HUNTSVILLE, ALA. — A joint venture between Essex Capital and Ascend Property Group has broken ground on Front Row, an 11-acre mixed-use project in downtown Huntsville. The $220 million first phase of Front Row is now underway, following news last week that Banco Inbursa and a group led by Keel Point and Opportunity Alabama provided $115 million in construction financing. The first retail space is slated for delivery in late 2025, followed by apartments and office space in early 2026. Upon full build-out, the first phase of Front Row will comprise two six-story buildings featuring 545 apartments, 36,000 square feet of office space and 47,000 square feet of retail space. Further plans for the project — including a hotel, a class A office tower and luxury condos — will be disclosed at a later date, according to the developers. The development will be situated across from the Von Braun Center, a 170,000-square-foot entertainment center that opened its doors in 1975. The developers state that Front Row is intended to interlink the Von Braun Center with other key areas of the city, such as Big Spring Park, Fountain Circle, University of Alabama Huntsville and Downtown Greenway. The project’s team also includes …
Multifamily
HIALEAH, FLA. — Terra and New Valley have obtained a $127 million loan for the refinancing of Natura Gardens, a newly built multifamily community located in Miami’s West Hialeah neighborhood. The co-developers are using the loan, which was provided by an affiliate of MF1 Capital, to pay off and refinance a $65 million construction loan that Bank OZK provided in 2021. Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop’s New York Capital Markets team arranged the refinancing. Delivered in 2023, Natura Gardens is a 460-unit, garden-style apartment community that was more than 97 percent occupied at the time of refinancing.
GAINESVILLE, FLA. — CBRE has brokered the sale of Social 28, a 592-bed student housing property located across the street from the University of Florida campus in Gainesville. Nimes Real Estate acquired the community and has partnered with Timberline Real Estate Ventures to begin repositioning efforts. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the undisclosed seller in the transaction, in partnership with CBRE Jacksonville Multifamily. Located at 311 SW 13th St., Social 28 offers fully furnished units and shared amenities including a fitness center with a yoga room; two social lounges; private study rooms; and a rooftop amenity space including a resort-style swimming pool, spa, fireplace and grilling station.
DALLAS — Locally based developer Palladium USA is nearing completion of Palladium Simpson Stuart, a $55 million, 270-unit mixed-income project in South Dallas. About 90 percent (243) of the units will be reserved for households earning between 40 and 80 percent of the area median income, while the remainder will be rented at market rates. Amenities will include a pool, dog park, walking trails, conference room, computer lab, kids’ playroom and a fitness center. HEDK is the project architect, and BBL Construction is the general contractor. PNC Bank provided construction financing for the project, and the Texas Department of Housing & Community Affairs issued 4 percent Low-Income Housing Tax Credit equity. A grand opening ceremony will take place on Thursday, Feb. 8.
DENTON, TEXAS — Colliers Mortgage has provided a $41.8 million HUD-insured loan for the refinancing of Village at Rayzor Ranch, a 300-unit multifamily property located in the North Texas city of Denton. The property offers studio, one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations, a dog park, fitness center, sports court, coworking space, coffee bar, lounge, fitness center and package handling services. Fritz Waldvogel of Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.
DALLAS — Marcus & Millichap has arranged the sale of a nine-property, 1,080-bed seniors housing portfolio in the Dallas area. The locations were not disclosed. Eight of the properties are skilled nursing facilities totaling 992 beds, and the other is an 88-bed assisted living facility. Nick Stahler, Michael Mooney and Austin Diamond of Marcus & Millichap represented the seller, a regional private equity owner, in the transaction. The buyer was a family office private equity investor. Both parties requested anonymity. Tim Speck of Marcus & Millichap assisted in closing the deal as the broker of record.
MOORESTOWN, N.J. — Resort Lifestyle Communities has opened Parkers Bend, a 128-unit independent living community in Moorestown, located outside of Philadelphia in Southern New Jersey. Parkers Bend offers 128 units in studio, one-, two- and three-bedroom configurations. Residents have access to multiple dining options and venues as well as various social activities, travel programs and health and wellness initiatives. Information on starting rents was not disclosed.
SAVANNAH, GA. — Geis Construction is underway on the development of The Exchange at Berwick, a 180-unit apartment community situated on a 12.6-acre site in Savannah. Geis is completing construction on behalf of the owner and developer, OV Development, a subsidiary of Olympus Ventures. The property will comprise five residential buildings and a detached clubhouse with a fitness center, social lounge and coworking space. Amenities at the community will also include a pool, playground, dog run and courtyards with grilling stations and fire pits. Completion is scheduled for the second quarter of 2025. The project team includes North Carolina-based architect BSB Design and locally based civil engineer Kimley-Horn.
Belmont Village, Turnberry Break Ground on 11-Story Seniors Housing Community in Aventura, Florida
by John Nelson
AVENTURA, FLA. — Belmont Village Senior Living has broken ground on Belmont Village Aventura in Aventura, a coastal city in Miami-Dade County. The 11-story project is being built in partnership with Turnberry and will be Belmont Village’s third location in South Florida. Located at 3510 Yacht Club Way, the property is scheduled to open in early 2026. This venture is Turnberry’s first collaboration with Belmont Village Senior Living. Spanning almost 180,000 square feet, Belmont Village Aventura will feature 153 independent living, assisted living and memory care apartments in a variety of studio, one-bedroom and two-bedroom floorplans. Belmont Village Aventura residents will enjoy panoramic views of the Atlantic Ocean, Intracoastal Waterway and Dumfoundling Bay. Corwil Architects is the lead architect and Moss Construction Management is the construction partner.
Partnership Begins Leasing Next Phase of Build-to-Rent Townhome Development in Ashburn, Virginia
by John Nelson
ASHBURN, VA. — A partnership between American Real Estate Partners, GreenBarn Investment Group and Rithm Capital has begun the next wave of leasing at CityHouse Ashburn Station, a 200-unit build-to-rent luxury townhome development underway in metropolitan Washington, D.C. Bozzuto Management Co. is the property manager of the development, which is being delivered in phases. The latest phase adds 12 townhomes to the development, which is expected to fully deliver in early 2025. CityHouse Ashburn Station is situated near the Ashburn Metro Station and features three-bedroom, three-bathroom townhomes ranging in size from 1,544 to 2,486 square feet. All units feature dens, attached garages and oversized windows, and select units include 15-foot kitchen islands and rooftop terraces with outdoor fireplaces. Amenities include a sports court for pickleball or basketball, private playground, pavilion and outdoor kitchen with grills and dining areas, green space for yard games and a pet park. Dream Finders Homes is the general contractor for the project. Rental rates range from $3,495 to $5,590 per month, according to the CityHouse Ashburn Station website.