Property Type

Origin Investments, Jackson Dearborn Plan $117.9M Apartment Community in Colorado Springs

by Amy Works November 30, 2022

COLORADO SPRINGS, COLO. — Origin Investments and Jackson Dearborn Partners have formed a joint venture to develop Solace at The Ranch, a $117.9 million multifamily community at 7718 E. Woodmen Road in Colorado Springs. Construction is underway for the project, which will feature a three-story, 374-unit, garden-style apartment community and 12 carriage house-style units. The first units are slated for delivery by year-end 2024, with the balance of the units being delivered in phases over a period of several months. The community will consist of 21 residential buildings and a clubhouse. The unit mix will be 52 three-bedroom, 210 two-bedroom and 112 one-bedroom layouts, and the carriage houses will be a mix of two- and three-bedroom floor plans. Additionally, the community will offer 628 parking spaces, including 189 attached and detached garages. The carriage house units will sit atop attached garages. Sub4 Development is serving as general contractor for the project.

November 30, 2022

Acquisitions Arizona Multifamily Western

Avanti Residential, FCP Acquire 382-Unit Omnia on Thomas Multifamily Property in Phoenix

by Amy Works November 30, 2022

PHOENIX — Avanti Residential, in partnership with FCP, has purchased Omnia on Thomas, a multifamily community in Phoenix, for $65 million. The name of the seller was not released. Located at 1645 E. Thomas Road, Omnia on Thomas features 382 apartments in a mix of studio, one- and two-bedroom layouts, four swimming pools, a fitness center and five electric vehicle charging stations. The partnership plans to spend approximately $12,000 per unit on capital improvements.

November 30, 2022

Acquisitions California Multifamily Western

Kidder Mathews Brokers $13.7M Sale of Union 5 Apartments in Long Beach, California

by Amy Works November 30, 2022

LONG BEACH, CALIF. — Kidder Mathews has arranged the sale of Union 5 Apartments in Long Beach. The asset traded for $13.7 million. The names of the seller and buyer were not released. Darin Beebower and Mark Ventre of Kidder Mathews handled the transaction. Located at 1821-27 E. 5th St., the 25,056-square-foot property features 34 apartments. Built in 1960, Union 5 was renovated in 2018.

November 30, 2022

Acquisitions Hospitality Illinois Midwest Top Stories

Hyatt Agrees to Acquire Dream Hotel Group for $125M

by Kristin Harlow November 30, 2022

CHICAGO — Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. The acquisition will add more than 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30 percent. Hyatt says that Dream Hotel Group properties are known for their vibrant dining and nightlife experiences, including restaurants, entertainment venues and exclusive night clubs. The acquisition will extend Hyatt’s footprint in markets such as Nashville, Tenn.; Los Angeles; Miami; Durham, N.C.; several locations in New York City; and one in the Catskill Mountains of Upstate New York. Signed contracts include additional destinations such as Las Vegas, the island of Saint Lucia in the Caribbean and Doha, Qatar. The transaction is expected to close in the coming months, …

November 30, 2022

Development Georgia Industrial Southeast

Automotive Supplier to Invest $926M for Manufacturing Facility Near Hyundai Plant in Metro Savannah

by John Nelson November 29, 2022

RICHMOND HILL, GA. — Hyundai Mobis, an automotive supplier based in South Korea, plans to invest $926 million for a new manufacturing facility near Hyundai’s previously announced electric vehicle and battery campus in Bryan County. Situated near the Port of Savannah, the new 1.2 million-square-foot facility will employ at least 1,500 people once fully operational. The project is located within the Georgia Ready for Accelerated Development (GRAD) Certified Belfast Commerce Park in Richmond Hill. Hyundai Mobis will supply electric vehicle power electric systems and charging control units to the mega Hyundai plant nearby and in Montgomery, Ala., as well as the Kia plant in West Point, Ga. Hyundai Mobis is the “parts and services” arm for South Korean auto giants Hyundai, Genesis Motors and Kia. The company has had an operational base near the Kia plant since 2009. The new Bryan County facility is expected to break ground in 2023 and begin operations in 2024.

November 29, 2022

Development Loans Maryland Multifamily Southeast

ACRES Capital Provides $83.7M Loan for Multifamily Project in Frederick, Maryland

by John Nelson November 29, 2022

FREDERICK, MD. — ACRES Capital has provided an $83.7 million construction loan for Residences at East Church, a 350-unit multifamily project located on a 14.8-acre site at 605 E. Church St. in Frederick. The borrower, The Goldstar Group, is developing the five-story community to feature a clubhouse, swimming pool and fitness center, as well as 525 parking spaces. The construction timeline was not disclosed. Jamie Butler of Walker & Dunlop originated the loan on behalf of Goldstar. Principals involved in the loan transaction include Michael Brodsky of Goldstar and Drew Miller of ACRES Capital’s New York office.

November 29, 2022

Development Florida Multifamily Southeast

Daniel Delivers $60M Porte at Pathstone Apartments in Pensacola, Florida

by John Nelson November 29, 2022

PENSACOLA, FLA. — Development firm Daniel has delivered Porte at Pathstone, a 336-unit apartment community in Pensacola. The $60 million property is situated within the Pathstone development across Nine Mile Road from Navy Federal Credit Union’s office campus. The design-build team includes general contractor Doster Construction and design firm Nelson Architects. Community amenities include a resort-style swimming pool, outdoor grilling area and game lawn, fitness center, yoga lawn, coworking space with private conference rooms, coffee bar, pet spa and a dog park. Rental rates range from $1,649 to $2,599, according to the property website.

November 29, 2022

Acquisitions Industrial Texas

CBRE Negotiates Sale of 900,000 SF Industrial Complex in Lewisville, Texas

by Taylor Williams November 29, 2022

LEWISVILLE, TEXAS — CBRE has negotiated the sale of Bison Grove Business Park, a 900,000-square-foot industrial complex located in the northern Dallas suburb of Lewisville. The development consists of four buildings on a 62-acre site that were 78 percent leased at the time of sale. Building features include 32-foot clear heights and ESFR sprinkler systems. The buyer, Chicago-based investment and development firm CenterPoint Properties, also plans to add speculative office space. Randy Baird led the transaction for CBRE. The seller was not disclosed.

November 29, 2022

Development Multifamily Texas

Wood Partners Breaks Ground on 330-Unit Multifamily Project in Metro Houston

by Taylor Williams November 29, 2022

CYPRESS, TEXAS — Atlanta-based multifamily developer Wood Partners has broken ground on Alta Cypress Springs, a 330-unit project that will be located on the northwestern outskirts of Houston. Alta Cypress Springs will feature one-, two- and three-bedroom apartments that will be furnished with stainless steel appliances, granite countertops, tile backsplashes and full-size washers and dryers. Amenities will include a pool, fitness center, dog park, business center, clubroom and an outdoor kitchen. Completion is slated for August 2023.

November 29, 2022

Acquisitions Office Texas

Vertical Ventures Acquires 233,110 SF Office Portfolio in Dallas

by Taylor Williams November 29, 2022

DALLAS — California-based investment firm Vertical Ventures has acquired the DFW Financial Services Office Portfolio, a duo of buildings totaling 233,110 square feet in Dallas. The buildings are located at 4950 Amon Carter Blvd. and 14800 Trinity Blvd. in the CentrePort submarket. Mike Hardage, Brooks Creech and Angela Heidman of Transwestern brokered the deal. The seller was not disclosed.

November 29, 2022

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