Development

Carter to Build Two Apartment Communities in Atlanta, Charlotte

by John Nelson March 31, 2023

ATLANTA AND CHARLOTTE, N.C. — Carter has plans to develop two apartment communities in Atlanta and Charlotte under its Story brand. Patterson Real Estate Advisory Group arranged construction financing through Truist for Story Mt. Zion on Atlanta’s south side and South State Bank for Story University North on Charlotte’s north side. The projects represent the sixth and seventh Story communities that Carter is developing in the Southeast. Summit Contracting Group is developing both properties, which will feature one-, two- and three-bedroom layouts and comprise 300 to 330 apartments. The construction timelines for the communities were not disclosed.

March 31, 2023

Development Florida Industrial Southeast

Merritt Acquires 16 Acres to Expand Imeson Landing Business Park in Jacksonville

by John Nelson March 31, 2023

JACKSONVILLE, FLA. — Merritt Properties has acquired 16 acres for the expansion of the company’s Imeson Landing Business Park in Jacksonville. Three additional flex/light buildings comprising 114,500 square feet will be built at the site, with construction scheduled to begin in 2024. Upon completion, the development, which is located at the corner of Imeson Park Boulevard and Zoo Parkway, will total 380,700 square feet across eight buildings. Merritt was self-represented by Bobby Lanigan and Pat Franklin, and Luke Pope of JLL represented the land seller in the transaction. Preleasing is currently underway. Nine tenants have signed leases ranging in size from 3,000 to 29,000 square feet at the development thus far.

March 31, 2023

Development Georgia Hospitality Southeast

Extended Stay America Opens 84-Room Hotel in Metro Atlanta

by John Nelson March 31, 2023

MCDONOUGH, GA. — Extended Stay America has opened an Extended Stay Suites hotel in McDonough, roughly 30 miles southeast of Atlanta. Developed by TGC Group, the property totals 84 rooms. Amenities include complimentary WiFi, free breakfast, cable, a fitness room, onsite guest laundry and a lobby. TGC Hospitality Management is the hotel’s property manager.

March 31, 2023

California Development Office Western

Silverstein Completes $60M in Renovations to U.S. Bank Tower in Downtown Los Angeles

by Jeff Shaw March 31, 2023

LOS ANGELES — Silverstein Properties has completed its $60 million capital improvement program at U.S. Bank Tower in downtown Los Angeles. The two-year renovation was designed to meet the evolving needs of traditional and creative office tenants. Silverstein acquired the tower in September 2020 and began the capital improvements in May 2021. Informed by hospitality design, upgrades across 35,000 square feet of common spaces include a redesigned main entrance and lobby; new contactless elevators and elevator lobbies; a new day-to-night juice and cocktail bar; a grab-and-go market; and seating and collaboration areas. By November 2020, five new leases were signed at the tower, including Walter P. Moore, a global management consulting firm, Lincoln International, Rothschild & Co. and Morgan & Morgan.

March 31, 2023

California Development Multifamily Western

MBK, Haseko Begin Construction of 315-Unit Zia Apartments in Anaheim, California

by Jeff Shaw March 31, 2023

ANAHEIM, CALIF. — A joint venture between MBK Rental Living and Haseko Corp. has started construction of the 315-unit Zia multifamily community in Anaheim. Located at 1600 W. Lincoln Ave., the development will feature luxury interior finishes and sustainable elements, including quartz countertops, stainless-steel appliances, distinctive wood-style plank flooring and large-scale precision windows. Zia will offer studio to three-bedroom floorplans ranging from 600 to 1,900 square feet. The grand opening is scheduled for mid-2024.

March 31, 2023

Arizona Build-to-Rent Development Multifamily Western

UrbanStreet Group Buys 17-Acre Parcel in Goodyear, Arizona for Build-to-Rent Development

by Jeff Shaw March 31, 2023

GOODYEAR, ARIZ. — UrbanStreet Group has purchased a nearly 17-acre land parcel at the Douglas at Goodyear Airport Commons in Goodyear for $14.5 million. The parcel comes with fully approved plans for a 307-unit build-to-rent (BTR) townhome community. ABI Multifamily’s Patrick Burch and John Klocek represented the seller, Blueprint Capital, in this transaction.

March 31, 2023

California Development Leasing Activity Restaurant Retail Western

ALMQUIST Signs 21 Tenants to River Street Marketplace in San Juan Capistrano, California

by Jeff Shaw March 31, 2023

SAN JUAN CAPISTRANO, CALIF. — ALMQUIST has signed 21 tenants to River Street Marketplace, a 60,000-square-foot retail development currently underway in San Juan Capistrano. Concepts that will join the lineup include Bred’s Hot Chicken, Capistrano Brewing, Common Thread, Fermentation Farm, Finca by David Pratt, Free People, Gueros Cevicheria, Hudson’s Cookies, Kozan Teahouse & Boba, La Vaquera, McConnell’s Ice Cream, The Meat Cellar Market and Steakhouse, Mendocino Farms, Nana’s Fish Chippery, Nom, SALT., Seager, Shootz Hawaiian, Toes on the Nose, Ubuntu Café and Wildfire Mercantile.

March 31, 2023

Affordable Housing Development Multifamily New York Northeast

Durst Organization Completes Lease-Up of 70-Story Apartment Tower in Queens

by Taylor Williams March 31, 2023

NEW YORK CITY — The Durst Organization has completed the lease-up of SVEN, a 70-story apartment tower in Queens. Designed by Handel Architects, the building is the borough’s second tallest and houses 958 units, including 288 income-restricted residences, as well as 50,000 square feet of amenities. Leasing began in January 2021, and the building’s market-rate residences are now fully occupied. Finback Brewery will also open a microbrewery and taproom at SVEN later this year.

March 31, 2023

Connecticut Development Multifamily Northeast

Urby Delivers Final Phase of 641-Unit Apartment Community in Stamford, Connecticut

by Taylor Williams March 31, 2023

STAMFORD, CONN. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has delivered the final phase of Stamford Urby, a 641-unit apartment community located in southern coastal Connecticut. Designed by Concrete Amsterdam, the latest phase of the project added 176 units to the 11-building development. Residences are available in studio, one- and two-bedroom formats, with rents starting at approximately $2,075 per month for a studio. Amenities include a pool, outdoor grilling and dining areas, a fitness center, dog park, central courtyard and a coworking lounge.

March 31, 2023

Franklin-Square-New-Freedom-Pennsylvania

Development Multifamily Northeast Pennsylvania

Burkentine Opens 134-Unit Multifamily Complex in New Freedom, Pennsylvania

by Taylor Williams March 31, 2023

NEW FREEDOM, PA. — Burkentine, a Pennsylvania-based residential developer, has opened Franklin Square, a 134-unit multifamily complex in New Freedom, located along the Maryland-Pennsylvania border. Franklin Square consists of 62 for-rent townhomes with one- to four-bedroom floor plans and 72 garden-style apartments, all on a six-acre site. Vortex Brewing Co. anchors the complex’s retail component. Information on starting rents was not disclosed.

March 31, 2023

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