Property Type

AvalonBay Communities Underway on 930-Unit Multifamily Project in Durham

by John Nelson October 21, 2024

DURHAM, N.C. — AvalonBay Communities is underway on the development of Avalon Oakridge, a 930-unit multifamily project located on Durham-Chapel Hill Boulevard in Durham. Phase I, which comprises 459 apartment units averaging 932 square feet in size, broke ground earlier this year, with move-ins scheduled to begin in fall 2026. AvalonBay Communities has now acquired 7.8 acres from Beacon Properties Group for Phases II and III of the development, which will together total 471 apartment units. Amenities at the community will include a fitness center, swimming pool, outdoor courtyards with grilling areas, a resident lounge with coworking spaces, pet spa with a dog washing station and onsite bike storage. Chester Allen, Howard Jenkins and Tiffany Hilburn of CBRE represented Beacon Properties Group in the land sale, which marks the second transaction between the seller and AvalonBay Communities at the site.

October 21, 2024

Development Georgia Southeast Student Housing

Toll Brothers Campus Living Completes $91M Student Housing Development Near Georgia Tech

by John Nelson October 21, 2024

ATLANTA — Toll Brothers Campus Living has completed Kinetic, a $91 million student housing development located near the Georgia Institute of Technology (Georgia Tech) campus in Midtown Atlanta. US Bank provided construction financing for the 752-bed project, which broke ground in July 2022. The community offers 239 fully furnished units with bed-to-bath parity in one- through five-bedroom configurations. Shared amenities include study lounges with private and collaborative workspace; a high-tech content studio; coffee bar; community room with a large-screen TV; e-sports lounge; social lounges; and a fitness center with modern equipment and a sauna. Kinetic also features a sky lounge on the 34th floor with a swimming pool and an outdoor courtyard with grills and rooftop dining space.

October 21, 2024

Development Florida Hospitality Loans Mixed-Use Southeast

BD Hotels Secures $75M Construction Financing for Hotel at Nora District in West Palm Beach

by John Nelson October 21, 2024

WEST PALM BEACH, FLA. — BD Hotels has secured a $75 million construction loan for The Nora Hotel, a 201-room hotel to be developed within the Nora District mixed-use project in West Palm Beach. Metropolitan Commercial Bank provided the financing, which Steven Klein and Mark Fisher of JLL arranged on behalf of the borrower. Developed in partnership with NDT Development, Place Projects and Wheelock Street Capital, the property will feature Pastis West Palm Beach as a ground-floor restaurant, and STARR Restaurants will operate the hotel’s rooftop restaurant and lounge, as well as the hotel’s in-room dining service. A construction timeline for the hotel was not disclosed. Phase 1 of the Nora District broke ground in June 2023 and will feature 150,000 square feet of retail, office and hospitality space. Confirmed retailers at the project include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, [solidcore] and Sunday Motor Co.

October 21, 2024

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Game Show Challenge to Open 3,889 SF Entertainment Venue at Lee + White in Atlanta

by John Nelson October 21, 2024

ATLANTA — Entertainment retail concept The Game Show Challenge has signed a 3,889-square-foot lease at Lee + White, an adaptive reuse development located in the West End of Atlanta. Kelly Wilson of Ackerman Retail arranged the lease on behalf of the developers, Ackerman & Co. and MDH Partners. Located in Building 1000, the space will feature two studios with interactive games. The venue is scheduled to open later this year and marks the third location for The Game Show Challenge, which also operates outposts in Columbia and Greenville, S.C. Ackerman & Co. and MDH Partners acquired the Lee + White mixed-use property, which totals 442,562 square feet, in 2019. The latest phase of development includes a food hall, creative office space, retail space and a “Great Lawn” with gathering and event space.

October 21, 2024

Development Mixed-Use Texas

City of Frisco Approves Master Development Agreement for $3B Mixed-Use Project

by Taylor Williams October 21, 2024

FRISCO, TEXAS — The City of Frisco, located north of Dallas, has approved a master development agreement for The Mix, a $3 billion, 112-acre mixed-use project. Under the terms of the deal, the City of Frisco, the Frisco Economic Development Corp. and the Frisco Community Development Corp. will provide $113.4 million in performance-based grants to fund Phase I infrastructure, which includes property remediation and construction of an underground parking garage. The Mix will be located at the former site of Wade Park, a mixed-use development that never materialized at the southeast corner of Lebanon Road and Dallas Parkway. Plans currently call for 2 million square feet of office space, 375,000 square feet of retail and restaurant space, two hotels and apartments and townhomes, as well as 16 acres of open green space and a park. The name of the private-sector developer behind the project was not disclosed, but D Magazine reports that New York-based JVP Management took control of the site in 2019.

October 21, 2024

Loans Multifamily Student Housing Texas

Orion Real Estate Refinances 253-Bed Student Housing Property Near Texas State University

by Taylor Williams October 21, 2024

SAN MARCOS, TEXAS — Orion Real Estate Partners has refinanced The Timbers, a 253-bed student housing property located near the Texas State University campus in San Marcos. The loan amount was not disclosed. The Timbers houses 155 units in one-, two- and three-bedroom configurations. Select apartments offer wood-burning fireplaces and vaulted ceilings. Shared amenities include a pool, clubhouse with an arcade, pet park, full basketball court, 24-hour fitness center and a barbecue station. Dan Kearns, Patricia Heminger, Rebecca Brielmaier and Katia Novi of JLL originated the debt.

October 21, 2024

Acquisitions Office Texas

LandPark, Porter Law Buy 244,804 SF Office Building in Houston’s Galleria District

by Taylor Williams October 21, 2024

HOUSTON — A partnership between locally based investment firm LandPark Advisors and The Porter Law Firm has purchased 2603 Augusta, a 244,804-square-foot office building in Houston’s Galleria district. The law firm is in the process of relocating from 2201 South Voss to the 16-story building, which features newly renovated common areas, including bathrooms and amenity spaces, as well as updated infrastructure. The new ownership also plans to add pickleball courts and a golf simulator to the amenity package. The sales price was not disclosed.

October 21, 2024

Industrial Leasing Activity Texas

Newmark Negotiates 218,400 SF Industrial Lease Extension in Irving

by Taylor Williams October 21, 2024

IRVING, TEXAS — Newmark has negotiated a 218,400-square-foot industrial lease extension at Building 4 of Valley View Business Center in Irving. The 414,871-square-foot building was constructed on 23 acres in 2009 and features 30-foot clear heights, 87 dock-high doors and five drive-in doors. John McMillan, Jeff Sanita, Danny Williams, Connor Reeves and Garrett Gibbons of Newmark represented the tenant, ASC Engineered Solutions, in the lease negotiations. Holt Lunsford Commercial represented the landlord, Brookfield Properties.

October 21, 2024

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 64-Unit Apartment Complex in North Austin

by Taylor Williams October 21, 2024

AUSTIN, TEXAS — Northmarq has brokered the sale of Cielo at North Domain, a 64-unit apartment complex in North Austin. Built in 1973, the property consists of eight two-story buildings that primarily house one-bedroom units with an average size of 600 square feet. About half the residences have been recently upgraded with new appliances, windows, fixtures, hardware and countertops. Hayden Schnieders, Scott Lamontagne, Will Collier and Jordan Vaughn of Northmarq represented the seller, Atlanta-based Zavala Capital Group, in the deal. The buyer was Texas Housing Conservancy, an Austin-based multifamily operator.

October 21, 2024

Multifamily New York Northeast

Hope Street Capital Completes $300M Recapitalization of Brooklyn Apartment Building

by Taylor Williams October 21, 2024

NEW YORK CITY — New York City-based developer Hope Street Capital has completed the $300 million recapitalization of The Axel, a 284-unit apartment building in Brooklyn. Specific transaction details were not disclosed, but MF1 Capital, which provided a $204 million loan for the refinancing of the property in November 2022, remains the primary lender, and alternative investment management firm Alpaca Real Estate has now contributed preferred equity to the capital stack. Morris Adjmi Architects designed The Axel, which rises 29 stories and is situated adjacent to Barclays Center at the confluence of Brooklyn’s Fort Greene, Clinton Hill and Prospect Heights neighborhoods. Units come in one-, two- and three-bedroom floor plans. Amenities include a full-floor club level with conference rooms; a game lounge and terrace; a fitness center with a terrace; dedicated yoga and Pilates studios; a dining and entertaining room with a terrace; a golf and sports simulator; a saltwater pool with sun deck; a sky park; an outdoor kitchen and barbecue area; and a rooftop terrace. The Axel is currently 97 percent occupied.

October 21, 2024

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