CHATHAM, N.J. — New Jersey-based developer Walters has completed Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. The building sits on a 3.2-acre site that formerly housed a now-defunct restaurant. Units come in one-, two- and three-bedroom formats, range in size from 807 to 1,343 square feet and are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, community room and outdoor grilling and dining stations. Construction began in August 2023.
MATAWAN, N.J. — Marcus & Millichap has brokered the $3 million sale of a 20,665-square-foot retail center in Matawan, about 40 miles south of Manhattan. The property is known as Matawan Mall and is home to 11 tenants, with Dunkin’ serving as the anchor. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, Brupat Holdings LLC, in the sale, which was conducted via auction platform Ten-X. The trio also procured the buyer, a local private investor.
MYSTIC, CONN. — Colliers has arranged the $2.9 million sale of a retail building in Mystic, located in southern coastal Connecticut. The building at 49-53 Main St. formerly housed the Bank Street Book Store and totals 9,000 square feet, according to LoopNet Inc. John Cafasso of Colliers represented the buyer, jeweler Lux Bond & Green, which also plans to occupy the property, in the transaction. Judi Carcausa of William Pitt Sotheby’s International Realty represented the undisclosed seller.
MIAMI — A partnership locally based firm Mint Developers, hospitality owner-operator Sonesta International Hotels Corp. and property manager AD1 has unveiled plans for an $850 million hotel and residential project in downtown Miami. The James Hotel & Residences in Downtown Miami will comprise 336 fully furnished, for-sale residences and roughly 200 hotel rooms. At 82 stories, the project will be the tallest skyscraper in Miami upon completion, according to the developers. Construction is scheduled to begin in the first quarter of 2026 and to be complete by early 2028, with residential sales expected to launch in the second quarter of this year. Residents and hotel guests will have access to amenities such as a spa, private cabanas with plunge pools, snow and rain rooms and onsite dining. One of the property’s restaurants will include the highest elevation luxury bar in the Americas. The project will also feature a four-story private club where members will have access to the James Hotel. Financing details were not disclosed, but Daniel Berman, president and CEO of AD1, stated that the first round of funding has been secured and that Sonesta is directly contributing to the financing of the project. Berman also said that the project …
This year, multifamily housing starts nationally are on pace to hit their lowest levels since 2014, a period marked by the national economy’s gradual recovery from the Great Financial Crisis. Year to date, multifamily deliveries have exceeded starts by 218,500 units, creating a substantial shortfall that signals a significantly reduced apartment supply by 2026. The same trend is taking effect in Raleigh-Durham, where completions exceeded starts by 4,935 units. This is a key consideration for most apartment investment strategies today, explaining why many buyers are willing to accept Year 1 challenges such as softness or negative leverage. As the current supply wave peaks in the Triangle, the future pipeline of multifamily construction is shaping up quite different. Of the identified units that are scheduled for delivery in 2024, nearly 42 percent of units have been delivered as of this writing. Of the approximately 18,600 apartments currently under construction across the Triangle, 13,343 of those are expected to be delivered by the end of third-quarter 2025, with a majority in Central and Southeast Raleigh. However, new activity has slowed significantly — inventory growth by 2027 is projected to drop by more than 85 percent, plummeting to a 3.6 percent rate compared …
— By Giovanna Abraham, Market Intelligence Analyst, Avison Young — The Las Vegas office market continues to defy broader national trends, maintaining resilience and attracting attention for its stability and growth. While many U.S. cities struggle with rising office vacancies, Las Vegas stands out for its comparatively low vacancy rate, steady rent growth and positive return-to-office trends. Despite recent increases in vacancy, Las Vegas remains well below national averages, with a vacancy rate of 15.2 percent in the third quarter — 850 basis points lower than the national availability rate of 23.7 percent. This performance reflects the unique dynamics shaping the Las Vegas office market, including a steadily growing population and the city’s appeal as a business-friendly destination. Low Vacancy Rates and a Stable MarketOffice vacancy has gradually increased over the past six quarters, but Las Vegas has also experienced a much slower rise than many larger metropolitan markets. This measured growth has allowed the city to remain competitive, with vacancies rebounding to pre-pandemic levels by late 2021 and holding steady through first-quarter 2023. After brief upticks in the first half of 2024, the vacancy rate declined again by third-quarter 2024, dropping from 15.9 percent to 15.2 percent. This resilience …
MINNEAPOLIS — Onward Investors has acquired Ameriprise Financial Center, a 31-story office tower located at 707 2nd Ave. S in downtown Minneapolis. The 960,000-square-foot building has served as the corporate headquarters of Ameriprise Financial since its construction in 2000. Ameriprise Financial announced in 2022 that the company would be vacating the property in order to consolidate its headquarters at another building in downtown Minneapolis. Ameriprise Financial Center is soon to be vacant, according to Onward Investors. A sales price was not disclosed. However, locally based newspaper The Minnesota Star Tribune reported that the property sold for $6.3 million, a steep discount from the last time the building traded hands. Most recently in September 2016, a joint venture between Axar Capital Management and Morning Calm Management acquired the building for $200 million. Ameriprise Financial Center is located within the Minneapolis skyway system, a network of enclosed pedestrian bridges that provide direct access to buildings including the Minneapolis Club, Capella Tower, SPS Tower and Baker Center. The property also includes a four-story parking ramp that offers below-grade parking for roughly 300 vehicles. Onward Investors stated that it is exploring variety of options for the property, including converting portions of the building to uses other than …
EL PASO, TEXAS — JLL has brokered the sale of Retreat at Mesa Hills, a 752-unit apartment community in El Paso. Developed in phases beginning in 1995, Retreat at Mesa Hills is located just off I-10 in the city’s Upper West Side neighborhood. Units come in one-, two- and three-bedroom floor plans and range in size from 538 to 2,127 square feet. Amenities include three pools with a tanning deck and private cabanas, a fitness center, two tennis courts, two sand volleyball courts, clubroom, game room, theater and an onsite Starbucks Coffee shop. Steven Hahn Jr., Art Barnes, Roberto Casas and William Jennings of JLL represented the seller, JRK Property Holdings, in the transaction. The buyer and sales price were not disclosed.
MANOR, TEXAS — Berkadia has arranged the sale of The Grand at Manor, a 271-unit apartment complex located on the northeastern outskirts of Austin. Built on 12.5 acres in 2021, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, business center and a dog park. Kelly Witherspoon, Justin Cole, Adam Sumrall and Justin Chambers of Berkadia represented the seller, California-based investment firm Bailard, in the transaction. The buyer was Texas-based investment and development firm Presidium. Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu, also with Berkadia, arranged joint venture equity for the deal through an undisclosed, foreign family office.
RICHARDSON, TEXAS — Infrastructure consulting firm Halff has signed an 80,000-square-foot office lease in the northeastern Dallas suburb of Richardson. The space is located within Galatyn Commons, a four-building, 800,000-square-foot campus that features a 10,000-square-foot fitness center, 8,000-square-foot food hall and a 150-person conference center. Andrew Taguwa, Taylor Dickerson and Rachel Gorney of JLL represented Halff in the lease negotiations. Cushman & Wakefield’s Chris Taylor and Zach Bean represented the landlord, Mapletree, a global investment firm based in Singapore.