Property Type

Cortland Partners, Harbert Realty to Break Ground on 318-Unit Multifamily Development in Birmingham

by Camren Skelton August 3, 2017

BIRMINGHAM, ALA. — Cortland Partners and Harbert Realty Services will break ground on Thursday, Aug. 17 for Vesta, a 318-unit apartment community situated at 2173 Highland Ave. S. in Birmingham. The project will include a 17-story concrete high-rise, five-story wood-frame mid-rise, 522-space parking garage and 6,500 square feet of ground-floor retail space. Residential units will feature one- and two-bedroom floor plans with an average size of 839 square feet. Amenities will include a rooftop pool and lounge, fitness center, yoga studio and a sun terrace. Vesta was designed by Smallwood Reynolds Stewart and Stewart, and is being built by B.L. Harbert International, an affiliate of the Harbert Corp., and Cortland Improvements, a division of Cortland Partners. Bill Leffler of CBRE arranged construction financing through Citizens Bank and ACRE Investment Real Estate Services. Vesta marks Harbert Realty Services’ first multifamily project.

August 3, 2017

Georgia Multifamily Southeast

JLL Income Property Trust Acquires Multifamily Community in Metro Atlanta for $47M

by Camren Skelton August 3, 2017

JOHNS CREEK, GA. — JLL Income Property Trust has purchased The Reserve at Johns Creek Walk, a 210-unit apartment complex in Johns Creek, roughly 27 miles north of Atlanta, for $47 million. The seller was not disclosed. The property includes a mix of one-, two- and three-bedroom units, and features a fitness center, conference room, swimming pool, outdoor kitchen, pet spa, playground and a car care center.

August 3, 2017

Florida Multifamily Southeast

CBRE Arranges $28.3M Sale of Multifamily Asset in Jacksonville

by Camren Skelton August 3, 2017

JACKSONVILLE, FLA. — CBRE has arranged the $28.3 million sale of Bay Club Apartments, a 220-unit multifamily property located at 9009 Western Lake Drive in Jacksonville. Shelton Granade, Luke Wickham, Justin Basquill, Cliff Taylor and Joe Ayers of CBRE represented the seller, an affiliate of The Milestone Group LLC, in the sale to Resource Apartment OP III LP. Constructed in 1990, Bay Club features a swimming pool, clubhouse, pet park and private patio or balcony with each unit. The property was 96 percent occupied at the time of sale.

August 3, 2017

Healthcare Texas

Signorelli to Develop 186-Acre Medical District Within Valley Ranch in Metro Houston

by Taylor Williams August 3, 2017

THE WOODLANDS, TEXAS — Signorelli Co. will develop Vivacity, a 186-acre medical district located within the 1,400-acre, master-planned community of Valley Ranch in northeast Houston. Vivacity will total more than 2.5 million square feet of health, wellness and life science facilities upon completion, a timetable for which has not yet been established. Houston-based healthcare provider CHI St. Luke’s Health was recently announced as the first tenant of the development.

August 3, 2017

Illinois Midwest Office

GGP to Relocate Corporate Headquarters to River North Point in 2018

by Kristin Harlow August 3, 2017

CHICAGO — GGP Inc. (NYSE: GGP) has unveiled plans to relocate its headquarters to River North Point in Chicago during the first quarter of 2018. The 24-story mixed-use building is located at 350 N. Orleans St. The lease totals 168,000 square feet of office space and equates to two full floors. With over 700 employees working in the corporate office, GGP will occupy the entire fourth floor and a portion of the third and fifth floors of the building. The real estate investment trust, which owns and manages shopping malls throughout the United States, currently operates out of 110 N. Wacker Drive in Chicago. New amenities at River North Point will include a fitness center, 10,000-square-foot tenant lounge, conference center and 5,000-square-foot rooftop deck. Michael Kazmierczak, Ron Lakin and Ellen Zalatoris of CBRE represented the landlord, Equity Office, in the lease transaction. Vineet Sahgal and Meredith O’Connor of JLL represented GGP.

August 3, 2017

Multifamily Student Housing Texas

Motivado Group Completes 165-Bed Student Housing Property in Austin

by Taylor Williams August 3, 2017

AUSTIN, TEXAS — Motivado Group Inc., a Texas-based design-build firm, has completed The Ruckus Lofts, a 165-bed student housing property located two blocks west of The University of Texas at Austin. Amenities of the seven-story building include a fitness center, cyber café, student conference rooms and a coffee bar. Motivado Group served as general contractor on the project, which was developed by Lincoln Ventures.

August 3, 2017

Illinois Midwest Multifamily Seniors Housing

Silverado to Host Groundbreaking Ceremony for 90-Unit Memory Care Community Near Chicago

by Kristin Harlow August 3, 2017

ST. CHARLES, ILL. — Silverado will host a groundbreaking ceremony Friday, Aug. 11 for Silverado St. Charles, a 90-unit memory care community in the Chicago suburb of St. Charles. The 47,000-square-foot, single-story community is scheduled to open during summer 2018. It will be located on a four-acre plot. Silverado estimates total project costs at $12 million. Development team members include Jensen and Halstead Ltd. for architecture and planning; Cemcon Engineering for civil engineering; Terracon for geo-technical field observations; and Testing Services Corp (TSC) for construction testing services. Irvine, California-based Silverado is a memory care operator with 52 locations in Arizona, California, Illinois, Texas, Utah, Washington and Wisconsin.

August 3, 2017

Midwest Minnesota Multifamily

High Street Residential Completes 164-Unit Apartment Complex in Minneapolis

by Kristin Harlow August 3, 2017

MINNEAPOLIS — High Street Residential, a subsidiary of Trammell Crow Co., has completed Foundry on Lake Street, a 164-unit, Class A multifamily property located at 3118 W. Lake St. in Minneapolis. The property, which offers studio, one-, two- and three-bedroom units, is currently 54 percent leased following its grand opening on May 1. Amenities include a coffee bar, fitness club, resort-style pool and grilling stations, as well as 5,000 square feet of indoor restaurant space. Utah-based Big-D Construction Corp. served as general contractor for the project designed by Minneapolis-based ESG Architects.

August 3, 2017

Illinois Midwest Retail

Novak Completes 2,060 SF Expansion, Remodeling of Aldi in Suburban Chicago

by Kristin Harlow August 3, 2017

ROMEOVILLE, ILL. — Novak Construction, a general contractor and construction management firm, has completed a 2,060-square-foot expansion and renovation of an Aldi grocery store, located at 398 S. Weber Road in Romeoville, roughly 30 miles southwest of Chicago. The original building was constructed in 2009, and the remodel features open ceilings, a larger floor plan, additional refrigeration space and a reconfigured checkout area. Environmentally friendly building materials were incorporated in construction.

August 3, 2017

Retail Texas

Weitzman Brokers Sale of 106,537 SF Retail Center in Lewisville

by Taylor Williams August 3, 2017

LEWISVILLE, TEXAS — Weitzman has brokered the sale of Valley Square Shopping Center, a 106,537-square-foot retail center located at 722-724 Main St. in Lewisville. Dallas-based LRIC Properties LLC acquired the property from a Florida-based investment firm for an undisclosed price. The property was 93 percent leased at the time of sale to tenants such as 24 Hour Fitness, Chipotle Mexican Grill, T-Mobile and Sherwin Williams. Matthew Rosenfeld, Mike Allen, Stephen Wise and Gretchen Miller of Weitzman represented the seller in the transaction.

August 3, 2017

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