WEST HARRISON, N.Y. — Toll Brothers Inc. (NYSE: TOL), in a joint venture with J.P. Morgan Global Alternatives, has completed Carraway, a 421-unit apartment community in West Harrison, about 30 miles north of New York City. The property offers studio, one- and two-bedroom units that are furnished with quartz countertops, marble-style backsplashes and wood-style flooring. Communal amenities include a pool, fitness center, private workspaces, resident clubroom and a private dining room. Rents start at $1,275 per month for a studio unit, according to Apartments.com.
LYNN, MASS. — Locally based developer The Procopio Cos. has begun leasing Caldwell, a 259-unit apartment complex in the northern Boston suburb of Lynn. The property offers studio, one- and two-bedroom units with quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, rooftop terrace and a lounge area with a bar. Rents start at roughly $1,600 per month for a studio unit.
TOLLESON, ARIZ. — The Phoenix business unit of Trammel Crow, in partnership with Clarion Partners, has purchased a 25-acre site for the development of Tolleson 107 Logistics Center. Terms of the acquisition were not disclosed. Located in Tolleson, the 332,075-square-foot logistics facility will include 4.6 acres dedicated to retail space. Butler Design Group designed the asset, which will feature 36-foot clear heights, concrete truck courts, four point of access, 52-foot by 52-foot column spacing with 60-foot speed bays, 266 car parking stalls, 54 trailer parking stalls and an ESFR sprinkler system. Groundbreaking is slated for April, with tenancy ready by year-end. Phil Haenel, Andy Markham and Mike Haenel of Cushman & Wakefield are handling leasing of the project.
DALLAS — Dallas-based De La Vega Development has provided updates on Phase I of The Central, a 27-acre mixed-use project located at the former site of the Leaning Tower of Dallas. In February 2020, the building at the site, an 11-story office tower that was constructed in 1971 for Southland Corp., was demolished but did not entirely collapse, earning it the name Leaning Tower of Dallas. Phase I of The Central currently includes 350,000 square feet of office space, a 350-unit apartment community by local developer StreetLights Residential, 29,000 square feet of retail and restaurant space and a four-acre centerpiece park. Complementing this first phase, JPI is currently constructing a multifamily community, bringing an additional 430 residences to the development that are expected to be complete in the fourth quarter of 2022. The other components of Phase I are expected to be complete in early 2024. Falcon Realty Advisors has been tapped to lease the retail and restaurant space.
NEW BRAUNFELS, TEXAS — Locally based developer Koontz Corp. has broken ground on The Moderno, a 280-unit multifamily project in the San Antonio suburb of New Braunfels. The 28-acre property will be developed in two phases and will consist of 10 buildings offering one- and two-bedroom units. Residences will feature stainless steel appliances, quartz countertops and private balconies. Amenities will include a pool, fitness center, outdoor grilling area and a resident clubhouse. Houston-based Garcia + Associates is the project architect. Completion of Phase I is scheduled for March 2022.
CARSON, CALIF. — CT Realty and Clarion Partners have commenced construction of South Bay Logistics Center, a Class A industrial facility in Carson. Located at 333 W. Gardena Blvd., the single-tenant, 145,840-square-foot building will feature 25 dock-high positions, 36-foot clear heights, a 144-foot secure truck yard, an ESFR K-25 sprinkler system, 5,500 square feet of modern two-story office space and ample parking. Completion is slated for this fall. Danny Williams, Barry Hill and John McMillan of Newmark are listing agents for the project.
HAPPY VALLEY, ORE. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on behalf of a joint venture between The Springs Living and Harrison Street Real Estate Capital. CBRE secured a five-year, floating-rate loan with four years of interest-only payments from a consortium of banks, including a regional bank and a national bank, in a participated loan format.
NEW YORK CITY — Los Angeles-based CIM Group has completed construction of 111 Montgomery, a 163-unit multifamily condominium building in Brooklyn’s Crown Heights neighborhood. The 12-story property is located adjacent to the 52-acre Brooklyn Botanic Garden and Prospect Park. Units feature studio, one-, two- and three-bedroom floor plans, with select units offering private balconies/patios. Amenities include a resident lounge, fitness center and a children’s play area.
ATLANTA — CGI Merchant Group LLC (CGI), a global investment management firm, will invest $30 million to convert existing facilities at Morris Brown College in Atlanta into an upscale, 150-room hotel and hospitality management training complex. Construction of the 90,000-square-foot facility is expected to begin later this year. The investment was made through CGI’s new $650 million Hospitality Opportunity Fund, whose goal is to acquire 20 hotels in North America and the Caribbean over the next three years. Morris Brown was founded in 1881 and is the first college in Georgia to be owned and operated by African Americans. The college is located within a one-mile radius from other Historically Black College and Universities (HBCU) Morehouse College, Spelman College and Clark Atlanta University. The campus sits next to Mercedes Benz Stadium, home arena of the Atlanta Falcons and Atlanta United. The hotel, which will be branded under the Tapestry Collection by Hilton, will feature two food and beverage outlets, an outdoor terrace and instructional space for the school’s hospitality students. With this investment, Morris Brown is the only HBCU nationwide with both a flagged hotel and a hospitality management training program on its campus. Hilton Worldwide Holdings Inc. will serve …
HAGERSTOWN, MD. — PCCP LLC and Panattoni Development Co. Inc. have partnered in a joint venture to acquire a 90-acre site in Hagerstown for the speculative development of Creekside Logistics Center. The project will be a fully entitled, 730,880-square-foot industrial warehouse building featuring 40-foot clear heights. Located at 16422 National Pike, the project is anticipated for completion in December. Located directly south of the Pennsylvania/Maryland border, Creekside Logistics Center sits just off Interstate 81 in an area in high demand from big box distribution tenants. The project will feature multi-modal infrastructure, low operating costs, a super-regional highway network, regional parcel and freight hubs and a concentration of third-party logistics (3PL) carriers. PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. Panattoni Development is a privately held, full-service development company based in Irvine, Calif.