LITCHFIELD PARK AND GOODYEAR, ARIZ. — Chicago-based Blue Vista Capital Management has purchased land for two build-to-rent developments in Litchfield Park and Goodyear. The transaction, representing approximately $102 million in total capitalized value, is part of Blue Vista’s ongoing strategy of providing institutional investors with access to unique and differentiated core plus residential real estate opportunities. Located near the intersection of Dysart and Camelback roads, the Litchfield Park community will offer 153 residences with 54 one-bedroom duplex units and 99 detached two-bedroom, single-family units totaling 137,043 square feet. Situated near the intersection of Sarival Avenue and Yuma Road, the Goodyear community will feature 151 units in a mix of 60 one-bedroom duplexes and 91 detached two-bedroom, single-family units totaling 132,985 square feet. Upon completion, the projects will offer more than 300 homes with secure private gated entrances, private outdoor space, simulated wooden flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers and nine- to 10-foot ceilings. Community amenities will include resort-style pools, clubhouses and outdoor lounge areas with grills.
NEW HAVEN, CONN. — Developer and general contractor Hudson Meridian Construction Group will build a 398-unit apartment community at 201 Munson St. in New Haven. The unit mix will comprise 90 studios, 208 one-bedroom apartments, 78 two-bedroom residences and 22 three-bedroom townhome-style units. Amenities will include a pool, fitness center, clubhouse and outdoor grilling and dining areas. New York-based Paredim Partners will lease and manage the property upon completion, which is slated for November 2023. Tessera Partners and Capital & Venture Resources arranged an undisclosed amount of construction financing for the project through ACORE Capital and Sculptor Real Estate.
NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg is underway on a 320-unit multifamily redevelopment in Brooklyn. The project at 2840 Atlantic Ave. will convert the site of the former Empire State Dairy into a multifamily community with market-rate and affordable housing units, as well as 14,000 square feet of retail space. Units will be available in studio, one-, two- and three-bedroom formats, and amenities will include a rooftop terrace, fitness center, coworking space, tenant lounge and a children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. The development team expects the first units to be available for lease in the first quarter of 2024.
CHARLOTTE, N.C. — Washington, D.C.-based multifamily developer Jefferson Apartment Group (JAG) has closed on its purchase of five acres at 200 Wadsworth Place in Charlotte. JAG, along with equity partner Cadre, will break ground on a planned 350-unit, mid-rise apartment community on the site this summer. United Bank is providing construction financing to JAG for the property, which is situated in Charlotte’s Optimist Park neighborhood near the city’s Uptown, NoDa and Belmont submarkets. This location will also offer easy access to both I-277 and I-74, as well as public transit and Optimist Hall, a mixed-use development featuring a food hall and creative office space. The exterior of the unnamed, six-story apartment building will feature red brick and ironwork, and units will be a configured in studio, one- and two-bedroom floor plans ranging from 585 square feet to 1,027 square feet. Units will feature modern finishes, including plank flooring, quartz countertops, stainless steel appliances and tile backsplashes, and some will feature private balconies and views of Uptown. Additionally, 355 parking spaces will be available to residents, consisting of both garage and surface parking. Amenities will include a lounge with double-sided fireplace, game room, fitness center, open coworking space, pet spa and …
SAN ANTONIO — Locally based developer Koontz Corp. has broken ground on Westport Industrial Park, a 374,400-square-foot project in San Antonio. Koontz Corp. is developing Westport Industrial Park in phases, with the first of the two 187,200-square-foot buildings set to be delivered in February 2023. Building features will include 24-foot clear heights, 130-foot truck court depths, 23 dock doors and a total of 480 parking spaces. NAI Partners has been tapped to lease the development.
KYLE, TEXAS — Dallas-based Kalterra Capital Partners is underway on construction of The Verge, a 263-unit multifamily project in the southern Austin suburb of Kyle. Units will feature quartz countertops, stainless steel appliances and private balconies. Amenities will include a pool, outdoor grilling stations, pickleball court, lounge areas, a fitness center, business center, dog spa and game rooms. Leasing is scheduled to begin in February 2023, with full completion slated for the third quarter of next year. Kalterra has also secured tenants for the development’s retail/restaurant component, with construction of those spaces expected to begin in the next six months.
MONROVIA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $64.4 million in financing for a multifamily development located at 127 W. Pomona in Monrovia. The borrower was not disclosed. Sharone Sabar and Stefen Chraghchian of MMCC arranged the financing, which features a 42-month term, a 65 percent loan-to-cost ratio and an interest rate of 3.4 percent. Situated on 1.8 acres, the fully entitled and construction-ready property is slated for a 33-month development timeline. The 252,100-square-foot community will feature 220 apartments, 7,050 square feet of commercial space and 357 parking spots.
Sansone Group, Crow Holdings Near Completion of 702,450 SF Industrial Project in Palmyra, New Jersey
PALMYRA, N.J. — A partnership between St. Louis-based Sansone Group and a fund advised by Crow Holdings Capital is nearing completion of Tac Pal Logistics Center, a 702,450-square-foot industrial project located in the Southern New Jersey community of Palmyra. The facility will feature a clear height of 40 feet, 107 loading docks, 240 trailer stalls and 499 car parking spaces. Tac Pal Logistics Center also offers proximity to Route 130, Interstate 95 and the New Jersey Turnpike. Cushman & Wakefield and Avison Young have been tapped as co-leasing agents for the development, which is slated for a September 2022 delivery.
NEWARK, N.J. — Wholesale discount merchandiser Costco has opened a 183,000-square-foot warehouse and distribution center roughly two miles from the Port of Newark. The facility sits on 12.6 acres and features a clear height of 40 feet, 36 exterior docks, 83 trailer parking spaces and 168 car parking spaces. RC Anderson served as the general contractor for the project, which was developed on a speculative basis by Illinois-based CenterPoint Properties.
NEW ALBANY, OHIO — AmplifyBio, a biotechnology contract research organization, will invest approximately $150 million for a new 350,000-square-foot facility in New Albany, about 15 miles northeast of Columbus. The company plans to generate 263 new jobs between the new facility and its existing property in West Jefferson. AmplifyBio says it is expanding to meet surging market demand for advanced therapies, including cell and gene therapy products. The new property at 9885 Innovation Campus Way in New Albany will create 132 jobs. A timeline for construction was not provided.