STATE COLLEGE, PA. — Austin, Texas-based Aspen Heights Partners has broken ground on Aspen West End, a 96-unit multifamily project that will be located within walking distance of Penn State University’s campus in State College. Amenities will include a two-story fitness room, game room and breakout study areas. Residents will also have access to shuttle service to campus and three outdoor courtyards. Completion of the project, which follows the beginning of construction of the nearby Aspen East Penn student housing development, is slated for 2023.
AUSTIN, TEXAS — Austin-based developer Lincoln Ventures has unveiled plans to build a 49-story apartment tower in the heart of Austin’s Rainey Street District. Located at 80 Rainey St., the project will include 644 units as well as retail space. Lincoln Ventures expects to break ground on the tower next summer with completion slated for summer 2025. The site includes two bungalows that will be preserved as part of the project. “The old bungalows, locally run bars and pedestrian-friendly streets are what make Rainey Street a special and desirable destination, so it’s our intent to maintain the vibrancy and unique character of this area and build upon it,” says David Kanne, CEO of Lincoln Ventures. “We will also maintain the character of Rainey Street by bringing in local Austin artists to design public art pieces and will place new, oversized trees along the public parkway section along the entire façade of the building.” The tower’s ground and second floors will include several food and beverage concepts, including a dedicated 2,200-square-foot space that will serve coffee during the day and cocktails at night. A special elevator lobby will offer public access to the 11th-floor pool deck and bar, the first of …
HOUSTON — A subsidiary of Miami-based investment and development firm Lennar Corp. (NYSE: LEN) has begun leasing Bowen River Oaks, a 25-story, 403-unit apartment community in Houston. Units feature one- and two-bedroom floor plans, as well as 10 penthouse homes, and range in size from 561 to 2,259 square feet. Residences are furnished with stainless steel appliances, tile backsplashes and oversized windows. Amenities include a pool with cabanas, kitchen and space for outdoor yoga, as well as a fitness center, business center and conference rooms, dog park and package locker system. The opening is scheduled to occur this fall.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Mark Huebner Oaks, a 361-unit apartment community in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of 885 square feet. Amenities include a pool, rooftop terrace, golf simulator and a pet salon. Will Balthrope and Drew Garza of IPA represented the seller and developer, an affiliate of Bryan, Texas-based Godfrey Residential Group, in the transaction. The duo also procured the buyer, Phoenix-based PEM Real Estate Group.
ROGERS, MINN. — JLL Capital Markets has brokered the $43.5 million sale of Vincent Woods Apartments in the Twin Cities suburb of Rogers. Completed in 2020, the Class A apartment community is comprised of 168 units that average 862 square feet. Amenities include a community room, patio terrace, fitness center, dog park, parcel storage system, heated underground parking and access to walking trails. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development. Brock Yaffe, Pat McMullen and Ken Dayton of JLL arranged a Fannie Mae acquisition loan on behalf of the buyer, Timberland Partners. The loan will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender.
MESA, ARIZ. — Tampa-based ZMR Capital has purchased The Julia, an apartment community located at 546 S. Country Club Road in Mesa, for $90.1 million. The name of the seller was not released. Originally developed in 1986, The Julia features 320 apartments. The previous owners upgraded 153 units, and ZMR plans to renovate the remaining units with upgraded counter tops and cabinets, stainless steel appliances, tile backsplashes, plank flooring and modern light fixtures.
GREELEY, COLO. — Dallas-based Edison Equity Management has received $23 million in construction financing for the development of 55 Resort Apartments, an age-restricted multifamily property located in Greeley. Located on the former site of the Garnsey & Wheeler Ford dealership, 55 Resort Apartments will feature 84 apartments for adults aged 55 or older. Each unit will feature stainless steel appliances, quartz countertops, hardwood flooring and tiled bathrooms. The four-story complex will include a business center, meeting room, fitness center, clubhouse, bike room, movie theater room, swimming pool, service coordination, a dog park, outdoor kitchen and grills, and covered and surface parking. Additionally, 55 Resort Apartments will offer exercise classes, service coordination and social activities, as well as 5,000 square feet of retail space leased to Austin’s American Grill restaurant. The development is slated to open in summer 2022. Dallas-based Hall Structured Finance closed the first lien construction loan for the borrower. Amir Giryes of Pando Cos. sourced the financing for the project.
NETCONG, N.J. — Developer CrownPoint Group LLC has completed the lease-up of 34 Bank, a 126-unit apartment complex located in the Northern New Jersey community of Netcong. Leasing of the property, which sits on 4.8 acres, began in December 2020, and construction of the community was completed this summer. Units feature one- and two-bedroom floor plans and are furnished with stainless steel appliances, tile backsplashes and quartz countertops. Amenities include a fitness center, coworking space, walking trails and grilling stations.
FORT WALTON BEACH, FLA. — Cushman & Wakefield has arranged the sale of Elevate at 604 West and Greens on 5th, two apartment communities totaling 195 units in Fort Walton Beach. Parker Caldwell and Craig Hey of Cushman & Wakefield represented the seller, Lurin Capital, in the transaction. Pedcor acquired both properties for $30.6 million. Elevate at 604 West includes 99 units and offers one- and two-bedroom floorplans that average 678 to 958 square feet. Built in 1971, the units feature walk-in closets, hardwood floors, tub and shower and Wi-Fi. Community amenities include a swimming pool, greenspace, laundry facility and courtyards. Elevate at 604 West was 97 percent occupied at the time of sale. Located at 604 Colonial Drive, the property is situated 8.5 miles from Destin-Fort Walton Beach Airport and 10.7 miles from Destin. The Greens on 5th totals 96 units and offers two- and three-bedroom floorplans that average approximately 830 to 1,200 square feet. Built in 1983, units include washer/dryer hookups, linen closets, carpet and Wi-Fi. Community amenities include a swimming pool, clubhouse, elevator and laundry facilities. The Greens on 5th was 98 percent occupied at the time of sale. Located at 5 Mooney Road NE, the apartment …
BATON ROUGE, LA. — Fountain Residential Partners has broken ground on The Vue on Parker, a 294-bed student housing development located near Louisiana State University in Baton Rouge. The Vue on Parker will offer studio to five-bedroom units with bed-to-bath parity. The fully furnished units will include wood-look flooring, granite countertops, queen-sized pillowtop beds, 60-inch smart TVs, stainless steel appliances, full-sized washers and dryers and an onsite structured parking garage. Community amenities will include a swimming pool, clubhouse, strength training and cardio center and private study rooms. The project is scheduled for completion in fall 2023. Fountain Residential partially raised capital for the project using crowdfunding platform CrowdStreet. First United Bank and Trust is the construction lender for the development. The design team includes Stuart Roosth Architects, Duplantis Design Group and MW Builder.