ALEDO, TEXAS — Civitas Senior Living and Journey Capital, a senior housing development company, have broken ground on Harvest of Aledo Senior Living, a 121-unit project located approximately 20 miles west of Fort Worth in Aledo. The 68,000-square-foot property will consist of 20 independent living residences, 67 assisted living units and 24 memory care units. Other project partners include Arrive Architects, Ridgemont Construction and Senior By Design. Completion is scheduled for fall 2022.
BOSTON — Callahan Construction Managers has broken ground on a 108-unit apartment project located at 5 Washington St. in Boston’s Brighton neighborhood that will have 18 units designated as affordable housing. The five-story building will also house 12,500 square feet of ground-floor retail space and 127 parking spaces. Building amenities will include a fitness area, clubhouse, entertainment kitchen, home office space and an outdoor terrace with two quartz-topped bars, cabanas, gas grills and fireplaces. Washington Square Ventures is the developer, and Stantec is the architect. Completion is scheduled for the fourth quarter of 2022.
SOUTHBRIDGE, MASS. — Arch Communities and WinnDevelopment are underway on construction of a $25.7 million adaptive reuse project in Southbridge, located in the south-central part of the state, that will convert the Mary E. Wells school into a 62-unit affordable housing community for seniors aged 55 and above. The majority (56) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), while the remainder will be restricted to households earning 30 percent or less of AMI. The school was built in 1916 as the town’s first public high school and has been vacant since 2012. Upon completion, which is slated for spring 2022, Wells School Apartments will feature a fitness center, tenant lounge, activity room, game room, library and an internal courtyard.
DALLAS — ZOM Living has completed construction of Atelier, a 41-story apartment tower in the Dallas Arts District. The property features 417 luxury multifamily units, including 53 lofts, near Klyde Warren Park. Units range from 500 to 2,300 square feet with panoramic views of uptown and downtown Dallas. The property also features two levels of underground parking and 15,000 square feet of retail space, with CBRE handling the retail leasing. The location is walking distance from the AT&T Performing Arts Center, Dallas Museum of Art, Crow Museum of Asian Art and Nasher Sculpture Center. Atelier’s main lobby is designed as an art gallery and the tower features resort-style amenities, including an expansive amenity deck with infinity edge pool and sun deck, custom cabanas, yoga lawn, outdoor lounge with grilling area for al fresco dining, a bar and a fire pit. Interior amenities include a fitness area, coworking space with private conference rooms, private wine lockers, entertainment lounge, catering kitchen with harvest table, grab-n-go resident market and a pet spa. Stantec was the architect on the project, which general contractor Balfour Beatty built. ZRS Management, an affiliate of ZOM, is managing the community. Orlando-based ZOM is developing heavily in the Dallas …
By Steve Callahan Jr., vice president of business development, Callahan Construction Managers Despite the turmoil caused by the COVID-19 pandemic, Boston has experienced significant job growth over the last 12 to 18 months in the life sciences, healthcare, technology and finance sectors. The health of these industries will require that employees in these fields have access to much needed, reasonably priced housing as companies continue to grow and build, creating more local jobs. Demand for rental housing over the past few years has been mostly driven by millennials who work in these fields. This trend is expected to continue as young professionals in these sectors no longer need to commute to the office by virtue of the pandemic forcing many companies to adopt work-from-home programs. In addition, these renters are seeking to upgrade to larger units with more modern amenities and access to outdoor spaces and activities. More than 7,100 units were delivered last year in the Boston area, only slightly less than the cyclical high of nearly 7,500 apartments added in 2018. However, most projects that were either started or delivered in 2020 were aimed at lifestyle renters in or near Boston’s city center. This could spell trouble for …
ATLANTA — Middle Street Partners and equity partner Pacific Coast Capital Partners (PCCP) have broken ground on a 323-unit apartment community in Atlanta’s Grant Park district. Middle Street expects to finish the property in 2023, with the first residences available in November 2022. Brock Hudgins Architects is spearheading design, and J.M. Wilkerson Construction Co. is the general contractor. Middle Street Partners, a Charleston-based real estate investment and development company, paid $6.9 million for the land. The property is located on the Atlanta BeltLine’s expanding Southside Trail at 1015 Boulevard SE. The six-story apartment community will feature a combination of studio, one- and two- bedroom units with an average of 729 square feet. The property will also have 5,000 square feet of direct BeltLine frontage retail and commercial space, as well as an underground parking garage. In line with the City of Atlanta’s Inclusionary Zoning policy, 15 percent of the homes will be available at 80 percent area median income (AMI). The unnamed property’s units will feature designer cabinetry and lighting, quartz countertops, stainless steel and gas appliances, island sinks and top-control dishwashers, along with dedicated office spaces designed with new work-from-home policies in mind. Community amenities include a 24-hour fitness …
AUSTIN, TEXAS — Walker & Dunlop has acquired FourPoint Investment Sales Partners, an Austin-based brokerage firm specializing in student housing and traditional multifamily properties. The FourPoint team of Chris Epp, Chis Bancroft, Kevin Dufour, Matthew Chase, Craig Miller and Kyle Peco will lead and scale Walker & Dunlop’s student housing investment sales division, with a goal of growing sales volume to $25 billion by 2025 for the Maryland-based company. The two firms have partnered as correspondents on student housing deals in the past.
FRISCO, TEXAS — Berkadia has arranged the sale of Stewart Creek Apartments, a 414-unit multifamily community in Frisco. Built in 1999, the property features one-, two- and three-bedroom units with quartz countertops, walk-in closets and private balconies/patios. Amenities include a business center, clubhouse, package lockers, picnic area and a bark park. Jay Gunn, Tom Burns and Will Jarnagin of Berkadia represented the seller, Plano-based Univesco Inc., in the transaction. In addition, Jason Rice and Chris Pollard of Berkadia arranged floating-rate acquisition financing through Varde Mortgage Capital on behalf of the sponsor, Lubbock-based Madera Residential.
WOODBRIDGE, N.J. — Mill Creek Residential has broken ground on Modera Woodbridge, a 279-unit multifamily project in the Northern New Jersey city of Woodbridge. The property will be located adjacent to a New Jersey Transit station and will also house 6,000 square feet of retail space. Modera Woodbridge will offer studio, one-, two- and three-bedroom units with an average size of 886 square feet and private patios or balconies. Amenities will include a rooftop deck with a barbecue area, fitness studio with a TRX system, resident clubhouse, conference room, coffee bar and a pet spa. Move-ins are expected to begin in late 2022.
MINNEAPOLIS — Kraus-Anderson has completed construction of 240 Park, a 17-story apartment building located at 240 Park Ave. in Minneapolis. Garden Communities MN, the residential arm of MV Ventures, was the developer for the project that offers views of the downtown Minneapolis skyline, Mississippi River and U.S. Bank Stadium. Designed by BKV Group, the building features 204 units and more than 4,500 square feet of retail space on the first floor. Amenities include a clubroom, fitness and yoga studio, pool and spa, golf simulator, pet spa and dog run. MV Ventures will manage lease-up via its in-house team. Residents can now earn two months of free rent if they move in by May 1. Monthly rents start at $1,575.