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AUSTIN, TX - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Modera EaDo, a luxury apartment community just east of The Domain, which is commonly referred to as Austin's second downtown.
The wrap-style community, which features 377 apartment homes at 11604 Stonehollow Drive, is situated less than a mile from The Domain and near a vast array of vibrant dining, retail and entertainment options. The convenient location is also within a short commute of many of Austin's thriving employment and entertainment districts.
"It's amazing to witness the transformation of the area surrounding The Domain, which continues to morph from an industrial area to a vibrant mixed-use destination," said Matthew Bunch, managing director of development in Austinfor Mill Creek Residential. "We're excited to deliver this development in East Domain, which boasts a prime location in which residents can do a little bit of everything. We're prepared to offer an extraordinary living experience at Modera EaDo and look forward to welcoming home our initial residents."
Modera EaDo is positioned in a north Austin locale that is rapidly emerging as a key destination for a wide variety of luxury retailers and top employers. Prominent employers in the area include IBM, Indeed, Amazon, Facebook and Charles Schwab, which features a 50-acre campus immediately adjacent to the community.
The community also sits just east of the future master-planned Uptown ATX site, a massive 66-acre mixed-use redevelopment project, and is within a quarter mile of a proposed CapMetro Red Line station, which will connect with Leander to the north and downtown Austin to the south.
Modera EaDo offers studio, one-, two- and three-bedroom homes with select homes featuring private yards along an urban trail. The community is constructed with energy efficiency and sustainability in mind and received a Green Building rating from Austin Energy. Community amenities include an expansive 2,700-square-foot, club-quality fitness center open 24-hours, a resident clubhouse with a gaming area, indoor/outdoor social kitchen and music room, resort-inspired pool with water features and tanning ledge, poolside cabana, Zen courtyard, outdoor kitchen with gas grills, high-speed community-wide bulk WiFi and an electronic key fob system. Residents will also have access to Luxer One package lockers, dedicated bike storage and a dedicated bark park with connecting pet spa. Modera EaDo will also offer a self-service Grab-and-Go market from Impulsify, providing Point of Sale packaged snacks, meals, beverages and other convenience items.
Apartment interiors are delivered with a variety of deluxe features, including two sophisticated finish schemes, nine- and 10-foot ceilings, wood plank-style flooring, stainless steel appliances, granite countertops, 42-inch custom cabinetry, under-cabinet lighting, and in-home washers and dryers. Select homes include wine fridges, private patios or balconies, linen closets, double-vanities, powder baths and walk-in showers.
MARLBOROUGH, MA - National multifamily real estate development leader Wood Partners has officially announced the start of construction on Alta French Hill, the company's latest upscale residential community, located in Marlborough, Massachusetts. Pre-leasing opportunities are set to commence in 2024, and the community is scheduled to welcome residents in February 2025.
Situated at 303 Lincoln Street and neighboring the Assabet River Rail Trail, Alta French Hill will provide residents with convenient access to Route 20 and I-495, allowing for easy travel throughout all parts of the city and the 495 corridor. The property's prime location will also offer seamless access to a variety of everyday conveniences, such as Hannaford Supermarket, Starbucks, Dunkin Donuts, Walgreens, Planet Fitness, and Marlborough's favorite shopping and dining destination, Solomon Pond Mall, featuring numerous stores and restaurants, and the Apex Entertainment Center, which offers 80,000 square feet of game and entertainment space. Additionally, residents of Alta French Hill will find themselves within walking distance to a diverse range of retail, dining, and entertainment options.
"Massachusetts has a housing shortage and we need new housing of all types," said Ed Augustus, secretary of the Executive Office of Housing and Livable Communities. "The 276 apartment homes in this collaborative enterprise by Wood Partners, Marcus Partners and the city of Marlborough will provide a much-needed boost to housing in a key area of the city. The inclusion of 28 affordable units and use of a variety of sustainable and green technologies also exemplify a smarter way to build, while at the same time helping Marlborough comply with the MBTA Communities Law."
Alta French Hill's strategic location guarantees residents convenient proximity to a plethora of prominent employers in the vicinity. With easy access to major companies such as Quest Diagnostics, G.E. Healthcare, Raytheon, Boston Scientific, TJX Companies, Hologic, Sunovion, and more, residents will find themselves well-connected to the thriving employment landscape of the region.
"Backed by construction lender Eastern Bank and equity partner Marcus Partners, Alta French Hill represents a key milestone in our commitment to providing new and exciting housing options in Boston's MetroWest. Following successes like Alta Union House in Downtown Framingham and Alta Oxbow in Wayland, this project strategically fills a crucial gap in Marlborough," says Jim Lambert, Managing Director and Partner for Wood Partners. "Offering upscale housing within walking distance to Downtown sets us apart from previous commuter-centric developments along I-495, reflecting our dedication to enhancing the residential landscape in MetroWest."
"This project reflects our commitment to partner with local communities and the Commonwealth to create critically needed housing," said Levi Reilly, Principal and Head of Development for Marcus Partners. "At the same time, we appreciate the opportunity to do so in a meaningful way, using new technology to advance sustainability goals."
Once construction is complete, Alta French Hill will offer 276 apartment homes, encompassing a diverse range of custom-designed floor plans, including one-bedroom, one-bedroom with den, two-bedroom, and three-bedroom apartments. Each residence will display an array of attractive features and materials, such as modern stainless-steel appliances, kitchen countertops crafted from quartz, complete in-unit washer and dryer sets, and wood-style flooring in both the kitchen and living room areas.
Community residents can also enjoy a range of shared amenities, including a state-of-the-art fitness center, resident lounges, a tech lounge, and two beautifully landscaped courtyards with a swimming pool, games, grilling areas, and a dog park. Complementing these features, the property showcases nearly 10,000 square feet of retail space, inclusive of dedicated work-from-home offices. Looking ahead, Wood Partners intends to develop a 22-space surface parking lot and amenity building — both to be owned and operated by the City and accessible for public use.
LOS ANGELES, CA - From The Jagger's distinctive sawtooth roofline to its apartment's smart home technology everything about The Jagger is cutting edge. That edge comes with an abundance of comfort, convenience, and community. The new luxury apartments have recently begun leasing with top amenities, a sophisticated design, and an exceptional location on Overland in the Culver City-West Los Angeles area.
The hip apartment design features floor to ceiling windows so that light reflects off the polished concrete flooring and the stainless-steel appliances. Residents can choose between a variety of studio and one-bedroom floorplans or choose a luxurious penthouse with soaring 19-foot ceilings and windows over ten feet high.
The Jagger boasts a stunning interior atrium, a spacious rooftop sundeck, and breathtaking views of Westside, DTLA, and Hollywood. The generous coworking space is complete with private meeting rooms, along with a resident lounge that offers high-speed community Wi-Fi.
The apartment amenities include in-unit washers and dryers, smart thermostats, skylights, air conditioning, and private balconies. Keyless entry eliminates the concern of misplacing your keys, while off-street parking alleviates the hassle of searching for a parking spot. The community is pet friendly, so residents can bring along their best friends.
High-tech conveniences include Parcel Pending lockers for resident packages, ButterflyMx for secure and convenient community entrance, and multiple EV Charging stations. The REMM Group provides resident-focused on-site management and maintenance.
Sara D'Elia, The REMM Group CEO, said: "The Jagger offers more than a beautiful place to live. It's designed to foster a creative, exciting urban community. With BBQ dining on the rooftop sundeck, a serene courtyard, and a work and community center, it's a place to make friendships, entertain guests and brainstorm the next big idea."
REVERE, MA - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced construction is underway at Modera Revere Beach, a contemporary apartment community located on the oldest public beach in the U.S.
Modera Revere Beach, which will feature 357 apartment homes, will offer magnificent 360-degree water views in a relaxed beach setting. Consisting of two residential buildings atop a shared podium, the community is positioned in the greater Boston metropolitan area and within walking distance of the vibrant commercial heart of Revere Beach. First move-ins are anticipated for fall of 2025.
"Modera Revere Beach will offer the unique dynamic of a tranquil beach setting not too far removed from Boston'sthriving entertainment and employment centers," said Tim Alexander, managing director of development in Boston for Mill Creek Residential. "We believe the community will quickly become a best-in-class offering with its thoughtful finishes and refined suite of amenities, and the unique location will add further appeal for discerning renters. We look forward to joining the Revere Beach community."
Situated at 550-560 Revere Beach Boulevard, the community will offer ocean views to the east and overlook the inland waterway to the west. Residents can access Revere Beach Boulevard and easily connect to Route 1A, which provides connectivity up and down the North Shore of Boston. A community shuttle will provide access to the Wonderland station on the MBTA Blue Line, which provides direct access to Boston in a 10- to 15-minute commute.
Modera Revere Beach will offer studio, one-, two and three-bedroom homes with select den layouts and an average size of 901 square feet. The community will be built to, and is pursuing, a LEED Silver Certification. Community amenities will include a resort-inspired swimming pool on an elevated courtyard level with ocean views, rooftop deck, grilling area, fire pit, outdoor dining area, resident clubhouse, game room, pool table, coffee bar, dedicated dog run, pet spa and a club-quality fitness center with cardio equipment, individual TVs, group fitness area and yoga/Pilates studio. Residents will also have access to a conference room, private workstations, co-working spaces, digital package lockers, controlled-access garage parking, EV charging stations, bike storage and additional storage space.
Home interiors include nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, moveable kitchen islands, breakfast nooks, walk-in closets, built-in desks and in-home washers and dryers. Bathrooms will include tile shower surrounds with double vanities and linen closets in select homes. Smart features will include a key fob system, programmable thermostats, controlled guest-access technology, smart leak detection and bulk WiFi.
RALEIGH, NC - Wood Partners, a national leader in multifamily real estate development, in partnership with PGIM Real Estate, announced the grand opening of their latest residential community, Alta Town Center, located in Raleigh, North Carolina.
Located in Northeast Raleigh at 6501 Town Center Drive, Alta Town Center is situated in one of the Triangle s fastest growing areas. With quick access to both I-540 and Capital Boulevard, residents will benefit from excellent connectivity throughout the Triangle. In addition, the community is located within minutes of an abundance of retail options.
"We are thrilled to see Alta Town Center come to life as we welcome residents to our new extraordinary property in Raleigh, said Caitlin Shelby, Managing Director for Wood Partners. We are confident that Alta Town Center will provide an exceptional living experience by combining high-quality amenities, comfortable homes, and a convenient location. We look forward to seeing residents thrive and create lasting memories here."
Alta Town Center offers 336 apartment homes comprised of one-, two- and three-bedroom floor plans. Homes will feature stainless-steel appliances, granite countertops, tile backsplashes, in-unit washer and dryer sets, large walk-in closets, and sizeable balconies.
Alta Town Center also offers a wide range of attractive amenities, including a resort-style pool with poolside cabanas, outdoor grilling and lounge areas, outdoor fitness equipment, and an on-site pet park and pet spa. Inside the community club house, residents will enjoy a state-of-the-art fitness center, coworking spaces, and areas to mingle, such as the hospitality bar and game room.
PGIM Real Estate invested in Alta Town Center through Impact Value Partners (IVP), its private equity impact fund that invests in affordable housing and transformative development in the U.S.
ORLANDO, FL - Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Campus Living student housing rental division, and Boston-based real estate investment, development and management firm The Davis Companies, announced a new joint venture to develop Aperture, a 680-bed (204-unit), two-building, five-story multifamily rental community in Orlando, Florida adjacent to the University of Central Florida (UCF).
The project is being financed through a $50 million construction loan facility from TD Bank, N.A. The equity and debt were arranged by Toll Brothers in-house Finance Department.
Aperture is located at 12727 East Colonial Drive in Orlando on 8.2 acres in proximity to UCF. The community will consist of 204 rental apartments and will feature a state-of-the-art fitness center, an e-sports gaming center, computer lounge with printing, content creation studio, LuxerOne Package Locker System, courtyard with cabanas, grills and firepits, and a resort style pool with sunshelf. Residents will have access to a private five-minute shuttle to campus, as well as a parking garage that will include EV (electric vehicle) charging stations.
UCF has the second largest on-campus enrollment of any public university in the U.S. with almost 70,000 students enrolled in the 2022 – 2023 academic year. The university has consistently grown over the past 10 years, supported by strong population growth in Florida and increased recognition of its academic and athletic programs. It is ranked 64thamong the Top Public Universities and 14th for Most Innovative Schools in the nation according to U.S. News & World Report.
Toll Brothers Campus Living develops communities that combine modern amenities and strategic community design to fit the needs and lifestyle of students. Toll Brothers Campus Living will manage the property s development, construction, and asset management, as well as handle marketing and leasing in partnership with Davis.
John McCullough, President of Toll Brothers Apartment Living, said, We are excited to expand our student housing presence in Florida with the development of Aperture near the University of Central Florida. Ideally situated near one of the largest public universities in the country, Aperture will help meet the growing need for high quality student housing options at UCF. We look forward to welcoming students to this incredible community in the fall of 2025.
Demand for elevated student housing continues to rise across the country as highly-amenitized offerings gain prevalence in the market, especially in the Sun Belt region, said Jerry Murphy, Managing Director, Investments at Davis. We are confident that our expanding portfolio of student housing developments will provide key value for our investors and are glad to continue our long-term partnership with Toll Brothers through the delivery of this best-in-class student residence.
Aperture is the second Toll Brothers multifamily project in Florida and joins the growing Toll Brothers Campus Living student housing portfolio nationwide. Previous developments include Lapis at Florida International University (FIU), which opened in 2023, The Yards at Old State at The Pennsylvania State University, which opened in 2020, Canvas at Arizona State University, which opened in 2021 and was sold in 2023, and Terrapin Row at the University of Maryland, which opened in 2016 and was sold in 2017. In 2024, Toll Brothers Campus Living anticipates the opening of The 87 at the University of Notre Dame and Kinetic at the Georgia Institute of Technology.
This joint venture represents the latest project in Davis growing student housing portfolio as colleges and universities seek to meet the demand of increased student populations. Other student housing projects in Davis portfolio include The Lex at the University of Kentucky and William at the University of Georgia.
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, We are thrilled to launch our eighth development joint venture with Davis consisting of projects totaling over $625 million in total capitalization located in urban and suburban markets across the U.S. We are also excited to have the support of TD Bank, with whom we have had a multi-faceted relationship for many years.
SANTA ROSA BEACH, FL - Olympus Property, a leading real estate investment and property management company, announced the successful acquisition of Primrose, located in Santa Rosa Beach, FL. This prestigious residential community is comprised of 288 units in one of the most affluent areas in the Florida Panhandle. Built in 2022, Primrose is a welcome addition to Olympus Property's growing portfolio, further solidifying the company's presence in this highly sought after submarket.
Olympus Property brings extensive industry expertise to the table, boasting a current portfolio of more than 31,000 units across 14 states. This acquisition is a testament to the company's proven success, building upon the outstanding performance of Olympus Emerald Coast, a nearby property acquired in June 2021, which continues to deliver strong results. "We are grateful for the opportunity to welcome Primrose into the Olympus portfolio as we consistently seek out outstanding assets in the most coveted locations," says Wade Madden, Chief Operating Officer at Olympus Property. "This strategic acquisition reflects our unwavering dedication to providing unparalleled living experiences while simultaneously elevating our regional influence."
Primrose is conveniently located just a few blocks away from the pristine, sandy white beaches of Northwest Florida's renowned Emerald Coast, famous for its luxury, exclusivity, and exceptional quality of life. The property is surrounded by the region's finest amenities and key attractions including Grand Boulevard at Sandestin, 30A, Sacred Heart Hospital, and Sandestin Golf & Beach Resort. Its appealing location and charming ambiance have earned it a place on Conde Nast Traveler's esteemed list of the Top 10 Best Small Towns in the U.S., further emphasizing its prestigious status.
The Class A community offers an impressive array of top-tier luxury amenities including two saltwater pools, private poolside cabanas, a poolside entertainment deck with an outdoor grilling kitchen and fire pits, a gaming lawn, a fully equipped cardio and flex gym, and a resident lounge. Primrose's unit mix offers a number of options, including a blend of four-story apartments, two-story townhome units, and carriage units that are in high demand within the market. Units are well-appointed with high-end finishes including chef-inspired designer kitchens with expansive prep islands, quartz counters, artisanal tile backsplashes, wood-style flooring, and full-size washers & dryers.
PHOENIX, AZ - Thompson Thrift, a full-service nationally recognized real estate company, announced the development of Refinery at Pointe17, a 224-unit Class A multifamily community near the $40+ billion Taiwan Semiconductor Plant (TSMC) in northern Phoenix. Construction is set to begin this month and Thompson Thrift plans to welcome new residents starting in the latter half of 2025.
"We had a distinct vision for this unique property and are pleased to have the opportunity to collaborate with Thompson Thrift's residential, commercial and construction teams on this mixed-use development," said Josh Purvis, managing partner for Thompson Thrift Residential. "Refinery at Pointe17's balance of style, convenience and amenities will make it a standout addition to the Phoenix metro."
Located just off Interstate 17 at the southwest corner of Dove Valley and the newly approved 29th Avenue intersection, Refinery at Pointe17 will offer one-, two- and three-bedroom apartment homes that average 1,000 square feet. Residents will enjoy luxury amenities including 9' ceilings, stainless-steel appliances, tile backsplashes, designer fixtures and finishes, hardwood-style flooring, large walk-in closets, patio and balcony options, a full-size washer and dryer, as well as a suite of Alexa-compatible smart home technology.
Luxury living will continue throughout the community with a fully equipped 24-hour fitness center, yoga and spin studio, bike storage, resort-style heated swimming pool, firepits with seating area, community grilling areas, pickleball court, 24-hour business center, private focus rooms and offices for rent, rooftop deck, event lounge, over 80 on-site electric vehicle charging spaces, dog park and pet spa and billiards and shuffleboard.
Refinery is the multifamily portion of Pointe17, Thompson Thrift's mixed-use development that will put Refinery's residents within walking distance of various retail and dining options. Oregano's, a local, family-owned restaurant; Twisted Sugar, a gourmet cookie shop; Over Easy, a breakfast and brunch restaurant and Foothills Grille, a new restaurant concept from the operators of Pinnacle Grill, have already committed to the site.
Additionally, Heartland Dental, Yoga Six, BFT fitness studio, The Bar, and a nail spa have also signed leases to open at the center.
Residents will also be a few miles from the Shops at Norterra, an upscale north Phoenix lifestyle center with 354,000 square feet of specialty retailers, restaurant and large national tenants including Walmart, TJ Maxx/HomeGoods, Dicks Sporting Goods, Best Buy, PetSmart, World Market, Barnes & Noble, Lowes and 14 screen Harkins Theater.
Alongside the property is Skunk Creek Wash natural preserve, which will feature pedestrian amenities and running paths from Dove Valley south to Sonoran Desert Parkway. Thompson Thrift's design plan features seamless pedestrian connection to the preserve's trail as well as complementary community amenities like volleyball courts, green space for yard games and ramadas.
Refinery is within one of the best school systems in North Phoenix. The high performing Deer Valley Unified School District holds a 95% graduation rate and was recently ranked the #8 best school district in the state of Arizona.
The nearby Interstate 17 interchange will serve as the main entrance to TSMC, the first phase of which is currently under construction. At full build out, the semiconductor plant is projected to add an additional 80,000 jobs by companies interested in working alongside TSMC.
Phoenix is the fifth largest city in the nation and has experienced double-digit growth in recent years thanks to large companies like TSMC, Amex, USAA, Discover, and Honeywell expanding their presence in the market.
TAMPA, FL - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera Encore, a contemporary mixed-use apartment community in Downtown Tampa.
Modera Encore, which will feature 304 apartment homes and 8,000 square feet of ground-floor retail, boasts a dynamic metropolitan location amidst one of the nation's most rapidly emerging downtown corridors. First move-ins are anticipated for spring 2025.
"We are fans of the Tampa market, and we believe Modera Encore is positioned to benefit from the city's continued growth and ongoing development of the urban core," said Damon Kolb, senior managing director of development in North Florida for Mill Creek Residential. "Transformational projects such as the Water Street, Gas Worx and the anticipated Brightline Station will continue to add convenience and vibrancy to the area, and we're excited to be a part of it. We look forward to getting started on Modera Encore and offering a top-of-market experience."
Situated at 1211 Ray Charles Boulevard, Modera Encore is located moments southwest of Interstate 275, which provides quick access to Tampa International Airport and the thriving employment sectors of Westshore Business District, the Gateway office market and Downtown St. Petersburg.
The midrise community is also surrounded by an abundance of dining, shopping and lifestyle destinations contained within nearby Tampa Heights, Midtown Tampa, Hyde Park and the popular Ybor City Entertainment District. Additionally, Curtis Hixon Waterfront Park, the Tampa Riverwalk and Amalie Arena (home of the NHL's Tampa Bay Lightning) are all easily accessible from the community.
Modera Encore will offer one-, two- and three-bedroom homes with den layouts available and select penthouse homes. Modera Encore will be built to, and is pursuing, a NGBS Silver Certification. Community amenities will include an outdoor swimming pool, grilling area, fire pit, outdoor dining, resident clubhouse, game room, pool table, landscaped courtyards, onsite pet spa, conference rooms, co-working space, private workstations, cybercafé, coffee bar and a club-quality fitness center with cardio equipment, yoga/Pilates studio and group fitness area. The community will also offer controlled access garage parking, bike lockers and additional storage space.
Home interiors will be delivered with nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, custom cabinetry, under-cabinet lighting, moveable kitchen islands, built-in desks, walk-in closets, in-home washers and dryers, smart thermostats, controlled-access guest technology and bulk WiFi. Bathrooms will include tile shower surrounds, double vanities and linen closets.
NORTH PORT, FL - Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced the development of The Hadley, a new 268-unit luxury for-rent villa community in North Port, a booming city located on Florida's west coast between Tampa and Fort Meyers. Thompson Thrift plans to begin construction this month and welcome new residents in late 2024.
"North Port and the surrounding area added nearly 90,000 jobs during the past 10 years, which has really fueled housing demand," said Josh Purvis, managing partner for Thompson Thrift Residential. "We are excited to bring a new luxury living rental option that will provide a single-family living feel with a full complement of multifamily amenities."
Located at 3000 S Sumter Blvd. near Interstate 75 and U.S. Highway 41, the approximately 25-acre property will offer one-, two- and three-bedroom villas with luxury amenities, including 10' ceilings, stainless-steel appliances, timeless tile backsplash, designer fixtures and finishes, hardwood-style flooring, large walk-in closets, undermount sinks, private yards, detached garages, full-size washer and dryer, high-speed internet access and smart thermostat.
Community amenities at The Hadley will also include a fully equipped 24-hour fitness center, resort-style swimming pool, community grilling areas, pickleball court, one dog park, pet spa with grooming station, billiards and shuffleboard, Starbucks™ coffee bar, 24-hour emergency service response and user-friendly resident mobile app for rent payment, submitting service requests, community feed and more.
The development is adjacent to Heron Creek Towne Center, which is home to Publix, Walmart, and a handful of other retail and food options. Close proximity to I-75 and U.S. Highway 41 will provide residents with easy access to additional retail and dining options in nearby Sarasota and Fort Myers, as well as major employers such as Sarasota Memorial Health Care, Sarasota County School District, ShorePoint Health Port Charlotte and PGT Innovations.
The North Port-Sarasota-Bradenton MSA experienced rapid population and job growth over the past decade and has earned top spots on numerous lists, including #1 Best Places to Live on the Coast, #1 Best Quality of Life in America, #1 Beach in America, and #2 Most Entrepreneurial Area Among Midsize U.S. Metros.
During the past 30 years Thompson Thrift has developed more than $4 billion of ground-up development projects across the Midwest, Southeast and Southwest. The company made a name for itself by being one of the few developers to build high-quality, attractive Class A residential communities with a variety of conventional, luxury leased villa and townhome-style communities. In 2021, the company earned the distinction of being named one of GlobeSt. Real Estate Forum's Influencers of Multifamily Real Estate.
The Hadley is the third apartment community in the North Port-Sarasota-Bradenton MSA, and the 13th in the state for the company.
PHOENIX, AZ - Greystar Real Estate Partners, a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, announced that it has broken ground on City North Residential Phase II.
"We are excited for our partnership with SofMac Partners and Security Benefit Life Insurance Company on the second phase of the City North project," said Billy Cundiff, Managing Director, Development, Greystar. "City North allows us to deliver a world-class residential development that is adjacent to office space, dining, entertainment and shopping options, which stimulates the local economy and helps Phoenix continue to grow as a desirable destination."
City North Residential Phase II will add 348 residences to the 272 that are currently underway in Phase I. Floorplans will be available in one- and two-bedroom layouts that range from 621 sq. ft. to 1,439 sq. ft. The seven-story building will have five residential stories as well as a parking garage, a rooftop amenity deck, relaxing landscaping, and breathtaking mountain views.
The second phase will feature refined boutique hotel-inspired in-home finishes like two toned cabinetry, quartz countertops and designer tile backsplashes. The community will boast a seven-story rooftop amenity deck that features a state-of-the-art fitness center, resort style pool and spa, outdoor cabanas and more. The ground-floor clubhouse and coworking spaces will feature two-story volume and storefront glass that bathes the space in natural light. The surrounding desertscape inspired the design of the exterior architecture and landscaping.
City North Residential Phase II, which is situated within the City North master plan, includes walking access to retail, restaurants, coffee shops, fitness studios and more along High Street with additional retail and restaurants. The community is also in close proximity to major existing and future employment uses including Mayo Clinic, Discount Tire, Republic Services and American Express.
Preleasing for the community is slated to begin in late 2025 with final completion planned for the second quarter of 2026. Lawrence Lake Interiors is overseeing the interior design, the architecture firm is Architects Orange and ABLA is the landscape architect. City North Residential Phase II is developed together with our equity partner SofMac Partners and lender Security Benefit Life Insurance Company.
NEW YORK, NY - A joint venture between affiliates of Cantor Fitzgerald, a globally recognized financial services and real estate investment company, and Harbor Group International, a privately owned international real estate investment and management firm announced the acquisition of Avalon Mamaroneck, a 229-unit Class A multifamily community in the Westchester County suburb of Mamaroneck, New York.
"Avalon Mamaroneck offers an attractive, well-located housing option situated in the affluent area of Westchester County's Gold Coast," said Yisroel Berg, Chief Investment Officer – Multifamily at HGI. "We are thrilled once again to partner with Cantor Fitzgerald to acquire a high-quality asset."
"Mamaroneck has many of the desirable attributes we target when acquiring multifamily properties, including a well-educated and high-earning workforce, supply constraints for new construction, and an imbalance between the cost of renting an apartment and home ownership," shared Matthew Keefer, Head of Multifamily Acquisitions at Cantor Fitzgerald Asset Management.
Avalon Mamaroneck was built in 1999 and renovated in 2018; the property is a premier community offering luxury in unity amenities, including washers and dryers, stainless steel appliances, walk-in closets, and balconies. Avalon's property amenities include a pool, BBQ stations, resident lounges, a fitness center, and package assistance.
Located approximately 20 miles north of Manhattan, Avalon Mamaroneck is situated within a five-minute walk to the Metro-North Train Station and 0.3 miles from Interstate 95, offering residents unique access to the major employment and cultural hub of New York City. Mamaroneck is located in the prestigious Westchester County, which features some of the top public schools in the country, as well as an amenity-rich downtown area featuring dining, shopping and entertainment.
"With the acquisitions of Avalon Mamaroneck and The Archer in Acworth, located in the greater Atlanta area, along with HGI assuming property management at Summerfield at Morgan Metro in the greater Washington D.C. area, our relationship with HGI continues to grow. We are thrilled to add HGI to our group of first-class operating partners who share our commitment to creating shareholder value," added Chris Milner, Chief Investment Officer – Real Assets at Cantor Fitzgerald Asset Management.
Newmark's Bill Weber and Henry Stimler introduced Cantor Fitzgerald and HGI and secured the financing for the acquisition. CBRE represented the seller, AvalonBay Communities, with Jeff Dunne brokering the sale.
RENO, NV - Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground this week on the future site of Pinyon Apartments, a development that will provide 252 units of affordable housing for lower-income families in ;Reno.
"Lincoln Avenue Communities is committed to building high-quality, affordable homes in cities like Reno that are experiencing an acute housing crisis," said LAC CEO Jeremy Bronfman. "We're proud to begin construction of our first ground-up development in Nevada and to help bolster the state's affordable housing supply."
Construction of Pinyon Apartments is expected to finish in 2025. Upon completion, LAC will restrict 244 units for households earning no more than 60 percent of the area median income (AMI) and 8 units for those earning no more than 50 percent of AMI.
"LAC's investment in downtown Reno will add hundreds of units of sustainable, affordable housing for families and individuals who face elevated housing costs in their community," said LAC Senior Associate Brian Moloney. "We're grateful to our financing partners and the state and local leaders who helped make Pinyon Apartments a reality."
Pinyon Apartments was financed through a combination of Tax Exempt Bonds, 4 percent Low Income Housing Tax Credits ("LIHTC") and State Tax Credits from the Nevada Housing Division. The LIHTCs were purchased by the National Equity Fund, and the State Tax Credits were syndicated by Stonehenge. Additional financing included construction and permanent loans from Citibank, HOME Funds from the Washoe County HOME Consortium, and a gap loan from the Home Means Nevada Initiative, which was serviced by the Nevada Housing Division and allowed this project to become a reality.
INDIANAPOLIS, IN - Morgan Properties, one of the nation s top three multifamily owners, announced it has acquired Astoria Park Apartments, a 470-unit apartment community located in Indianapolis, IN. With the addition of this community, Morgan Properties expands its Indianapolis portfolio to over 2,500 units.
This strategic addition is a testament to Morgan Properties ongoing commitment to enhancing our portfolio through thoughtful acquisition, said Jonathan Morgan, President of Morgan Properties JV. By investing in newer properties in growing markets, we are not only bolstering our presence but also delivering unparalleled value to our residents. This aligns with our vision to set new standards of excellence through customer service, innovation, operational efficiencies, and capital improvements.
The community is located within the fast-growing and high-income Hendricks County and is proximate to significant high-wage employers and universities. Situated on the west side of Indianapolis near the scenic Eagle Creek Park and Reservoir, Astoria Park Apartments is adjacent to various outdoor activity spaces for sports, cross-country skiing, hiking trails, and more.
The Midwest continues to be one of the most stable and attractive markets for multifamily investment, with steady population growth, affordable cost of living, and business-friendly policies, said Jason Morgan, President of Morgan Properties Special Situations and Principal. Astoria Park Apartments is a strong addition to our rapidly growing Indianapolis portfolio as we remain confident in the long-term outlook across the Midwest region."
Situated beside beautiful lakes and lush landscaping, Astoria Park Apartments features community amenities such as an outdoor pool and poolside patio, fitness center, tennis courts, a fenced-in playground, dog park and pet washing station, and more. In-unit features include upgraded kitchens and appliances, large closets, and private patios or balconies. To further elevate the living experience for residents, Morgan Properties plans to invest nearly $4 million into renovations, including upgrading unit interiors, expanding amenities, and integrating smart home technology.
DENVER, CO - MG Properties, a leading real estate investment and management firm, recently acquired 4400 Syracuse Apartments, a newly built luxury midrise community located in one of Denver's most desirable, dynamic, and growing submarkets. This acquisition underscores MG Properties' commitment to providing top-tier living experiences and expanding its operational presence in the Denver market.
This newly constructed 316-unit property offers modern finishes, functional floorplans, and best-in-class amenity spaces designed to enhance the lifestyle of its residents. Situated in the thriving Denver Tech Center/Southeast Business Corridor, 4400 Syracuse Apartments offers residents access to Colorado's largest employment hub which supports over 240,000 jobs. The property is strategically accessible to public transportation and major regional thoroughfares, including the adjacent I-25 and I-225 interstates.
"4400 Syracuse Apartments represents an exceptional investment opportunity, priced below its current replacement cost basis," said Jeff Gleiberman, President of MG Properties. "MG's long-term investment strategy allows us to continue to acquire high quality assets at an attractive basis, despite today's challenging capital markets environment."
The sellers, Morgan Group and LaSalle Investment Management, were represented by Jordan Robbins and Alex Possick with JLL Capital Markets. Financing for the transaction was provided by Freddie Mac and arranged by Charles Halladay, Rick Salinas, Brandon Smith, and Annie Rice with JLL Capital Markets.
MESA, AZ - Toll Brothers the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and real estate investment firm Canyon Partners Real Estate, have announced the formation of a new joint venture to develop Navona, a garden-style, 400-unit luxury multifamily rental community in the Phoenix suburb of Mesa, Arizona. The joint venture has secured a $78 million construction loan from Bank OZK. The equity and debt were arranged by Toll Brothers in-house Finance Department. Toll Brothers Apartment Living will manage the development of Navona.
Navona is adjacent to the SR-24 expansion in Mesa, one of the fastest growing submarkets in the Phoenix metro area providing convenient access to main employment corridors. Recent expansions to the area include Intel s Chandler Campus, bringing an estimated 18,000 jobs to the local community. Meta, Amazon, and Apple have also grown their presence in Phoenix, bringing additional job opportunities to the surrounding areas. The community is also well-positioned to benefit from the 400-acre Phoenix Mesa Gateway terminal expansion which includes SkyBridge Arizona.
The garden-style community will offer 400 rental apartments with various floor plan styles across a mix of one-, two- and three-bedroom apartments as well as over 800 parking spaces. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including pickleball courts, a clubhouse, expansive outdoor space, and an entertainment pavilion with a resort-style pool.
John McCullough, President of Toll Brothers Apartment Living, said, Navona represents Toll Brothers sixth multifamily community development in Arizona, and we look forward to another successful project in the fast-growing Phoenix submarket of Mesa.
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, We are thrilled to once again be working with Canyon Partners as our joint venture partner. This is our fourth joint venture with Canyon in projects with total capitalization of nearly $500 million across a variety of markets. It also represents another exciting project that Bank OZK is financing for Toll Brothers-led joint ventures across our condo and rental platforms, and we appreciate their continued partnership.
Canyon has been an active provider of debt and equity in multifamily and continues to invest in real estate projects in primary and secondary markets across the United States. Since its inception, Canyon has invested approximately $2.7 billion in debt and equity to capitalize ~$13.0 billion of total projects across multifamily investments.
Bank OZK is pleased to provide construction financing to Toll Brothers and its joint venture partners on another highly desirable project, said Jason Choulochas, Managing Director, Originations at Bank OZK. Navona offers an unmatched residential living experience that blends outstanding design, contemporary conveniences, and a vibrant sense of community.
ORLANDO, FL - Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced the development of Standard441, a new 300-unit multifamily community in the Orlando suburb of Lady Lake. Thompson Thrift plans to begin construction this month and welcome new residents beginning in late 2024.
"Lady Lake is a fast-growing area that shows no signs of slowing down," said Josh Purvis, managing partner for Thompson Thrift Residential. "The area is expected to nearly double in size by 2040, providing Thompson Thrift the perfect opportunity to develop a high-end multifamily community that will offer residents the ability to live close to work and enjoy the benefits of nearby retail, entertainment and recreation."
Located off Highway 441 on the northeast side of The Villages master-planned community, the 15.26-acre community will offer one-, two- and three-bedroom apartment homes in three-story buildings. The apartment homes will feature hardwood-style flooring, stainless steel appliances, patio and balcony options, private yard options, upgraded unit options, detached garages and a full-size washer and dryer. Each home will also feature Alexa-compatible smart home packages.
Luxury living will continue throughout the gated community, including a fully equipped fitness center with 24-hour access, resort-style heated swimming pool and outdoor spa, outdoor pool pavilion with a built-in fireplace and grills, pickleball court, dog park and pet spa, 24-hour social hub, work from home focus suites and electric vehicle charging.
The site is across the street from UF Health The Villages Hospital, which is the largest, most comprehensive provider of health care services in the region. Nearby Highway 441, which is the main thoroughfare for The Villages, will provide residents with convenient access to nearly 3 million square feet of retail, dining and entertainment options, as well as other major employers including Arcosa, Ash Grove, Advent Health Ocala and the U.S. Department of Justice.
The Villages MSA was the #1 fastest growing metropolitan area in the U.S. during the past decade and projections indicate that the area has the potential to double in total size in coming years.
This development marks Thompson Thrift's 12th multifamily community in Florida and brings the company's total number of multifamily units to 20,000.
FORT LEE, NJ - UNLMTD Real Estate, a leading regional real estate development, investment, and property management company, and FIAT, the iconic global automobile brand, jointly announced their groundbreaking partnership in the creation of FIAT House. FIAT House is an innovative residential property featuring over 300 rental residences with hospitality-driven amenities, tailored concierge services, and unique community events, set to open in early 2024.
FIAT House is situated at the foot of the George Washington Bridge in Fort Lee, New Jersey, just moments away from Manhattan. Nestled at the convergence of eight major highways and offering access to multiple mass-transit and alternative transportation options, FIAT House will provide residents with unmatched accessibility to New Jersey, New York, and the rest of the world. FIAT House will represent the next generation of mobility with an onsite car-sharing fleet of all-electric FIAT 500e vehicles that will provide residents with a fun-to-drive and sustainable mobility solution.
While UNLMTD Real Estate and FIAT are part of two distinct industries, they align on the common vision of the future of urban living, one that seamlessly integrates connectivity, community, sustainability, and style. Combining the global brand strength and mobility solutions of FIAT with UNLMTD's development and management expertise, this alliance embodies the pursuit of a fulfilling life -- La Dolce Vita.
"Collaborating with FIAT on this endeavor forges a unique opportunity to transcend traditional real estate development boundaries," stated Gabriella LoConte, development lead of UNLMTD Real Estate. "We envision a future where people embrace mobility, live efficiently, and experience life to the fullest. We look forward to bringing that vision to life in a dynamic location, where in a few minutes of time, one can easily bike over the George Washington Bridge to Manhattan or just as easily access unparalleled hiking and walking trails on the Palisade cliffs."
"FIAT is a love brand around the world and our partnership with UNLMTD has created a very unique opportunity to showcase what FIAT stands for: sustainable mobility with optimistic, forward-looking living," said Olivier Francois, CEO of FIAT and Global Chief Marketing Officer of Stellantis. "We are thrilled to be at the forefront of this natural collaboration, which is bolstered by the simultaneous Grand Opening of FIAT House and launch of the new FIAT 500e for North America early next year."
FIAT House will offer a collection of over 300 thoughtfully designed studios, one-bedroom, and two-bedroom rental residences, including a selection of furnished homes. The residences are inspired by the design ethos of the FIAT 500, reflecting its space efficiency and premium finishes. The vibrant FIAT brand will be artfully woven throughout the property, from the attended lobby to the expansive and activated array of amenities and social spaces spanning more than 30,000 square feet. This pioneering property represents the future of real estate, bringing lifestyle, efficiency, community, and mobility to the forefront of residential living.
DALLAS, TX - Alpine Start Development (ASD), a family-owned real estate development and investment firm, introduced Range West, a groundbreaking 261-unit garden-style apartment community located in Saginaw, Texas, on 11 acres, just a short drive North from downtown Fort Worth.
"We are excited to announce our second real estate development this year of Range West in Saginaw. This development will add much-needed density to the area and provide residents access to high-quality amenities and a convenient location. It will be the first of many "Range" branded projects coming to DFW in the coming years. We strive to deliver the best renter experience and pride ourselves on the thoughtful design of our apartments, curated amenity packages, attention to detail, and responsive management of our communities. We look forward to working with the city to bring this project to life," said David Eitches, Managing Partner of Alpine Start Development.
The project boasts an impressive array of amenities, featuring a resort-style pool, a sprawling courtyard, a well-equipped fitness center, a pickleball court, a dog park, and inviting grilling stations, providing residents with a comprehensive and inviting living experience. Situated on approximately 11 acres in Saginaw, Range West takes advantage of the city's impressive population and income growth. The development places residents within walking distance of essential amenities, including grocery stores, 20 restaurants, and several schools. Range West meets the surging demand for housing in this supply-constrained submarket, making it a valuable addition to the community.
"This project presented the exciting opportunity to develop rental housing within a fast-growing submarket that already includes the community infrastructure needed to provide a desirable suburban lifestyle," added Zach Gensior, Managing Partner of Alpine Start Development. "We are proud to have partnered with housing agencies to allocate a portion of the property towards income-restricted rentals to supplement this growing neighborhood's inventory of attainable housing. Our team's thoughtful approach towards programming indoor and outdoor amenity spaces will bring a unique residential experience to this submarket."
Range West offers a diverse range of floor plans, including 150 one-bedroom units, ranging from 637 to 712 square feet, 99 two-bedroom units ranging from 1,139 to 1,150 square feet, and 12 three-bedroom units at 1,349 square feet.
Alpine Start Development anticipates that Range West will be completed by Q2 2025 but will have its first units and the clubhouse available in Q4 of 2024. In the past 18 months, Alpine Start Development has initiated three apartment projects in Dallas-Fort Worth and Austin, totaling over 875 units. Several other land development sites are currently in predevelopment, with a pipeline of over 2,000 units.
BEAVERTON, OR - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced that construction is underway at Modera Beaverton, a mixed-use apartment community located in the heart of Downtown Beaverton on the western side of the Portland metropolitan area.
The wrap-style community will be built to and is pursuing LEED Gold certification standards and will feature 312 apartment homes, 4,145 square feet of retail space and boasts a walkable, bikeable location in the heart of downtown Beaverton. Modera Beaverton first broke ground in December and first move-ins are anticipated for summer 2025.
"Beaverton continues to emerge as a high-quality living destination removed from Portland but close enough to easily access all that the city has to offer," said Sam Rodriguez, senior managing director of development in Portland for Mill Creek. "In addition to being amidst the local charm of Beaverton, future residents will be within a 15- to 20-minute drive of the Portland Central Business District and no longer than a 30-minute commute from any of the city's key employment hubs."
Located at 12230 SW Broadway Street, Modera Beaverton provides a Walk Score of 98 and Bike Score of 81, with several restaurants, brewpubs, nightlife opportunities and transit options easily accessible. That includes a stop on the MAX Light Rail that sits a half-mile from the community, and key artery Highway 217 is within a few blocks. Beaverton also is positioned nearby some of the most notable employers in the metropolitan area, including Nike World Headquarters, Columbia Sportswear, Tektronix, Intel and Kaiser Health.
Community amenities will include a resident clubhouse, landscaped courtyards, rooftop deck with grilling area and fire pit, outdoor dining, demonstration kitchen, coworking spaces, private workspaces, game room with pool table, coffee bar and pet spa. The 24-hour, club-quality fitness center will include a yoga studio, golf simulator, TRX system and cardio equipment. The community will also offer controlled-access garage parking with EV charging stations.
Modera Beaverton will feature studio, one-, two- and three-bedroom homes with private patios or balconies. Apartment interiors will be delivered with nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, pull-down faucets, tile backsplashes, soft-close cabinets, in-home washers and dryers and walk-in closets. Smart features include ButterflyMX™ guest-access technology, programmable thermostats and key fob entry system. The community will also include digital package lockers, bike repair station, dedicated bike storage and additional storage.