DALLAS — A partnership between Pacific Elm Properties and Mintwood Real Estate has begun leasing Peridot, a 228-unit apartment property located within the 1.3 million-square-foot Santander Tower mixed-use development in downtown Dallas. Peridot occupies 11 of Santander Tower’s 50 floors and offers one- and two-bedroom units ranging in size from 700 to 1,300 square feet. Residential amenities include a pool, dog park, fitness center, lounges and two lobby restaurants. Peridot’s grand opening is slated for July. Rents start at roughly $2,000 per month for a one-bedroom apartment. Santander Tower also houses a boutique hotel and Class A offices.
MINNEAPOLIS — Woda Cooper Cos. Inc. has broken ground on Shelby Commons in the North Loop neighborhood of downtown Minneapolis. The development will offer 46 affordable and supportive housing units, with 12 units dedicated to those experiencing housing insecurity. Woda Cooper is co-developing the project with Project for Pride in Living. Shelby Commons marks the first community that Woda Cooper has developed in Minnesota. Amenities at the property will include a community room, underground parking, second-floor rooftop terrace, playground and community gardens. There will also be more than 2,000 square feet of public art across two large-scale exterior murals commissioned by Juxtaposition Arts. All of the units will be designated for households earning 30 to 80 percent of the area median income. The Minnesota Public Housing Authority is providing 12 project-based vouchers for rental assistance, and Hennepin County is providing five Housing Supports for subsidizing rents and supportive services. Primary financing for Shelby Commons comes from Low-Income Housing Tax Credits allocated by the Minnesota Housing Finance Agency and the City of Minneapolis. Merchants Capital is providing equity financing. Security Bank & Trust is providing a first mortgage, and Hennepin County Accelerator is providing a second soft mortgage. Huntington National Bank …
DULUTH, MINN. — JLL Capital Markets has brokered the $8 million sale of Highland Chateau in Duluth, a Minnesota city located along Lake Superior. The 60-unit multifamily property was built in 1972. Floor plans average 814 square feet. Amenities include garage parking, onsite laundry facilities, a 24-hour fitness center and a courtyard with a grilling and picnic area. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. Encompass Real Estate Investment Services represented the buyer, PLB Highland Chateau LLC.
CHICAGO — Interra Realty has negotiated the $5.4 million sale of a 10-unit apartment building in Chicago’s Lakeview neighborhood near Wrigley Field. The boutique property features nine three-bedroom units and one commercial space that is currently leased to Jennivee’s Bakery. Located at 3301 N. Sheffield Ave., the building was constructed in 2014 and was fully occupied at the time of sale. Joe Smazal of Interra represented the buyer, Chicago-based HP Ventures Group. Smazal also represented the seller, a local private developer.
EVERETT, MASS. — South Carolina-based developer Greystar has begun leasing Mason, a 330-unit apartment community located in the northeastern Boston suburb of Everett. Designed by CBT Architects, the property offers studio, one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, outdoor grilling and dining stations and a dog park. According to the property website, rents start at $2,200 per month for a studio apartment.
COLORADO SPRINGS, COLO. — A joint venture between Formativ and Argosy Real Estate Partners has secured construction financing for The Hunter, a 214-unit multifamily development in Colorado Springs’ New South End neighborhood. The Hunter will offer studio, one- and two-bedroom floor plans. Amenities include a two-story tenant lounge, golf simulator, pool, fitness center, co-working space, bike storage, dog wash station and a parking garage. The seven-story building is scheduled for completion in late 2024. Rob Bova of JLL Capital Markets led the team that arranged the loan.
ANAHEIM, CALIF. — CBRE has arranged the $5.9 million sale of a 14-unit multifamily townhome community in Anaheim. An unnamed buyer acquired the asset for $5.9 million. This transaction sets a new benchmark for the city of Anaheim, with a price per unit of $421,000, according to CBRE. The community is located at 129 S. Olive St. in downtown Anaheim. Built in 1986, the property spans about 15,517 square feet and features two-bedroom/two-bathroom, townhome-style floor plans with vaulted ceilings, central air, patios and balconies. The community was recently renovated with fresh paint and exterior wood replacement. CBRE’s Dan Blackwell represented both the buyer and seller in this transaction.
CHARLOTTE, N.C. — Atlanta-based mixed-use developer Third & Urban has obtained $64.5 million in construction financing for Residences at The Pass, a 335-unit multifamily development located in Charlotte’s NoDa district. CrossHarbor Capital Partners provided the financing. The property will feature a mix of studios, one- and two-bedroom apartments anchored around a resident club room, work lounge and café that Pixel Design Collaborative designed. Residences at The Pass will also feature a rooftop terrace overlooking the courtyard and pool deck and will offer direct access to the Cross Charlotte Trail. First residents are expected to move in by summer 2025. The community will be the multifamily component of The Pass, a mixed-use development that will also feature 260,000 square feet of office and retail space. The project’s first phase, dubbed Pass41, is under construction and will span 80,000 square feet of commercial space with its first round of tenants opening this fall, including Soul Gastrolounge. The design-build team for The Pass includes architect Niles Bolton, civil engineer Thomas & Hutton and general contractor NRP Group. Foundry Commercial handles office leasing at The Pass, and Thrift Commercial Real Estate handles retail leasing. Blueprint Local serves as Third & Urban’s primary capital partner …
TALLAHASSEE, FLA. — 908 Group and BCDC have formed a joint venture to develop a 693-bed student housing community adjacent to Florida State University (FSU) in Tallahassee. The unnamed, 182-unit property is the third development between the two firms and the fourth Tallahassee project for 908 Group. Pacific Life Insurance Co. is the primary lender for the project, with preferred equity provided by Nationwide. The project team includes general contractor Culpepper Construction Co., architectural firm Humphreys & Partners Architects and civil engineer Moore Bass Consulting. First move-ins are expected in August 2025 in time for the start of FSU’s 2025-2026 school year.
MIAMI — General contractor ANF Group has begun construction on Southpointe Vista, a two-phase affordable housing development in Miami that will total 332 units. McDowell Housing Partners is the developer of the two 10-story residential towers, which will be connected by a central paseo. Located at 21255 117th Court in the city’s Goulds neighborhood, the towers will feature studio, one- and two-bedroom residences reserved for households earning up to 70 percent of the area median income. Amenities will include community rooms, laundry facilities, a cybercafé, fitness room and onsite management offices, as well as two two-story parking garages. This project was partly funded through Miami-Dade County’s Public Housing and Community Development Department with $2.5 million in surtax funds. Southpointe Vista’s first tower is scheduled for completion in fourth-quarter 2024.