KNOXVILLE, TENN. — Mallory & Evans Development and its property management company Caliber Living will open Flagship Kerns, a two-building, 310-unit co-living project in Knoxville. Leases will start at three months and prospective tenants can lease by the unit or the bedroom. Co-living properties are designed as affordable housing options for renters seeking flexible leasing arrangements and shared common areas with other residents. Flagship Kerns’ units will include granite countertops, walk-in closets, stainless steel appliances, in-unit washers and dryers, smart home units with smart locks, smart TVs and Ecobee thermostats. Communal amenities will include a pool, 24-hour fitness center, work/study pods and a conference area. Atlanta-based Mallory & Evans expects to open the community in January. Flagship Kerns will mark Phase I of three to open at the historic Kern’s Bakery. The other phases will comprise a 75,000 square-foot redevelopment of Kern’s Bakery to include a food hall, retail and office spaces, event venues and a brand-name hotel. Kern’s Bakery was originally built in 1929 and has been added to the National Register of Historic Places.
WAKE FOREST AND CHAPEL HILL, N.C. — Wegmans will open two new grocery stores in 2021 in Wake Forest and Chapel Hill. The New York-based grocer plans to add 500 full-time jobs and nearly 900 total jobs at the two stores. The store in Wake Forest will span 104,000 square feet and will house 200 full-time employees. The property, located at 11051 Ligon Mill Road, is expected to open in May. The asset in Chapel Hill is expected to open in late February and will house 300 full-time jobs. The store will span 99,000 square feet and is situated at 1810 Fordham Blvd. Also, in North Carolina, a Wegmans in Cary recently sold for $34.9 million.
IRVING, FARMERS BRANCH AND GRAPEVINE, TEXAS — Locally based developer JPI has sold three apartment communities totaling 1,174 units in the Dallas-Fort Worth (DFW) metroplex to an affiliate of Dallas-based Lone Star Funds. The properties include Jefferson Promenade in Irving, Jefferson 1900 in Farmers Branch and Jefferson Silverlake in Grapevine. All of the communities offer pools, fitness centers, resident lounges and high-end interior finishes. The sales price was not disclosed.
NEW BRAUNFELS, TEXAS — Chicago-based investment firm Sherman Residential has acquired Avenues at Creekside Apartments, a 395-unit multifamily community located just outside San Antonio in New Braunfels. The 32-building property was constructed in 2013 and features one-, two-, three- and four-bedroom units with attached garages or assigned carports and personal patios/balconies. Amenities include a pool, fitness center, business center, playground and a pet park. The seller was not disclosed.
KATY, TEXAS — Alliance Residential has opened Prose West Cypress, a 336-unit apartment community located in the western Houston suburb of Katy. Prose West Cypress features one- and two-bedroom units with island kitchens, wood plank-style flooring and granite countertops. Amenities include a fitness center, game room and a playground. Rents start at $1,030 per month for a one-bedroom unit with a move-in special of one month of free rent, according to Apartments.com.
HOUSTON — Midland, Texas-based developer Insignia Hospitality Group has completed the 128-room Courtyard by Marriott hotel in the Bunker Hill area of Houston. The 85,803-square-foot building rises six stories and offers a fitness center and a business center, as well as complimentary breakfast. Mayse & Associates Inc. designed the project, and Lubbock-based Greenstreet Inc. served as the general contractor.
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of 3501 MedCenter, a 145,096-square-foot medical office property in Amarillo. The property is situated on 11 acres and was originally built as a retail center in 1986 before being converted to healthcare in 1995. Alex Vidal of Marcus & Millichap represented the seller, a locally based partnership led by McCartt Commercial Real Estate Services, in the transaction. Vidal also sourced the buyer, Equity Velocity Fund, which acquired the asset at an occupancy rate of 91 percent.
OAK BROOK, ILL. — Hines has received construction financing from New York Life Real Estate Investors and has broken ground on One Oak Brook Commons, a 17-story apartment development in Oak Brook within suburban Chicago. The Class A project will include 250 luxury apartment units and 420 parking stalls within a private parking deck. One Oak Brook Commons is situated within the larger 16.5-acre Oak Brook Commons, a $500 million mixed-use project also being developed by Hines on the site of the former McDonald’s campus. The residences will average 1,055 square feet. Amenities will include a heated pool, fitness center, clubroom, library, dog room, package facility and bike storage. Antunovich Associates is the architect and W.E. O’Neil will serve as general contractor. Occupancy is expected to begin in early 2022. Development partners include Levy Family Partners, Duchossois Capital Management and Las Americas.
ROSEVILLE, MICH. — Anji Logistics USA has subleased a 129,021-square-foot warehouse located at 30450 Little Mack Ave. in Roseville from Blue Bell Mattress Co. The third-party logistics provider is headquartered at a larger facility in nearby Warren. Anji Logistics USA is the North American branch of China-based automotive logistics service provider, Anji Automotive Logistics. Anji offers services such as international freight forwarding, inbound and outbound logistics, finished vehicle transportation, border transportation and warehousing management. Jason Capitani of L. Mason Capitani represented Anji in the sublease.
COLUMBUS, OHIO — Affordable housing developer Woda Cooper Cos., along with partners Gertrude Wood Community Foundation and LifeCare Alliance, have completed The Livingston, a 45-unit affordable and age-restricted community in the Near South area of Columbus. The three-story property is reserved for residents age 55 and older who earn up to 60 percent of the area median income. The project pays tribute to The Livingston Theater, a historic theater dating back to the 1940s. The theater’s marquee signage, terrazzo flooring and a portion of its lobby were restored and incorporated into the project. PCI Design Group served as architect. Amenities include an onsite wellness center, interior courtyard, community room, fitness center and free Wi-Fi. Nonprofit partner LifeCare Alliance will provide supportive services and health screenings. Woda Construction Inc. was the general contractor and Woda Cooper’s management division will oversee leasing and day-to-day operations. Financing for The Livingston was made possible through the allocation of low-income housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). KeyBank provided a construction loan while Cedar Rapids Bank & Trust and the City of Columbus provided first and second mortgages. OHFA and Affordable Housing Trust of Columbus and Franklin County provided bridge loans.