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renley-office-to-residential-conversion
DevelopmentMultifamilyOfficeSoutheastVirginia

Gilbane Development Breaks Ground on Office-to-Residential Conversion Project in Arlington, Virginia

by Abby Cox

ARLINGTON, VA. — Gilbane Development has begun the conversion of a six-story, 121,200-square-foot vacant office building at 3601 Wilson Blvd. in Arlington’s Virginia Square neighborhood. Dubbed Renley, the redevelopment will deliver 94 multifamily units in one- through three-bedroom configurations. Situated adjacent to the Virginia Square-GMU Metro station, Renley is one of the first projects to leverage Arlington County’s updated adaptive reuse policy, which was adopted in November 2024. The policy was designed to streamline office-to-residential conversions and create incentives for developers to bring underutilized office buildings “back to life.” Renley is targeted for completion in April 2027. Gilbane Development originally acquired the property in March 2025.   The redevelopment plan will preserve the building’s exterior, while updating the entire interior. Resident amenities will include a wellness center, coworking spaces, lounges, gathering areas and tenant storage on every floor. Renley will also offer 5,637 square feet of ground-floor retail space and 207 parking spaces located in an underground garage.

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Building-C-Welcome-Venture-Park
DevelopmentIndustrialLeasing ActivityNorth CarolinaSoutheast

Welcome Group Inks Full-Building Industrial Lease in Durham, North Carolina Totaling 100,100 SF

by Abby Cox

DURHAM, N.C. — Welcome Group has executed a 100,100-square-foot full-building lease at Welcome Venture Park, an industrial and flex business park under construction in Durham. The undisclosed tenant will occupy Building C at the property. Larry Lakins, Andrew Young, Hunter Willard and Shields Liggett of Colliers represented Welcome Group, while Doug Brock of Newmark represented the tenant. Welcome Venture Park will total 1.3 million square feet across 10 buildings upon completion of all four phases. Phase I comprises nearly 395,000 square feet across four buildings and is more than 90 percent leased. Existing tenants include Cavalier Logistics, the Food Bank of Central & Eastern North Carolina, Great Day Improvements, Mobile Communications America (MCA), PEP Move and DeHaven’s Transfer & Storage. Scheduled for delivery in fall 2026, Phase IIA consists of Buildings C and H and totals approximately 200,550 square feet. Building C is fully leased, while Building H offers 100,450 square feet available for lease. City Bank is financing Phase IIA. Phase IIB, which will include an additional 439,560 square feet across Buildings I and J, is anticipated to deliver in late 2027 and early 2028. The overall development is designed to accommodate manufacturing, laboratory, warehouse, distribution and technology-focused users. …

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Pointe-Grand-Covington
DevelopmentGeorgiaMultifamilySoutheast

Hillpointe Opens 216-Unit Attainable Housing Community in Metro Atlanta

by Abby Cox

NEWTOWN COUNTY, GA. — Hillpointe has opened Pointe Grand Covington, a 216-unit attainable multifamily community located at 8000 Revolution Way in Covington, about 36 miles east of Atlanta. Pointe Grand Covington features two-bedroom residences with modern finishes, smart home technology and in-unit amenities, such as full-size washers and dryers, digital keyless entry and private patios or balconies. Community amenities at the pet-friendly property include a resort-style swimming pool, fitness center, pickleball court, electric vehicle charging stations and a variety of indoor and outdoor gathering spaces. 

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The-Reserve-at-Three-Ridges-Aerial
MultifamilySoutheastTennessee

ARK Homes Begins Pre-Leasing Efforts for The Reserves at Three Ridges Apartments in Knoxville, Tennessee

by Abby Cox

KNOXVILLE, TENN. — ARK Homes for Rent has begun pre-leasing efforts for The Reserve at Three Ridges, a 126-unit build-to-rent townhome community located in northeast Knoxville. The community offers three- and four-bedroom homes ranging in size from 1,381 to 1,554 square feet. Interiors include open layouts, granite countertops, stainless steel appliances, smart home technology and walk-in closets, as well as attached garages. In addition, The Reserve at Three Ridges features direct access to I-40 and connections to major employers like Oak Ridge National Laboratory, Covenant Health, DENSO Manufacturing and the University of Tennessee.

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LoansMultifamilyNew JerseyNortheast

Madison Realty Capital Provides $61M Bridge Loan for Northern New Jersey Apartment Complex

by Taylor Williams

NORTH BERGEN, N.J. — Madison Realty Capital has provided a $61 million bridge loan for Braddock Park West, a 10-story apartment building located outside of New York City in North Bergen. Completed earlier this year, Braddock Park West features 135 units in studio, one- and two-bedroom floor plans with an average size of 801 square feet. Amenities include a fitness center, coworking lounge and a rooftop terrace. Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Cole Grims of Walker & Dunlop arranged the floating-rate loan on behalf of the owner, Sanz Property Management.

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570-Eldert-Lane-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Partnership Breaks Ground on 213-Unit Multifamily Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A joint venture between Slate Property Group and Thorobird Cos. has broken ground on a 213-unit multifamily project in Brooklyn. Designed by Think! Architecture + Design PLLC, the building will be located on a city-owned site at 570 Eldert Lane in the borough’s Cypress Hills area. Of the 213 units, which will come in one-, two-, three- and four-bedroom floor plans, 66 will be set aside for formerly homeless residents. The remaining units will be reserved for households earning between 40 and 80 percent of the area median income. Completion is slated for summer 2028, with full occupancy planned for 2029.

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The-Kensington-at-Halfmoon
AcquisitionsMultifamilyNew YorkNortheast

JLL Negotiates Sale of 200-Unit Apartment Complex in Halfmoon, New York

by Taylor Williams

HALFMOON, N.Y. — JLL has negotiated the sale of The Kensington at Halfmoon, a 200-unit apartment complex located on the northern outskirts of Albany. Built in 2014, the property features one- and two-bedroom units with an average size of 1,228 square feet. Amenities include a pool, fitness center, dog park, movie theater, coffee bar and a resident clubhouse. Steve Simonelli, Jose Cruz and Austin Pierce of JLL represented the seller, Richbell Capital, in the transaction. JLL also arranged an undisclosed amount of acquisition financing for the deal on behalf of the buyer, MLG Capital.

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IndustrialLoansNew YorkNortheast

Largo Capital Arranges $17.5M Permanent Loan for Buffalo Industrial Building

by Taylor Williams

BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged a $17.5 million permanent loan for a 275,000-square-foot industrial building in Buffalo. The building, the address of which was not disclosed, was built in the early 2000s and can support both warehouse and manufacturing uses. The direct lender and borrower were not disclosed. Jack Phillips led the transaction for Largo Capital. The building was fully leased at the time of the loan closing.

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Affordable HousingCaliforniaDevelopmentMultifamilyTop StoriesWestern

Kennedy Wilson, Jamison Plan to Develop 4,000 Affordable Housing Units in Los Angeles

by Kristin Harlow

LOS ANGELES — Kennedy Wilson and Jamison have entered into a joint venture partnership, with plans to deliver 4,000 affordable housing units across Los Angeles through adaptive reuse and ground-up construction projects. The partnership is between Jamison’s newly launched affordable housing division, Arden Residential, and Kennedy Wilson’s affordable housing development joint venture, Vintage Housing. The first project is the conversion of the former LA World Trade Center office complex at 350 S. Figueroa St. The 400,000-square-foot property will be transformed into 512 affordable housing units and renamed Sky Castle. Units will come in one-, two- and three-bedroom floor plans. Amenities will include community rooms, a dedicated coworking space, resident lounge, onsite storage, laundry rooms and mail parcel rooms. Development on the first phase of Sky Castle is expected to begin in August and will focus on the building’s concourse levels, creating 241 units for families earning between 30 and 80 percent of the area median income. Phase II, planned for the office tower above, will add 271 units. The City of Los Angeles has approved the project under its new adaptive reuse ordinance. “Together, we will develop thoughtfully designed housing for families, seniors and communities through both adaptive reuse conversions …

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Northland-Workforce-Training-Center-Buffalo
IndustrialMarket ReportsNew YorkNortheastNortheast Market Reports

Restoring An Industrial Core The Nonprofit Way: What Buffalo’s Northland Corridor Can Teach Other Cities

by Taylor Williams

By Rebecca Gandour, executive vice president, Buffalo Urban Development Corp. America’s economic engine was once largely fueled by its industrial might, with manufacturing powerhouses found throughout the Midwest and Northeast producing billions of dollars worth of goods. But when factories closed and production moved overseas, many communities were left staring at empty buildings, foreclosed homes and decaying public infrastructure. By losing massive employment anchors, neighborhoods were unable to attract private investments, with developers hesitant to invest in communities that did not provide a clear route to profit. As hesitancy began, the situation grew worse, eroding confidence even further. Unable to fully rely on traditional real estate developers, Buffalo has found opportunities to embrace a nonprofit-led redevelopment for restoring long-overlooked industrial assets and creating conditions where future private investment becomes possible. The Northland Corridor on Buffalo’s East Side in particular demonstrates what can happen when a mission-driven organization is given the flexibility to think long term, assemble funding and prioritize community outcomes to provide financial stability and opportunity. Private developers serve an essential role in urban revitalization, but they also operate under a model that prioritizes profitability and providing returns for investors. In distressed markets, where redevelopment may provide limited promise …

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