HUNTSVILLE, ALA. — Tuscaloosa, Ala.-based IMS Development has purchased 130 acres on the north side of Huntsville from the University of Alabama in Huntsville Foundation. The site is located at the corner of State Routes 255 and 53 and Blake Bottom Road. The buyer plans to build a mixed-use campus on the site dubbed North Valley, which will comprise 800 residences and 20 acres of commercial space. IMS Development says potential uses for the commercial component could include big-box retailers, hotels, restaurants, convenience stores and entertainment venues. Eric St. John of Crunkleton Commercial Real Estate assisted IMS in the land acquisition. The construction timeline was not released.
Management has announced plans for The Mark at Tallahassee, an 859-bed student housing development located near the Florida State University (FSU) campus in Tallahassee. The three-building community will offer fully furnished units with bed-to-bath parity. Shared amenities are set to include a rooftop clubhouse with an outdoor swimming pool, sun shelf, lounge seating, a grill station, fire pits and a jumbotron; a fitness center overlooking the university’s Doak Campbell football stadium; 24-hour study lounge; collaboration space; and bike storage. The project, which is being built by Landmark’s in-house general contractor Landmark Construction, is expected for completion in August 2025.
SUMMERVILLE, S.C. — Brentwood, Tenn.-based development firm GBT Realty Corp. has obtained an $88 million construction loan for The Village at Carnes Crossroads, a 306-unit multifamily community in Summerville. The property will be the latest multifamily component for the 2,300-acre Carnes Crossroads master-planned development in metro Charleston. Matt Stewart and Chip Sykes of JLL arranged the loan through Bank of America and Meta Real Estate Partners. The multifamily community will be situated directly across from The Marketplace at Carnes Crossroads, a Publix-anchored shopping center. Set to open first units in spring 2025, The Village at Carnes Crossroads will feature a mix of studio, one-, two- and three-bedroom units. Amenities will include separate small- and large-breed dog parks, a resort-style saltwater pool with lounge deck, outdoor kitchen, club room with catering kitchen and golf stimulator, fitness complex and a coworking center, as well as 11,000 square feet of retail space. The design-build team includes architect Dynamik Design, civil engineer Thomas & Hutton and general contractor Samet Corp.
CAMBRIDGE, MASS. — Nauset Construction is underway on a 38-unit multifamily project in Cambridge. The project is a three-story vertical addition to the Crimson Galeria building in Harvard Square. The owner of the building, Crimson Galeria LP, originally planned to construct office space atop the existing structure but pivoted to residential during the pandemic, receiving a special permit from the city in the process. NELSON Worldwide is the architect for the project, which will feature studio, one- and two-bedroom apartments, with roughly 20 percent of the residences designated as affordable. Ownership recently added two new tenants to the roster of retailers, which includes Shake Shack, Maharaja, Veggie Grill, Menya Jiro and Core Power Yoga. Delivery is slated for late 2025.
GREEN VALLEY, ARIZ. — ABI Multifamily has arranged the sale of Via Alamos Apartments, a 160-unit multifamily property located on West Via Alamos Drive in Green Valley. The property traded for $19.5 million, or $121,875 per unit. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group, in collaboration with Desiree Palmer, Ryan Kippes and Nathaniel McAdoo of ABI Multifamily’s Tucson Apartment Team, represented the buyer and seller in the transaction. The names of the parties were not disclosed. Built in 1984, Via Alamos Apartments features 88 one-bedroom/one-bath units, 56 two-bedroom/one-bath units and 16 two-bedroom/two-bathroom units with individual metered electricity and hot water heaters, air conditioning/heating, refrigerators, oven ranges, linen closets, high-speed internet access and cable access. Select units offer a balcony, dishwasher, garbage disposal and additional storage. Community amenities include a swimming pool, spa, fitness center, basketball court, dog park, children’s playground, leasing office, laundry room, additional storage and on-site covered and open parking.
BASALT, COLO. — Realty Capital Partners, a Dallas-based equity investor, has invested $11.7 million in the development of 72 residential rental units tailored for active adults (age 55 and over) in Basalt. Developer Realty Capital Residential has acquired the land and secured all necessary entitlements, permits and approved plans. The project will encompass a modern living concept and 2,600 square feet of ground-floor restaurant space. Groundbreaking is set for this month, with completion slated for August 2025. The community will feature one- and two-bedroom floor plans ranging from 675 square feet to 1,322 square feet.
ATLANTA — Greystar has begun leasing the first available units at Nomia, a 33-story high-rise apartment tower that will be located at 17th and Peachtree streets in Midtown Atlanta. The Charleston-based developer plans to officially open the 281-unit property this fall. Nomia will feature one-, two- and three-bedroom apartments, as well as penthouses with large floor-to-ceiling windows. Amenities will include a rooftop pool and terrace, spa, TULU luxury vending service, a fitness center and structured parking with electric vehicle charging stations, as well as street-level retail space. Nearby attractions include the High Museum, Museum of Design Atlanta (MODA) and Woodruff Arts Center, and global employers including NCR, PwC, Coca-Cola, Google, Norfolk Southern and AT&T have regional campuses in close proximity to Nomia.
RICHMOND, VA. — Capital Square has announced plans to raise $63.3 million in equity from accredited investors through its CSRA Opportunity Zone Fund VII LLC for the development of a 352-unit multifamily development in Richmond. The developer has also closed a construction loan for an undisclosed amount through United Bank. Walker & Dunlop arranged the financing. Capital Square broke ground on the unnamed community in April and expects to deliver the property in summer 2025. Located at 2929 W. Clay St. and 2922 & 2925 W. Marshall St. in Richmond’s Scott’s Addition neighborhood, the community will comprise three adjoining buildings situated atop podium parking and retail space. Planned amenities will include courtyards, a zero-edge pool, gym, clubhouse, dog park and a sky lounge.
LITTLE ROCK, ARK. — Arrow Senior Living has opened The Summit Senior Living at Chenal Valley in Little Rock. Built by O’Reilly Development, the property is situated in the West Little Rock area and sits on 12 acres near outdoor recreation, shopping and fine dining. The 163,000-square-foot property features 96 independent living units, 44 assisted living units and 18 memory care units. The Summit Senior Living at Chenal Valley is the first Arrow-operated community in Arkansas and the operator’s 35th in the nation.
ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.1 million sale of two multifamily properties totaling 20 units in the Northern New Jersey community of Elizabeth. Both buildings rise three stories, and one of the buildings includes two commercial spaces. Don Baxter and Michael Salomon of Kislak represented the seller in the transaction, and Joni Sweetwood of Kislak procured the buyer. Both parties requested anonymity.