Development

Thompson Realty, Trez Capital Break Ground on 350-Unit Dalton Apartments in Metro Austin

by Taylor Williams October 14, 2020

PFLUGERVILLE, TEXAS — A partnership between Thompson Realty Capital and Trez Capital has broken ground on The Dalton, a 350-unit apartment community in the northern Austin metro of Pflugerville. The property will be situated on 21 acres and will offer one-, two- and three-bedroom apartments with quartz or granite countertops and stainless steel appliances. Amenities will include a pool, courtyard, communal kitchen spaces, a social bar, fitness center, independent study rooms, a dog park and outdoor walking trails. The Dalton is the partnership’s fourth project and is expected to be complete in 2021. Texas Capital Bank provided construction financing.

October 14, 2020

Development Multifamily Texas

KWA Construction Completes 246-Unit Axiom Hub 121 Multifamily Project in McKinney, Texas

by Taylor Williams October 14, 2020

MCKINNEY, TEXAS — General contractor KWA Construction has completed Axiom Hub 121, a 246-unit multifamily project located in the northern Dallas suburb of McKinney. Designed by Domus Studio Group and developed by Seneca Investments, the property spans 340,000 square feet within the Craig Ranch master-planned development. Axiom Hub 121 offers one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops, built-in workspaces and individual washers and dryers. Amenities include a pool with a tanning ledge, car wash facility, a sports lounge with a coffee bar, 24-hour fitness center, bocce ball court, Amazon package lockers and coworking space. Rents start at approximately $1,150 per month for a one-bedroom unit.

October 14, 2020

Development Florida Multifamily Southeast

Bainbridge Cos. to Manage 297-Unit Multifamily Development in Metro Orlando

by Alex Tostado October 14, 2020

MINNEOLA, FLA. — The Bainbridge Cos. has been selected to manage Minneola Hills, a multifamily community that is under construction in Minneola. VRM Cos. and Skorman Development Corp. are the developers of the asset, which spans 16.5 acres at 450 Hillside Park St., 25 miles west of downtown Orlando. Upon completion, the property will feature 297 units with a mix of one-, two- and three-bedroom floor plans. Communal amenities will include a clubhouse, fitness center, cyber café, dog park and a car washing area. The co-developers expect to deliver the community this winter. Bainbridge Cos. is based in Wellington, Fla., and operates 57 communities in five states and Washington, D.C.

October 14, 2020

Arizona Development Multifamily Western

Risi Cos. to Develop 238-Unit Crystal Cove Multifamily Community in Avondale, Arizona

by Amy Works October 14, 2020

AVONDALE, ARIZ. — Risi Cos. has purchased 9.5 acres of land at 290 La Canada Blvd. in Avondale for $1.3 million, or $136,842 per acre. Earlier this month, Risi received approval to rezone the land from commercial to high-density residential, enabling the company to develop the Crystal Cove apartment community on the site. Crystal Cove will feature 238 apartments in a mix of one-, two- and three-bedroom units. Additionally, the gated community will offer a clubhouse, swimming pool, 109 garages and additional covered parking for Avondale residents. Larry Kush of Orion Investment Real Estate represented the sellers, Robert Delacour and Dianna Costa, while Zack Mishkin of Orion Investment Real Estate represented the buyer in the land sale transaction.

October 14, 2020

Colorado Development Multifamily Western

Watermark Residential Plans 360-Unit Multifamily Community in Colorado Springs

by Amy Works October 14, 2020

COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired nearly 21 acres of land in Colorado Springs for the development of Ascent by Watermark. The three-story, resort-style multifamily community will feature 360 apartments in a mix of one-, two- and three-bedroom layouts, averaging just under 1,000 square feet. Each apartment will include gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs, full-size washers/dryers and designer light fixtures. Ascent by Watermark will offer a variety of amenities, including a clubhouse with televisions; conference rooms; technology centers; a 24-hour fitness center with Fitness On Demand and spinning rooms; swimming pool with cabanas and entertainment areas; and pet-friendly bark parks and doggie spas. Construction is slated to begin later this month, with completion scheduled for fall 2022.

October 14, 2020

Development Illinois Midwest Office Top Stories

Howard Hughes, Riverside Open 55-Story Office Tower Along Chicago River

by Kristin Harlow October 14, 2020

CHICAGO — The Howard Hughes Corp. and Riverside Investment & Development have opened 110 North Wacker Drive, a 55-story office tower situated along the Chicago River. The 1.5 million-square-foot project is the tallest office building completed in the city in the last three decades, according to the developers. Bank of America is the anchor tenant. Other opening-day tenants include real estate investment advisor Heitman, global investment bank Lincoln International and law firms Jones Day and Morgan Lewis. Construction began in summer of 2018. Although no development cost was disclosed, Bank of America and JP Morgan Chase provided a $495 million construction loan at that time. The Class A tower features a 45-foot-wide riverwalk on its ground level. The covered area, which connects two downtown pedestrian paths and a small park, offers 22,000 square feet of public space. The project features technology designed to maximize overall health and wellness. This includes best-in-class HVAC systems, advanced dispatch elevators and a customized app that provides touchless building access, transportation information, event listings and the ability to book fitness and spa activity. Several enhancements have been added to address COVID-19 concerns, including advanced secondary air filtration systems, more air changes per hour than most …

October 14, 2020

Development Florida Multifamily Southeast

Altman Cos. Delivers 350-Unit Apartment Community in Metro Tampa

by Alex Tostado October 13, 2020

ODESSA, FLA. — The Altman Cos. has opened Altis Grand at the Preserve, a 350-unit multifamily community in Odessa. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, clubhouse, fitness center, pool, spa, playground, laundry facilities and a sundeck. Rents range from $1,245 per month to $2,248 per month. The asset is situated at 2130 Leather Fern Drive, 24 miles north of downtown Tampa. Boca Raton, Fla.-based Altman Cos. manages the property.

October 13, 2020

Development Maryland Multifamily Seniors Housing Southeast

Brightview Opens 96-Unit Seniors Housing Community in Bethesda, Maryland

by Alex Tostado October 13, 2020

BETHESDA, MD. — Brightview Senior Living, an owner and operator of senior living communities, has opened Brightview Grosvenor, an assisted living and memory care community in Bethesda, approximately 10 miles north of downtown Washington, D.C. The community is situated on shares the land of Wild Acres, the former home of National Geographic president, editor and photojournalist Gilbert Grosvenor. Brightview Grosvenor features 58 assisted living, 26 memory care and 12 “enhanced care” apartments on three acres. Enhanced care apartments are designed for residents with conditions that require special attention, such as Parkinson’s disease or ALS.

October 13, 2020

Colorado Development Multifamily Western

Hines Breaks Ground on 397-Unit Residences at RiNo in Denver’s River North Arts District

by Amy Works October 13, 2020

DENVER — Hines, along with investment partner Cresset-Diversified QOZ Fund, has started construction of Residences at RiNo, a for-rent residential community at the entryway to Denver’s River North Arts District. Situated within North Wynkoop’s 1.25 million-square-foot mixed-use development, the 11-story project will feature 397 residences in a mix of studio, one- and two-bedroom floor plans ranging from 542 square feet to 1,715 square feet. Additionally, the property will feature a limited number of affordable units and live/work units. Each residence will include modern kitchens with quartz countertops, designer-like backsplashes and stainless steel appliances; in-unit washers/dryers; electric door locks; matte black fixtures; and wood-style flooring. On-site amenities will include a heated swimming pool with terrace; two outdoor kitchens with gas grill; dining areas and sofas; a large garden area with outdoor gaming, hammocks, yoga deck and fire pits; a gym with on-demand virtual fitness classes and Skier’s Edge training equipment; pet space and dedicated dog park; and bike shop and storage room. Additionally, Residences at RiNo will include a coworking space with private meeting rooms, complimentary coffee bar, artist studio space and 14,500 square feet of ground-floor retail space. The project team includes Zeigler Cooper Architects, Parisa O’Connell Interior Design, Design …

October 13, 2020

Development Midwest Multifamily Wisconsin

McShane Completes Construction of 177-Unit Luxury Apartment Project in West Allis, Wisconsin

by Kristin Harlow October 13, 2020

WEST ALLIS, WIS. — McShane Construction Co. has completed building The West Living, a 177-unit luxury apartment project in West Allis, a western suburb of Milwaukee. McShane constructed the community on behalf of developer, Mandel Group. The first level of the four-story complex is a parking structure. Units consist of studios, one-, two- and three-bedroom floor plans. Amenities include a club area, fitness center, dog park and rooftop patio. Zimmerman Architectural Studios served as architect. Units are currently available for move-ins. Monthly rents start at $909 for studios.

October 13, 2020

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