HOUSTON — Multifamily developer Alliance Residential Co. has acquired 13 acres at 12115 Main St. in Houston for the construction of a 336-unit apartment community. The property will be located near the Texas Medical Center and will feature one- and two-bedroom units. Chris Bergmann Jr. of JLL represented the seller, Taeken Ltd., in the land sale. Groundbreaking activities are scheduled to begin next week.
Houston is less reliant on the oil and gas industry than it once was, and considerable strides have been made to diversify the economy away from the oil patch. Still, the hard reality remains: Houston’s prosperity and hydrocarbons are intrinsically linked. Decoupling one from the other will be devilishly difficult. The world will derive the preponderance of its energy from oil and gas for decades to come, but market share will continue to diminish, and oil and gas revenue inevitably will stagnate and decline. Developing alternative economic drivers will be challenging, but Houston has the benefit of time on its side. However, the current coronavirus crisis is negatively impacting oil prices and therefore the Houston economy in the near term. Following the shutdown of the global economy to fight COVID-19, the price of a barrel of crude plunged from over $60 — well above the marginal replacement cost from East Texas fields — to less than $20. Although prices recovered to the mid-$30 range recently, they remain below the marginal cost of discovering and extracting a replacement barrel, annulling the incentive to prospect for new reserves or build additional refining and transportation capacity. Indeed, the Houston economy was impacted more …
SUNRISE, FLA. — Metropica Development LLC, led by Joseph Kavana of K Group Holdings, has completed the first residential tower within Metropica, a $1.5 billion mixed-use project in the South Florida city of Sunrise. The 28-story ONE Metropica Residences comprises 263 condominiums. The City of Sunrise recently issued Metropica Development LLC a temporary certificate of occupancy (TCO) so that move-ins can begin. Metropica is situated adjacent to Simon’s Sawgrass Mills Mall and in close proximity to Interstates 75, 95 and 595, as well as the Florida Turnpike. As of this writing, 75 percent of the units at ONE Metropica Residences have been purchased by buyers hailing from the United States, Latin America, Europe and Asia. The condos range in size from 961 to 2,022 square feet, and the property’s remaining units are priced ranging from the $400,000s to the $700,000s. Buyers of the move-in-ready units can close on their purchase either in-person or virtually. “We are extremely proud to be delivering our first residential building to the market,” says Bernard Werner, president of Metropica Development LLC. Designed by architectural firms Oppenheim Architecture + Design and YOO Design Group, condominiums at ONE Metropica Residences include floor-to-ceiling glass windows, porcelain tile, smart …
OAKLAND, FLA. — Roger B. Kennedy Construction has broken ground on The Avenue on Oakland, a planned 342-unit apartment complex in Oakland. The community will be located at 17210 Oakland Ave., 18 miles west of downtown Orlando. The property will comprise four four-story buildings, a clubhouse and a pool. The developer, UNICORP National Developments Inc., expects to deliver The Avenue on Oakland in December 2021. Slocum Platts Architects designed the community. The cost of development was not disclosed, although Roger B. Kennedy Construction says it entered a $47 million contract with the developer.
NASHVILLE, TENN. — Capstone Apartment Partners has negotiated the sale of 83 Freight, a planned 83-unit multifamily community being built using shipping containers in Nashville. When complete, the community will offer rooftop balconies, as well as studio, one- and two-bedroom floor plans ranging in size from 320 to 1,280 square feet. The property is situated within Nashville’s Wedgewood-Houston neighborhood, which was historically an industrial district. Now the area is being reimagined and will include the 27,500-seat soccer stadium for the MLS’ Nashville SC. The seller, FMBC Investments, expects to deliver 83 Freight this summer. Adam Klenk, Jonathan Hawks, Tyler Mayo and Austin Heithcock of Capstone represented the seller in the transaction. The undisclosed buyer acquired the property for more than $11 million.
WASHINGTON, D.C. — Jefferson Apartment Group and Stars REI have delivered J Linea, a 132-unit apartment community in Washington, D.C.’s Shaw neighborhood. The property is situated at 2009 8th St., less than two miles from downtown D.C. J Linea offers studio, one- and two-bedroom floor plans, each featuring stainless steel appliances, quartz countertops and backsplashes, kitchen islands, plank flooring and floor-to-ceiling windows. Communal amenities include a fitness center, rooftop terrace, coworking booths, 24/7 Amazon Hub package system and 16,000 square feet of ground-floor retail space. The joint venture acquired the site in 2016.
CLARKSVILLE, IND. — Cornerstone Group is underway on the development of Bolt + Tie, a 96-unit luxury apartment community in Clarksville, just north of Louisville, Ky. Nestled along the Ohio River, the community is expected to open in spring 2021. Monthly rents have yet to be disclosed for the units, which range from 577 to 1,451 square feet. The four-story development will also feature Elevate Office Suites, a mix of 46 office suites, 23 salon suites, 12 micro commercial spaces and a coworking space on the ground floor. In addition to a rooftop terrace, Bolt + Tie will include shared professional spaces such as conference rooms, a pitch presentation area, mailroom and package lockers. Envoy Inc. is a project partner. Bolt + Tie is the latest development at Water Town Square, a 28-acre business park.
WICHITA, KAN. — Arbor Realty Trust Inc. has provided a $1.8 million loan for the refinancing of Carter Apartments in Wichita. Built in 1973, the 46-unit apartment community features a playground and basketball court. It is a short distance from Friends University. Austin Walker of Arbor originated the loan on behalf of the undisclosed borrower.
EAST RUTHERFORD, N.J. — A partnership between New York-based developer Sterling Properties and Willton Investment Group has opened Central & Oak, a 208-unit luxury multifamily community in East Rutherford, a northwestern suburb of New York City. Located at 80 Oak St., the seven-building property features one- and two-bedroom units and amenities including a resident clubhouse, outdoor terrace, green space and a fitness center. Residences range in size from 724 to 1,308 square feet. The property offers convenient access to the Rutherford Trail Station, MetLife Stadium and the American Dream shopping and entertainment destination.
BROOKLYN, N.Y. — GFI Realty Services LLC has brokered the $7.2 million sale of a four-story, 30-unit multifamily building in the Bath Beach neighborhood of Brooklyn. The 30,960-square-foot building is located at 8678 Bay Parkway and was constructed in 1915. The building is also situated near Bensonhurst Park and offers convenient access to the Bay Parkway transit station. Shlomo Antebi of GFI Realty represented the buyer, the Ragosta family, in the transaction. Erik Yankelovich, also of GFI Realty, represented the seller, Meridian Properties.
