Development

Fogelman Completes Redevelopment Project at 614-Unit Stewarts Ferry Apartments in Nashville

by Julia Sanders August 31, 2021

NASHVILLE, TENN. — Fogelman Properties has completed the redevelopment of Stewarts Ferry, a 614-unit multifamily community located at 8100 Stewarts Ferry Parkway in Nashville. The renovation project took 18 months, and the development cost was $1 million. Fogelman made interior and exterior upgrades, as well as made enhancements to the pool area including the addition of an outdoor kitchen, LED lighting and brick pool deck. The community also unveiled a new fitness center with equipment and workout programs. Built in 1986, Stewarts Ferry offers one- and two-bedroom apartments and townhomes with rental rates starting at $1,113. The units feature oak cabinets and vanities, washers and dryers, patios or balconies, fireplaces and walk-in closets, as well as upgraded units available for rent. Additional community amenities include two stocked fishing ponds, a lighted tennis court and a community walking trail. The property is currently 97 percent occupied.

August 31, 2021

California Development Industrial Western

Bridge Industrial Transforms Former Asphalt Factory into 415,320 SF Industrial Facility in Long Beach, California

by Amy Works August 31, 2021

LONG BEACH, CALIF. — Bridge Industrial has completed its intensive environmental remediation of 2400 E. Artesia Boulevard and construction of Bridge Point Long Beach, a 415,320-square-foot Class A industrial facility in Long Beach. Bridge acquired the property, the former home of an asphalt refinery, in 2019. Following the purchase, the company replaced the outdated facility with a sustainable, 416,000-square-foot warehouse complex with 21,000 square feet of dedicated office space. The property also features 453 parking stalls, including 104 outfitted with electric vehicle chargers; 61 trailer parking stalls; 36-foot clear ceiling heights; extensive landscaping; a solar-ready roof; and ESFR sprinkler systems. The building was pre-leased prior to its completion in August to a leading transportation and logistics provider of choice for the U.S. Postal Service for its warehousing and distribution operations. The company will begin its occupancy in September. The redeveloped site is part of the continued renewal of the Artesia Boulevard corridor and the project included substantial environmental remediation with oversight by the Southern California Regional Water Quality Control Board and South Coast Air Quality Management District.

August 31, 2021

Development Multifamily Student Housing Texas

Parallel to Develop 802-Bed Student Housing Community in College Station

by Taylor Williams August 31, 2021

COLLEGE STATION, TEXAS — Austin-based developer Parallel will build an 802-bed student housing community within the Northgate Campus area near Texas A&M University in College Station. Parallel has entered into a ground lease with the University Lutheran Church of College Station to develop the 18-story community. The property’s 298 units will be furnished with quartz countertops, stainless steel appliances, tile backsplashes and smart technology features. Amenities will include a rooftop pool and hot tubs, an outdoor theater, fitness center, sand volleyball court, outdoor kitchen areas, fire pits and other outdoor formal and informal gathering areas. Completion is slated for summer 2023.

August 31, 2021

Arizona Development Multifamily Western

Nirvana at Zanjero Buys Medical Office Condo Project for Multifamily Conversion in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — Nirvana at Zanjero LLC has acquired Zanjero Falls, a three-story, grey-shell building at 7410 N. Zanjero Blvd. in Glendale, for $10 million. Situated on 7.5 acres, the 231,272-square-foot asset features three buildings with an underground parking facility, as well as healing gardens, water features and a large pond with bridge to the main entrance. The property was originally built in 2008 as medial and office condominiums. However, due to the Great Recession of 2008, the property’s interior was never built out and it sat idle for more than 10 years through a series of owners. The buyer is developing design, architectural plans and city approvals to build an approximately 300-unit multifamily property, offering one-, two- and three-bedroom units, on the site. The first phase of construction, which is to build out the existing shell building, is slated for completion in the fourth quarter of 2022, and the second phase that includes building new detached buildings is scheduled for completion by spring/summer 2022. Sharat (Shaun) Kanaka of Paradise Valley, Ariz., represented the buyer, while Tim Dulany and Alexandra Loye of Colliers in Arizona represented the seller, SZ Real Co LCC, an Arizona limited liability company headed by a …

August 31, 2021

Development Multifamily Texas

Presidium Completes 408-Unit Apartment Community in North Fort Worth

by Taylor Williams August 31, 2021

FORT WORTH, TEXAS — Texas-based developer Presidium has completed Presidium Revelstoke, a 408-unit apartment community located near Alliance Town Center on the north side of Fort Worth. Units feature one-, two- and three-bedroom floor plans and stainless steel appliances, upscale finishes and smart technology devices. Amenities include a pool, clubhouse with a demonstration kitchen, business center with coworking spaces, billiards room and a fitness center. Project partners included O’Brien Architects, civil engineer Kimley-Horn and Provident General Contractors. Presidium Revelstoke represents Phase I of a larger development; construction of Presidium Berkshire, a 340-unit community that marks the second phase, began earlier this year. Rents start at $1,350 per month for a one-bedroom unit.

August 31, 2021

Development Midwest Minnesota Multifamily

CA Ventures, Harlem Irving Begin Pre-Leasing 270 Hennepin Apartment Tower in Minneapolis

by Kristin Harlow August 31, 2021

MINNEAPOLIS — CA Ventures and Harlem Irving Cos. have started pre-leasing 270 Hennepin, a 22-story apartment tower located at 270 Hennepin Ave. in downtown Minneapolis. First move-ins are scheduled for this fall. The project features 346 apartment units and 20,000 square feet of retail space on the first floor. In addition to floor plans ranging from studios to three-bedroom units, there are two- and three-bedroom penthouse units. Amenities include an indoor pool, outdoor sky terrace, movie theater, fitness and yoga rooms, bike storage and two levels of underground parking. Monthly rents start at $1,425. Residents can currently receive up to two months of free rent.

August 31, 2021

Acquisitions Development Industrial Southeast Virginia

Becknell Acquires 83.4 Acres in Henrico, Virginia for New Industrial Development

by Julia Sanders August 30, 2021

HENRICO, VA. — Becknell Industrial has acquired an 83.4-acre parcel within Sauer Industrial Center in Henrico with plans to construct two Class A facilities totaling more than 725,000 square feet. The sales price and seller were not disclosed. Sauer Properties is partnering with Becknell Industrial to develop the first phase of Sauer Industrial Center. Building 1 will total 446,692 square feet of cross-docked space and Building 2 will be a 279,319-square-foot rear-loaded facility. Both buildings will feature ESFR sprinkler systems, LED lighting with motion sensors and ample dock packages. Both buildings are scheduled for delivery in May 2022. Located on Seven Hills Boulevard in east Henrico County, Sauer Industrial Center is located within one mile of Richmond International Airport. Sauer Industrial Center is a master-planned industrial park spanning 3.3 million square feet. The industrial property will be complete over a span of three phases. Clifford Porter of Porter Realty Co. Inc./CORFAC International is the exclusive leasing agent for the new development and represented Becknell Industrial on the land purchase.

August 30, 2021

Acquisitions Affordable Housing Development Hospitality Midwest Missouri Multifamily

Drever Atelier Partners Acquires Former Missouri Hotel, Plans Workforce Housing Redevelopment

by Kristin Harlow August 30, 2021

BRANSON, MO. — Drever Atelier Partners has acquired Angel Inn by the Strip in southern Missouri’s Branson. The former 342-room hotel will be transformed into a workforce housing community named The Penleigh — Branson Row. In addition to 324 apartment units, the project will feature three resident lounges, a fitness center, playground, pool and pet park. The Penleigh will offer monthly rental rates around $600, along with incentives for early payment, free after-school tutoring and other social programs. Completion is slated for early 2022. Jerry Emery sold the hotel, which was originally built in 1994.

August 30, 2021

Development Iowa Midwest Multifamily Retail

Shive-Hattery, City of Marion Plan Retail Redevelopment Project

by Kristin Harlow August 30, 2021

MARION, IOWA — Shive-Hattery is working with the City of Marion on the design of a retail strip center redevelopment across one-and-a-half acres. Cedar Falls, Iowa-based Eagle View Partners and DCI Group Inc. are the developers for the project, which will convert an aging retail center into multifamily space. The first phase of the project, Broad & Main on 7th, will include 42 apartment units atop retail and restaurant space on the ground floor. The second phase, Broad & Main on 6th, will bring an additional 42 units and parking space. A timeline for construction was not disclosed.

August 30, 2021

Development Georgia Multifamily Southeast

Flournoy Breaks Ground on 298-Unit Apartment Community Adjacent to Battery Atlanta

by Julia Sanders August 30, 2021

ATLANTA — Flournoy Development Group has broken ground on a 298-unit apartment community located along Windy Ridge Parkway in Atlanta’s Cumberland-Galleria submarket. The site is adjacent to Battery Atlanta, a mixed-use village with retail, residential, dining and entertainment options that surrounds Truist Park, home ballpark of the Atlanta Braves. The yet-to-be-named apartment community will feature studios, as well as one-, two- and three-bedroom units. Community amenities will include a rooftop club and gaming terrace, swimming pool, private structured parking, fitness center and a dog park. The four-acre land parcel will include a rooftop terrace with views overlooking Battery Atlanta, approximately 7,500 square feet of retail space and a public greenspace and plaza. Construction is underway with completion scheduled for late fall 2022. Dynamik Design, Kimley-Horn, b+c Studio, Mitsch Design and contractor Flournoy Construction Group comprise the development team.

August 30, 2021

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