Property Type

Core Spaces, Tom Winkopp Development Plan 4,000-Bed Clemson Student Village at The Pier

by Jeff Shaw May 13, 2022

CLEMSON, S.C. — Core Spaces and Tom Winkopp Development have formed a joint venture to develop Clemson Student Village at The Pier, a 4,000-bed student housing community located on a 140-acre plot near Clemson University. The project is an extension of The Pier, a project that has already added 1,400 beds to Clemson’s student housing supply. Amenities at the new project include athletic and fitness facilities, pools, outdoor grills, student clubhouses, beachfront access to Lake Hartwell and waterfront trails. Once fully constructed, the site will feature “a new downtown locale that is walkable, charming and accessible to all students and the local community,” according to the developers. “This project is among the most ambitious in our history,” says Daniel Goldberg, president of Core Spaces. “Clemson, South Carolina has experienced significant population growth due to its high quality of living, affordability, picturesque downtown and favorable year-round climate, as well as Clemson University’s strong enrollment rates.” In addition to the more traditional student housing beds, the development will feature clusters of single-family homes for rent as the builders seek to create student neighborhoods within the project. Each of these will feature nine bedrooms. The student village is one piece of a larger …

May 13, 2022

Features Industrial Office

SIOR: Minimal Availability, Rising Construction Costs Dampen Industrial Brokers’ Confidence

by Taylor Williams May 13, 2022

By Taylor Williams The combination of dwindling vacancies and skyrocketing construction costs is beginning to have a marginally negative impact on the confidence that industrial brokers across major U.S. markets have in their chosen property type, according to the latest sentiment report from the Society of Industrial & Office Realtors (SIOR). For the first time in the report’s history, the average sentiment of industrial brokers that carry the designation, while still very bullish overall, dropped below eight on a scale of one to 10. Specifically, overall sentiment fell from 8.2 in the fourth quarter of 2021 to 7.7 in the first quarter of 2022. The report also identified an environment of rising interest rates as an additional detractor on industry sentiment, though that factor is not unique to the industrial sector. With industrial users heavily investing in their supply chains amid the pandemic and e-commerce boom, there’s simply very little Class A space to be had, especially within infill locations in core markets. Disruptions within those same supply chains have helped drive costs of construction materials and timelines for projects to way-above-average levels, putting further downward pressure on supply growth. As a result, overall industrial leasing activity has slowed. According …

May 13, 2022

Florida Loans Multifamily Southeast

Dwight Mortgage Trust Provides $55M Refinancing for Stellar at Emerald Hills Apartments in Fort Lauderdale

by John Nelson May 12, 2022

FORT LAUDERDALE, FLA. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $55 million bridge refinance loan for The Stellar at Emerald Hills, a 197-unit apartment community in Fort Lauderdale. The 24-month loan featured two six-month extension options. The borrower was not disclosed. Delivered in the first quarter of this year, the gated property is situated on 7.2 acres and consists of three three-story buildings spanning approximately 567,000 square feet. The community is near several golf courses, shopping and dining destinations, Dania Beach and Interstate 95, giving tenants access to major employers like American Airlines and Publix Super Markets. The Stellar at Emerald Hills includes in-unit washers and dryers, private balconies and bay windows. Common area amenities include a clubhouse, fitness center with a yoga and spin studio, pet play area, pet washing station and a pool. The property is certified National Green Building Standard (NGBS) and includes green, smart features such as EV car charging stations and energy-efficient gas appliances.

May 12, 2022

Development Multifamily Texas

Rosewood Property Breaks Ground on 326-Unit Multifamily Project in Plano

by Taylor Williams May 12, 2022

PLANO, TEXAS — Dallas-based Rosewood Property Co. has broken ground on a 326-unit multifamily project in Plano. The property, which has yet to be branded, will sit on a 4.3-acre site at 601 Belpree Drive. Amenities will include a pool, fitness center, courtyard, coworking lounge and a golf simulator. Rosewood has partnered with MetLife Investment Management on the project, which will be located within the 156-acre Heritage Creekside mixed-use development. Other project partners include architecture firm Hensley, Lamkin, Rachel Inc. and Provident General Contractors. Veritex Bank provided construction financing. Leasing is scheduled to begin in fall 2023 will full completion slated for 2024.

May 12, 2022

Acquisitions Georgia Retail Southeast

IPA Brokers $23.2M Sale of Doraville Plaza Shopping Center in Metro Atlanta

by John Nelson May 12, 2022

DORAVILLE, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $23.2 million sale of Doraville Plaza, a 190,167-square-foot shopping center in Doraville. The Burlington-anchored center is situated along Buford Highway near the interchange with I-285. A locally based group of investors purchased the asset from an entity doing business as Doraville Plaza Investors LLC, including the assumption of existing CMBS debt. Zach Taylor of IPA, who represented the seller in the transaction, says Doraville Plaza has future redevelopment potential. “CMBS debt assumptions are difficult and typically shrink the buyer pool. However, rising interest rates and the demand for well-located retail assets centers like Doraville Plaza worked in our favor,” says Taylor. “The location and future redevelopment potential of the underlying real estate created a competitive bidding environment.”

May 12, 2022

Development Multifamily Texas

Hillwood Begins Leasing 322-Unit Apartment Community in Little Elm, Texas

by Taylor Williams May 12, 2022

LITTLE ELM, TEXAS — Locally based developer Hillwood has begun leasing Union House, a 322-unit apartment community in Little Elm, located in Denton County. Units are available in one-, two- and three-bedroom floor plans and range in size from 613 to 1,489 square feet. Residences also feature stainless steel appliances, built-in desks and private patios. Amenities include a pool, 24-hour fitness center, two dog parks and coworking space with private offices and a conference room. HEDK Architects designed Union House, which will officially open on Monday, May 16. Full completion of the project is slated for the fall. Monthly rents start at in the $1,300s for a one-bedroom unit.

May 12, 2022

Development Illinois Midwest Multifamily

Atlantic Residential, Focus Convert Vacant Sears Store in Illinois into 304 Luxury Apartments

by Kristin Harlow May 12, 2022

AURORA, ILL. — Atlantic Residential and Focus are converting a vacant Sears store and parking lot at Fox Valley Mall in Aurora into a 304-luxury apartment complex named Lumen Fox Valley. Evanston, Ill.-based Morgante Wilson Architects Ltd. is handling the design of the interiors, including all common areas and amenities. Lumen Fox Valley will feature studios to three-bedroom floor plans and amenities such as a two-story lounge, private dining room, game room, fitness center, yoga studio and outdoor pool. The project team includes architects Torti Gallas + Partners and HKM Architects + Planners as well as general contractor Focus. USAA Real Estate provided project financing. Completion is slated for this fall.

May 12, 2022

Development Healthcare Indiana Midwest

Skender Begins Structural Construction of 250,000 SF Medical Office Building for Indiana University Health

by Kristin Harlow May 12, 2022

INDIANAPOLIS — Skender, working with Meyer Najem Construction, has begun structural construction of the new Indiana University Health (IU Health) Capitol View medical office building and parking garage in downtown Indianapolis. The project consists of a 250,000-square-foot medical office building and a 310,000-square-foot parking structure with 939 parking spaces. A pedestrian bridge connects the building to the parking structure. The project has been under construction since November and is now entering the structural phase of construction. Structural construction refers to components of the building that are essential to its stability such as foundations, floors, walls or beams. Completion is slated for summer 2023. The project team includes architect atelierRISTING, civil engineer Circle Design and structural engineer Lynch, Harrison & Brumleve. The team is pursuing LEED Silver certification for the property.

May 12, 2022

Acquisitions Affordable Housing Loans Maryland Multifamily Southeast

JLL Arranges $19.5M Acquisition Financing for Metro D.C. Affordable Housing Community

by John Nelson May 12, 2022

LEXINGTON PARK, MD. — JLL Capital Markets has arranged a $19.5 million acquisition loan for River Bay Townhomes, a 173-unit affordable housing community in Lexington Park. JLL arranged the floating-rate loan through Sound Point Capital Management on behalf of the borrower, Linden Property Group. Developed using Low-Income Housing Tax Credits (LIHTC) in 2004 and 2005, River Bay Townhomes consists of three-bedroom, two-bath units an average square footage of 1,291, making them some of the largest units available in metropolitan Washington, D.C., according to JLL. Of the 173 units, 155 units are set aside for tenants who make no more than 60 percent of the area median income (AMI). Situated at 48100 Baywoods Drive, the property is located within St. Mary’s County in southern Maryland at the confluence of the Chesapeake Bay, the Potomac River and the Patuxent River. The area includes multiple military bases and defense contractors, St. Mary’s College of Maryland and the University of Southern Maryland.

May 12, 2022

Illinois Industrial Leasing Activity Midwest

Four Star Mushrooms to Open 11,000 SF Production Facility in Chicago

by Kristin Harlow May 12, 2022

CHICAGO — Four Star Mushrooms (FSM) has signed a lease to open an 11,000-square-foot production facility at 300 N. Oakley St. in Chicago’s Kinzie Industrial Corridor. The facility represents a significant expansion from the company’s current 1,800-square-foot space. FSM’s mission is to revolutionize the cultivation of rare, unique and nutrient-dense mushrooms to help build sustainable food and ecological systems. The new facility will feature a commercial kitchen, wet lab, dry lab, cold storage, retail storefront and dining concept. Dimitri Tsiribas and Michael Conway of JLL represented FSM in the site selection process. Controlled environment agriculture, which involves the cultivation of plants and fungi in an indoor setting, is a rapidly growing sector of the food and agriculture market, according to JLL.

May 12, 2022

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