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Multifamily

5839-Kyle-Parkway
DevelopmentMultifamilyTexas

CTC Residential to Develop 384-Unit Apartment Community in Kyle, Texas

by Taylor Williams

KYLE, TEXAS — Houston-based developer CTC Residential will build an apartment community in Kyle, about 20 miles south of Austin. CTC Residential acquired the 15-acre site at 5839 Kyle Parkway, which is located across the street from Seton Hospital, in October 2022 before having it rezoned to support multifamily. Preliminary plans call for 384 apartments and a 38,000-square-foot open green space that will be activated by a 7,500-square-foot food-and-beverage anchor space and other retail uses. Weitzman is handling retail leasing for the project. Information on floor plans and amenities was not disclosed.

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The-Juniper-Dallas
DevelopmentMultifamilyTexas

Larkspur Capital Underway on 219-Unit Multifamily Project in Dallas

by Taylor Williams

DALLAS — Locally based developer Larkspur Capital is underway on construction of The Juniper, a 219-unit multifamily project that will be located in the Exposition Park area of Dallas. The site at 4003 Commerce St. spans 1.4 acres, and the property will feature studio, one- and two-bedroom units that will range in size from 567 to 1,992 square feet. The Juniper will also have 18 flat-style homes and a number of penthouses. Amenities will include a pool, dog park, outdoor grilling and dining stations and a clubhouse. Corgan is the project architect, and OHT Partners is the general contractor. Delivery is slated for mid-2026.

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DevelopmentFloridaMultifamilySoutheast

Mast Capital, AvalonBay Complete 254-Unit Avalon Merrick Park Apartment Community in Miami

by John Nelson

MIAMI — Mast Capital and Avalon Bay Communities have completed the development of Avalon Merrick Park, a 254-unit apartment community located at 3811 Shipping Ave. in the Coral Gables neighborhood of Miami. The property, which was constructed by general contractor First Florida, features studio, one-, two- and three-bedroom apartments, ranging from 456 to 1,530 square feet. Amenities at the community include a swimming pool, fitness center, resident lounge with coworking spaces and a pet spa. Arquitectonica designed the property. Rental rates at Avalon Merrick Park begin at $2,340, according to Apartments.com.

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DevelopmentFloridaMultifamilySoutheast

Thompson Thrift to Develop 276-Unit Multifamily Community in Vero Beach, Florida

by John Nelson

VERO BEACH, FLA. — Thompson Thrift plans to develop a new 276-unit multifamily community in Vero Beach. Dubbed Verity, the project is scheduled for completion in summer 2026. The property will comprise apartments across three-story buildings, with units in one-, two- and three-bedroom layouts averaging 1,400 square feet in size. Amenities at the community, which will span 18 acres, will include a clubhouse, fitness center, 24-hour social hub, work-from-home suites, resident conference room, swimming pool, electric firepits, grilling areas, a pickleball court, dog run and pet spa. The property will also feature an Amazon package hub and valet trash service.

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DevelopmentMidwestMissouriMultifamilySeniors Housing

Midas Construction Underway on $37.8M Viva Bene Active Adult Community in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — Midas Construction is underway on Viva Bene, a $37.8 million active adult community in the St. Louis suburb of St. Peters. Developed by Avenue, the 161-unit luxury property is located at 101 Viva Bene Circle. Amenities include a pool, fitness center, wellness hub, coworking spaces, outdoor spaces and pickleball and bocce ball courts. Greystar is the property manager. Completion is slated for this fall.

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AcquisitionsMultifamilyNevadaSeniors HousingWestern

Bascom Group Buys 72-Unit Seniors Housing Community in Boulder City, Nevada

by Amy Works

BOULDER CITY, NEV. — The Bascom Group has purchased Homestead at Boulder City, a seniors housing property located in the Las Vegas suburb of Boulder City, for $3 million. The name of the seller was not released. Built in 1999, Homestead at Boulder City features 72 apartments with an average unit size of 467 square feet. Situated on 6.4 acres, the community offers 71 parking spaces, a private dining room, atrium, library, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment and laundry facilities. Bascom plans to implement a renovation program that includes upgraded appliances, countertops, lighting, fixtures and wood plank flooring. Common-area improvements are planned for the leasing office, gym and entertainment lounges. Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Co. as the lender. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage arranged the sale. Apartment Management Consultants will provide property management and SD-CAP will provide construction management for the property.

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Edgemere-Dallas
FeaturesMultifamilySeniors Housing

Seniors Housing Occupancy Rises to 85.6 Percent in 11th Consecutive Quarterly Increase, Says NIC

by Taylor Williams

By Jeff Shaw ANNAPOLIS, Md. — The occupancy rate for private-pay seniors housing rose 50 basis points to 85.6 percent in the first quarter of 2024, according to data from NIC MAP Vision. It’s the 11th consecutive quarterly increase in occupancy as the industry continues to recover from impacts of the COVID-19 pandemic. The occupancy figure marks an increase of 780 basis points from the pandemic low of 77.8 percent in second-quarter 2021, but still just shy of the pre-pandemic mark of 87.1 percent in first-quarter 2020. NIC MAP Vision is a product of the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises independent living, assisted living and memory care. Net absorption in the first quarter totaled roughly 5,000 units, a more than 40 percent increase over the level of absorption in the first quarter of 2023, according to NIC. “The continued upward climb of occupancy along with strong absorption levels supports the NIC forecast of returning to and surpassing the pre-pandemic occupancy levels sometime in 2024,” says Lisa McCracken, NIC’s head of research and analytics. Construction starts increased slightly from …

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DevelopmentMultifamilySoutheastVirginia

GW Real Estate, Griffin Capital Break Ground on 250-Unit Apartment Community in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — GW Real Estate Partners and capital partner Griffin Capital Co. have broken ground on The Arrowood Charlottesville, a 250-unit apartment community located at 463 Rio Road W in Charlottesville. Situated two miles from The Shops at Stonefield and a short drive to University of Virginia, the property features studio to three-bedroom layouts, as well as a clubhouse with a fitness center, coworking space, resort-style swimming pool and a grill/lounge area. Fifth Third Bank provided construction financing for the project. The design-build team includes general contractor GW Builders, Heffner Architects, civil engineer Collins Engineering, structural engineer Cates Engineering, MEP engineer GTP Consulting Engineers and landscape architect LandDesign. The developers expect first buildings at The Arrowood to be ready for occupancy in mid-2025, with full community completion expected by March 2026.

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Build-to-RentFloridaLoansMultifamilySingle-Family RentalSoutheast

JLL Arranges $43M Loan for Build-to-Rent Residential Community in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — JLL has arranged a $43 million loan for Solamar Apartment Homes, a 210-unit build-to-rent residential community in Kissimmee, about 22 miles south of Orlando. Max La Cava, Melissa Quinn, Kenny Cutler, Josh Odessky and Pier Barinci of JLL arranged the construction take-out bridge loan on behalf of the borrower, TRUSOT Development. JLL arranged the original $35 million construction loan in 2021. Solamar Apartment Homes was completed in phases, with the final phase delivered in 2023. According to Apartments.com, the property features two- to three-bedroom homes ranging in size from 973 to 1,317 square feet.

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Ivy-&-Green-Hackensack
DevelopmentMultifamilyNew JerseyNortheast

Hornrock Properties Begins Leasing 168-Unit Apartment Complex in Hackensack

by Taylor Williams

HACKENSACK, N.J. — Locally based developer Hornrock Properties has begun leasing a 168-unit multifamily project in the Northern New Jersey community of Hackensack. Designed by Minno & Wasko Architects, the six-story building represents Phase II of a larger development known as Ivy & Green, Phase I of which totaled 221 units. Residences come in studio, one- and two-bedroom floor plans, and the campaign begins with 30 percent of the units preleased. Ivy & Green offers amenities such as a pool, coworking spaces, private conference rooms, a gaming lounge, speakeasy bar, demonstration kitchen, theater and music studio, a children’s playroom, fitness center, pet spa and package lockers. Monthly rents start at $2,215 for a studio.

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