Property Type

Accurate Breaks Ground on 325-Unit Apartment Community in Parsippany, New Jersey

by Taylor Williams March 21, 2023

PARSIPPANY, N.J. — New Jersey-based developer Accurate has broken ground on a 325-unit apartment community in Parsippany, located in the northern part of the Garden State. The site at 100 Cherry Hill Road spans 26 acres, and the development will feature two four-story buildings with 162 and 163 units. Residences will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, courtyard, fitness center, resident clubhouse and a tech lounge. Twenty percent (65 units) will be subject to income restrictions. Minno & Wasko Architects & Planners is designing the project. Full completion of both buildings is slated for the first quarter of 2024.

March 21, 2023

California Development Multifamily Seniors Housing Western

Confluent, Concord, MorningStar Open 166,000 SF Seniors Housing Community in Mission Viejo, California

by Jeff Shaw March 21, 2023

MISSION VIEJO, CALIF. — Project partners MorningStar Senior Living, Confluent Senior Living and Concord Development Partners have completed MorningStar of Mission Viejo. The 166,000-square-foot, 132-unit senior living community is located in the Orange County city of Mission Viejo. The developers broke ground in March 2021. The community offers studio, one- and two-bedroom suites as well as 126 below-grade parking spaces. The property features 13,809 square feet of outdoor space including a pool, dog run, resident garden and al fresco dining. The project introduces Whole Health Standards, a new criteria under which all future Confluent and MorningStar communities will be developed. Confluent and MorningStar have a strong history of partnering on senior living communities, with MorningStar of Mission Viejo representing the partnership’s 14th joint venture across six states. Other project partners include KTGY Architecture + Planning as architect, Snyder Langston as general contractor, David Evans and Associates as civil engineer and Thoma-Holec Design as interior designer.

March 21, 2023

Acquisitions California Multifamily Western

Olympus Property Buys 179-Unit Angelene Apartments in West Hollywood

by Jeff Shaw March 21, 2023

WEST HOLLYWOOD, CALIF. – Olympus Property has purchased the 179-unit Angelene Apartments in West Hollywood for an undisclosed sum. The mixed-use luxury community is located at 915 N. La Brea Ave. It features hotel-style amenities, including a pool deck and clubhouse overlooking West Hollywood, an abundance of outdoor common areas and a fully equipped fitness center. Apartments feature open living spaces and large windows in a mix of studio to three-bedroom configurations. Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy of Berkadia Institutional Solutions completed the sale on behalf of the institutional seller. Tucker Knight of Berkadia’s Houston office arranged acquisition financing through Freddie Mac on behalf of Olympus Property.

March 21, 2023

Affordable Housing Colorado Development Multifamily Western

Pennrose Breaks Ground on 56-Unit Center for Unhoused Youth in Denver

by Jeff Shaw March 21, 2023

DENVER – Pennrose, Rivet Development Partners and TGTHR have broken ground on 2700 Wewatta, a 56-unit affordable, supportive housing development in Denver’s Five Points neighborhood. The community will serve youth ages 18 to 24 who are experiencing homelessness or transitioning out of Denver’s foster care system. The new community is scheduled to open in April 2024. The one- and two-bedroom apartments will be income restricted for a minimum of 60 years to households earning up to 50 percent of the area median income, or up to $41,000 for a single-occupant household in Denver. The community is part of a larger mixed-use master plan that Golub & Co. and Denver-based Formativ are developing. Rivet was selected to develop the affordable housing component in 2021.

March 21, 2023

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 268-Unit Self-Storage Facility in Hanover, Pennsylvania

by Taylor Williams March 21, 2023

HANOVER, PA. — Marcus & Millichap has brokered the sale of Hanover Self Storage, a 238-unit facility located about 115 miles west of Philadelphia. The property spans 32,150 net rentable square feet and includes 10 outdoor parking spaces. Gabriel Coe, Brett Hatcher and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.

March 21, 2023

Acquisitions New York Northeast Retail

JLL Negotiates Sale of 34,919 SF Shopping Center on Long Island

by Taylor Williams March 21, 2023

HAUPPAUGE, N.Y. — JLL has negotiated the sale of Hauppauge Plaza, a 34,919-square-foot shopping center on Long Island. At the time of sale, the center was fully leased to tenants such as Dollar Tree, Moe’s Southwest Grill, Duck Donuts and Jersey Mike’s Subs. Christopher Munley, Jim Galbally, Jose Cruz, Colin Behr, J.B. Bruno and Andrew Scandalios of JLL represented the seller, New Jersey-based Heidenberg Properties, in the transaction. New York-based Serota Properties acquired the center for an undisclosed price.

March 21, 2023

Development Leasing Activity Mixed-Use Retail South Carolina Southeast Top Stories

Whole Foods to Anchor $1B Mixed-Use Development in Downtown Greenville, South Carolina

by John Nelson March 21, 2023

GREENVILLE, S.C. — Whole Foods Market has signed on to anchor Greenville County Square, a $1 billion mixed-use redevelopment project in downtown Greenville. Atlanta-based RocaPoint Partners is the developer behind the 3.5 million-square-foot live-work-play destination, which will modernize and activate 40 acres along University Ridge. The Austin, Texas-based grocer will occupy a standalone building designed by MVA Architects. Whole Foods is the first tenant announced, and RocaPoint is currently pursuing other credit-worthy retailers and restaurants to join the development. “Whole Foods Market will add to the development’s lively charm and represents the quality of the tenants we’re targeting to drive economic growth while simultaneously answering public interest at Greenville County Square,” says Patrick Leonard, principal of RocaPoint. The developer says that Greenville County Square will serve as a connective hub to the city’s outdoor-oriented attractions, namely Falls Park and the new Cancer Survivor’s Park. Additionally, the project is expected to connect with the historic Swamp Rabbit Trail, a 22-mile walking and biking path that runs along the Reedy River and connects Greenville to Travelers Rest, S.C. “This redevelopment is positioned to be the ideal walkable environment for residents and visitors with a strategic blend of office, hotels, residential, restaurant, entertainment and …

March 21, 2023

Content Partner Features Industrial Midwest NAI Northeast Southeast Texas Western

Supply Chain Simplification: More Accessible Collaborations, Quality Control Lead the Way for Reshoring in 2023

by Sarah Daniels March 21, 2023

As economic uncertainty remains at the forefront, there is a continued quest to combat the multitude of challenges encountered by the manufacturing industry, as well as the trickle-down effects on commercial real estate markets. At the recent NAI Global Convention in Las Vegas, NAI Global president and CEO, Jay Olshonsky sat down with an industry leader who has spent the last decade mitigating these complexities. “It’s a very clear mission, to balance the goods trade deficit, the difference between imports and exports,” said Harry Moser, who founded the Reshoring Initiative in 2010 to bring manufacturing jobs back to the United States. “The deficit last year was $1.2 trillion and balancing that and bringing those jobs back at current levels of U.S. productivity will increase U.S. manufacturing by six million jobs, or about 40 percent.” The emphasis on reshoring is driven by a variety of factors, for example, rising labor costs in foreign countries and corporate understanding of the total cost of offshoring — including intellectual property theft, freight and tariffs. Companies desire greater control over supply chains, especially in a time of rising geo-political tension. By promoting a contained, local approach across the entirety of the manufacturing landscape, industry leaders …

March 21, 2023

Acquisitions Multifamily Texas

Rosewood Realty Arranges Sale of 492-Unit Multifamily Portfolio in San Antonio

by Taylor Williams March 20, 2023

SAN ANTONIO — New York City-based brokerage firm Rosewood Realty Group has arranged the sale of a portfolio of two multifamily properties totaling 43 buildings and 492 units in San Antonio. Built in 1983, Terrain at Medical Center features 16 three-story buildings that house 224 units. Constructed in 1980, Latitude consists of 27 two-story buildings that have 268 units. Mike Kerwin and Scott Bernstein of Rosewood Realty represented the seller, Houston-based investment firm Nitya Capital, in the transaction. Austin Marshak, also with Rosewood, represented the buyer, Nord Group.

March 20, 2023

Development Hospitality Texas

Excel Commercial Real Estate Opens 226-Site RV Park in Kingwood, Texas

by Taylor Williams March 20, 2023

KINGWOOD, TEXAS — Excel Commercial Real Estate has opened Laurel Springs RV Resort, a 226-site development in Kingwood, about 30 miles north of Houston. The property offers both long-term and overnight accommodations. Indoor amenities include a fitness center, arcade, business center, lounge, hospitality kitchen and onsite laundry facilities. The outdoor amenity package comprises a pool, outdoor patio and grilling areas, playground, dog park, putting green and walking trails. Jetstream Communities, an affiliate of CityStreet Residential Partners, will manage the property.

March 20, 2023

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