Development

McShane Completes Construction of 302-Unit Hackney House Apartment Community in Oconomowoc, Wisconsin

by Kristin Harlow September 6, 2023

OCONOMOWOC, WIS. — McShane Construction Co. has completed construction of Hackney House Apartments, a 302-unit apartment community in Oconomowoc, a western suburb of Milwaukee. Mandel Group developed the 20-building property, which consists of 18 garden-style buildings and two townhome buildings. Amenities include a 4,000-square-foot clubhouse with a fitness center and gourmet kitchen, outdoor pool, outdoor kitchen, pet spa, event lawn, car wash and dog parks. The development was funded in part through HUD 221(d)(4) financing. BSB Design was the project architect.

September 6, 2023

California Development Industrial Western

Elevation Land Co., Crow Holdings Capital Break Ground on 1.8 MSF Otay Business Park in California

by Amy Works September 6, 2023

OTAY MESA, CALIF. — A joint venture between Elevation Land Co. and a real estate fund advised by Crow Holdings Capital has broken ground on Otay Business Park, situated on a 119-acre site in San Diego’s Otay Mesa submarket. The joint venture acquired the land site in May 2022. Otay Business Park will feature 1.8 million square feet of industrial distribution and logistics space spread across multiple buildings. The first phase of the project is slated to open in late 2025. Dempsey Construction is performing the horizontal site work, which includes grading, as well as on-site and off-site utility and road infrastructure work. Ware Malcomb served as architect for the project.

September 6, 2023

Arizona Development Loans Multifamily Western

IDM Cos. Receives $62.6M Construction Financing for Meritum Sonoran Desert Multifamily Project in Phoenix

by Amy Works September 6, 2023

PHOENIX — IDM Cos. has received $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style apartment project in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia of JLL Capital Markets Debt Advisory secured the loan through a life company for the borrower. Slated for completion in 2025, the 13-building community will feature 348 one-, two- and three-bedroom units with an average size of 1,048 square feet. Additionally, Meritum Sonoran Desert will feature a freestanding clubhouse with a residential living room and kitchen, exercise facility, package lockers, covered patio, dog park, fire pits and two resort-style pools. Meritum Sonoran Desert will be located at the northwest corner of Sonoran Desert Drive and 29th Avenue.

September 6, 2023

Development Georgia Multifamily Southeast Student Housing Top Stories

Core Spaces Opens 792-Bed Student Housing Community Near Georgia Tech in Atlanta

by Kristin Harlow September 6, 2023

ATLANTA — Core Spaces has opened Hub Atlanta, a 792-bed student housing community located near the Georgia Tech campus in Atlanta’s Midtown neighborhood. The 19-story property offers 292 units in studio through six-bedroom configurations. Amenities include a fitness center, coworking spaces, private study lounges, a rooftop pool deck with a hot tub, dog park, 6,990 square feet of ground-floor retail space and a four-story parking garage. New Here Coffee operates a coffee shop. Curioso provided interior design services alongside Core’s in-house design team. Hartshorne Plunkard Architecture served as the architect, and Juneau Construction Co. was the general contractor. Core Spaces is managing the community. Residents recently moved in for the 2023-2024 school year, and leasing is now open for next year. Core Spaces focuses on developing, buying and managing student housing and build-to-rent communities. The firm maintains offices in Austin and Chicago. — Kristin Harlow and Katie Sloan

September 6, 2023

Development Midwest Missouri Multifamily

Brinkmann Constructors Tops Out 148-Unit Luxury Apartment Complex in Downtown St. Louis

by Kristin Harlow September 5, 2023

ST. LOUIS — Brinkmann Constructors has topped out construction of 11th and Spruce, a 148-unit luxury apartment complex in downtown St. Louis. San Francisco-based Balboa Real Estate Partners is the developer for the project, which is located three blocks from Busch Stadium. The $25 million development will feature 3,000 square feet of ground-floor retail space and amenities such as a fitness center, clubroom, courtyard, pet spa, dog run and rentable work-from-home space. The five-story development is situated in the city’s Cupples Station Historic District, once a thriving manufacturing hub. To preserve the area’s old-world aesthetic, the new complex matches the red brick used in surrounding buildings. The site was formerly home of the Cupples 7 Building, which sat vacant for nearly a decade. Balboa purchased the site from the Treasury Department of St. Louis. Completion of the project is slated for February 2024.

September 5, 2023

Milhaus-Banyan-Residential-Phase-One-Phoenix-AZ

Arizona Development Multifamily Western

Milhaus, Banyan Residential Break Ground on $117M Multifamily Project in Phoenix

by Amy Works September 5, 2023

PHOENIX — Developer Milhaus and Banyan Residential, a Los Angeles-based private real estate investment firm, have started construction on the first phase of a 515-unit apartment community in Phoenix. Phase I, a $117 million development, is slated for completion in fourth-quarter 2025. Located at the southwest corner of 48th and Washington streets in a designated Opportunity Zone, the 320-unit first phase will include a mix of studios, one-, two- and three-bedroom units ranging in size from 415 square feet to 1,392 square feet. Residences will feature glass showers, walk-in closets, kitchens with stainless steel appliances and private balconies. Community amenities will include two clubhouses and resort-style pools, a fitness center, green space and dog park. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The project is Banyan’s ninth Opportunity Zone development and its fourth deal with Milhaus.

September 5, 2023

Development Industrial New York Northeast Self-Storage

SecureSpace Self Storage Opens New Facility in Queens

by Taylor Williams September 5, 2023

NEW YORK CITY — California-based owner-operator SecureSpace Self Storage has opened a new facility at 131-21 14th Ave. in the College Point area of Queens. The number of units was not disclosed. The facility spans 131,691 net rentable square feet of climate-controlled space. Units range in size from 5 feet by 5 feet to 10 feet by 30 feet. The facility also features a leasing office and AI-enabled cameras and sensors that provide security and monitoring.

September 5, 2023

Arizona Development Multifamily Western

MEB, Raintree Investment Open Willow 38 Townhomes in Phoenix

by Amy Works September 5, 2023

PHOENIX — MEB Management Services, as property manager, and Raintree Investment Corp. have opened Willow 38, a gated townhome community located at 3842 E. Osborn Road in Phoenix’s Arcadia neighborhood. The community offers 38 floorpans, all above 2,000 square feet with three or four bedrooms and 2.5 baths. The energy-efficient residences feature smart home technology, including thermostats and stoves, Ring doorbell cameras, leak detection, touchless door locks and remote garage doors. Additionally, townhomes offer upgraded features such as pre-wiring personal garages for electric vehicle charging capabilities. Other townhome amenities include private, fenced backyards, 10-foot ceilings, gourmet kitchens, walk-in closets and private direct-access garages. Community amenities include a swimming pool with sun deck, hot tub, barbecue grills, a dog park and pickleball court.

September 5, 2023

Acquisitions Development Mixed-Use Office Texas Top Stories

Chevron Acquires 77 Acres in Metro Houston, Plans Include Potential Research-and-Development Campus

by John Nelson September 5, 2023

CYPRESS, TEXAS — Oil-and-gas giant Chevron Corp. (NYSE: CVX) has acquired 77 acres in the northwest Houston suburb of Cypress. The parcel is situated within Bridgeland Central, a multi-phase campus spanning 925 acres within the larger Bridgeland master-planned community. The land seller was The Howard Hughes Corp. (NYSE: HHH), the master developer of the 11,500-acre Bridgeland development. The sales price for the Chevron land deal was not disclosed. “Chevron’s acquisition marks a pivotal moment for Bridgeland as the community enters its next phase of development as a leading job center for the region,” says Jim Carman, president of the Houston region for Howard Hughes Corp. “One of the top-selling communities in the country, Bridgeland is poised to benefit from the influx of businesses and their employees seeking to live and work in a centralized location that offers commercial opportunities, as well as single-family and multifamily housing options to meet growing demand.” Daniel Abate, head of corporate real estate for Chevron, says the company could potentially establish a research-and-development campus on the newly acquired land. “Chevron is attracted to the opportunities Bridgeland has to offer and views this acquisition as a strong addition to our asset portfolio,” says Abate. Details about the …

September 5, 2023

Development Florida Mixed-Use Southeast

ANF Group Tops Out First Phase of 43-Acre Mixed-Use Development in Delray Beach, Florida

by John Nelson September 1, 2023

DELRAY BEACH, FLA. — Construction firm ANF Group Inc. has topped out the first phase of Parks at Delray, a 43-acre mixed-use development underway at 2100 S. Congress Ave. in Delray Beach. Upon completion, the property will feature residential, retail and office space. The 747-unit residential portion will feature one-, two- and three-bedroom apartments ranging from 580 to 1,400 square feet, as well as three-bedroom townhomes ranging from 1,670 to 1,770 square feet. Retail space at the development will total roughly 40,000 square feet, and the office building will comprise 68,000 square feet. ANF is completing the project on behalf of the developers, 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital. MSA Architects is the architect, and CIBC Bank is providing construction financing. Construction began in March of this year, and Phase I is scheduled for completion in the first quarter of 2025.

September 1, 2023

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