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.
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.
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.
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.
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.
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.
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.
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.
PHILADELPHIA — Locally based brokerage firm The Prestige Group has arranged the $8.2 million sale of a portfolio of two multifamily buildings totaling 50 units in Philadelphia’s Mount Airy neighborhood. Both buildings rise four stories and predominantly house one- and two-bedroom units. Bob Cohen of Prestige Group represented the seller in the off-market transaction, and Jon Mirsky and Sajan Shah of Prestige Group represented the buyer. Both parties requested anonymity. The portfolio was 95 percent occupied at the time of sale.
HILLSBOROUGH, N.J. — New Jersey-based developer Adoni Property Group has begun leasing The Franklin at Hillsborough, a 44-unit multifamily project in Northern New Jersey. The property offers one- and two-bedroom units ranging in size from 1,000 to 1,300 square feet that are furnished with stainless steel appliances and quartz countertops. Rents start at $2,350 per month for a one-bedroom unit.