LAS VEGAS — Red Ridge Development is underway on Origin at Symphony Park, a 6-acre mixed-use project located in downtown Las Vegas. The development will feature 100,000 square feet of retail space, a 32-story residential tower, mid-rise apartment building, outdoor promenade and office space upon completion, which is scheduled for 2026. The McGarey Group, a division of the Divaris Group, will manage leasing for the retail space at the project in partnership with Paragon Commercial Group.
AURORA, COLO. — Grovewood Community Development has broken ground on Sapling Grove Apartments, a four-story, mixed-income apartment community in Aurora that is slated for completion in late 2024. Located at 10151 E. Jewell Ave., the first phase of the property will feature 81 units in a mix of one-, two- and three-bedroom floor plans, a rooftop deck and lounge, work pods, an exercise room and an onsite community resource center offering health- and wellness-focused resident programs and services. The property will also feature community spaces for resident gatherings, intergenerational lifelong learning workshops, outdoor recreation via walking trails, a fenced playground, an outdoor exercise stations and gardens. The project is being financed through 22 grant, loan and equity sources provided collectively by the City of Aurora, Arapahoe County, the Colorado Division of Housing, the Colorado Housing and Finance Authority, Impact Development Fund, the Aurora Housing Authority, National Development Council and Sugar Creek Capital. Additional funding includes a four-year grant awarded by The Colorado Health Foundation. BC Builders is serving as the project’s general contractor, and Santulan Architecture is serving as architect.
WHEAT RIDGE, COLO. — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 4097 Vance St. in Wheat Ridge. The asset traded for $7.5 million, or $312,500 per unit. The 16,500-square-foot property features 24 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the buyer and seller in the deal. The names of the buyer and seller were not released.
MODESTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.1 million sale of a retail pad building located in Modesto. Built in 2018 and situated within a Save Mart-anchored shopping center, the multi-tenant building totals 6,402 square feet. Tenants at the property include Pacific Dental Services, Mountain Mike’s Pizza and West Coast Sourdough Deli. Jeff Lefko and Bill Asher of Hanley represented the seller, Covenant Real Estate Group, in the transaction. A California-based buyer acquired the property.
LA GRANDE, ORE. — Marcus & Millichap has brokered the purchase of La Grande Strip Center, a retail asset in La Grande. A private investor acquired the property from an undisclosed seller for $1.6 million. Located at 11621 Island Ave., the 7,448-square-foot La Grande Strip Center was 67 percent occupied at the time of sale. Eric Garske of Marcus & Millichap’s Portland office represented the buyer in the deal.
KIAWAH ISLAND, S.C. — Ziegler, a Chicago-based investment bank, has arranged $212.9 million in bond financing for Seafields at Kiawah Island, a seniors housing project in coastal South Carolina. The borrower and developer is a local entity doing business as Kiawah Life Plan Village Inc. BRP Senior Housing Management will operate the property. Sitework is underway, and the development team expects to open the community in fall 2025. Seafields at Kiawah Island will be located on an eight-acre site about 25 miles south of Charleston. This site is adjacent to Freshfields Village, an open-air pedestrian village with a variety of stores, restaurants and entertainment options. The community will feature 90 independent living units and 16 assisted living units. In addition to full-service dining, amenities will include a bar, bistro, outdoor pool, fitness center, yoga studio, salon, wellness center, theater and various multipurpose rooms. The South Carolina Jobs-Economic Development Authority issued the bond financing. Specifically, the package consists of $87.1 million of long-term, fixed-rate bonds and $125.8 million of tax-exempt and taxable securities with mandatory paydown requirements. “Ziegler is very proud to help provide construction financing for Seafields at Kiawah Island in a very challenging capital markets environment,” says Rob Gall, Ziegler’s …
By Scott Olson, Skogman Commercial Despite a derecho, a pandemic, inflation, supply chain issues and a possible recession, Cedar Rapids continues its rapid growth as evidenced by the ranking by “American Growth Project 2023” as a top 15 fastest-growing mid-size U.S. city. But, its other national rankings are just as impressive: • 23rd-Best Run City in U.S. (wallethub.com, 2023) • Top 100 Best Places to Live in America (Livability, 2023) • 23rd-Best Place to Raise a Family (wallethub.com, 2023) • 13th-Best City to Buy a House (niche.com, 2023) • Ranked No. 21 of Cities with Lowest Cost of Living (Business Insider, 2023) • A Cleanest U.S. City by Short-Term Particle Pollution (American Lung Association, 2023) • Two Nationally Ranked Medical Centers: St. Luke’s Hospital and Mercy Medical Center (PINC Al/Fortune and Newsweek, 2023) • Top 50 Best City for Jobs in America (wallethub.com, 2023) • No. 22 Safest City in America (wallethub.com, 2022) • Best Tasting Drinking Water in Iowa (Iowa Section, American Water Works 2022) In addition to these rankings, Cedar Rapids is also continuing to make major progress on recovery from previous national disasters: • 2008/2016 historic floods are resulting in the $750 million flood control system making …
New income limits for low-income and very-low-income housing in 2023 represent a mixed blessing for the industry’s providers, who gain more potential renters but face ubiquitous caps that restrain their ability to adjust rents. The U.S. Department of Housing and Urban Development (HUD) publishes the income limits annually based on changes in each housing area’s median income, and typically places caps on outlier markets to prevent wide year-to-year swings. From 2010 through 2021, about 10 percent of areas were capped each year. Also in that period, the caps predictably checked the increase in an area’s qualifying income levels to no more than double the annual percent change in national median income. HUD published national median income based on three-year-trailing American Community Survey (ACS) data that HUD adjusted forward using the Consumer Price Index (CPI). In 2022, however, HUD omitted the CPI factor and based limits on historical survey data alone, producing lower results for median incomes and a smaller percentage change to be doubled into a cap. Even so, calculated incomes rose significantly, spurring HUD to cap increases in 57 percent of areas. Industry experts had predicted HUD would add the CPI adjustment back into its calculations in 2023, resulting …
IRVING, TEXAS — A joint venture between shopping center owner-operator Edens and CBRE Investment Management has purchased MacArthur Park, a 425,612-square-foot retail power center in Irving. Target, Kroger, Office Depot, T.J. Maxx, Michaels, Ross Dress for Less and Ulta Beauty serve as the anchor tenants at the center, which was built in 2001 and is located at the intersection of I-635 and the George Bush Turnpike. The seller and sales price were not disclosed.
SAN ANTONIO — Dallas-based developer RightQuest Residential has sold Eleven West Luxury Apartments, a 264-unit multifamily community that is located on a 13-acre site on the west side of San Antonio. Designed by Cross Architects and built by Houston-based Nations Construction, the newly constructed property offers one- and two-bedroom units that are furnished with granite countertops, walk-in closets and individual washers and dryers. Private balconies/patios are available in select residences. Amenities include a pool, fitness center, business center, clubhouse, dog park and onsite storage facilities. CBRE brokered the sale on behalf of RightQuest Residential. The buyer and sales price were not disclosed.
