Development

Larken Associates Begins Renovation of 224-Unit Apartment Community in York, Pennsylvania

by Taylor Williams August 27, 2021

YORK, PA. — New Jersey-based Larken Associates has begun renovations of The View at Mackenzi, a 224-unit apartment community in York. As part of the project, the company will add a community pool, an outdoor grilling area and a new clubhouse, with completion slated for early 2022. Units at the property feature two-bedroom floor plans and individual washers and dryers. Select units also offer stainless steel appliances, island breakfast bars and private balconies/patios. Existing amenities include a fitness center, walking trails, a dog park and package concierge services. Larken Associates acquired The View at Mackenzi in 2020.

August 27, 2021

Development Indiana Midwest Multifamily

Standard Real Estate Investments Launches Business, Provides Equity for Indianapolis Multifamily Project

by Kristin Harlow August 26, 2021

INDIANAPOLIS — Standard Real Estate Investments LP, a minority-owned real estate private equity firm focused on providing joint venture equity to developers, formally launched its business on Wednesday, Aug. 25. The company closed a majority equity investment in a 244-unit multifamily project located at 75 W. 18th St. in downtown Indianapolis. Construction recently began on the development, but a timeline for completion was not disclosed. Standard, and its Indianapolis-based joint venture partner Arrow Street Development, will build Wesley Place Apartments on the two-acre site, which is located within walking distance of the Indiana University Health Methodist Hospital. Plans call for four stories of apartments above a single-level retail and parking podium. Robert Jue and Jerome Nichols, formerly with CBRE Global Investors, are leading the new company. Standard aims to have $200 million of assets under management within 12 months through investments in four development projects.

August 26, 2021

Development Industrial New York Northeast Self-Storage

Hampshire Cos., Blumenfeld Begin Work on 691-Unit Self-Storage Facility in Roslyn Heights, New York

by Taylor Williams August 26, 2021

ROSLYN HEIGHTS, N.Y. — A joint venture between New Jersey-based developer The Hampshire Cos. and Blumenfeld Development Group has begun construction on a 691-unit self-storage facility in Roslyn Heights, located on Long Island. Extra Space Storage will manage the property, the site of which formerly housed a manufacturing plant. The facility, which will be the 44th property developed by Hampshire Cos. for Extra Space Storage in the eastern part of the country, is scheduled for completion in the second quarter of 2022.

August 26, 2021

Affordable Housing Development Multifamily Texas

Cumby Group to Add 800 Multifamily Units, 150,000 SF of Commercial Space to East Austin Supply

by Taylor Williams August 25, 2021

AUSTIN, TEXAS — Locally based developer Cumby Group will redevelop a site on Manor Road in East Austin with three adjacent projects that will collectively add more than 800 multifamily units, including 80 affordable housing residences, and 150,000 square feet of commercial space to the local supply. Cumby Group purchased the sites, which span nine acres and more than a full city block, in 2019 and 2020. Construction is underway on The Emma, a 146-unit project at 3219 Manor Road, and two buildings housing between 450 and 500 units, along with commercial space, are planned next door at 3115 Manor Road. Lastly, Cumby expects to build about 200 units at 3033 Manor Road. The projects will include space for neighborhood gatherings that could feature food trucks or farmers markets. The development’s affordable housing units will be reserved for renters earning 60 percent or less of the area median income.

August 25, 2021

Development Loans Multifamily Texas

Square Mile Capital Provides Perm Loan for 301-Unit Houston Multifamily Project

by Taylor Williams August 25, 2021

HOUSTON — New York City-based Square Mile Capital has provided a permanent loan of an undisclosed amount for Standard in the Heights, a 301-unit multifamily project in Houston. The property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, outdoor grilling areas and a lounge. The loan takes out the construction debt held by the borrower and developer, Texas-based Ojala Partners. Construction began in 2018 and was completed in November 2020. Cameron Cureton and Steve Heldenfels of JLL arranged the financing.

August 25, 2021

Development Illinois Midwest Multifamily

Equity Residential, Toll Brothers Form $1.9B Partnership to Develop Apartments

by Kristin Harlow August 25, 2021

CHICAGO AND FORT WASHINGTON, PA. — Sam Zell’s Equity Residential (NYSE: EQR) and luxury homebuilder Toll Brothers (NYSE: TOL) have formed a partnership to acquire and develop sites for new rental apartment communities in metro Boston; Atlanta; Austin, Texas; Denver; Orange County/San Diego; Seattle; and Dallas-Fort Worth, Texas. The two companies are looking to deploy $1.9 billion to take advantage of the surging demand for rentals, according to Crain’s Chicago Business. The partnership will invest about $750 million in equity, plus additional debt. Chicago-based Equity invests in apartments with a portfolio of more than 300 properties across California, Washington, D.C., New York City, Boston, Seattle and Denver. Fort Washington-based Toll Brothers builds homes in 24 states.

August 25, 2021

Development Hospitality Michigan Midwest Multifamily

Bedrock to Incorporate Roost Apartment Hotel Concept Within Book Tower Project

by Kristin Harlow August 25, 2021

DETROIT — Bedrock’s Book Tower project in Detroit will be home to Roost Apartment Hotel. The project will include 118 studios, one- and two-bedroom extended-stay apartments across four floors. The Book Tower is currently undergoing an extensive restoration and is set to reopen in late 2022 with a mix of retail, office and residential space. The Roost brand is known for bridging a boutique hotel concept with apartment-style living, according to Bedrock. Amenities include a coffee program with La Colombe, bike share program, 24-hour concierge, fitness center, coworking space and onsite housekeeping and maintenance services. Philadelphia-based hospitality company Method Co. will operate the Roost at Book Tower. Method operates several Roost locations across the country, including an upcoming outpost in Cleveland. Method will also operate several dining options at Book Tower, including two restaurants, a lobby bar/lounge and a bakery. One-night rates for the units will start at $195, according to Crain’s Detroit Business. Bedrock acquired the 486,760-square-foot Book Tower property in 2015. Designed by Louis Kamper and completed in 1926, the 38-story office tower is currently vacant. Architecture firm ODA is leading the historic renovation and interior design. Morris Adjmi Architects, which has designed all prior Roost properties, is …

August 25, 2021

SpringhillSuites-ElementHotel-Colorado-Springs-CO

Colorado Development Hospitality Loans Western

Hall Structured Finance Arranges $55.6M Construction Loan for Dual-Branded Marriott Hotel Project in Colorado Springs

by Amy Works August 25, 2021

COLORADO SPRINGS, COLO. — Dallas-based Hall Structured Finance (HSF) has closed a new first lien construction loan totaling $55.6 million to finance the development of a dual-flagged Marriott hotel property in downtown Colorado Springs. Construction is currently underway for the Springhill Suites/Element Hotel, which will offer a total of 261 guest rooms. The project is a joint venture between Olive Real Estate Group, Hotel Equities, Hotel Operations Services and Colarelli Construction. Completion is slated for spring 2022. Hotel Equities will manage the hotels upon opening. The 136-key Springhill Suites will feature all-suite guest rooms with office desks and kitchenettes. The 125-key, extended-stay Element Hotel will offer rooms with fully equipped kitchens, stainless steel appliances and eight- to 10-foot ceiling heights. Shared hotel amenities will include an open-air courtyard with lounge seating, business center, indoor pool with a whirlpool, complimentary breakfast and a fitness center. Additional amenities will include meeting and event space, a ground-floor restaurant with outdoor seating and a 6,700-square-foot rooftop bar, restaurant and lounge. John Pascal of Paramount Capital Advisors brokered the loan.

August 25, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

Davis, Boston Development Break Ground on 224,000 SF Life Sciences Project in Metro Boston

by Taylor Williams August 25, 2021

WATERTOWN, MASS. — Two locally based firms, The Davis Cos. and Boston Development Group, have broken ground on a 224,000-square-foot life sciences project in the western Boston suburb of Watertown. Designed by Elkus Manfredi Architects, the project marks Phase I of a larger campus that will ultimately include 450,000 square feet of space across two buildings. The first building will offer six private tenant spaces and amenities such as a fitness center, bike storage room and retail/café space. Completion is slated for mid-2023.

August 25, 2021

Alabama Development Mixed-Use Southeast Top Stories

Nicol Investment Starts Construction of $200M Upland Park Mixed-Use Project in Huntsville, Alabama

by Kristin Harlow August 25, 2021

HUNTSVILLE, ALA. — Nicol Investment Co. has started construction of Upland Park, a $200 million mixed-use project in Huntsville. The 60-acre project will include multifamily and senior living residences, restaurants, retail, office, entertainment and green space. Located on Enterprise Way at Cummings Research Park, Upland Park will be anchored by HQ, a creative office and retail project being co-developed with Nashville-based Vintage South. The master plan includes The Kelvin, a 301-unit apartment community; Vitality at Upland Park, a 189-unit senior living property; and The Collins, a 334-unit multifamily project featuring 150 Big House units designed by Humphreys & Partners. Big House units offer private garages and entrances. “Huntsville is a dynamic, growing city driven by the defense and aerospace industries, research and education,” says Mark Nicol, president of Nicol Investment. “The migration of national corporations and agencies flocking to this vibrant city as well as the organic growth of local businesses is remarkable, and we are eager to help facilitate Huntsville’s continued success,” adds Nathan Lyons, founder and CEO of Vintage South. Nicol is partnering with independent living, assisted living and memory care provider Vitality Living for the development and management of Vitality at Upland Park. Nashville-based Centric Architecture is …

August 25, 2021

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