Property Type

Mill Creek Breaks Ground on 304-Unit Modera Encore Apartment Community in Downtown Tampa

by John Nelson November 13, 2023

TAMPA, FLA. — Mill Creek Residential has broken ground on Modera Encore, a 304-unit apartment community located at 1211 Ray Charles Blvd. in downtown Tampa. Upon completion, the property will comprise residences in one-, two- and three-bedroom layouts, as well as select penthouse homes and 8,000 square feet of ground-floor retail space. Amenities at Modera Encore will include a swimming pool, grilling area, outdoor dining space, a clubhouse, game room, pool table, pet spa, coffee bar, fitness center, coworking space, conference rooms, cyber café and private workstations. The community will also offer controlled access garage parking, bike lockers and additional storage space. Move-ins are scheduled to begin in spring 2025.

November 13, 2023

Loans Multifamily North Carolina Southeast

NewPoint Provides $58M Refinancing for Apartment Community in Metro Raleigh

by John Nelson November 13, 2023

RALEIGH, N.C. — NewPoint Real Estate Capital has provided a $58 million Freddie Mac loan for the refinancing of an apartment community located in the greater Raleigh area. Built in two phases, the unnamed property comprises 400 residences in a mix of one-, two- and three-bedroom units. Amenities at the community include a swimming pool with a splash pad and outdoor cabanas, 24-hour fitness center, game room, business center, playground, pet park, grilling areas and an outdoor multi-sport court. Mike Ortlip of NewPoint originated the fixed-rate loan, which features a five-year term with full interest-only payments. The borrower was not disclosed.

November 13, 2023

Development Florida Seniors Housing Southeast

Belmont Village Opens 10-Story Seniors Housing Community in Coral Gables, Florida

by John Nelson November 13, 2023

CORAL GABLES, FLA. — Belmont Village Senior Living, in partnership with Baptist Health South Florida, has opened Belmont Village Senior Living Coral Gables, a 232-unit seniors housing community located at 4111 Salzedo St. in Coral Gables. Corwil Architects designed the South Florida property, which features independent living, assisted living and memory care residences across 10 stories. Amenities at the community, which also offers ground-floor retail space, include indoor and outdoor socialization spaces, a pool surrounded by a full-service bistro and bar, outdoor lounge with a dining area and barbecue kitchen, fitness room, outdoor movie lawn, putting green, screening room, dog park and a beauty salon. As part of the collaboration with Baptist Health South Florida, Belmont Village Coral Gables will offer direct access to Live Healthy by Baptist Health, with Baptist Health Primary Care onsite. Moss Construction was the general contractor for the project.

November 13, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

Parkland Receives Zoning Approval for 124-Unit BTR Residential Development in Fayetteville, Georgia

by John Nelson November 13, 2023

FAYETTEVILLE, GA. — Alpharetta, Ga.-based Parkland Communities has secured zoning approval from the City of Fayetteville’s Planning & Zoning Commission for the development of Morgan Park, a 124-unit build-to-rent townhome community to be located between East Laier and Booker avenues. Situated on 9.3 acres roughly 22 miles outside of Atlanta, Morgan Park will feature two- and three-bedroom townhomes ranging from 1,636 to 1,958 square feet. Each townhome will feature a one-car garage and covered outdoor living space. Amenities at the property will include a clubhouse, pool, cabana and dedicated mail kiosk. Monthly rental rates at the community will begin at $2,400. A construction timeline was not disclosed.

November 13, 2023

Industrial Loans Texas

JLL Arranges Permanent Financing for 301,120 SF Industrial Facility in Rockwall, Texas

by Taylor Williams November 13, 2023

ROCKWALL, TEXAS — JLL has arranged an undisclosed amount of permanent financing for Rockwall Distribution Center, a 301,120-square-foot industrial facility located on the eastern outskirts of Dallas. Delivered in March, Rockwall Distribution Center features 32-foot clear heights, an ESFR sprinkler system, 68 dock-high loading doors, 62 trailer parking spots and 185-foot truck court depths. Aldon Cole, John Rose, Will Mogk and Brad Vansant of JLL arranged the financing through an undisclosed direct lender on behalf of the borrower, San Diego-based investment firm Westcore.

November 13, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of 68-Unit Apartment Complex Near Downtown Austin

by Taylor Williams November 13, 2023

AUSTIN, TEXAS — Newmark has brokered the sale of South Congress Commons, a 68-unit apartment complex located just north of downtown Austin. Situated in the city’s South Congress area, the property features studio and one-bedroom units and amenities such as a dog park, courtyard, outdoor grilling and dining areas and onsite laundry facilities. Chase Easley of Newmark represented the seller, Firm Capital, in the transaction. Anthony Tarter, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer, an affiliate of locally based owner-operator Narrow Road Group.

November 13, 2023

Leasing Activity Office Texas

Fay Servicing Inks 47,951 SF Office Lease in Farmers Branch, Texas

by Taylor Williams November 13, 2023

FARMERS BRANCH, TEXAS — Fay Servicing Inc. has inked a 47,951-square-foot office lease in the northern Dallas metro of Farmers Branch. The provider of online financial management tools is taking space at Browning Place I, which was built in 1981 and totals 182,739 square feet, according to commercialcafé.com. Frank Puskarich and Louis Pascuzzi of Newmark represented the tenant in the lease negotiations. Duane Henley of Transwestern represented the landlord, an entity doing business as TCI Park West I Inc.

November 13, 2023

Leasing Activity Office Texas

Stephens Insurance Signs 35,454 SF Office Lease Renewal, Expansion in Houston

by Taylor Williams November 13, 2023

HOUSTON — Stephens Insurance has signed a 35,454-square-foot office lease renewal and expansion at Nine Greenway Plaza, a 31-story building located about five miles southwest of downtown Houston. Don King and Anya Marmuscak of JLL represented Stephens Insurance, which is taking an additional 9,000 square feet, in the lease negotiations. J.P. Hutcheson and Amanda Nebel represented the landlord, Parkway Properties, on an internal basis.

November 13, 2023

Acquisitions Retail Texas

STRIVE Negotiates Sale of 4,797 SF QuikTrip Gas Station in Grapevine, Texas

by Taylor Williams November 13, 2023

GRAPEVINE, TEXAS — Locally based brokerage firm STRIVE has negotiated the sale of a 4,797-square-foot QuikTrip gas station in Grapevine, located in the northern-central part of the metroplex. The property was built in 2010. Michael Crovetti and Adam Gottschalk of STRIVE represented the seller, a Kansas-based investor, in the transaction and procured the buyer, a Texas-based investor. Both parties requested anonymity.

November 13, 2023

Development Multifamily New Jersey Northeast

Larken Associates Breaks Ground on 120-Unit Multifamily Project in Pohatcong, New Jersey

by Taylor Williams November 13, 2023

POHATCONG, N.J. — Locally based developer Larken Associates has broken ground on Monte View at Pohatcong, a 120-unit multifamily project. The site is located near the Pennsylvania-New Jersey border near Easton. The garden-style property will consist of three multi-story buildings and one four-story building with a ground-floor clubhouse. Other amenities will include a pool, fitness center and a dog run. The first move-ins are scheduled to begin in fall 2024.

November 13, 2023

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