OAK PARK, MICH. — Friedman Communities, the multifamily management division of Friedman Real Estate, has been selected to manage The Loop on Greenfield in Oak Park, about 14 miles north of Detroit. Built in 1965, the multifamily property features 717 units with a mix of studios, one- and two-bedroom floor plans. Amenities include a fitness center, pool, playground and landscaped courtyard. The owner was not provided.
TEMPE, ARIZ. — Ryan Cos. US Inc. has completed the second phase of a master-planned renovation on the 50-acre seniors housing campus of Friendship Village Tempe. The newly constructed, four-story, 142,000-square-foot building is 89 percent occupied. LCS Development is leading the project, and the operator is LCS. Friendship Village Tempe, one of the first continuing care retirement communities in the region, was originally built in 1980. The revitalization of its campus began with Phase I of construction in 2019. Ryan A+E Inc., the design studio of Ryan, was the architect for both phases. The second phase includes 64 independent living apartments, four guest suites and 69 underground parking spaces. The one- and two-bedroom residences range from 743 square feet to 1,789 square feet. Phase III construction is scheduled to begin in second-quarter 2025. Details on that phase were not released.
AUSTIN, TEXAS — Legacy Partners and Bridge Investment Group have completed Camber Ranch, a 483-unit apartment community in northeast Austin. Designed by Humphreys & Partners, the community consists of 22 residential buildings separated by a large green belt and wetland with walking trails. Units range in size from 438 to 1,500 square feet. Amenities include a pool, fitness center, outdoor grilling areas, a demonstration kitchen, esports gaming center, podcast studios and a coworking lounge with a mix of common and private work areas. Monthly rent starts at $1,375. Construction began in summer 2021.
FORT WORTH, TEXAS — Locally based developer JPI has broken ground on Jefferson Eastchase, a 398-unit multifamily development in Fort Worth. Designed by DLR Group Architects, the property will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, coworking lounge, dog park and a clubroom. JPI is developing Jefferson Eastchase in partnership with Fort Worth Housing Solutions, and the project will include an affordable housing component. The first units are expected to be available for occupancy in the third quarter of 2026.
LAKELAND, FLA. — A public-private partnership between Florida Polytechnic University and Capstone Development Partners has begun construction on a 430-bed residence hall project in Lakeland. A topping out ceremony for the project was held in mid-February. The 137,000-square-foot development will offer one-, two- and four-bedroom units, alongside shared amenities including lounge and study space, a large multi-purpose room, offices and an interior courtyard. Delivery of the five-story project is expected for fall 2024. The $42 million development is being financed through tax-exempt public bonds issued by the State of Florida on behalf of the State University System. Capstone Management Partners will provide operations and maintenance services for the residence hall. The project’s design-build team includes Design Collective and Clancy & Theys.
TAMPA, FLA. — Tampa Housing Authority, in partnership with Related Urban Development Group — the affordable and workforce housing arm of Related Group — has broken ground on the second phase of Canopy at West River, a fully affordable housing community in West Tampa. Phase II will comprise one five-story building and one three-story building, located at 1103 W. Main St. and 1102 W. Chestnut St., respectively. Dubbed Tower 3 and Tower 4, the buildings will total 188 units. Tower 3 will offer 158 units in one-, two- and three-bedroom floor plans, and Tower 4 will feature 30 units in three- and four-bedroom layouts. Amenities at the properties will include a fitness center, business center, community rooms and a courtyard with social spaces. Development funding for the project totals $68.3 million. Sources include the Housing Finance Authority of Hillsborough County, Bank of America, Cedar Rapids Bank and Trust Co. and the Florida Housing Finance Corp.’s SAIL, ELI and NHTF funds. Phase I of Canopy at West River is scheduled to open in the second quarter of this year, with Phase II expected to be completed in November 2025.
AUSTIN, TEXAS — Locally based brokerage firm Muskin | Elam Group has arranged the sale of Mint House at The Hatchery, a 30-unit apartment complex located at 49 Navasota St., just southeast of downtown Austin. Daniel Elam and Lyles Carter of Muskin | Elam Group represented the undisclosed seller, which at the time of sale was operating the property as a short-term rental facility, in the off-market transaction. Vista Bank provided acquisition financing on behalf of the buyer, Resolute Capital.
NEWPORT BEACH, CALIF. — Clearwater Living has opened its previously announced Clearwater Newport Beach, a 101-unit assisted living and memory support community in Newport Beach. Located at 101 Bayview Place, Clearwater Newport Beach features 70 assisted living and 31 memory support apartments in a mix of studio, one- and two-bedroom floor plans. The community includes an outdoor courtyard, creative studio, clubroom, fitness and wellness center, theater, housekeeping and laundry, salons, transportation and concierge services. Clearwater Newport Beach also offers a variety of dining options, including an on-site Savor Restaurant, CDM Café, wine vault, outdoor bar and private dining. The community provides residents with access to a licensed nurse on-site, 24-hour compassionate care partners, medication coordination, regular monitoring and other comprehensive care services, as well as physical therapy, occupational therapy and speech-language pathology through a collaboration with EmpowerMe Wellness.
MARLBOROUGH, MASS. — A partnership between Boston-based private equity firm Rockpoint and Connecticut-based developer Post Road Residential has sold The Burrow at Green District, a 235-unit apartment community located in the western Boston suburb of Marlborough. The newly built complex sits on 10 acres and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, coworking space, rooftop deck, podcasting room and access to 40 acres of trails and woodlands. The buyer and sales price were not disclosed.
DURANGO, COLO. — Lument has arranged a $27 million debt placement to assist Mission Senior Living with the construction of a 124-unit, 129-bed, two-story assisted living and memory care community to be known as Mesa Verde Estates in Durango. Lument’s Steve McGee, Rob McAdams, and Sangjin Na led the transaction. The financing structure included a $20.9 million U.S. Department of Agriculture (USDA) guaranteed loan that a community bank provided. The structure also includes approximately $6 million of commercial property assessed clean energy (C-PACE) proceeds, which Lument sourced from an independent investment firm. C-PACE is an alternative financing mechanism used for the upfront costs associated with energy efficiency or renewable energy improvements. Founded in 2012, Mission Senior Living is an owner and operator of senior living communities in the Western U.S. with six communities totaling 639 units under management.
