Multifamily

Optima Receives City Approval for $1B Apartment, Condominium Project in North Scottsdale

by Kristin Harlow December 21, 2022

SCOTTSDALE, ARIZ. — Real estate development firm Optima has received city approval for Optima McDowell Mountain Village, a $1 billion apartment and condominium project in North Scottsdale. Plans call for six buildings comprising 1,330 luxury units as well as 36,000 square feet of commercial and retail space. Construction is scheduled to begin in spring or summer 2023. Each of the six buildings within the development will contain its own amenity offering, including a rooftop deck with Olympic-length pool, sauna, spa, running track, outdoor kitchen and lounge seating. Each rooftop will offer views of the McDowell Mountains. The ground floor of each building will be outfitted with a lobby, fitness center, yoga studio, steam room, game room, theater, indoor basketball and pickleball court, golf simulator, massage room, business center and dog park. The project will be the largest private rainwater harvesting site in the U.S., according to the developer. The residences are expected to use half as much water as the average Scottsdale multifamily residence and a quarter as much water as the average Scottsdale single-family home. Optima is also providing the city with 2,750 acre-feet of water that will be deposited into the Scottsdale water system. The community will also …

December 21, 2022

Development Georgia Loans Mixed-Use Multifamily Southeast

Middle Street, AECOM-Canyon Obtain $245M Construction Financing for Midtown Atlanta Multifamily Project

by John Nelson December 20, 2022

ATLANTA — A joint venture between developers Middle Street Partners and AECOM-Canyon Partners has obtained $245 million in construction financing for its two-tower multifamily project situated a block from Piedmont Park in Midtown Atlanta. Eastdil Secured arranged the financing through Bank OZK and Related Fund Management on behalf of the developers. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia advised Middle Street in the transaction. The unnamed development will occupy a full city block on Juniper Street between 11th and 12th streets. The project will include a north tower and south tower totaling 487 apartments, and each tower will feature an undisclosed amount of ground-floor retail space. The developers plan to break ground immediately. The project team includes general contractor Brasfield & Gorrie, architect Brock Hudgins and interior designer CID Design Group.

December 20, 2022

Development Hospitality Mixed-Use Multifamily Southeast Virginia

PREIT Receives Approval for New Apartments, Hotel at Springfield Town Center in Metro D.C.

by John Nelson December 20, 2022

SPRINGFIELD, VA. — PREIT, a retail REIT based in Philadelphia, has received approval from the Fairfax County Board of Supervisors for the development of two empty land parcels at Springfield Town Center, a mixed-use campus located in Springfield, roughly 14 miles outside of Washington, D.C. Two separate entities are under agreement to purchase and develop the parcels. One of the buyers, Intermountain, will construct a 165-room hotel, and the other, Hanover, will build a 460-unit multifamily community. Together, the sales price for the two parcels totals approximately $20 million. Built in 2017, Springfield Town Center is anchored by a 1 million-square-foot mall housing Target, Regal Cinemas, Macy’s, JCPenney, LOFT, H&M and a food court, among other retailers.

December 20, 2022

Acquisitions Florida Multifamily Southeast

JBM Secures $115M Sale of Longitude 82 Apartments in Sarasota, Florida

by John Nelson December 20, 2022

SARASOTA, FLA. — JBM Institutional Multifamily Advisors has secured the $115 million sale of Longitude 82, a 360-unit apartment community located in Sarasota. Irvine, Calif.-based Passco Cos. sold the community to an undisclosed buyer. Built in 2017 on 32.6 acres, Longitude 82 includes units with open floor plans averaging 971 square feet. Amenities include a resort-style, saltwater pool; 24-hour fitness center with Precor equipment; dog park; package lockers; valet trash; shaded children’s playground; car care center; and garages available for rent. This is the second time JBM has brokered the sale of the apartment community.

December 20, 2022

Alabama Development Multifamily Southeast

RCP Cos. to Develop $108M Wellory Living Apartments at MidCity Campus in Huntsville

by John Nelson December 20, 2022

HUNTSVILLE, ALA. — RCP Cos. plans to develop Wellory Living, a new 328-unit multifamily development coming to the developer’s MidCity District in Huntsville. The $108 million property is designed to achieve “net-zero energy status” and a reduced carbon footprint by utilizing solar PV panels, smart thermostats and a reflective roof, among other features. RCP has partnered with Grounded Capital Partners on the project. Situated on 4.2 acres at the corner of Old Monrovia Road and Stax Street, Wellory Living will span six stories and feature 13,582 square feet of ground-floor retail space, coworking spaces, a rooftop lounge and an outdoor terrace. The project team includes debt lender Pinnacle Financial Partners, architect Lord Aeck Sargent and general contractor ARCO Murray. RCP plans to break ground on Wellory Living this winter and deliver the property by summer 2025.

December 20, 2022

Development Multifamily New Jersey Northeast

Prism Capital Begins Leasing 252-Unit Multifamily Project in Dunellen, New Jersey

by Taylor Williams December 20, 2022

DUNELLEN, N.J. — Locally based developer Prism Capital Partners has begun leasing The Nell, a 252-unit multifamily project in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the transit-oriented property offers one- and two-bedroom units and includes 3,700 square feet of retail space. The amenity package comprises a pool, fitness center, resident lounge, community kitchen, meeting rooms, an outdoor bar with TVs and grilling and dining areas. Rents start at $2,140 per month for a one-bedroom apartment.

December 20, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $2.7M Sale of Apartment Building on Chicago’s West Side

by Kristin Harlow December 20, 2022

CHICAGO — Interra Realty has brokered the sale of a 35-unit apartment building in Chicago’s Austin neighborhood for $2.7 million. Built in the late 1920s, the property is located at 5550 W. North Ave. and features a mix of one- and two-bedroom units as well as ground-floor retail space. The building has undergone renovations within the past 10 years. Lucas Fryman, Ted Stratman and Sam Gutierrez of Interra represented the seller, New York-based real estate investment group Raskin Risers. The group also represented the buyer, a local real estate investor and manager that plans to make modest upgrades to the property.

December 20, 2022

Acquisitions Florida Multifamily Southeast

JBM Arranges $87.3M Sale of Versol Apartments in Bonita Springs, Florida

by Jeff Shaw December 19, 2022

BONITA SPRINGS, FLA. — JBM Institutional Multifamily Advisors has arranged the sale of Versol, a 240-unit multifamily property located in Bonita Springs. TerraCap Management sold the property to an undisclosed buyer for $87.3 million. Sitting on 27.4 acres, the community features amenities including a pool, clubhouse, fitness center, outdoor kitchen, bocce ball court, Amazon Hub package lockers, and storage units and garages for rent.

December 19, 2022

Development Florida Mixed-Use Multifamily Office Retail Southeast

Related, Rockpoint Start Construction of Mixed-Use Project in Miami’s Wynwood Neighborhood

by Jeff Shaw December 19, 2022

MIAMI — Related Group and Rockpoint have broken ground on WNWD21, a mixed-use project located in the Wynwood neighborhood of Miami. Upon completion, which is scheduled for the third quarter of 2024, the development will comprise two 12-story buildings with 304 apartments, 18,000 square feet of retail and 63,000 square feet of office space. Apartment units will feature studio, one-, two- and three-bedroom layouts, with amenities including a rooftop pool deck, health and wellness facilities, private theater and music room, resident-only dining, coworking space and an art collection. Cohen Freedman Encinosa & Associates Architects will act as architect for the project, with interior design by iddi Design. Beauchamp Construction Co. is the builder.

December 19, 2022

Development Mixed-Use Multifamily North Carolina Retail Southeast

MRP, Asana Plan Mixed-Use Redevelopment of Duke Energy Headquarters in Charlotte

by Jeff Shaw December 19, 2022

CHARLOTTE, N.C. — MRP Realty and Asana Partners have acquired the Duke Energy headquarters building at 526 S. Church St. in Charlotte, with plans to develop a mixed-use project at the site. Initial plans include 450 residential units and 55,000 square feet of ground-floor retail space. Duke Energy plans to vacate the building and move to its newly constructed headquarters at Duke Energy Plaza in late 2023.

December 19, 2022

Newer Posts

Older Posts