NEW BEDFORD, MASS. — New Hampshire-based developer True Storage has completed a 627-unit self-storage facility in New Bedford, located south of Boston, that will be operated under the Extra Space Storage brand. The facility totals 55,600 net rentable square feet. True Storage acquired the site, which previously housed a recycling distribution center for Parallel Products, in 2020 and converted it to self-storage use.
JERSEY CITY, N.J. — Developer KRE Group has begun leasing 351 Marin, a 38-story, 507-unit apartment community in downtown Jersey City. KRE Group developed the property, which was designed by Hollwich Kushner and HLW Architects, in partnership with Northwestern Mutual. Units come in studio, one- and two-bedroom formats, and amenities include a pool, 24-hour fitness center with yoga and spin studios, outdoor grilling stations, entertainment kitchen, movie and screening room, game room and a children’s play area. Rents start at $2,650 per month for a studio apartment. Move-ins are scheduled to begin in December.
MARLBOROUGH, MASS. — Dallas-based Lincoln Property Co. has received approval from the City of Marlborough, located west of Boston, for the development of a 120,600-square-foot industrial project that will be situated on a 12.3-acre site. Building features will include a clear height of 32 feet and 10 loading docks. Construction is scheduled to begin in the first quarter of next year, and the development team expects the space to be available for occupancy by the end of 2022.
AURORA, COLO. — Prime West has received $90.4 million in combined joint venture equity and construction financing for Claro at High Point, an apartment community located within an Opportunity Zone in Aurora. JLL Capital Markets worked on behalf of the developer and borrower to arrange Opportunity Zone joint venture equity through Bridge Investment Group Holdings, along with securing construction financing from a national bank. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team represented the developer in the financing and equity transaction. Situated within the High Point master-planned community, Claro at High Point will feature 365 apartments in a mix of one-, two- and three-bedroom floor plans with balconies or patios, central air conditioning, full-sized washers/dryers, kitchen islands and dishwashers. On-site amenities include a pool and spa with cabanas, co-working area, clubhouse, controlled entry, fitness center, off-leash dog park, dog wash and a bike repair and ski tune shop. RATIO Architects is serving as project architect and Catamount Constructors is serving as general contractor for the project. Completion is slated for summer 2023.
FAIRFIELD, CALIF. — Sundt Construction Inc. has completed construction of The Ridge at Paradise Valley Estates, an eight-acre life plan community in the Bay Area city of Fairfield. The Ridge features a mix of 70 cottages and villas. The private cottages have two bedrooms and attached garages, and the villas feature either one bedroom or two bedrooms with under-building parking. In addition to the amenities of the larger Paradise Valley Estates 76-acre community, residents can access The Ridge’s dining facility and outdoor amenities such as a learning center and outdoor café.
HUNTSVILLE, ALA. — Westbury, N.Y.-based The Kalikow Group and EYC Cos., which has offices in Charleston and Raleigh, has opened Anthem Luxury Rental Homes, a multifamily community in Huntsville. Anthem offers single-family cottages with one-, two- and three-bedroom floorplans that include private porches, backyards and two-car garages. The property also includes apartments with one-, two- and three-bedroom units that include granite countertops, side-by-side refrigerators and vinyl plank flooring. The property also offers options for environmental control such as UV air purifiers and Wi-Fi thermostats, as well as keyless entry, valet trash and Google Fiber internet in every unit. Community amenities include a 5,590-square-foot clubhouse, indoor and outdoor social club with kitchen and lounges, a 1,000-square-foot fitness center, two heated saltwater pools, 24/7 package locker system, private micro-offices and a conference room. Located at 740 Plummer Road, the property is situated seen miles from downtown Huntsville, 7.3 miles from Alabama A&M University, 1.8 miles from Oakwood University and 5.8 miles from the U.S. Space & Rocket Center. The property is also located near several retailers and restaurants such as Publix, Target and Best Buy.
BIRMINGHAM, ALA. — Ready Capital has closed a $15 million loan for the acquisition, conversion, renovation and stabilization of an unnamed, 176-unit student housing property in Birmingham. The undisclosed sponsor plans to transform the property from student housing to traditional multifamily through a rebranding and renovation program. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.
BAYTOWN, TEXAS — Locally based firm Avera Cos. and AEW Capital Management will develop Kilgore Grand Parkway, a 522,135-square-foot industrial project that will be located in the eastern Houston suburb of Baytown. Situated on a 33.9-acre site near Port Houston, the building will offer 40-foot clear heights, 185-foot truck court depths, an ESFR sprinkler system and build-to-suit office space. Cushman & Wakefield is the leasing agent for the project, which is expected to be complete in the fourth quarter of 2022.
RICHARDSON, TEXAS — A joint venture between 3D Development, which has offices in Georgia, Texas and Tennessee, and St. Louis-based hotel investment and management firm Midas has opened a 123-rom Element by Westin hotel in the northeastern Dallas suburb of Richardson. The four-story hotel, which is located within a 5.2-acre mixed-use development, features suites with fully equipped kitchens. Gray Design Group served as the project architect, and MW Builders was the general contractor. Commerce Bank provided construction financing.
ATLANTA — GID Development Group, a real estate developer, owner and operator, has broken ground on the first phase of High Street, a $2 billion, 36-acre mixed-use development in Atlanta’s Central Perimeter submarket. Phase I of High Street will deliver 150,000 square feet of retail and restaurants, approximately 600 apartments, 90,000 square feet of new office space, 222,000 square feet of existing office and an approximately 7,500-square-foot lawn. Located at the intersection of Perimeter Center Parkway and Hammond Drive, High Street will be situated close to the Dunwoody MARTA Station and surrounded by the largest office submarket in the Southeast, according to GID. Upon completion of all phases, High Street will encompass 672,000 square feet of Class A office space; a 400-key hotel; 400,000 square feet of shopping, dining, fitness and entertainment; and 3,000 residential units. In September, Puttshack, a mini-golf bar and restaurant destination, was the first anchor tenant to be announced for the project, and will open as part of the first phase of High Street. The retailer will occupy a 26,000-square-foot space and feature four tech-driven, mini golf courses. Molly Morgan and Allie Spangler of JLL are leading leasing efforts for the retail portion of High Street. …
