Multifamily

Landmark By Hillwood, Denton, Texas

DENTON, TEXAS — Hillwood, a Perot company, has unveiled plans for Landmark by Hillwood, a 3,200-acre mixed-use project in the northern Dallas suburb of Denton. The project team includes Hillwood subsidiaries Hillwood Communities and Hillwood Properties. The plans call for 900 acres of commercial space comprising 5 million square feet of retail, hospitality and entertainment space, approximately 6,000 single-family homes and more than 3,000 multifamily units. The site, which is situated at I-35W and Robson Ranch Road, was previously known as Hunter Ranch. The parcel is one of the original land holdings purchased by the Perot family in 1987. The property encompasses Pilot Knob Hill, the highest point in Denton, according to Hillwood. Once completed, Landmark by Hillwood will offer 1,100 acres of park and open space, including Pilot Knob Hill, as well as an interconnected trail system, recreation areas and public parks. Hillwood also plans to construct a series of learning parks, which aim to promote nature education and engagement and will be open to the public. Hillwood plans to break ground on the first phase of the project this September. Phase I will comprise 747 single-family lots, with models slated to open in spring 2026. Planning and leasing are already underway …

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Alder-at-The-Grove-Austin

AUSTIN, TEXAS — Developer High Street Residential has completed Alder at The Grove, a 276-unit multifamily project located within The Grove master-planned community in Austin. The first phase, the 373-unit Korina at The Grove, was completed in March 2022. Alder at The Grove features studio, one-, two- and three-bedroom floor plans that range in size from 400 to 3,600 square feet. Amenities include a pool, fitness center, clubroom, resident lounge, coworking space and outdoor grilling and dining stations. JHP Architecture designed the project, with interiors by Britt Design Group. Andres Construction served as the general contractor. Rents start at roughly $1,225 per month for a studio apartment.

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MIAMI — Canada-based H&R REIT and Miami-based Urban-X Group have received approval from the City of Miami’s Planning, Zoning and Appeals Board for MidRiverVu, a 28-story apartment tower. The 475-unit, market-rate community will be situated on a 2-acre site at 1411 N.W. North River Drive in Miami’s MidRiver district, which is west of the downtown area. The property represents an expansion of the River Landing Special Area Plan (SAP) as it will be located directly north of the existing River Landing Shops & Residences, also owned by the REIT and co-developed with Urban-X.  Sustainable features of MidRiverVu will include rain gardens, intensive and passive green roofs and decks and blue-green systems to control and slow runoff. The construction timeline and planned amenities for the tower were not disclosed.

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NASHVILLE, TENN. — Lion Real Estate Group (LREG) has acquired Bradford Woods, a 312-unit apartment community located at 5242 Edmondson Pike in Nashville. The seller and sales price were not disclosed. Walker & Dunlop’s Nashville office brokered the transaction, which included LREG assuming an existing Fannie Mae loan. LREG plans to rebrand the property as The Grove Brentwood and completely overhaul the leasing office/clubhouse, gym, pool area and all other onsite amenities. Additionally, the company plans to modernize unit interiors with stainless steel appliances, quartz countertops and upgraded lighting. The Grove Brentwood is LREG’s fourth acquisition in its current investment vehicle and 26th property overall in its portfolio that spans across five states.

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NEW YORK CITY — New York City-based Skyline Developers has topped out a 97-unit multifamily project at 18 W. 55th St. in Midtown Manhattan. Designed by Morris Adjmi Architects, the building rises 25 stories and spans 152,000 square feet, including 10,000 square feet of amenities and 5,265 square feet of retail space. Construction began in mid-2023, and delivery is slated for 2025. Goldman Sachs financed construction of the project.

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Millennium-PQ-San-Diego-CA

SAN DIEGO — The Dinerstein Cos. has completed the disposition of Millennium PQ, a multifamily property located in San Diego’s Rancho Penasquitos neighborhood, to GID Real Estate Investments for $167 million, or $504,532 per unit. Millennium PQ features 331 apartments with high-end finishes and resort-style amenities in a low-density, garden-style setting. Hunter Combs led the Walker & Dunlop investment sales team that represented the seller and buyer in the transaction.

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Rancho-Hills-Apts-Vista-CA

VISTA, CALIF. — Gelt Venture Partners has purchased Rancho Hills Apartments in Vista, approximately 40 miles north of San Diego. An undisclosed party sold the asset for $53.5 million. The 148-unit apartment community is located at 856 Heatherwood Lane. Built in 1986, the garden-style property features 10 two-story buildings on 7.3 acres. The community includes a mix of 56 one-bedroom units and 92 two-bedroom units with floor plans ranging from 553 square feet to 909 square feet. Recently upgraded apartments include washers/dryers, quartz countertops, stainless steel appliances and private balconies/patios. On-site amenities include a clubhouse, fitness center, pool, spa and a gas barbecue area. Rachel Parsons, Derrek Ostrzyzek and Mike Murphy of CBRE represented the buyer and seller in the deal.

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CHESTERFIELD, MO. — Tutera Senior Living & Health Care and Shelbourne Healthcare Development Group have opened The Lumiere of Chesterfield, a $55 million senior living community in the St. Louis suburb of Chesterfield. The 193,000-square-foot development, situated near Chesterfield Mall, features 96 independent living units, 37 assisted living units and 17 memory care units. The independent living units are now open, while the assisted living will open in late July and the memory care will follow in August. Amenities include libraries, bistros, a wine room, dog park, bocce ball, putting green, gardens and pedestrian pathways. Moseley Architects served as the project architect, while Faulkner Design Group was the interior designer. The project gets its name from the French word for light, “lumiere.” The development features large windows for letting in daylight.

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INDIANAPOLIS — Merchants Capital has provided $17.1 million in construction financing for The Marvetta & Anthony Grimes Family Center, a 36-unit supportive housing development in Indianapolis. The property will serve households recovering from addiction. Merchants Capital provided $9.5 million in Low-Income Housing Tax Credits (LIHTC) equity financing, and Merchants Bank provided a $7.6 million equity bridge loan. Financing from The Indiana Housing & Community Development Authority included a $750,000 Development Fund Loan in addition to 9 percent LIHTC financing as part of the Emerging Developer 2023 Rental Housing Tax Credit General Set-Aside. Additional partners included First Merchants Bank and The National Bank of Indianapolis. The developer, 2 Thirty-Eight Properties LLC, is building the project in collaboration with Seeds of Hope to accommodate a shortage of recovery centers in the area. RealAmerica Cos. is the development consultant and general contractor. RealAmerica Management will serve as the property manager. Volunteers of America Ohio and Indiana and Seeds of Hope will provide onsite services and support for families in recovery, and St. Mary’s Early Childhood Center will provide daycare services. The development will comprise two two-story buildings with 24 two-bedroom units, 12 three-bedroom units and an onsite daycare center. Tenants will be referred …

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Vanderbilt-Apartments-Clute

CLUTE, TEXAS — Marcus & Millichap has brokered the sale of Vanderbilt Apartments, a 288-unit multifamily community located south of Houston in Clute. The property was built in 1978 and offers one-, two- and three-bedroom units. Amenities include a pool, dog park, playground and outdoor grilling and dining stations. Nico Bianchi and Kent Myers of Marcus & Millichap represented the seller, an entity doing business as Gupta Vanderbilt Place LLC, in the transaction. The duo also procured the buyer, a locally based limited liability company.

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