Property Type

Crescent Communities to Develop 300-Unit Apartment Property in Douglasville, Georgia

by John Nelson October 28, 2024

DOUGLASVILLE, GA. — Crescent Communities has announced plans for RENDER Douglasville, a new, 300-unit apartment community in Douglasville, approximately 20 miles west of Atlanta. Situated within The Foxfield Cos.’ The Trails mixed-use development, the multifamily development is scheduled for completion in early 2026. RENDER Douglasville will feature amenities including a swimming pool, clubhouse, outdoor spaces and entertainment programming. Project partners include CIBC, Great Southern Bank and Crescent Communities Construction. Phoenix Capital Management is providing financing. In addition to RENDER Douglasville, The Trails also features 60,000 square feet of townhome, hospitality and office space.

October 28, 2024

Development Georgia Multifamily Southeast

Joint Venture Delivers 226-Unit Springside Multifamily Community in Metro Atlanta

by John Nelson October 28, 2024

POWDER SPRINGS, GA. — A joint venture between Novare Group, BCDC and PointOne Holdings has delivered Springside, a 226-unit multifamily community in Powder Springs, roughly 20 miles northwest of Atlanta. Situated directly across from Thurman Springs Park, Springside offers apartments in studio, one- and two-bedroom layouts. Amenities at the community include a fitness center, swimming pool and sundeck, pet park, outdoor entertainment areas, dog spa and outdoor grilling stations. Select units also feature private garages. RAM Partners will manage and lease the property on behalf of the owners. Monthly rental rates at Springside range from $1,429 to $3,102, according to Apartments.com.

October 28, 2024

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges $7M Sale of Shopping Center in Pensacola, Florida

by John Nelson October 28, 2024

PENSACOLA, FLA. — Cushman & Wakefield has arranged the $7 million sale of a shopping center located at 6235 N. Davis Highway in Pensacola. Hobby Lobby and Books-A-Million are tenants at the property, which was built in 1987 and comprises 103,485 square feet across two tenant spaces. Hobby Lobby and Books-A-Million occupy 70,100 and 33,385 square feet at the center, respectively. Sean Glickman and Chris Smith of Cushman & Wakefield represented the seller, Triple A Properties, in the transaction. The buyer, Destiny Worship Center, plans to convert the center into a church. Books-A-Million will either shutter its store altogether or reduce its footprint at the center, according to Cushman & Wakefield.

October 28, 2024

Development Florida Leasing Activity Retail Southeast

Nordstrom Rack to Open Two Florida Stores Totaling 51,000 SF

by John Nelson October 28, 2024

MELBOURNE AND SARASOTA, FLA. — Nordstrom Rack has announced plans to open two new stores in Florida. Located in Melbourne and Sarasota, the stores will comprise 24,000 and 27,000 square feet, respectively. The Melbourne store will be situated within The Avenue Viera and is scheduled to open next fall. Scheduled to open spring 2026, the Sarasota store will be situated within Sarasota Pavilion. InvenTrust Properties owns and manages Sarasota Pavilion, and WS Development owns and manages The Avenue Viera. Nordstrom Rack is a discount apparel retailer and subsidiary of Nordstrom Inc. The Seattle-based retailer operates more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack stores.

October 28, 2024

Loans Multifamily Texas

JLL Arranges $55.5M Loan for Refinancing of Urban East Apartments in Austin

by Taylor Williams October 28, 2024

AUSTIN, TEXAS — JLL has arranged a $55.5 million loan for the refinancing of Urban East, a 381-unit apartment community in Austin. The newly built property, which includes an affordable housing component, is located southeast of the downtown area near Austin-Bergstrom International Airport. Urban East offers studio, one-, two- and three-bedroom residences that are furnished with stainless steel appliances, tile backsplashes, granite countertops, walk-in closets, individual washers and dryers and private patios/balconies. Amenities include two pools, a fitness center, private conference rooms, a rooftop lounge, resident clubhouse and kitchen, dog park and a game room with a bowling alley. JLL arranged the floating-rate debt on behalf of the owner, a partnership between Battery Global Advisors, the Housing Authority of the City of Austin, River City Capital Partners and LDG Development. The direct lender was Goldman Sachs Alternatives.

October 28, 2024

Development Industrial Self-Storage Texas

DXD Capital Breaks Ground on 870-Unit Self-Storage Project in San Antonio

by Taylor Williams October 28, 2024

SAN ANTONIO — Developer DXD Capital has broken ground on an 870-unit self-storage project in San Antonio. The multi-story facility at 11202 Misty Woods St. will feature 80,490 net rentable square feet of climate-controlled space. Reliable Commercial Construction is the general contractor for the project, which is being financed by Illinois-based financial holding company Wintrust. Extra Space Storage will manage the facility, which is slated for a third-quarter 2025 opening.

October 28, 2024

Acquisitions Midwest Multifamily Wisconsin

Midloch, Hempel Purchase 240-Unit Oscar Apartments in Sheboygan, Wisconsin

by Kristin Harlow October 28, 2024

SHEBOYGAN, WIS. — Midloch Investment Partners and Hempel Real Estate have acquired The Oscar Apartments, a 240-unit Class A multifamily community in Sheboygan near Milwaukee. The purchase price was undisclosed. The property has a new mortgage loan from Bridgewater Bank of Minneapolis. Completed in 2021, The Oscar is comprised of three buildings. Amenities include a fitness center, community room, bike storage, pet spa and outdoor grilling area. The asset was 70 percent leased at the time of sale. Milwaukee-based Harmoniq Residential will handle leasing and management. The new ownership plans to make amenity upgrades.

October 28, 2024

Development Hospitality Midwest Missouri

Four-Story Woodspring Suites Hotel Opens Near Kansas City Airport

by Kristin Harlow October 28, 2024

KANSAS CITY, MO. — The Woodspring Suites Hotel has opened at the southwest corner of I-29 and 64th Street in Kansas City. The four-story, 49,000-square-foot hotel is situated on two acres within the Tremont Square East development near the Kansas City International Airport. Philip Goforth, Omid Shahbazian and Todd Kobayashi, partners of Genesis Construction Management LLC, led the development of the property. Block & Co. Inc. Realtors Development & Construction Management LLC supervised the hotel development. David Block and Tony DeTommaso of Block & Co. negotiated the hotel sale on behalf of ownership.

October 28, 2024

Affordable Housing Development Midwest Multifamily Wisconsin

Gorman & Co. Completes 48-Unit Affordable Housing Community in Green Bay, Wisconsin

by Kristin Harlow October 28, 2024

GREEN BAY, WIS. — Gorman & Co., in partnership with Lutheran Social Services of Wisconsin and Upper Michigan (LSS), has completed Bay City Lofts in Green Bay. The 48-unit affordable and supportive housing community is located at 2510 University Ave. Of the 48 units, 40 are reserved for households earning between 30 and 60 percent of the area median income. The remaining eight units are market rate. Amenities include a community room, fitness center and onsite offices for LSS, which will provide supportive services for residents.

October 28, 2024

Illinois Industrial Leasing Activity Midwest

Dynamic Manufacturing Signs 79,532 SF Industrial Lease in Hillside, Illinois

by Kristin Harlow October 28, 2024

HILLSIDE, ILL. — Dynamic Manufacturing Inc., a family-owned and operated automotive manufacturer, has signed a 79,532-square-foot industrial lease at 4160-4190 Madison St. in Hillside, a western suburb of Chicago. The tenant will occupy the entire facility, which is part of a seven-building portfolio that EQT Exeter recently acquired. The property features a clear height of 19.5 feet, LED lighting, four dock doors, two drive-in doors and ample car parking. Corey Chase of Newmark represented the tenant.

October 28, 2024

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