Development

AHV Communities Expands into Seattle Market with Duvall Village Apartment Development

by Amy Works April 14, 2021

DUVALL, WASH. — AHV Communities is developing Duvall Village, its first multifamily community in the Seattle market. Located in the northeastern suburb of Duvall, the property will include 99 three-story townhomes designed in cottage and farmhouse styles. Milbrant Architects designed the community, which offers two-, three- and four-bedroom layouts with 2.5 to 3.5 baths, two-car garages and private fenced yards. Units will feature quartz countertops, stainless steel energy-efficient appliances, luxury flooring and walk-in closets. Smart unit features will include modern LED recessed lighting and smart Alarm.com panels by GreenMarbles with smart door locks, as well as Wi-Fi thermostats and garage door openers. Community amenities will include a tot lot and outdoor fitness equipment, as well as access to the Snoqualmie Valley Trail and Snoqualmie River. Thrive Communities will provide on-site management and leasing for the property, which is located at 14301 Railroad Way NE. Leasing is slated to commence in June, though the estimated completion timeline was not disclosed.

April 14, 2021

Development Industrial Self-Storage Texas

Brookwood Properties Completes 1,500-Unit Self-Storage Facility in Austin

by Taylor Williams April 14, 2021

AUSTIN, TEXAS — Developer Brookwood Properties LLC has completed a 1,500-unit self-storage facility at 4500 S. Congress Ave. in Austin. Buffalo, N.Y.-based LifeStorage is managing and operating the three-story, Class A facility, which spans approximately 146,500 net rentable square feet. Kansas-based Kaufman Design served as the project architect, and Louisiana-based Rosehill Construction served as the general contractor. The facility is Brookwood’s fifth in the Austin area and 11th in Texas.

April 14, 2021

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Olshan Properties, O’Connor Capital Break Ground on 221-Unit Senior Living Project in The Bronx

by Taylor Williams April 14, 2021

NEW YORK CITY — A joint venture between development and investment firm Olshan Properties and New York City-based O’Connor Capital Partners has broken ground on Parkchester Gardens, a 221-unit affordable senior living project in the Parkchester area of The Bronx. Units will be reserved for renters earning 50 percent or less of the area median income. Wells Fargo is financing the project in conjunction with the New York City Housing Development Corp. and the Department of Housing Preservation & Development. Completion is slated for the middle of 2023.

April 14, 2021

Alabama Development Multifamily Southeast Top Stories

WSS Development Breaks Ground on $100M Luxury Apartment Project in Huntsville, Alabama

by Kristin Harlow April 14, 2021

HUNTSVILLE, ALA. — WSS Development LLC has broken ground on 2020 at Providence, a $100 million luxury apartment project in Huntsville. The development is situated within the larger 305-acre Village of Providence master-planned community. Located at the intersection of Providence Main Street and Town Center Drive, 2020 at Providence will feature 360 luxury apartment units and 20,000 square feet of ground-floor retail space. More than 70 percent of the retail space has been leased to Starbucks, The Cajun Steamer, Oh Crepe and an unnamed breakfast and lunch concept. Amenities will include a rooftop pool, rooftop fitness center, covered parking deck, high-speed elevators and an electronic package delivery system. The project team includes Humphreys & Associates Contractors LLC, Riverstreet Architects, Goodwyn Mills Cawood and Geo Solutions. BancorpSouth provided financing and Spaces Management will serve as property manager. Completion is slated for the end of 2022. The surrounding Village of Providence, which Duany, Plater-Zyberk & Co. designed and WSS developed, is home to hundreds of single-family homes, townhomes and a town center that includes more than 800,000 square feet of office, restaurants, retail and hotels. “The broader Huntsville market is experiencing unprecedented growth from both a rent and employment standpoint,” says Marc …

April 14, 2021

Development Florida Loans Multifamily Southeast

Estate Cos. Receives $29.5M in Construction Financing for Hotel Redevelopment in South Florida

by Julia Sanders April 13, 2021

HIALEAH, FLA. — The Estate Cos., a developer of multifamily projects throughout South Florida, has received approximately $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah. Centennial Bank provided approximately $22.45 million in construction financing, and LV Lending provided a $7 million mezzanine loan. The hotel will be transformed into Alture Westland, a four-story garden-style community with 251 rental units and 5,522 square feet of commercial space. Construction is underway, and completion is scheduled for the fourth quarter. The Estate Cos. acquired the five-acre site for $15.3 million in August 2020 and received site plan approval in December. The community will include 245 studios and six one-bedroom units ranging in size from 340 to 600 square feet. Community amenities will include a pool with sundeck, fitness center and clubhouse. Monthly rents will start in the $1,200s. Alture Westland is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit. The adaptive reuse development is the first project to be introduced as part of the new Alture brand of The Estate Cos., which focuses on value-add opportunities and repositioning older assets.

April 13, 2021

Acquisitions Affordable Housing Development District of Columbia Multifamily Southeast

Feldman Ruel Arranges $4.2M Sale of Land in D.C., Buyers Plan Mixed-Use Affordable Housing Project

by Julia Sanders April 13, 2021

WASHINGTON, D.C. — Feldman Ruel Urban Property Advisors has arranged the $4.2 million sale of 4618 14th Street NW, a 25,153-square-foot development site located directly across the street from WMATA’s planned redevelopment of the Northern Bus Garage in Washington, D.C. Heleos, a Washington, D.C.-based affordable housing developer, bought the site in partnership with a local performing arts nonprofit. Josh Feldman and Ian Ruel of Feldman Ruel marketed the property on behalf of the seller, Raymar Corp., which had controlled the property since 1964. The sale represents the final parcel in Raymar’s portfolio. The new ownership plans to construct 99 multifamily units at the site, with 66 of those units set aside for residents making up to 60 percent of the area median income (AMI) and approximately 20 three-bedroom units designed for families. The new owners also plan to include solar panels in an effort to make the project a net-zero energy building. The site currently includes a commercial property leased to a local furniture store on the first level and a dance studio on part of the second level. The project will be branded as Dance Loft at 14th and will include up to 16,000 square feet of ground-floor retail …

April 13, 2021

Development Healthcare Hospitality New York Northeast

Fleet Financial Group to Develop 104,000 SF Healthcare Facility in Queens

by Taylor Williams April 13, 2021

NEW YORK CITY — New York-based Fleet Financial Group will develop Eastern Mirage Medical Center, a 104,000-square-foot healthcare facility in the Flushing neighborhood of Queens. The facility will be located within an 18-story building that will also house a 208-room hotel with amenities including a pool, spa, fitness center and meeting rooms. The healthcare facility is slated to open in the third quarter, the same time that Fleet Financial expects to deliver the building.

April 13, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Salmon Health Prepares to Open 57-Acre Campus in Medway, Massachusetts

by Taylor Williams April 13, 2021

MEDWAY, MASS. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not disclosed.

April 13, 2021

Development Multifamily New York Northeast

JK Equities Receives Municipal Approval for 54-Unit Apartment Project in Roslyn, New York

by Taylor Williams April 13, 2021

ROSLYN, N.Y. — Locally based developer JK Equities has received approval from the Village of Roslyn, located on Long Island, to proceed with construction of a 54-unit apartment project at 281-301 Warner Ave. The site is zoned for commercial use and currently houses vacant retail space; the new building will also feature retail space on the ground floor. Mojo Stumer Associates is the architect for the project, which will also feature 104 parking spaces. Construction is scheduled to begin in the third quarter and to be complete early in the second quarter of 2023.

April 13, 2021

Affordable Housing Colorado Development Multifamily Western

Mile High, Brinshore Break Ground on 103-Unit Affordable Multifamily Project in Denver’s Capitol Hill

by Amy Works April 12, 2021

DENVER — Denver-based Mile High Development and Chicago-based Brinshore Development, as co-developers, have broken ground on Capitol Square Apartments, an affordable multifamily community in Denver’s Capitol Hill neighborhood. Completion is slated for 2022. Designed by KTGY, the six-story property will feature 103 income-restricted apartments, with 73 one-bedroom units and 30 two-bedroom units. A U-shaped building design opens the interior units and courtyard to views of the Denver Art Museum and mountains. All apartments will be income-restricted to households earning 40 percent to 80 percent of the area median income. Community amenities will include a leasing office, community space, fitness room and a second-floor outdoor terrace. Additionally, the property will feature parking for 68 vehicles at the ground and basement levels. The city and county of Denver provided $1.5 million in financing from the Affordable Housing Fund toward the $33.9 million project. The development also received public finance funds from the Colorado Department of Local Affairs. Additionally, the Colorado Housing & Finance Authority provided 4 percent federal and state tax credits and is issuing the bonds for the building.

April 12, 2021

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