Property Type

Saunders & Amos, MEB Management Near Completion of 194 Single-Family Rental Homes in Tucson, Arizona

by Amy Works December 5, 2023

TUCSON, ARIZ. — Saunders & Amos and its management partner MEB Management Services have begun pre-leasing at Casitas Catalina, a single-family rental development in Tucson. Slated to open in 2024, Casitas Catalina will offer 194 single-family rental homes in a mix of one-, two- and three-bedroom floorplans. The property features pre-installed fiber-optic Wi-Fi, covered parking and smart-home technology for each resident. Situated on 19 acres, the community also features an outdoor pool and spa. Move-ins for the $50 million project are slated to begin this month, with final construction extending through early 2024.

December 5, 2023

California Loans Multifamily Western

Berkadia Arranges $67.2M Refinancing for Northpoint Apartments in San Francisco

by Amy Works December 5, 2023

SAN FRANCISCO — Berkadia has secured a $67.2 million loan for California-based NP Apartments LLC to refinance debt on Northpoint Apartments in San Francisco. Andy Ahlers of Berkardia San Francisco secured the permanent five-year loan through Fannie Mae. Located at 2211 Stockton St., Northpoint Apartments features 514 studio, one- and two-bedroom floor plans with private patios or balconies and dishwashers. Community amenities include two swimming pools, a fitness center and laundry facilities.

December 5, 2023

Arizona Development Multifamily Western

Habitat Metro Opens 102-Unit ECO MESA Multifamily Property in Arizona

by Amy Works December 5, 2023

MESA, ARIZ. — Habitat Metro has completed the development of ECO MESA, an apartment community located at 127 W. Pepper Place in Mesa. Willmeng Construction served as general contractor for the 102-unit property, which CCBG Architects designed. Situated in downtown Mesa, the infill community was developed on a former parking lot. The seven-story, 179,227-square-foot building features a mix of studio, one- and two-bedroom apartments. Onsite amenities include a 14,000-gallon heated swimming pool, a fully equipped lounge with a kitchen, game room, water-vapor fireplace and indoor/outdoor seating options. Additionally, the property features a sky deck with outdoor barbecue areas and a fitness center.

December 5, 2023

Arizona Development Industrial Western

DIV Industrial Buys Development Site in Goodyear, Arizona for 847,988 SF Sarival Business Park

by Amy Works December 5, 2023

GOODYEAR, ARIZ. — DIV Industrial has acquired 47.4 acres of land in the Phoenix suburb of Goodyear for the development of Sarival Business Park, a Class A industrial complex. The company purchased the land site from a private investor for an undisclosed price and completed rezoning and entitlements during escrow. At completion, the 847,988-square-foot park will feature five freestanding buildings ranging in size from 135,000 square feet to 235,000 square feet. Groundbreaking is slated for late first-quarter 2024, with completion scheduled for first-quarter 2025. Each building will provide 3,600 amps of power (expandable to 7,200 amps), two oversized grade-level doors, up to 34 dock-high doors and high-image speculative office space. Buildings 1, 2 and 3 will feature 32-foot clear heights, and Building 4 and 5 will feature 36-foot clear heights. All buildings will offer fully air-conditioned warehouse space, ESFR sprinklers and ample parking. Sarival Business Park will be located at the southeast corner of Sarival Avenue and MC-85.

December 5, 2023

Acquisitions California Multifamily Western

CBRE Brokers $7M Sale of Tropicana Apartments in Huntington Beach, California

by Amy Works December 5, 2023

HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of Tropicana Apartments, a multifamily property in Huntington Beach. A Huntington Beach-based private buyer acquired the asset from a local private investor for $7 million, or $337,714 per unit, in an all-cash deal. According to CBRE, the sale was the largest apartment transaction in downtown Huntington Beach in the past 10 years. Dan Blackwell and Mike O’Neill of CBRE represented the seller, which was exchanging into a Delaware Statutory Trust, in the transaction. Located at 201 10th St., Tropicana Apartments features 21 residences spread across four two-story buildings, totaling 10,096 rentable square feet across six lots on two parcels. Built in 1963, the gated community offers a mix of one- and two-bedroom floor plans with ocean views in select units. Community amenities include an ocean-view deck, pool and laundry facilities. Additionally, the property features 18 carports and three garages for residents.

December 5, 2023

Development Florida Industrial Southeast Top Stories

Partnership to Develop 3 MSF Industrial Park on Florida’s Space Coast

by John Nelson December 5, 2023

TITUSVILLE, FLA. — A partnership between Houston-based Hines and locally based Key Group has announced plans to develop Space Coast Innovation Park, a 3 million-square-foot industrial development in the Space Coast city of Titusville. Located in Brevard County, the three-phase development will be situated on 450 acres near Space Coast Regional Airport’s Exploration Spaceport and within a few miles of NASA’s Kennedy Space Center. Nearby space exploration and aerospace defense firms include SpaceX, Blue Origin, Boeing, Northrop Grumman and Lockheed Martin. This past summer, Amazon announced it is developing a $120 million satellite processing facility in nearby Cape Canaveral, Fla. Additionally, the U.S. Air Force recently selected Patrick Space Force Base as its preferred headquarters location for the U.S. Space Force’s Space Training and Readiness Command operations. “As the rapid commercialization and privatization of the aerospace industry continues, with the space economy expected to generate more than $1 trillion in annual sales by 2040, we believe now is the perfect time to create a best-in-class logistics hub for aerospace companies requiring more direct access to Kennedy Space Center and Cape Canaveral than properties located further south can offer,” says Ryan Wood, managing director at Hines. “We look forward to partnering …

December 5, 2023

Acquisitions Alabama Retail Southeast

Tanger Acquires Bridge Street Town Centre in Huntsville for $193.5M

by John Nelson December 4, 2023

HUNTSVILLE, ALA. — Tanger has acquired Bridge Street Town Centre, an open-air retail center located in Huntsville, for $193.5 million. Alabama-based Bayer Properties is the developer and former owner of the 825,000-square-foot development. Tenants at the property include lululemon athletica, Sephora, Main Event, a 14-screen Cinemark movie theater, Lovesac, Dry Goods, Victoria’s Secret, Athleta, Anthropologie, Altar’d State, Ulta Beauty, Barnes & Noble, Dick’s Sporting Goods, Old Navy, H&M and Belk, among others. The center was 93 percent occupied at the time of sale. This marks Tanger’s 39th property and first open-air lifestyle center.

December 4, 2023

Alabama Development Multifamily Southeast

Dobbins Group to Develop Two Apartment Communities in Birmingham Totaling 785 Units

by John Nelson December 4, 2023

BIRMINGHAM, ALA. — Dobbins Group will develop two apartment communities in Birmingham. The first community, Colina West Homewood, will comprise 310 units in one-, two- and three-bedroom floorplans at 80 West Oxmoor Road. Amenities at the property will include package lockers, grilling stations and outdoor kitchens, hiking trails, a fitness center, swimming pool, coworking space, car wash, lawn game area, central green space, dog spa and park, clubhouse with resident lounge and attached and detached garages. The property will also feature a Grab & Go Market. The second property, Colina Hillside, will total 475 apartments in one-, two- and three-bedroom layouts across four- and five-story buildings. Amenities at the property, which will be located at 1121 Colina St., will include two heated saltwater pools, private pool cabanas and an outdoor kitchen entertainment area, 24-hour fitness center, a pet spa and pet parks, greenspace, firepits, grilling stations, electric car charging stations, valet trash service, a 24-hour resident market and lounge and coworking spaces. Protective Life provided financing. LBYD will serve as civil engineer for both developments, with Lorberbaum McNair providing landscape architecture and Catori Design House overseeing interior design. Forestry Environmental is the sitework contractor, and Capstone Building Corp. will provide …

December 4, 2023

Development Florida Southeast Student Housing

CBRE Investment, GMH to Begin Renovations at 734-Bed Student Housing Community Near University of South Florida

by John Nelson December 4, 2023

TAMPA, FLA. — A joint venture between CBRE Investment Management and GMH Communities has announced plans to begin renovations at Venue at North Campus, a 734-bed student housing community located near the University of South Florida in Tampa. The duo purchased the property in October. Dallas-based Premier will spearhead the renovations, which are expected to begin early next year. Enhancements to the property will include the addition of new appliances, countertops, cabinets, furniture, paint and fixtures; refreshments to the pool area; the addition of a jumbotron; updates to the community’s dog park; and the integration of a dedicated space for food truck dining near the property’s convenience store. The community offers a mix of studio, two-, four- and five-bedroom units. Shared amenities include a resort-style swimming pool, fitness centers, grilling stations under a pergola, individual and group study areas and an internet cafe.

December 4, 2023

Acquisitions Georgia Multifamily Southeast

GREA Brokers $13.9M Sale of Phoenix Place Townhomes in Metro Atlanta

by John Nelson December 4, 2023

EAST POINT, GA. — Global Real Estate Advisors (GREA) has brokered the $13.9 million sale of Phoenix Place Townhomes in East Point, about 3.5 miles from Hartsfield-Jackson Atlanta International Airport. Built in 1971 and located at 2420 Heaton Drive, the community comprises 144 units in one-, two- and three-bedroom floorplans. Green Forest Capital acquired the property from Pacific West Land. Taylor Brown, Mack Leath and Barden Brown of GREA represented the seller in the transaction.

December 4, 2023

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