial lease in the Southern New Jersey city of Burlington. The tenant is an undisclosed, international logistics company that will occupy the entirety of the building at 1620 River Road, which is located within Burlington Industrial Park. According to LoopNet Inc., the building was constructed in 2016 and features a clear height of 36 feet, 96 dock doors, four drive-in doors, 5,000 square feet of office space and parking for 179 cars and 72 trailers. Drew Maffey, Rick Marchisio and Michael Lee of Lee & Associates represented the tenant in the lease negotiations. Nate Demetsky of JLL represented the landlord.
BETHLEHEM, N.Y. — The NRP Group, a Cleveland-based multifamily developer, has broken ground on Selkirk Reserve, a 72-unit workforce housing project that will be located just south of Albany in Bethlehem. The property will consist of nine two-story residential buildings and a clubhouse building on a 15.6-acre site. Units will come in one-, two- and three-bedroom formats and will be reserved for renters earning between 30 and 60 percent of the area median income. NRP Group is developing the project in partnership with New York State Homes & Community Renewal and nonprofit organization Soldier On. Completion is slated for August 2025.
Madison Communities Obtains $80M Construction Loan for Charlotte Multifamily Development
by John Nelson
CHARLOTTE, N.C. — Madison Communities has obtained an $80 million loan for the construction of a multifamily community in the Lower South End (LoSo) neighborhood of Charlotte. Patterson Real Estate Advisory Group arranged the loan through META Real Estate Partners and Bank of America on behalf of Madison Communities. Situated adjacent to Olde Mecklenburg Brewery (OMB), the unnamed community will comprise 320 units and will include dedicated parking for brewery patrons. A timeline for the project was not disclosed. Additionally, parent company Madison Capital Group will relocate its corporate headquarters to a property directly next to OMB.
NASHVILLE, TENN. — Arizona-based Alliance Residential Co. has opened Broadstone Berry Hill, a 303-unit apartment community located at 2500 Bransford Ave. in Nashville. In addition to studio, one- and two-bedroom residences, the property features a soon-to-be-opened coffee shop and Second Story, A Private Office Collective, which comprises 19 private offices for rent. Amenities at Broadstone Berry Hill include a clubroom, sky lounge, fitness center, private focus rooms, a fenced pet bark, bike room with a repair station and two courtyards. One of the courtyards features a grilling area, miniature golf and a saltwater pool, and the other includes an outdoor TV lounge, fire pit and turf area for lawn games. The project team includes architect Dynamik Design and interior designer Mad Studio. Monthly rental rates range from $1,618 to $3,465, according to the property website.
CBRE Arranges $37.9M Construction Financing for New Jacksonville Jaguars Headquarters
by John Nelson
JACKSONVILLE, FLA. — CBRE Capital Markets has arranged $37.9 million in construction financing for the development of the new Jacksonville Jaguars headquarters in Jacksonville. Philip Rachels and Jeff Kinney of CBRE secured the 10-year financing through First Horizon Bank on behalf of the borrower, Shipyards Office LLC, a subsidiary of Iguana Investments Florida LLC, an investment entity owned by Jaguars owner Shad Khan. Situated along East Bay Street and adjacent to EverBank Stadium, the football team’s home stadium, the office building will total 143,000 square feet across six floors, including 9,670 square feet of ground-level retail space. The Jaguars will lease three floors of the building, with two of the remaining floors marketed for lease. An affiliate of the Jaguars will occupy and operate a portion of the ground floor as a fitness facility. A construction timeline was not disclosed.
Deacon Development Nears Completion of Three Multifamily Communities in Oregon Totaling 352 Units
by Amy Works
PORTLAND AND SALEM, ORE. — Deacon Development is nearing completion on three apartment properties, totaling 352 units, in Portland and Salem — Rivenwood, Merx and Paceline. CloudTen Residential will oversee all lease-up and management activities at the assets. Situated in Portland’s Slabtown submarket, the seven-story Merx will feature 126 studio and one-bedroom apartments ranging from 297 square feet to 453 square feet. Originally the site of Sylvia’s Grocery, which opened in 1884, Merx (short for mercantile) will offer a resident lounge, coffee bar, private outdoor terrace and rooftop deck, as well as ground-floor retail space. Pre-leasing is slated to begin this month with units ready for move-in late April 2024. Located at 1341 N. Killingworth St. in Portland, Paceline will feature 69 studio and one-bedroom apartments, ranging from 350 square feet to 460 square feet. All apartments will include in-unit washers/dryers, custom casework, quartz countertops and expansive windows. Community amenities will include package lockers, bike parking and a rooftop deck. Completion is scheduled for June 2024. The five-story Rivenwood, located at 420 Center St. NE in downtown Salem, will offer 157 studio, one- and two-bedroom apartments ranging from 370 square feet to 849 square feet. Apartments will include stainless steel …
PITTSBURGH — PNC Bank plans to invest approximately $1 billion to open more than 100 new branches and renovate 1,200 existing locations by 2028. Expansion plans call for new locations in key cities such as Austin, Dallas, Denver, Houston, Miami and San Antonio, among others, to establish a coast-to-coast network. According to PNC Bank, the goal of the renovations is to create a better customer experience when conducting transactions or meeting with bankers to discuss financial goals. PNC Bank is a member of The PNC Financial Services Group Inc. (NYSE: PNC), which is headquartered in Pittsburgh. PNC bank currently has approximately 2,300 brick-and-mortar locations across the country, in addition to 60,000 PNC and partner ATMs. According to Forbes Advisor, PNC Bank is the sixth largest bank in the country, with $553 billion in total assets. “As one of the largest retail banks in the United States, our vast branch network, alongside our other core banking channels, plays a key role in how we serve and provide solutions to our customers across the country,” says Alex Overstrom, head of PNC Retail Banking. PNC Bank’s announcement comes on the heels of last week’s news that JPMorgan Chase has made a multi-billion dollar investment in its own …