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Alta-87-Gilbert-AZ
ArizonaDevelopmentMultifamilyWestern

Wood Partners Opens Alta 87 Apartment Complex in Metro Phoenix

by Amy Works

GILBERT, ARIZ. — Wood Partners has opened Alta 87 in Gilbert, a southeastern suburb of Phoenix located about 23 miles from downtown. Alta 87 is a 257-unit development comprised of one-, two- and three-bedroom units. Amenities include two pickleball courts, electric vehicle charging stations, a pool and hot tub and a two-story clubhouse with a fitness center,  coworking spaces, a speakeasy and bike storage. The developer broke ground in March 2024. Atlanta-based Wood Partners completed three other Alta-branded communities in Phoenix in 2024: Alta Avondale, Alta Rise and Alta Uptown.

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Pearl-St-Rose-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

MG Properties Acquires 270-Unit Multifamily Property in Las Vegas for $64M

by Amy Works

LAS VEGAS — MG Properties has acquired The Pearl at St. Rose, a multifamily community in Las Vegas’ Silverado Rancho master-planned community, from an affiliate of The CONAM Group for $64 million. Charles Steele, John Cunningham and Jared Glover of Berkadia represented the seller. Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino and Michael Beach of Berkadia arranged financing through Freddie Mac. Situated along the St. Rose Corridor in South Las Vegas, The Pearl at St. Rose offers 270 apartments with spacious floor plans and modern interior finishes. Community amenities include a pool and spa, fitness center, dog park and resident clubhouse. The property was built in 2000.

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Alvera-Meadows-American-Fork-UT
AcquisitionsMultifamilyUtahWestern

Gelt Venture Partners Buys 142-Unit Apartment Community in American Fork, Utah

by Amy Works

AMERICAN FORK, UTAH — Gelt Venture Partners has acquired Alvera at the Meadows, an apartment property in American Fork, from a joint venture between Woodbury Corp., Garbett Homes and Cirrus Group for an undisclosed price. Brock Zylstra and Danny Shin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of IPA Capital Markets arranged acquisition financing for the buyer. Completed in 2021, Alvera at the Meadows features 142 apartments, a resort-style swimming pool with lazy river, a 24-hour workout facility, sauna, steam room and game room. Apartments offer keyless entry, vaulted or nine-foot ceilings, washers/dryers and private balconies or patios.

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1370-1380-Holiday-Lane-Fairfield-CA
AcquisitionsCaliforniaRetailWestern

Partnership Negotiates Sale of 24,604 SF Retail Center in Fairfield, California

by Amy Works

FAIRFIELD, CALIF. — A partnership between Faris Lee Investments and John Cumbelich & Associates has negotiated the sale of a 24,604-square-foot, two-building retail center located at 1370-1380 Holiday Lane in Fairfield. Built in 2005 on 2.3 acres, the center is roughly 42 percent occupied. Tenants include Aspen Dental, Peet’s Coffee & Tea, Togo’s Sandwich Shop and Golden 1 Credit Union. Additionally, the center features an anchor space totaling 14,375 square feet, which is currently unleased. Scott DeYoung, Jeff Conover and Greg Lukosky of Faris Lee, along with John Cumbelich and Joe Kuvetakis of John Cumbelich & Associates, represented the undisclosed seller in the transaction.

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AcquisitionsCaliforniaRetailWestern

Shopoff Realty Investments Sells Final Retail Parcel at Sunrise Village in Fullerton, California for $2.5M

by Amy Works

FULLERTON, CALIF. — Shopoff Realty Investments has sold the last remaining retail parcel at Sunrise Village, a 14-acre neighborhood shopping center located in the Orange County city of Fullerton, for $2.5 million. The recently sold property totals nearly half an acre and houses a veterinary clinic. The unused space at the parcel will be transformed into a fast-casual Korean restaurant. The remaining retail parcels at the property were previously sold to separate owners. The first parcel sale included a 1.4-acre corner retail space, which featured a drive-thru Del Taco and three adjacent retail pads. The other two retail parcels totaled roughly 1 acre apiece. Lennar Homes purchased The Pines at Fullerton, the 9.9-acre residential portion of Sunrise Village, in October 2023, with plans to build 113 homes. Construction is already underway on the site, with the first set of homes scheduled for delivery in 2026. Shopoff originally acquired the shopping center in 2021 for $26.5 million and secured approvals to redevelop the property into a mixed-use center with service-based tenants and housing options.

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Walker-Pulte-Photo-2
FeaturesSeniors Housing

PulteGroup CEO Emphasizes Importance of Innovation in Active Adult Sector at NIC Conference

by Hayden Spiess

AUSTIN, TEXAS — The Del Webb active adult brand, long associated with Sun Belt markets, is gaining traction in the Midwest, says Ryan Marshall, president and CEO of Atlanta-based PulteGroup Inc. (NYSE: PHM), parent company of Del Webb. But unlike Sun City, Arizona — the pioneering planned retirement community developed by Del Webb starting in 1960 — today’s developments are much smaller in scale. Del Webb Hickory Greens, located about 25 miles southwest of Cleveland in Columbia Township, Ohio, officially opened in March of this year. The 622-home community is spread across 325 acres, where residents age 55 and older can enjoy a variety of resort-style amenities designed to foster an active and social lifestyle.  The centerpiece of the community is a 14,000-square-foot amenity center featuring indoor and outdoor pools, outdoor pickleball courts and a fitness center. Del Webb Hickory Greens also offers year-round social events, walking trails, over 170 acres of green space, a dog park and a community garden. “It’s one of our best-selling active adult Del Webb communities year to date,” says Marshall, noting that the Cleveland market is not traditionally known as a hotspot for retirees. “We’ve probably sold 110 homes [at Del Webb Hickory Greens] since February, which is …

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DevelopmentMichiganMidwestMultifamilyStudent Housing

Subtext Opens 741-Bed VERVE Ann Arbor Student Housing Community at University of Michigan

by Kristin Harlow

ANN ARBOR, MICH. — Subtext has opened VERVE Ann Arbor, a 12-story, 741-bed student housing development near the University of Michigan. Located at 721 S. Forest St., the 328,264-square-foot project includes 217 units ranging from studios to six-bedroom layouts. The property also features a ground-level, full-service lobby coffee shop operated by local favorite, Misfit Society Coffee Club. Additional amenities include a rooftop with a pool deck, hot tub, outdoor kitchen, grilling stations, jumbotron and yard games. Residents have access to a penthouse clubroom, two-story fitness center, yoga studio, private conference rooms, a dog park, electric package locker, bike storage and electric vehicle charging stations. Subtext developed the property in partnership with FrontRange Capital and Kayne Anderson Real Estate. A syndicate of lenders led by Webster Bank structured the financing. WDG Architecture led the design, and ESG Architecture & Design handled the interiors. Brinkmann Constructors was the general contractor.

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IllinoisLeasing ActivityLife SciencesMidwest

University of Chicago Expands Lease to 155,000 SF at Hyde Park Labs on City’s South Side

by Kristin Harlow

CHICAGO — Beacon Capital Partners and Trammell Crow Co. (TCC) have inked a new lease expansion with the University of Chicago at Hyde Park Labs in Chicago. The private research university will occupy more than 155,000 square feet and is expected to move into its new space by the second quarter of 2026. The announcement was made at the grand opening of Hyde Park Labs and UChicago’s Science Incubator on Tuesday, Sept. 16. The university’s new space, including 101,199 square feet across the building’s top three floors, will support research initiatives in areas such as cancer, metastasis, biochemistry and molecular biology. UChicago’s original lease included space for faculty research and the new incubator, which is a partnership between the Polsky Center for Entrepreneurship and Innovation and Portal Innovations. Six UChicago-affiliated companies are among the incubator’s first tenants: memQ, Exactics, Signl, Cell Therapy, ZipBionexus Tech and Neuro Innovations. In partnership with the university, the ground floor of the building will also initially host IBM’s next-generation modular quantum computer, called IBM Quantum System Two. Located at 5207 S. Harper Ave., Hyde Park Labs is the South Side of Chicago’s first commercial, purpose-built advanced R&D lab building, according to TCC. Delivered earlier this …

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AcquisitionsIllinoisMidwestRetail

Continuum Development Buys Church Street Plaza Retail Complex in Evanston, Illinois for $31.2M

by Kristin Harlow

EVANSTON, ILL. — Continuum Development has acquired Church Street Plaza, a 144,833-square-foot retail complex in Evanston, for $31.2 million. Located at 900-950 N. Church St., the property spans a full city block with immediate access to CTA and Metra rail lines and is situated approximately a half mile from Northwestern University. Built in 2000 and redeveloped in 2023, the asset is 98 percent leased with tenants including a 12-screen AMC movie theater, Sky Zone indoor entertainment park and other stores and restaurants. Earlier this year, Continuum proposed the addition of a 27-story, 358-unit multifamily tower on the northwest corner of Church Street Plaza.

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AcquisitionsIllinoisMidwestRetail

JLL Arranges $21.1M Sale of Levee District Shopping Center in East Peoria, Illinois

by Kristin Harlow

EAST PEORIA, ILL. — JLL Capital Markets has arranged the $21.1 million sale of The Levee District, a 137,304-square-foot open-air shopping center in East Peoria. Michael Nieder and Brian Page of JLL represented the seller, Cullinan Properties Ltd., and procured the buyer, Chase Properties. Developed in 2013, the retail power center consists of three buildings that are 94 percent leased. Anchor tenants include Ulta, Best Buy, Ross Dress for Less and Boot Barn. The Levee District is the most trafficked shopping center in a 50-mile radius with more than 4 million annual visitors, according to JLL.

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