development1

Opus, Principal Real Estate Investors Open 352-Unit Multifamily Community in Peoria, Arizona

by Amy Works November 2, 2020

PEORIA, ARIZ. — The Opus Group, in joint venture partnership with Principal Real Estate Investors, has opened Paradise @ P83, an apartment property located at 16601 N. 75th Ave. in Peoria. Situated within the P83 Entertainment District, Paradise @ P83 features 352 apartments in a mix of studio, one-, two- and three-bedroom floor plans ranging from 640 square feet to 1,445 square feet. Apartments include smart door locks, thermostats and lights. Additionally, each unit features natural stone countertops with a subway tile backsplash; gourmet kitchen islands; stainless steel, energy-efficient appliances; walk-in closets with built-in shelving and storage; full-sized washers/dryers; and a personal patio or balcony, as well as covered parking. Community amenities include a 6,000-square-foot clubhouse and leasing center with an upscale kitchen, Starbucks Coffee bar and lounge areas with televisions and games. Other amenities include a heated swimming pool and spa; large courtyard with patio dining and grilling stations; business center with coworking space; community dog park and pet spa; and 24-hour, 2,000-square-foot fitness center and spin studio. The property also offers a package locker system, valet trash, electric vehicle charging stations and a shaded playground. P.B. Bell manages the 330,000-square-foot development that consists of three- and four-story buildings.

November 2, 2020

Development Industrial Northeast Pennsylvania

Endurance, Blue Vista Sell 1 MSF Distribution Center in Pittston, Pennsylvania for $96M

by Taylor Williams October 30, 2020

PITTSON, PA. — A partnership between Endurance Real Estate Group LLC and Blue Vista Capital has sold the 1 million-square-foot Interstate Distribution Center in Pittston, located south of Scranton, for $96 million. The partnership purchased the 225-acre former Techneglas manufacturing site in 2012 and redeveloped the property into a modern bulk warehouse/distribution asset. The new cross-dock building features 40-foot clear heights, 193 dock doors, 421 car parking spaces and 129 truck parking spaces. Gerry Blinebury and Dan Walsh of Cushman & Wakefield represented the partnership in the sale. Jason Webb and Kris Bjorson of JLL represented the undisclosed buyer.

October 30, 2020

Development Loans Multifamily Texas

JPI Receives Construction Financing for 424-Unit Jefferson at The Grove Apartments in Frisco

by Taylor Williams October 30, 2020

FRISCO, TEXAS — JPI has received construction financing for Jefferson at The Grove, a 424-unit apartment community in Frisco. Jefferson at The Grove is part of a larger residential and commercial master plan in Frisco that will consist of more than 17 acres of open space, five planned parks and more than four miles of trails. Units will feature 10-foot ceilings, glass-enclosed showers and large bathtubs, walk-in closets, private yards and balconies, granite countertops, hardwood-style flooring, designer cabinetry, stainless steel appliances and full-sized washers and dryers in all units. Amenities will include a pool with cabanas, fitness center with a spin studio, private courtyards and a dog park. The opening is scheduled for spring 2022.

October 30, 2020

Development Midwest Minnesota Multifamily

Opus Completes 218-Unit Apartment Building in Minneapolis

by Kristin Harlow October 30, 2020

MINNEAPOLIS — The Opus Group has completed construction of Vesi, a 218-unit apartment building in the North Loop neighborhood of Minneapolis. The six-story property features a mix of studio, one-bedroom, two-bedroom and penthouse units. Amenities include a rooftop terrace, pool and spa, fitness room, library, dog wash and golf simulator. Opus served as developer, design-builder, architect and engineer. ESG Architects was the design architect and interior designer. Vesi is the fifth residential project for Opus in downtown Minneapolis since 2014. Monthly rents start at $1,610. Residents can now receive $500 off their first month of rent.

October 30, 2020

California Development Multifamily Seniors Housing Western

Oakmont Senior Living Opens 142-Unit Seniors Housing Community in East Sacramento

by Amy Works October 30, 2020

SACRAMENTO, CALIF. — Oakmont Senior Living has opened an independent living, assisted living and memory care community in the East Sacramento neighborhood of the state capital. Located in the Fabulous Forties area, Oakmont of East Sacramento totals 140,000 square feet, plus a 36,000-square-foot parking garage, on a 3.5-acre plot. The community features 100 independent living/assisted living units and 42 memory care units. Terry Ervin is the executive director and Deanna Barker is director of memory care.

October 30, 2020

Development Industrial Texas

VanTrust Breaks Ground on Phase I of 1.3 MSF Spec Industrial Development in Fort Worth

by Taylor Williams October 29, 2020

FORT WORTH, TEXAS — Locally based firm VanTrust Real Estate LLC has broken ground on Phase I of the 1.3 million-square-foot Fort Worth Logistics Hub, a project that will add 670,941 square feet of Class A industrial space to the local supply. Designed by Alliance Architects, Fort Worth Logistics Hub spans 75 acres on the city’s south side near Interstates 20 and 35. Phase I of the project is expected to be complete in July 2021, with construction of the 606,480-square-foot Phase II beginning shortly thereafter. Arlington, Texas-based Bob Moore Construction is the general contractor for the project, and Pacheco Koch is the civil engineer. CBRE is handling leasing.

October 29, 2020

Development Multifamily Seniors Housing Texas

MedCore Partners, TNRG Begin Work on $115M Seniors Housing Project in Georgetown, Texas

by Taylor Williams October 29, 2020

GEORGETOWN, TEXAS — MedCore Partners and The National Realty Group (TNRG) have begun construction of The Hacienda at Georgetown, a 230-unit seniors housing community in metro Austin. The community sits on a 13.2-acre tract at the south entrance to Sun City Texas, a master-planned active adult community. The resort-style senior living campus will offer 125 independent living residences, 81 assisted living apartments and 24 memory care units. Watermark Retirement Communities will manage the property, which is slated to open in late 2022. BOK Financial is providing construction financing, while ACRON USA is providing equity for the project. REES Architects provided the architectural and engineering services.

October 29, 2020

Independence-Way-at-the-Green-Florham-Park

Affordable Housing Development Multifamily New Jersey Northeast

Partnership Completes 62-Unit Affordable Housing Community in Florham Park, New Jersey

by Taylor Williams October 29, 2020

FLORHAM PARK, N.J. — A partnership between developer Rockefeller Group, Bergen County’s United Way and Madeline Corp. has completed Independence Way at The Green, a 62-unit affordable housing community in the northern New Jersey city of Florham Park. The property consists of eight buildings on an eight-acre site within Rockefeller’s 268-acre Green at Florham Park mixed-use development and will serve 102 residents with developmental disabilities. Z+ Architects LLC designed the project, and Sharp Management served as the general contractor.

October 29, 2020

Development Multifamily Seniors Housing Washington Western

Plymouth, Bellwether Break Ground on $150.7M The Rise on Madison Affordable Multifamily Project in Seattle

by Amy Works October 29, 2020

SEATTLE — A joint venture between Plymouth Housing and Bellwether Housing has broken ground for the development of The Rise on Madison, a 17-story affordable apartment community in Seattle’s First Hill neighborhood. Plymouth will operate 115 studio units, with on-site supportive services, for formerly homeless seniors on floors one through six. Bellwether will operate 253 affordable, studio, one-, two- and three-bedroom apartments on floors seven through 16. Located at 1400 Madison St., The Rise on Madison will feature a large community room, roof deck and ground-floor retail space, as well as close proximity to light rail, street cars and buses. The $150.7 million property is slated to open in spring 2022.

October 29, 2020

Development Indiana Industrial Midwest

Mohr Capital Completes Land Assemblage for First Phase of Logistics Park in Whiteland, Indiana

by Kristin Harlow October 29, 2020

WHITELAND, IND. — Mohr Capital, a Dallas-based privately held real estate investment firm, has acquired an additional 184 acres of land in Whiteland in metro Indianapolis. The acquisition represents the completion of the land needed for Phase I of Mohr Logistics Park, a master-planned development. The project will encompass more than 500 acres upon completion. Mohr plans to commence development of an 827,180-square-foot speculative industrial building in the spring. Mark Writt of CBRE assisted Mohr in the land assemblage. Earlier this year, Mohr closed on the purchase of 122 acres that will house a 1 million-square-foot build-to-suit for Cooper Tires, the park’s inaugural tenant. Pepper Construction is underway on that project.

October 29, 2020

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