Development

ZOM Living Secures $88M in Financing, Breaks Ground on 416-Unit Azola Desert Ridge in Phoenix

by Amy Works March 28, 2025

PHOENIX — ZOM Living has secured financing for the development of Azola Desert Ridge, a multifamily community in Phoenix. The funding includes a joint venture equity investment from Origin Investments and construction financing totaling $88 million. Located along the Loop 101 Freeway at 56th Street, Azola Desert Ridge will offer 416 apartments spread across four-story buildings in a garden-style multifamily community that is slated to deliver by third-quarter 2026. Azola Desert Ridge will offer one-, two- and three-bedroom units ranging from 730 square feet to 1,533 square feet, a resort-style pool and deck, a fitness center, dog park, pet grooming salon, a glam room, podcast room, individual offices for residents and a self-service market along with lounge areas. Mike Higgins, Asher Gunter, Matt Pesch and Austin Groen of CBRE Multifamily Equity Advising team represented the sponsor to arrange the joint venture equity investment with Origin Investments.

March 28, 2025

Development Georgia Multifamily Southeast

Partnership Completes 330-Unit Parker Apartments in Acworth, Georgia

by John Nelson March 28, 2025

ACWORTH, GA. — A partnership between Novare Group, Batson-Cook Development Co. (BCDC) and PointOne Holdings has completed The Parker, a luxury apartment community in Acworth, approximately 26 miles northwest of Midtown Atlanta. The community totals 330 one-, two- and three-bedroom units, including 20 carriage homes with private garages. Amenities at the property include a resort-style swimming pool and sun deck, fitness center, outdoor entertainment pavilion with grilling stations, clubhouse, coworking spaces, coffee bar and a centralized green space designed for community events and recreation. Monthly rental rates for The Parker begin at $1,499, according to Apartments.com.

March 28, 2025

Development Florida Southeast Student Housing

Portman, 908 Group Launch Vertical Construction on 674-Bed Student Housing Development Near Florida State University

by John Nelson March 28, 2025

TALLAHASSEE, FLA. — A joint venture between Portman and 908 Group has launched vertical construction on The Hall, a 674-bed student housing development located directly across from Florida State University’s College of Business in Tallahassee. The community will offer 191 units across two mid-rise buildings. Amenities will include a rooftop pool, fitness center, 7,269 square feet of ground-floor retail space and 452 parking spaces. The development team includes Canyon Partners Real Estate and PTM Partners. The Hall is slated for completion in summer 2026.

March 28, 2025

Development Loans Mixed-Use Multifamily Retail Top Stories

S3 Capital Provides $210M Construction Loan for Mixed-Use Development in Brooklyn

by Channing Hamilton March 28, 2025

NEW YORK CITY — S3 Capital has provided a $210 million construction loan for a 28-story mixed-use project located at 6208 Eighth Ave. in the Sunset Park neighborhood of Brooklyn. Chicago-based Watermark Capital is the project’s sponsor. The company obtained the financing alongside its joint venture partner, Rubin Equities. Once completed, the development will consist of 497 apartment units and 100,000 square feet of retail space. Residents will have access to shared amenities such as a fitness center, rooftop terrace, bike storage, a yoga room, sauna, screening room and coworking spaces. The project is situated directly above the Eighth Avenue subway station. Prestige Construction will serve as the general contractor. An estimated completion date for the development was not disclosed. “We are thrilled to collaborate with Watermark Capital on this exciting project,” said Robert Schwartz, co-founder and partner at S3 Capital. “The Sunset Park housing market is significantly under-supplied, and this development will bring a substantial amount of in-demand, transit-oriented housing units to the community.” Morris Betesh, Alex Bailkin, Matt O’Hanlon and Israel Mermelstein of Arrow Real Estate Advisors arranged the loan on behalf of Watermark Capital. S3 Capital is wholly owned by Spruce Capital Partners, a New York City-based developer, owner, lender and investor. Since …

March 28, 2025

Development Industrial Self-Storage Texas

SurePoint to Develop 687-Unit Self-Storage Facility in Humble, Texas

by Taylor Williams March 27, 2025

HUMBLE, TEXAS — SurePoint Development, a self-storage owner-operator based in San Antonio, will develop an 687-unit self-storage facility in Humble, a northeastern suburb of Houston. The site is located at the intersection of Sam Houston Tollway and Mesa Drive at the entrance to Johnson Development’s Fall Creek master-planned community. CubeSmart will operate the new facility, which will comprise 120,000 net rentable square feet of climate- and non-climate-controlled space. The facility will also feature boat/RV storage space and 10,000 square feet of mini-offices. Construction is set to begin before the end of the year. A tentative completion date was not announced. SurePoint is also planning a 761-unit facility in Missouri City.

March 27, 2025

Robert-Wood-Johnson-University-Hospital-Ambulatory-Medical-Pavilion-New-Brunswick

Development Healthcare New Jersey Northeast

AST Completes 229,000 SF Healthcare Project in New Brunswick, New Jersey

by Taylor Williams March 27, 2025

NEW BRUNSWICK, N.J. — New Jersey-based developer AST has completed a 229,000-square-foot healthcare project in the Central New Jersey community of New Brunswick. The 15-story ambulatory medical pavilion is situated within the Robert Wood Johnson University Hospital campus. The facility, construction of which topped out in August 2022, expands outpatient access to care and clinical experts who support existing RWJBarnabas Health hospital services. Project partners included Jarmel Kizel (architect), O’Donnell & Naccarato (structural engineer), Langan (civil engineer) and Torcon Inc. (general contractor and construction manager).

March 27, 2025

Development Florida Southeast Student Housing

Gilbane, CBRE Investment Break Ground on 702-Bed Student Housing Development Near University of Florida

by John Nelson March 27, 2025

GAINESVILLE, FLA. — A joint venture between Gilbane Development Co. and CBRE Investment Management has broken ground on Zaya, a 702-bed student housing development located near the University of Florida campus in Gainesville. The community will offer 352 units with bed-to-bath parity. Shared amenities will include a rooftop deck with a pickleball court, pool, clubhouse and fitness center; study rooms on each floor; a coworking lounge; leasing lobby with a coffee bar; and three courtyards with lawn games, outdoor cooking space and lounges. Site work has commenced for the development with completion scheduled for summer 2027.

March 27, 2025

Development Georgia Industrial Leasing Activity Southeast

Logistics Property Co. Signs Three Industrial Leases Totaling 373,000 SF in Covington, Georgia

by John Nelson March 27, 2025

COVINGTON, GA. — Logistics Property Co. LLC has signed three industrial leases totaling 373,000 square feet at Covington Commerce Center, a two-building industrial park in Covington, a city in Atlanta’s I-20 East submarket. The tenants were not disclosed, but Logistics Property Co. says the new users include both manufacturing and assembly tenants. The deals include a full-building lease at Building 100 and two deals at Building 200, where about 97,000 square feet remains available for lease. Myles Thomas of JLL represented the tenant in the Building 100 deal. Nathan Anderson and Matt Bentley of NAI Brannen Goddard represented the landlord in the lease deals. Civic partners at Covington Commerce Center include City of Covington, Newton County Economic Development and the Georgia Department of Economic Development.

March 27, 2025

California Development Multifamily Seniors Housing Western

Clearwater Underway on Development of 100-Unit Senior Living Community in Los Angeles

by Amy Works March 27, 2025

LOS ANGELES — Clearwater Living is currently underway on the development of a new, 100-unit senior living community in the Beverly Grove neighborhood of Los Angeles. Upon completion, the property will total 100 studio, one- and two-bedroom apartments across seven stories, including assisted living, memory care and short-term residences. Amenities at the community, dubbed The Leonard on Beverly, will include a movie theater, rooftop terrace, restaurant, private dining space and exhibition kitchen. The development will also feature 7,000 square feet of medical office space and a 6,000-square-foot synagogue. The community is scheduled to begin move-ins in fall 2025. This marks Clearwater Living’s 13th community.

March 27, 2025

Acquisitions Arizona Development Retail Western

Mountainside Fitness Buys Land for Fitness Club Development in Queen Creek, Arizona

by Amy Works March 27, 2025

QUEEN CREEK, ARIZ. — Scottsdale, Ariz.-based Mountainside Fitness has purchased a land parcel at the northwest corner of Combs and Gantzel roads in Queen Creek for the development of a new fitness club location. Slated to open in December 2025, the single-story, 42,000-square-foot Queen Creek Mountainside Fitness offer state-of-the-art equipment and more than 70 daily group fitness classes, as well as locker rooms and a childcare program. Mountainside Fitness currently operates 21 high-end clubs across metro Phoenix. Regan Amato of JLL represented Mountainside Fitness, while Rommie Mojahed of CRE8Advisors represented the undisclosed seller in the deal.

March 27, 2025

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