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DevelopmentMichiganMidwestMultifamily

Partnership to Open 200-Unit Forum Flats Luxury Apartment Complex in Troy, Michigan

by Kristin Harlow

TROY, MICH. — A partnership between Douglas Capital Partners, Cypress Partners and Village Green is set to open Forum Flats in Troy on Thursday, Nov. 14. The luxury apartment complex consists of three buildings with 200 units. Amenities include a clubroom, pool, fitness center, pet spa and dog park. The first of the three buildings took over the former 100,000-square-foot office space previously utilized by Kelly Services and now features 90 units. The other two buildings were constructed from the ground up and each total 55 units. Monthly rents start at $1,675 for studios.

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AcquisitionsIndustrialMidwestMinnesotaSelf-Storage

U-Haul Acquires Five Self-Storage Properties Totaling 790 Units in Northern Minnesota

by Kristin Harlow

BRAINERD, MINN. — U-Haul has acquired five former KO Storage facilities across Cass and Crow Wing counties in northern Minnesota. The properties are all located within the Brainerd metropolitan area and feature 790 drive-up units. Specifically, the facilities are located in Brainerd, Baxter, Nisswa and Pillager. The seller and sales price were not provided.

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AcquisitionsIndustrialMidwestMissouri

Marcus & Millichap Brokers $2M Sale of Industrial Property in Raytown, Missouri

by Kristin Harlow

RAYTOWN, MO. — Marcus & Millichap has brokered the $2 million sale of a 34,560-square-foot industrial property in Raytown, a southern suburb of Kansas City. Built in 1985, the facility is situated on 2.5 acres near I-435. Peter Doughty of Marcus & Millichap procured the 1031 exchange buyer. The seller was undisclosed. Dave Saverin, broker of record in Missouri, assisted in closing the transaction.

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DevelopmentMultifamilySoutheastVirginia

Breeden Construction Delivers 164-Unit Apartment Community in Williamsburg, Virginia

by John Nelson

WILLIAMSBURG, VA. — Breeden Construction has delivered Governor’s Inn, a 164-unit apartment community located in Williamsburg. An entity doing business as CDG Holdings LLC is the developer behind the $33.5 million project. Governor’s Inn comprises six two- to four-story residential buildings, as well as community amenities including a swimming pool, fitness center, outdoor grilling station and a community clubhouse.

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FloridaLoansMultifamilySoutheast

Berkadia Secures $42.5M Loan for Skye at Hunter’s Creek Apartments in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — Berkadia has secured a $42.5 million loan for Skye at Hunter’s Creek, a 216-unit apartment community located at 1300 Santa Rosa Drive in the Central Florida city of Kissimmee. Brad Williamson, Wesley Moczul, Mitch Sinberg, Matt Robbins and Scott Wadler of Berkadia arranged the loan on behalf of the borrower, ZMR Capital, a Tampa-based real estate investment firm. Nuveen Real Estate provided the three-year, floating-rate loan, which was underwritten with two one-year extension options, full-term interest only payments, a 68 percent loan-to-value ratio, an interest rate cap and flexible prepayment terms. Built in 2015, Skye at Hunter’s Creek features newly renovated one-, two- and three-bedroom apartments, as well as a new resident clubhouse, resort‐style swimming pool, outdoor pavilion, fitness center, bark park, business center, detached garages, a playground and electric vehicle charging stations.

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DevelopmentFloridaLeasing ActivityRetailSoutheast

Whole Foods to Open 42,024 SF Grocery Store in Boynton Beach, Florida

by John Nelson

BOYNTON BEACH, FLA. — Whole Foods Market plans to open a 42,024-square-foot grocery store located at 7395 Boynton Beach Blvd. in Boynton Beach. Set to open on Dec. 10, the new store will serve as the anchor of Boynton Beach Marketplace, a 69,204-square-foot shopping center that Atlanta-based SJC Ventures is developing in South Florida’s Palm Beach County. The new Whole Foods’ product assortment will feature more than 1,500 local items from Florida, including beer, wine, meats, seafood, cheeses, baked goods and health and wellness merchandise. Founded in 1980, Austin-based Whole Foods operates more than 530 stores across the United States, Canada and the UK.

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GeorgiaLeasing ActivityLife SciencesOfficeSoutheast

Georgia Department of Agriculture Signs 11,129 SF Lease at New Life Sciences Tower in Atlanta

by John Nelson

ATLANTA — The Georgia Department of Agriculture (GDA), via the Georgia State Properties Commission, has signed an 11,129-square-foot lease at Science Square Labs in Atlanta. The 13-story, 368,258-square-foot life sciences building is an anchor of Georgia Tech’s Science Square innovation district, a mixed-use development that spans 18 acres near campus and will include retail space and The Grace Residences apartment tower. Trammell Crow Co. delivered Science Square Labs, the first speculative life sciences building in the city’s history, in April 2024. The GDA will occupy pre-built lab and office space on the building’s 11th floor. Eric Ross, Jessica Doyle and Graham Little of CBRE represented the landlord in the lease negotiations, while Erik Weiss and Kari Downing with Savills represented the tenant. The organization joins national life sciences incubator Portal Innovations, which leased 33,000 square feet at Science Square Labs this past summer.

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Sunridge-Industrial-Park-Wilmer
IndustrialMarket ReportsTexasTexas Market Reports

Dallas-Fort Worth: A Leading Industrial Powerhouse in 2024

by Taylor Williams

By Josh Wheeler, senior vice president of development & acquisitions, Stonemont Financial Group The Dallas-Fort Worth (DFW) metroplex remains at the forefront of industrial growth in the United States. According to CommercialEdge, the market boasts a pipeline of 15.7 million square feet under construction as of June 2024 after several large deliveries were completed in the first half of the year. Following several years of explosive growth caused largely by the rise in e-commerce during the pandemic, the market has cooled due to economic headwinds. Tenants are taking longer to make decisions about their spatial needs. Construction has slowed after almost 18 million square feet of space was delivered in the first half of the year, including Stonemont’s 565,000-square-foot industrial park in Wilmer, just outside the metro area. As a result, vacancy rose to 11 percent in the third quarter of 2024. The market has continued its 14-year-long trend of positive absorption, though 2024’s year-to-date absorption is 6.5 million square feet below last year’s number. However, there is ample reason to remain bullish on DFW and to view the market as well-positioned to maintain its status as one of the country’s leading industrial powerhouses. Trends remain favorable for the market, …

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DevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

Kennedy Wilson Provides $175M Construction Loan for KRE Group’s 49-Story Apartment Tower in Jersey City

by John Nelson

JERSEY CITY, N.J. — Beverly Hills, Calif.-based Kennedy Wilson has provided a $175 million senior construction loan for the development of Artwalk Towers, a 49-story apartment high-rise project in Jersey City. Locally based KRE Group is the developer behind the new multifamily tower, which will comprise 595 units in the city’s Journal Square neighborhood. KRE Group, which has developed more than 1,800 apartments in Journal Square across multiple projects, expects to complete Artwalk Towers by fourth-quarter 2027. Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin and Eli Zaoutis of BlueGate Partners arranged the construction loan and represented the private family that sold the land. Upon completion, Artwalk Towers will feature a street connector to a PATH train station, resort-style pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. “We are excited to close on our first loan with [KRE Group], which has a proven track record of delivering top-tier projects that meet the needs of the area’s residents,” says Thomas Whitesell, head of Kennedy Wilson’s debt investment group. “The Artwalk Towers loan aligns with our strategy to support transformative multifamily developments in urban areas.” Whitesell says that the firm’s debt investment group …

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LouisianaMarket ReportsMultifamilySoutheastSoutheast Market Reports

New Orleans’ Multifamily Markets Sees Diminishing Impact From ‘Three I’s’

by John Nelson

In our state of the market overview  article in Southeast Real Estate Business October 2023, we defined three challenges in the metro New Orleans multifamily market. These are interest rates, inflation and insurance — or as we dubbed them “the three I’s.” Not to be redundant; however, a year later these elements are still very much factors in the current market and continue to define how multifamily assets are acquired, sold, financed and developed. There is, however, reason for optimism as each of these defining elements has diminished, albeit not completely, from where they were 12 months ago. Interest rates — On Sept. 18, the Federal Reserve reduced short-term rates by 50 basis points — the first reduction in four years. More importantly was the decline in the rate of the 10-year Treasury yield, which is what most multifamily loans are priced from. As of this writing, the 10-year Treasury yield was at 3.76 percent, the lowest it has been in the past 16 months.  A further reason for optimism is the fact that the Fed has indicated the potential for four rate cuts next year. There is also the anticipation of further clarity in the capital markets once the …

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