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Ryan Cos. Tops Out 213-Unit Seniors Housing Project in Austin

by Taylor Williams November 21, 2023

AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has topped out Grand Living at The Grove, a five-story, 213-unit seniors housing project in Central Austin. The 348,353-square-foot building will house 177 independent and assisted living apartments, as well as 36 memory care apartments. Grand Living at The Grove will feature studio, one- and two-bedroom apartments that will range in size from 450 to 1,600 square feet. Ryan Cos. is co-developing the project with Grand Living and Castletop Capital. PACE Loan Group and Bankers Trust provided financing for the project. Construction began about a year ago, and delivery is slated for early 2025.

November 21, 2023

77-Corporate-Drive-Bridgewater-New-Jersey

Development Features Life Sciences Multifamily Office Western Feature Archive

Converting Office to Life Sciences Offers Lucrative Alternative to Residential Reuse Projects

by Jeff Shaw November 17, 2023

— By Julian Freeman, Dave Wensley and Gabe Pitassi — With steep vacancy rates impacting traditional office markets due to the headwinds of higher interest rates, short-term economic uncertainty and long-term remote/hybrid work uncertainties, underutilized traditional office buildings may become liabilities before the end of their anticipated economic life. Owners of these properties may consider a conversion — an adaptive reuse or repurposing — to access higher rents and occupancy rates. In view of nationwide housing shortages, especially in California, converting office to multifamily has received much attention as a logical move. However, such a conversion is not always viable from a financial, structural, legal or location perspective. An alternative option may be to repurpose an office building for life sciences use. Such a conversion, while posing its own unique challenges, may provide more realistic options than a conversion to residential use for many owners and properties. Challenges in converting to residential Converting an office building to residential use presents challenges on multiple fronts. Zoning laws vary based on property location and usage, and the property may need to be rezoned to a different classification to allow multifamily uses. Rezoning requires local government approval and public hearings, which can take months …

November 17, 2023

Development Multifamily Texas

Bright Realty Nears Completion of 362-Unit Tapestry at The Realm Apartments in Lewisville, Texas

by Taylor Williams October 19, 2023

LEWISVILLE, TEXAS — Bright Realty is nearing completion of Tapestry at The Realm, a 362-unit apartment community in the northern Dallas suburb of Lewisville. The property will be situated within the locally based developer’s 324-acre Realm at Castle Hills mixed-use development. Tapestry at The Realm will feature studio, one- and two-bedroom floor plans and amenities such as a fitness center, sauna, game lounge, business center and a conference room. B2 Architecture + Design designed the project, and Andres Construction is the general contractor. Preleasing is slated to begin in November. The first units are expected to be available for occupancy in December.

October 19, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $1.9M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow September 29, 2023

CHICAGO — Kiser Group has brokered the sale of a historic multifamily property located at 2324 W. 111th St. in Chicago’s Morgan Park neighborhood for $1.9 million. Known as “The Castle” for its architecture, the property’s 16 apartment units were vacant at the time of sale. Originally constructed in the late 1800s as a funeral home, the building was later converted into a mixed-use asset in the 1920s. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.

September 29, 2023

Development Hospitality Midwest Missouri

Midas Construction Tops Out $50M AC Hotel in Clayton, Missouri

by Kristin Harlow September 28, 2023

CLAYTON, MO. — Midas Construction has topped out an AC Hotel in the St. Louis suburb of Clayton. The $50 million project is slated for completion in spring 2024. The 11-story building includes 207 rooms. A team of Concord Hospitality, Homebase Partners, Koplar Properties, Eagle Realty and Midas Construction is developing the project. Designed for business and leisure travelers, the hotel will feature a rooftop bar and restaurant open to the public. The project revitalizes a historic, underutilized site that once housed the headquarters for the Clayton Police. Designed by DLR Group, the AC Hotel Clayton will feature the AC Lounge, where patrons can enjoy craft beer, handcrafted cocktails and tapas-style small plates, and the AC Kitchen, an onsite restaurant offering a European-inspired menu. The project team also includes DeLuca Plumbing LLC, Streib Co., TJ Wies Contracting Inc., Eisen Group, Acme Erectors, Jacobsmeyer Construction, Leonard Masonry, Vee-Jay, Titan Carpentry, Custom Service Crane, Grasse & Associates, Waterhout Construction and Castle Contracting.

September 28, 2023

Development Mixed-Use Texas Top Stories

Signorelli Co. Announces Phase I of 4,700-Acre Master-Planned Development Near Houston

by Katie Sloan September 22, 2023

ROSENBERG, TEXAS — The Signorelli Co. has announced plans for Phase I of Austin Point, a 4,700-acre master-planned community located roughly 30 miles southwest of Houston in Rosenberg. Upon completion, the development will feature 14,000 homes and 15 million square feet of multifamily, office, medical, retail and hospitality space. The project will also include the extension of Fort Bend Parkway and Grand Parkway at the development site for more convenient access to downtown Houston. Phase I of Austin Point is set to break ground in 2024 and will include the construction of 400 homes. These residences will be built on smaller lots in an alley-loaded format, in sizes ranging from 1,300 to 4,500 square feet. The project team for Phase I includes Ashton Woods, Beazer Homes, Drees Homes, Castlerock, David Weekley Homes, Newmark Homes, Perry Homes, William David Homes and Westin Homes. Sales of homes in Phase I are expected to begin in spring 2025. Plans for Austin Point also include a community event space dubbed The 1824 — a nod to the year that the original landowner received the title to the development site. The space will include a café and wine bar with an open front porch, outdoor …

September 22, 2023

Acquisitions California Industrial Western

North Palisade Partners Acquires Hayward Industrial Outdoor Storage Site in California for $19.7M

by Amy Works August 24, 2023

HAYWARD, CALIF. — North Palisade Partners has purchased a nearly 8-acre site at 4125 Breakwater Ave. in Hayward for $19.7 million. The fully leased property is a value-add industrial outdoor storage facility situated at the base of the San Mateo-Hayward Bridge. The acquisition adds an asset with in-place income to the company’s portfolio and offers a potential future redevelopment opportunity. Current tenants at the property include United Rentals, SSS Transport, Outfront Media, American Tower and Crown Castle. Dick Scott of Scott Ventures I represented the buyer, while Jay Hagglund of Cushman & Wakefield represented the undisclosed seller in the deal.

August 24, 2023

Development Loans Multifamily Texas

Forman Capital Provides $19.5M Construction Loan, Equity for Metro Austin Multifamily Project

by Taylor Williams July 31, 2023

TAYLOR, TEXAS — Forman Capital, a direct lender based in Florida, has provided a $19.5 million construction loan and a preferred equity investment for Castlewood Townhomes. The 64-unit multifamily project will be located in Taylor, about 35 miles northwest of Austin. The borrower, Townbridge Capital, plans to develop three- and four-bedroom townhomes that will range in size from 1,500 to 1,900 square feet. Residences will feature detached two-car garages, quartz countertops, stainless steel appliances and various pieces of smart technology. A construction timeline was not disclosed.

July 31, 2023

Castlewinds-Apartments-North-Richland-Hills

Loans Multifamily Texas

Colliers Mortgage Provides Fannie Mae Acquisition Loan for Metro Fort Worth Apartments

by Taylor Williams May 2, 2023

NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for Castlewinds Apartments, a 156-unit multifamily complex located in the Fort Worth suburb of North Richland Hills. The property offers amenities such as a pool, fitness center and onsite laundry facilities. Fritz Waldvogel of Colliers Mortgage originated the five-year loan on behalf of the borrower, an entity doing business as Haven NRH Inc.

May 2, 2023

Development Hospitality Midwest Missouri

Midas Completes $47M Residence Inn by Marriott Hotel in Clayton, Missouri

by Kristin Harlow April 26, 2023

CLAYTON, MO. — Midas Enterprises has completed a $47 million Residence Inn by Marriott hotel in the St. Louis suburb of Clayton. The project is the first new hotel to open in the city in 30 years, according to Midas. The extended-stay hotel rises 12 stories with 170 rooms. The development includes a second-floor lounge and ballrooms, 3,300 square feet of second-level meeting space with an outdoor terrace and bar, complimentary breakfast, a 1,500-square-foot fitness center and guest laundry. Investors included Hermann Cos. and Peoples Bank. The project team included SSC Engineering, CECO Concrete Construction Inc. and Castle Contracting LLC. Midas deployed all four of its divisions — Midas Capital, Midas Construction, Midas Hospitality and Midas Development — to complete the project.

April 26, 2023

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