ST. PAUL, MINN. — Ackerberg and Northland Real Estate have completed development of Alvera, a 193-unit apartment complex in St. Paul. Residential brand Common will manage the property, which is located at 337 W. 7th St. Amenities include a clubroom, outdoor deck, fitness center and resident lounge. Artist Aaron de la Cruz painted a mural along the property’s exterior. Monthly rents start at $1,077 for studios.
ATLANTA — The Housing Authority of the City of Atlanta (Atlanta Housing) has secured financing for Madison Reynoldstown, a $43.6 million multifamily development with 116 rental units that are 100 percent affordable — meaning that rental rates will be equal to or less than 30 percent of tenants’ monthly income compared to the area median income (AMI). Atlanta BeltLine Inc., the governing authority overseeing the planning and development of the Atlanta BeltLine, sold the 1.2-acre site to Atlanta Housing and Rea Ventures, an Atlanta-based multifamily development firm, for the development. Construction is expected to start soon, with the project slated for completion within 18 months. Madison Reynoldstown will include a mixture of 71 one-bed/one-bath, 36 two-bed/two-bath and nine three-bed/two-bath units in two midrise elevator buildings atop 162 structured parking spaces. The development will also include approximately 2,700 square feet of commercial space. Community amenities will include a roof deck overlooking the Atlanta BeltLine’s Eastside Trail, business center, common community rooms, fitness center, central laundry facility and public transportation access. The affordable housing development will house working families earning up to 80 percent of AMI. Located at the northeast corner of Memorial Drive and Chester Avenue, Madison Reynoldstown is situated near …
LA PUENTE, CALIF. — Meta Housing Corp., Western Community Housing Inc. and the City of La Puente have opened Arboleda Senior Apartments, an affordable, 74-unit multifamily community for adults age 62 years and older. The property features one- and two-bedroom units with rents ranging from 40 percent to 70 percent below market rate. Meta Housing partnered with Bank of America, California Community Reinvestment Corp., Los Angeles County Development Authority and the California Tax Credit Allocation Committee to finance the project.
AUSTIN, TEXAS — Multifamily developer Wood Partners has broken ground on Alta Blue Goose, a 300-unit apartment community in East Austin. The property will offer one-, two- and three-bedroom units with stainless steel appliances, tile backsplashes and individual washers and dryers. Select units will also feature smart technology packages. Amenities will include a pool, outdoor grilling and picnic areas, a fitness center, business and conference centers and a dog park. Preleasing is expected to begin in late 2022, with the opening to follow shortly thereafter.
CHICAGO — Skender has completed the interior buildout of 43,000 square feet of spec suites in the North building of the Old Post Office in Chicago’s West Loop. A spec suite is ready for move-in and saves tenants the time that is typically associated with office buildouts. The 11 divisible office suites provide lease options ranging from 1,000 to 7,000 square feet. The accompanying amenity space includes two conference rooms, a reading room and library. As with most of the space in the redeveloped Old Post Office, the new spec suites feature unique historic touches, including mosaic tiles and salvaged doors. Skender worked closely with building owner 601W Cos., architect Partners by Design and project manager JLL.
CULVER CITY, CALIF. — A joint venture between The John Buck Company (JBC) and 3 Mile Radius (3MR) Capital is set to break ground on 11111 Jefferson, a $210 million mixed-use project located roughly 10 miles outside Los Angeles in Culver City. The five-story development will include 230 units of multifamily above 55,000 square feet of retail space, 11,450 square feet of second-floor office space and parking for more than 650 vehicles. Plans for the project also include a 13,000-square-foot open courtyard and a 30,000-square-foot public park along Machado Road. The site is currently home to retail space occupied by Coco’s restaurant, an auto repair garage and a post office. Thorofare Capital Inc. recently provided $34.1 million in pre-development acquisition financing to the joint venture for an anticipated groundbreaking in 2022. David Perlman of Thorofare originated the loan and Jacob Yi and Paul Kim led underwriting and executed closing for the financing. JBC is a real estate investment, development and operating company focused on major U.S. markets. Since its inception, the Chicago-based company has acquired, developed or redeveloped over 47 million square feet of office, multifamily and mixed-use properties. Los Angeles-based 3MR Capital is a privately held real estate firm …
DURHAM, N.C. — New York-based Oxford Properties Group has acquired Research Commons, a life sciences campus within Research Triangle Park in Durham, as well as an adjacent parcel located at 78 TW Alexander Drive for a total of $158.6 million. By combining the two sites and building three new life sciences facilities totaling 510,000 square feet, Oxford plans to ultimately develop a 940,000-square-foot innovation campus that will house various life sciences firms. The construction timeline was not disclosed. Located at 79 TW Alexander Drive, Research Commons is a 430,000-square-foot, five-building campus with an additional 18 plus acres of developable land. The existing campus is well-leased to a diverse tenant roster across life sciences industries, and is anchored by Grifols, a Los Angeles-based global pharmaceutical manufacturer. At this site, Oxford plans to use the more than 18 acres of vacant land for the development of two dedicated life sciences buildings. Additionally, the firm plans to convert two existing buildings wholly to life sciences tenants as vacancies materialize. For 78 TW Alexander Drive, Oxford plans to build a 95,500-square-foot Current Good Manufacturing Practice (cGMP) facility to be developed on the 14.5-acre parcel of land adjacent to Research Commons.
HOUSTON — Locally based development and investment firm The Dinerstein Cos. has opened Aspire Post Oak, a 40-story multifamily tower in Houston’s Post Oak neighborhood. The property features 383 units in one-, two- and three-bedroom formats and 18,000 square feet of retail and restaurant space. The amenity package consists of a pool, spa, fitness center with a yoga studio, dog park, sports lounge with a golf simulator, package locker system with refrigeration capabilities, outdoor kitchens and lounges and various other gathering and event spaces. Gensler designed the project. Rents start at $1,983 per month for a one-bedroom unit.
ELMHURST, ILL. — LMC, a wholly owned subsidiary of Lennar Corp., has completed development of The Fynn in Elmhurst, a western suburb of Chicago. BKV Group designed the eight-story, 212-unit apartment development, which is located at 183 N. Addison Ave. BKV provided planning and pre-development services and led all engineering, architecture, interior design and landscape architecture. Amenities include a pool, community lounge, coworking stations, fitness center, exercise studio, dog run and sky club. Monthly rents start at $1,815. Residents can now receive up to two months of free rent.
WEST CHICAGO, ILL. — Peak Construction Corp. has broken ground on the second phase of DuPage Business Center in West Chicago. Scannell Properties is the developer for the 250,100-square-foot speculative warehouse, which will feature a clear height of 32 feet, 30 dock positions, four drive-in doors and parking for 208 cars and 95 trailers. The facility is designed to accommodate up to four tenants. Completion is slated for the third quarter of 2022. The project team includes SpaceCo, Ware Malcomb and IMEG. Cory Ramey and Shamus Conneely of John Greene Industrial will market the project for lease.
