Property Type

Monument Realty Delivers 14-Story Sonya Apartments in D.C.

by John Nelson May 3, 2023

WASHINGTON, D.C. — Monument Realty, along with investment partners JRE Partners and Ghitis Property Co., has opened Sonya, a 14-story apartment community in Washington, D.C.’s NoMa district. The property’s name pays homage to the surrounding South of New York Avenue neighborhood. The 321-unit community is located at 40 Patterson St. and is bounded by First Street NE and Capital Street NE. KGD Architecture designed the property to achieve LEED Silver certification. Sonya offers a mix of studio, one-, two- and three-bedroom apartments, as well as more than 16,000 square feet of amenity space, including a rooftop pool, social club and entertainment spaces, hospitality bars and a fitness center. Rents start at $1,895 per month, according to the property website.

May 3, 2023

Development Georgia Industrial Office Southeast

Electric Owl Studios to Open 312,000 SF Film, TV Studio in Atlanta

by John Nelson May 3, 2023

ATLANTA — Electric Owl Studios plans to open a 312,000-square-foot film and TV studio in Atlanta’s DeKalb County next month. Located at 3963 Redan Road near the Indian Creek MARTA station, the production facility is the only ground-up LEED Gold-certified studio campus in the world, according to Electric Owl. With six purpose-built sound stages and ancillary and parking space, the studio is large enough to support a tentpole feature film or two large-scale TV series. Electric Owl Studios was founded by former Third Rail Studios executives Dan Rosenfelt and Michael Hah. The Atlanta property is the debut studio for Electric Owl, which is currently developing a second studio on an 18-acre site in New York that is set to open in summer 2025.

May 3, 2023

Development Hospitality Southeast Tennessee

Vision Hospitality Breaks Ground on 184-Room Embassy Suites by Hilton Hotel in Downtown Chattanooga

by John Nelson May 3, 2023

CHATTANOOGA, TENN. — Locally based Vision Hospitality Group Inc. has broken ground on Embassy Suites by Hilton Chattanooga Downtown, a 184-room hotel located at the corner of Broad and 4th streets. Upon completion, the hotel will offer a rooftop bar, street-level bar and coffee area, restaurant and 5,000 square feet of meeting space. The site is blocks from the Tennessee Aquarium, Hunter Museum of American Art, National Medal of Honor Heritage Museum and Tennessee Riverpark. Humphreys and Associates Contractors LLC is planning for the $54 million project to debut in summer 2025. The hotel is one of 15 projects in the development pipeline for Vision Hospitality, which currently owns 16 hotels in the greater Chattanooga area.

May 3, 2023

Acquisitions Multifamily Southeast Virginia

Berkadia Brokers $52M Sale of Del Ray Central Apartments in Alexandria, Virginia

by John Nelson May 3, 2023

ALEXANDRIA, VA. — Berkadia has brokered the $52 million sale of Del Ray Central, a 141-unit apartment community located at 3501 Mount Vernon Ave. in Alexandria. Walter Coker, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia represented the undisclosed seller in the transaction. The buyer is a partnership led by Caruthers Cos. The property, which was 97 percent occupied at the time of sale, is situated approximately a half-mile from the Potomac Yard Metro Station and near the Old Town Alexandria and National Landing neighborhoods of metro Washington, D.C. Del Ray Central features a unit mix of studio, one- and two-bedroom apartments, as well as 2,670 square feet of ground-floor retail space, a pool, clubhouse, business center, bike storage, roof terrace, walking/biking trails and a courtyard, according to Apartments.com.

May 3, 2023

Acquisitions Florida Industrial Southeast

RealOp Purchases 507,590 SF Industrial Property in Jacksonville in Sale-Leaseback Deal

by John Nelson May 3, 2023

JACKSONVILLE, FLA. — RealOp Investments, a private equity firm based in Greenville, S.C., has purchased two Class B warehouse buildings in Jacksonville totaling 507,590 square feet. As part of the sale-leaseback arrangement, the properties are 100 percent leased to Southeastern Toyota Distributors. At expiration of the three-year lease, RealOp plans to launch a comprehensive $7 million capital improvement and redevelopment program at the park. Located near the I-95 and Baymeadows Road interchange, the property represents RealOp’s seventh acquisition in Florida.

May 3, 2023

Acquisitions Development Industrial Midwest Wisconsin

Stream Purchases 90 Acres in Kenosha, Plans to Build 934,505 SF Spec Industrial Development

by Kristin Harlow May 3, 2023

KENOSHA, WIS. — Stream Realty Partners has purchased 90 acres at 10812 Burlington Road in Kenosha. The firm plans to build Somers Trade Center, a 934,505-square-foot speculative industrial development consisting of three buildings. The project site is less than a mile from the I-94 interchange and offers direct access to Chicagoland. Patrick Russo, Dale Todd and Drue Stoehr of Stream worked on the site selection and closing. Stream will partner with Cushman & Wakefield’s Eric Fischer, who will serve as the lead leasing broker. A timeline for completion was not provided.

May 3, 2023

Development Industrial Midwest Minnesota

United Properties Begins Development of New Headquarters for Minneapolis Glass in Brooklyn Park, Minnesota

by Kristin Harlow May 3, 2023

BROOKLYN PARK, MINN. — Developer United Properties has broken ground on a new 115,000-square-foot headquarters for Minneapolis Glass Co. in Brooklyn Park, a suburb of Minneapolis. The industrial development is named 610 Junction-West. Established in 1937, Minneapolis Glass is a glass and glazing fabrication company that provides manufacturing, installation and distribution services. The new headquarters will house expanded glass and metal fabrication, global sourcing and distribution facilities, administrative offices and a consumer showroom. All 100 full-time employees will move to the new space, and the company intends to hire additional positions. Completion is slated for 2024. Project partners include the City of Brooklyn Park, Lampert Architects, Sambatek and R.J. Ryan Construction.

May 3, 2023

Development Illinois Midwest Multifamily

Structured Development Nears Completion of 10-Story Co-Living Project in Chicago

by Kristin Harlow May 3, 2023

CHICAGO — Structured Development is nearing completion of Post Chicago, a 10-story, 431-bed co-living community in Chicago’s Lincoln Park neighborhood. The project marks the city’s largest co-living development, according to Structured. Located at 853 W. Blackhawk St., the property will be operated by co-living and residential property operator Tripalink. Designed for students, corporate transferees and others in search of flexible, turnkey housing, Post Chicago offers 107 units with bedrooms that are fully furnished and individually leased. Units have between two and four bedrooms. Monthly rents start at $1,375. Cable and high-speed internet are included in the rent, and residents also benefit from weekly cleaning service. Residents share access to a living room, kitchen, in-unit washer and dryer and bathroom for those who don’t have their own ensuite bath. Amenities include a fitness center, rooftop deck, bike room, package room and lounge areas. In addition to the co-living units, Post Chicago will offer 19 conventional unfurnished units with monthly rents starting at $1,799. Post Chicago is the second of three residential buildings totaling 487 units to be completed in a mixed-income development named Wendelin Park.

May 3, 2023

Acquisitions Midwest Minnesota Multifamily

SRS Brokers $26.9M Sale of Apartment Complex in Rochester, Minnesota

by Kristin Harlow May 3, 2023

ROCHESTER, MINN. — SRS Real Estate Partners has brokered the $26.9 million sale of Residence at Discovery Square, a 138-unit apartment complex in Rochester. Built in 2018 and located at 511 3rd Ave. SW, the property rises seven stories and features 11,831 square feet of ground-floor retail space. The community, which was roughly 95 percent leased at the time of sale, is part of Discovery Square, a district built in collaboration with the Mayo Clinic. Frank Rogers and Michael Carter of SRS, along with Chad Behnken of Hamilton Real Estate, represented the seller, a Rochester-based investor. Rochester-based Black Swan Real Estate was the buyer. The sales price represents the highest price paid for a multifamily property so far this year in Minnesota, according to SRS.

May 3, 2023

Build-to-Rent Development Single-Family Rental Texas

Banyan Residential Breaks Ground on 234-Unit Build-to-Rent Project in Metro Austin

by Taylor Williams May 3, 2023

PFLUGERVILLE, TEXAS — Los Angeles-based developer Banyan Residential has broken ground on Banyan Everton, a 234-unit build-to-rent project in the northern Austin suburb of Pflugerville. The site spans 34.4 acres. Homes will come in three- and four-bedroom floor plans, have an average size of 1,771 and include private garages and fenced backyards. Banyan Everton will also offer a communal pool, fitness center and open green space. Completion is scheduled for the first quarter of 2024.

May 3, 2023

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