Development

Kaplan Buys Three Land Sites for a Total of $17.3M, Plans to Develop Build-to-Rent Townhomes

by Julia Sanders July 16, 2021

MIAMI AND ATLANTA — Kaplan Residential, a multifamily developer with offices in Miami and Atlanta, has acquired three land sites in Georgia and Florida for the development of three build-to-rent townhome communities. The firm acquired two sites in metro Atlanta totaling more than $11 million and a 30-acre parcel in Venice, Fla., for nearly $6 million for a total of approximately $17.3 million. The first metro Atlanta acquisition is located at 3960 Redan Road in Stone Mountain, about 15 miles east of downtown Atlanta. Paideia School sold the land to Kaplan for $6.5 million. Shea Meddin of Cushman & Wakefield facilitated the sale. Brock Built Homes will serve as Kaplan’s co-general partner and general contractor for the new development. The other metro Atlanta property is located at 9570 Dallas Acworth Highway in Dallas, 37 miles northwest of downtown Atlanta. An entity doing business as AHA-Paulding LLC sold the land to Kaplan for $4.8 million. Patrick Taylor of ACI Capital Partners Inc. arranged the sale. New Wave Loans provided an undisclosed amount of financing to Kaplan. Lastly, the Southwest Florida site is located at 2201 Knights Trail Road in Venice. Rowco Development Co. LLC sold the land for approximately $6 million. …

July 16, 2021

Kval-Titan-Innovation-Business-Park-Hutto

Development Industrial Leasing Activity Texas

Titan Development Launches Phase II of Metro Austin Industrial Park, Signs Kval to 52,500 SF Lease

by Taylor Williams July 16, 2021

HUTTO, TEXAS — Titan Development has launched Phase II of Titan Innovation Business Park, located in the northern Austin suburb of Hutto, with the acquisition of 100 acres that will ultimately be developed into six buildings. Titan has negotiated a 52,500-square-foot build-to-suit lease with Kval Inc., a manufacturer of door machinery, as the inaugural tenant of Phase II. Construction of Kval’s facility, which is expected to bring about 80 new jobs to the area, is scheduled to begin in August and to last about a year. This is the fifth project funded by Titan Development’s Real Estate Fund II, which focuses on investments in the industrial and multifamily spaces.

July 16, 2021

Development Indiana Midwest Multifamily

TWG to Develop $41M Apartment Community in Westfield, Indiana

by Kristin Harlow July 16, 2021

WESTFIELD, IND. — TWG has unveiled plans to develop a $41 million apartment community within the Chatham Hills master development in Westfield, about 25 miles north of Indianapolis. The project will consist of 250 total units spread across two buildings. Units will vary in size from 750 to 1,400 square feet, and monthly rents will range from $1,100 to $1,750. Amenities will include a pool, grilling area, dog park, lounge area, yoga studio, business center and fitness center. First Financial Bank is providing project financing. Construction is expected to begin this month, and the first units are scheduled to open in summer 2023.

July 16, 2021

Arizona Development Multifamily Western

High Street Residential Breaks Ground on 310-Unit Smith & Rio Multifamily Community in Tempe

by Amy Works July 16, 2021

TEMPE, ARIZ. — High Street Residential has broken ground on Smith & Rio, an apartment property located at 1979 E. Rio Salado Parkway in Tempe. Situated on 3.4 acres, the five-story development will feature 310 apartments in a mix of studio, one- and two-bedroom floor plans, including a selection of one-bedroom options with additional den/home office space. Residents will have access to amenities including a fifth-floor sky lounge; two outdoor courtyards; a dog park and pet lounge; a large work-from-home area with individual workspaces; pool; spa; fitness center; and water features throughout the outdoor spaces. Construction is slated for completion in 2023.

July 16, 2021

California Development Loans Retail Western

JLL Arranges $23M Loan for Crossroads Plaza Shopping Center Redevelopment in Pico Rivera, California

by Amy Works July 16, 2021

PICO RIVERA, CALIF. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. Located at 9050-9200 Whittier Blvd., the center sits on a 10.4-acre site that is positioned 13 miles southeast of downtown Los Angeles. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot that terminated its lease in 2019 after 30 years. The building has been leased to three unnamed national soft goods retailers. The center is shadow anchored by Superior Grocery, an independent grocery store chain based in Southern California.

July 16, 2021

Development Multifamily South Carolina Southeast Student Housing

CRG, Landmark Break Ground on 678-Bed Student Housing Tower Near USC in Columbia

by Julia Sanders July 15, 2021

COLUMBIA, S.C. — CRG and Landmark Properties have broken ground on The Standard at Columbia, a 17-story student housing tower in Columbia. The property will be located on the corner of Washington and Assembly streets close to the University of South Carolina (USC). Construction is slated to be complete in fall 2023. The Standard will include 247 fully furnished units totaling 678 beds. The student housing development will offer a mix of studio, one-, two-, three-, four- and five-bedroom apartments across nearly 443,000 square feet. Community amenities will include a rooftop pool, hot tub, grilling stations, jumbotron TV, fitness and wellness center, golf simulator, game-day lounge and group and private study lounge space. Preleasing will start in the fall of 2022. Citizens Bank provided construction financing for the project. Lamar Johnson Collaborative designed the project, while CRG’s parent company, Clayco, will serve as the general contractor. CRG is a privately held real estate development firm based in St. Louis.

July 15, 2021

Affordable Housing Development Illinois Multifamily Seniors Housing Top Stories

Evergreen, Synergy, Chicago Housing Authority Complete $81M Affordable Seniors Housing Community

by Julia Sanders July 15, 2021

CHICAGO — Evergreen Real Estate Group, Synergy Construction Group and the Chicago Housing Authority have completed construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on the north side of Chicago. The property was previously the Ravenswood Hospital, which was built in 1974 and fell vacant in 2002. The redevelopment project cost $81 million and took a year-and-a-half to complete. Located between Damen and Ravenswood avenues, Ravenswood Senior Living is a 10-story building that is situated close to public transit, including the Damen and Montrose Brown Line stations and the Ravenswood Metra stop. The seniors housing property has 74 one-bedroom independent living apartments for Chicago Housing Authority residents, as well as 119 units for participants in the Illinois Supportive Living Program, an alternative to nursing home care that is administered by the Illinois Department of Healthcare and Family Services. While the two communities are in the same building, the facilities have separate entrances and operate independently from each other. Evergreen is managing the independent living community, located at 4515 N. Winchester Ave., while Asbury Healthcare will operate the supportive living community, located at 1922 W. Sunnyside Ave. The independent living portion of the property …

July 15, 2021

Polaris-Wadsworth-Station-Apts-Broomfield-CO

Colorado Development Loans Multifamily Western

JLL Arranges $50M in Construction Financing for Polaris Wadsworth Station Apartments Near Denver

by Amy Works July 15, 2021

BROOMFIELD, COLO. — JLL Capital Markets has arranged a $50 million construction loan for the development of Polaris Wadsworth Station Apartments, a multifamily property in Broomfield. The borrower and developer is Mountain View Capital. Kristian Lichtenfels of JLL Capital Markets secured the five-year, floating-rate loan with a national bank. Slated for completion in January 2023, Polaris Wadsworth Station will feature 276 one-, two- and three-bedroom units averaging 869 square feet. Apartments will feature in-unit washers/dryers, walk-in closets, smart unit packages and balconies/patios. Community amenities will include courtyards, a fitness facility and property-wide Wi-Fi.

July 15, 2021

California Development Industrial Western

Birtcher Development Breaks Ground on 125-Acre Industrial Campus in California’s Inland Empire

by Amy Works July 15, 2021

CALIMESA, CALIF. — Birtcher Development has broken ground on Birtcher Oak Valley Commerce Center, a 125-acre, ground-up industrial development at Singleton and Roberts roads in Calimesa. Birtcher is developing the project with QuadReal Property Group. Totaling 2.2 million square feet, the development will consist of four Class A industrial buildings offering 40-foot clear heights, flat floor and a minimum of 185-foot truck courts. Completion of the 1.2-million-square-foot first phase is scheduled for second-quarter 2023, with the 1-million-square-foot second phase slated for completion in third-quarter 2023. The project team includes HPA, Proactive Engineering Consultants West, Albert A. Webb Associates, Alta California Geotechnical and Southern California Geotechnical. The site’s previous owner, Oak Valley Development Co., owned the property since 1997 and obtained entitlements for the project in first-quarter 2021. Oak Valley Development Co. will deliver the offsite and road infrastructure for the project in addition to the building pads for Birtcher’s vertical development. Oak Valley Development Co. plans to develop an 80-acre retail center immediately adjacent to Birtcher Oak Valley Commerce Center. Herb Grabell and David Burback of Kidder Mathews and Mike McCrary, Peter McWilliams, Patrick Wood and Scott Coyle of JLL handled the sales transaction.

July 15, 2021

Development Industrial Northeast Pennsylvania

DHL Supply Chain to Open 970,000 SF Distribution Center in Lebanon, Pennsylvania

by Taylor Williams July 15, 2021

LEBANON, PA. — Third-party logistics company DHL Supply Chain will open a 970,000-square-foot distribution center in Lebanon, an eastern suburb of Harrisburg. DHL Supply Chain is both the developer and end user of the project, which will be part of a larger, two-building development. The project is expected to generate $88 million in capital investment for the region and add about 200 jobs to the local economy. Construction of the first facility is expected to begin in mid-July and to be complete in the first quarter of 2022.

July 15, 2021

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