Development

RCP Plans $110M Anthem House Mixed-Use Development in Huntsville, Alabama

by Jeff Shaw September 13, 2022

HUNTSVILLE, ALA. — RCP Cos. has announced plans for Anthem House, a $110 million mixed-use development in Huntsville’s new MidCity district. The property will feature 330 apartment units, 35,000 square feet of creative office space and 32,000 square feet of street-level retail space. Named for MidCity’s music theme, Anthem House will offer a “residential-meets-hospitality housing solution” with furnished units, shorter lease contracts and hotel-like surroundings and amenities. Most of the major aerospace companies have a presence in Huntsville, which is home to regional employers including U.S. Army post Redstone Arsenal and Cummings Research Park. Additionally, the city offers twice the amount of government jobs per capita than any other city in the country. Huntsville’s workforce demographics feature many remote and contract workers who greatly prefer the multifamily-hospitality niche for their housing. “Currently, Huntsville has a housing deficit that is accentuated by the continued job growth in the market,” says RCP co-founder Max Grelier. “The shift in consumer preferences, particularly among millennials, is driving demand for more hospitality features within real estate projects, including more amenities, hosting events and activities which bring residents together.” U.S. News & World Report named Huntsville as the best place to live in the United States …

September 13, 2022

Paul Darrow LA multifamily investment sales

Acquisitions California Content Partner Development Features Leasing Activity Multifamily Walker & Dunlop Western

LA Multifamily Investment Deals See Volume Normalization, Pricing Resets for Select Assets

by Sarah Daniels September 13, 2022

Multifamily investment transaction volume had an unprecedented year in 2021, and the first six months of 2022 were quite robust. Now, economic uncertainty in the form of rising interest rates and a cooling economy has created some hesitancy on the part of investors. “Some normalization is occurring in the market now, in addition to a pullback because of what is going on in the capital markets and economy,” says Paul Darrow, a managing director of Walker & Dunlop’s investment sales team based out of Los Angeles. Walker & Dunlop is one of the largest providers of capital to commercial real estate industry in the United States. Darrow sat down with REBusinessOnline to talk about multifamily investment sales trends in the Los Angeles area and the opportunities he sees for investors down the road. REBusiness: Investor interests have shifted in the past few months. What kinds of properties are investors most interested in now? Darrow: It’s a mixed bag when it comes to investor appetite. Those who raised money to buy specific types of buildings are obviously guided by what they’ve promised their investors in the form of return profiles and risk. Core funds, for example, can’t just switch to value-add or …

September 13, 2022

Development Industrial Texas

Alliance Industrial Breaks Ground on 157,450 SF Spec Project in Buda, Texas

by Taylor Williams September 12, 2022

BUDA, TEXAS — Alliance Industrial has broken ground on Corridor Commerce Center, a 157,450-square-foot speculative industrial project that will be located in Buda, a southern suburb of Austin. Designed by Seeberger Architecture, the building will be situated on a 12-acre site along I-35 and will feature 32-foot clear heights, two drive-in doors and a ESFR sprinkler system. Completion is slated for March 2023. Transwestern will lease the property.

September 12, 2022

Acquisitions Development Industrial Texas

Colliers Negotiates Sale of 36,119 SF Warehouse, Land in Palestine, Texas

by Taylor Williams September 12, 2022

PALESTINE, TEXAS — Colliers has negotiated the sale of a 36,119-square-foot warehouse in Palestine, about 110 miles southeast of Dallas. The property sits on a 77-acre site, the undeveloped acreage of which was included in the sale. Steve Demuth and Ray Ver Hey of Staples Commercial Group represented the sellers, private investor Tom Clamon and Baylor University, which respectively own the building and the land, in the transaction. Judy Beebe and Blake Gibson of Colliers represented the buyer, Perfect Life TX LLC, a provider of fragrances and flavors that plans to build a manufacturing plant at the site.

September 12, 2022

Civic Development Midwest Minnesota

Kraus-Anderson Breaks Ground on $33.7M Elementary School in Virginia, Minnesota

by Kristin Harlow September 12, 2022

VIRGINIA, MINN. — Kraus-Anderson Duluth has broken ground on a new elementary school for Rock Ridge Public Schools in Virginia, a city in Northeast Minnesota. Named North Star Elementary School, the property will be located at 411 S. 5th Ave. The $33.7 million project will rise three stories and serve students in grades 3-6. Cuningham Group designed the school in collaboration with local design firm ARI. Special features will include a second-floor outdoor learning patio and collaborative learning spaces. An existing gymnasium at the property will be rebranded. Completion is slated for the end of 2024.

September 12, 2022

Affordable Housing Development Midwest Multifamily Wisconsin

Newcap Completes 45-Unit Mixed-Income Development in Marinette, Wisconsin

by Kristin Harlow September 12, 2022

MARINETTE, WIS. — Newcap Inc. has completed Trolley Station Terrace in Marinette, about 55 miles north of Green Bay. The mixed-income housing development features 38 units for residents earning up to 60 percent of the area median income and seven market-rate units. The property also offers social services for veterans and persons with disabilities. Nine of the units are designated for veterans and individuals who have permanent developmental, physical, sensory, medical or mental health disabilities. Amenities include a community room, computer lab, reading room, storage units, dog wash and internet. The development team included Crown Court Properties Ltd. as co-developer, McGann Construction Inc. as general contractor, Dimension IV Madison Design Group as project architect and Lutheran Social Services as property manager. The total project cost was $10.2 million. Hunt Capital Partners provided $6.3 million in federal low-income housing tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 37. The fund includes eight investors, including CVS Health. Trolley Station Terrace also benefits from funds from the HOME Investment Partnerships Program, which is a federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. Additionally, Merchants Capital Corp. provided a $1.8 …

September 12, 2022

Development Loans Multifamily Utah Western

Square Mile Provides $61.8M Construction Loan for Multifamily Development in Salt Lake City

by Amy Works September 12, 2022

SALT LAKE CITY — Square Mile Capital Management has originated a $61.8 million loan to finance the ground-up development of 375 West Whitney Avenue, a 264-unit apartment community in Salt Lake City. The borrower is Minneapolis-based Roers Cos., a full-service real estate development firm that has developed 50 properties totaling 5,400 units. Gary Sefcik and Phillip Gause of Marcus & Millichap arranged the financing. Upon delivery, the six-story 375 West Whitney will feature 12 studios, 157 one-bedroom units, 90 two-bedroom units and five three-bedroom units. All units will feature quartz countertops, stainless steel appliances, luxury vinyl tile flooring and expansive views. Community amenities will include a rooftop sky lounge and club room with mountain views, a golf simulator, group/game room, fitness center, yoga studio, an outdoor pool and underground parking.

September 12, 2022

Development Multifamily Southeast Tennessee

DLP Capital, Compass Ventures to Develop $49M Multifamily Project in Sevierville, Tennessee

by John Nelson September 12, 2022

SEVIERVILLE, TENN. — DLP Capital and Compass Ventures have partnered to develop Villas at Sevierville, a $49 million multifamily community in East Tennessee. The 224-unit apartment property will be situated on 18 acres at the intersection of Veteran Boulevard and Center View Road in close proximity to the Dollywood theme park and at the foothills of Great Smoky Mountains National Park. Villas at Sevierville will feature a 5,800-square-foot clubhouse surrounded by eight three- to four-story residential buildings, each with 28 two- to three-bedroom apartments averaging 1,300 square feet in size. DLP Capital and Compass Ventures expect to deliver the first units in early 2024.

September 12, 2022

Development Maryland Southeast Student Housing

Gilbane Completes 978-Bed Student Housing Development Near University of Maryland

by John Nelson September 12, 2022

COLLEGE PARK, MD. — Gilbane Development Co. has completed TEMPO, a 978-bed student housing community in College Park serving students attending the University of Maryland. The eight-story building offers 296 units in studio, one-, two-, three-, four- and five-bedroom configurations. Each unit is fully furnished and features bed-to-bath parity. Shared amenities at TEMPO include a swimming pool; three outdoor courtyards; a rooftop deck with a fire pit and TVs; a fitness center; podcast and video studio; yoga studio; multi-sport simulator; makerspace with a 3D printer; game lounge with pool tables; study lounge; coffee bar; bike storage; and free shuttle service to the university’s campus. Asset Living manages the property, which opened on Aug. 19 ahead of University of Maryland’s fall 2022 semester.

September 12, 2022

Development Kansas Midwest Office

Occidental Management Launches Coworking Concept at Aspiria Campus in Overland Park, Kansas

by Kristin Harlow September 9, 2022

OVERLAND PARK, KAN. — Occidental Management has launched a 45,000-square-foot coworking space at its Aspiria office campus in Overland Park. Named Aspiria NOW, the coworking concept provides members with multiple membership options and workspace configurations. Amenities included in the membership packages include onsite Wi-Fi, free covered parking, printing allowances, fully equipped conference rooms, 24/7 security, dining options and free membership to the fitness center. Occidental hired coworking expert Robert Curland to help launch and run Aspiria NOW.

September 9, 2022

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