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DUBLIN, IRELAND - Global real estate investment company Kennedy Wilson (NYSE: KW) and its partner announced the completion of the third phase of Clancy Quay, adding 246 new units to the largest multifamily community in Ireland that now totals 845 units and will serve as home for more than 1,800 residents. Clancy Quay builds on Kennedy Wilson s growing multifamily portfolio that has shown resilience and high rent collections throughout 2020 based on prime locations and best-in-class asset management programs, including a newly rolled out virtual leasing platform.
We are proud to deliver on our promise to bring much-needed residential space and public amenities to this vibrant market, and to continue raising the bar for multifamily communities in Dublin and across our global markets, said William McMorrow, Chairman and CEO of Kennedy Wilson. Clancy Quay represents the first of several global developments that are expected to complete in the near term as we continue to make excellent progress across all of our development initiatives.
Kennedy Wilson acquired the 13.6-acre underutilized site located near Dublin City Center on the southern banks of the River Liffey in 2013 and launched a seven-year, phased development that has added a total 422 units to the community as well as a robust resident amenity and public space program. The final phase continued Kennedy Wilson s restoration and conservation of the historic Clancy Barracks, which incorporates many protected structures. Kennedy Wilson holds a 50% ownership interest in Clancy Quay.
We are honored to be associated with a property of such historical significance as the former Clancy Barracks and proud to have preserved many of its unique and distinctive elements. We have delivered smart innovation across both the leasing and resident experience, on top of the best-in-class resident amenities, in a city-center development that people can call home, said Ali Rohan, Head of Ireland for Kennedy Wilson.
The completion of Clancy Quay is the first of many new multifamily developments totaling 4,100 units that Kennedy Wilson currently expects to deliver by 2024, with 750 units on track to complete before the end of the year. The new developments will bolster Kennedy Wilson s global multifamily portfolio that now totals 30,000 units.
In Ireland, where Kennedy Wilson is one of the country s most active multifamily real estate investors and operators, more than $500 million of development projects are underway totaling over 1,000 new multifamily units in various stages of development at prominent Dublin projects including The Grange and Coopers Cross.
In the Western United States, 485 multifamily units are expected to come online this year, including market-rate homes at 38 Degrees North in Santa Rosa, California; Rosewood Premiere in Boise, Idaho; and The Clara, in Eagle, Idaho that will all complete and begin lease-up in Q3 2020. Seatac, a 170-unit new community in Kennedy Wilson s growing affordable and senior housing joint venture with Vintage Housing, will also complete in the Pacific Northwest this year.
Kennedy Wilson will have an average ownership of approximately 70% across the market-rate multifamily developments that it expects to complete in 2020.
VANCOUVER, WA - EJF Capital LLC and Holland Partner Group announced the development of a mixed-use project in downtown Vancouver, Washington. The project, known as Block 10, is situated on approximately one-acre in an area certified as an Opportunity Zone under the Tax Cuts and Jobs Act of 2017 ( TCJA ). The TCJA offers investors tax benefits to invest into Opportunity Zones with the aim of spurring economic growth in lower income areas.
The Project boasts 110 multi-family units, 79,000 gross square feet of office space on top of a podium deck with roughly 10,100 square feet of retail and 113 parking spaces. 20% of the multi-family units will be set aside as workforce housing. Additionally, Block 10 will include a robust amenity package shared between the multi-family and office tenants, including a fitness center, co-working space, bike room, and amenity deck on top of the podium deck on the third level.
Holland Construction, HPG s construction division, expects to break ground in July 2020 and plans to complete the Project in the Spring of 2022. The Project is estimated to create hundreds of construction jobs. Bank of the West is providing construction financing.
Block 10 is a spectacular project, situated in the heart of downtown Vancouver on one of the city s last remaining undeveloped blocks, said EJF Co-CEO, Neal Wilson. It is a prized location that is within walking distance of an array of amenities including numerous restaurants and bars, retail, entertainment and offices. We are pleased to partner with HPG, one of the developers with the most units under construction on the West Coast.
We are thrilled to have collaborated with the City of Vancouver and be partnering with EJF to make this dream become a reality, said Clyde Holland, HPG s CEO and Chairman. Block 10 has sat vacant for too long, but soon it will become part of a vibrant hub of activity. We see so much potential and are proud to call it our new headquarters.
Asheel Shah, EJF s Senior Managing Director and Head of Real Estate Development, called Block 10 a hidden gem.
It will be the ideal place to live, work, and relax with its convenient location to Esther Short Park and the scenic Columbia River Renaissance Trail. It is located near major highways, I-5 and I-205 and just minutes from downtown Portland. The trip to Portland International Airport from Block 10 is easier than traveling from downtown Portland, Shah said.
Downtown Vancouver is experiencing substantial in apartment and condo development. HPG is close to completing a fourth tower – a 118-unit multi-family development with 2,200 square feet of space for restaurants or retail space and several ground-floor loft and live-and- work units – at Vancouvercenter, a mixed-use project. In addition, downtown Vancouver has an estimated 19 apartment buildings and condos that are either being planned or in the construction phase totaling 2,029 units. Vancouver s population is growing and since the state of Washington has neither personal nor business income tax, companies are relocating to the city, according to information published by the Columbia River Economic Development Council.
Separately, there is more investment along the Columbia River, including a $1.5 billion waterfront revitalization. Also, the old Boise Cascade facility, which at one time was a sawmill and manufactured pulp and paper products, is undergoing a transformation.
Downtown Vancouver is a city on the rise, Wilson concluded. We look forward to the groundbreaking and to partnering with HPG on a project that will have a positive impact on the downtown area and local community.
DALLAS, TX - Southern Properties Capital, a subsidiary of Transcontinental Realty Investors, (NYSE: TCI) a Dallas based real estate investment company, announced that Windmill Farms development continues to expand. SPC recently sold a 2-acre parcel for commercial development on the corner of Windmill Farms Blvd and Falcon Way. Two neighborhoods were recently completed with lots ready for delivery to national home builders and two additional neighborhoods are nearing completion for lot delivery late summer.
Despite the national slowdown due to Covid-19 the interest in new home purchases and lot development remains vibrant. The first of five new large subdivisions developed by EQK Bridgeview LLC sold out in six months, commented Daniel J. Moos, TCI President and CEO. Priced well and located close to jobs and great schools, Windmill Farms is a highly desirable place for families. Two new large subdivisions are now ready for home builders. We expect 2020 to be a record year.
Local developer JMJ Development recently completed their latest project, Parc at Windmill Farms. The $36 million HUD project is a gated 272 unit property. The luxurious A+ apartments are located in Windmill Farms subdivision off Highway 80 in Forney, Texas. The property offers 1, 2 and 3 bedroom apartment homes with wood-like floors, custom finishes, granite countertops, large kitchens, pool with splash pad, expansive fitness center, wifi lounge, and entertainment room.
Windmill Farms is a gorgeous master-planned community east of Dallas, in Forney Texas. Located just past I-635, off Hwy 80, this family-friendly setting is conveniently located near all the fine dining, shopping, and entertainment that the heart of Dallas has to offer. This neighborhood also rewards homeowners with endless amenities including expansive swimming pools, playgrounds, ponds, picnic areas, and highly acclaimed schools. Windmill Farms combines the excitement of Dallas and the small-town relaxed feel of Forney.
RICHMOND, VA - Capital Square, a leading sponsor of tax-advantaged real estate investments, announced today that the firm has secured a loan from M&T Bank to facilitate the construction of Scott's Collection I, a mixed-use multifamily property in the Scott's Addition designated opportunity zone in Richmond, Virginia.
The development of Scott's Collection I is the direct result of CSRA Opportunity Zone Fund I, LLC, a project-specific opportunity zone fund launched by Capital Square in July 2019. The opportunity zone fund raised equity to begin the development of the project.
"Capital Square's Scott's Collection I is an important part of the transformation of Richmond's Scott's Addition neighborhood," said Louis Rogers, founder and chief executive officer of Capital Square. "Our partnership with M&T Bank highlights the strength and vitality of the project. Lenders have become increasingly cautious since the outbreak of the coronavirus pandemic. Capital Square's ability to source this loan during the pandemic demonstrates the depth of our lender relationships and the importance of the Scott's Collection development as part of the revitalization of this emerging neighborhood."
Part of a collection of three mixed-use multifamily properties, Scott's Collection is Capital Square's inaugural development project and part of the transformation of Scott's Addition from an industrial part of Greater Richmond into a thriving hip, urban residential and retail destination.
Rogers noted that Scott's Collection will bring over $50 million in revitalization to the surrounding area.
Located at 3000 – 3008 West Clay St., Scott's Collection I is a single-structure, ground-up development that will include a five-story, Class A multifamily community with 80 units, private balconies and a lobby area. Situated on approximately 0.54 acres of land, Scott's Collection I will feature a 3,700-square-foot, elevated courtyard and 65-70 onsite parking spaces. The corner-lot property has unobstructed views of the Scott's Addition neighborhood and downtown Richmond.
Capital Square was represented by Jamie Butler, managing director of capital markets at Walker & Dunlop, in securing the construction loan from M&T Bank.
"We are pleased to deliver this modern development to Capital Square's home city and to provide employment opportunities to those in our local community," said Adam Stifel, executive vice president of development.
POOLER, GA - McShane Construction Company completed the construction of a new luxury apartment community, known as Parc at Pooler, on behalf of Equity Resources, LLC. Located on 21 acres at 2200 Old Quacco Road in Pooler, Georgia, the development features 280 units.
With almost 19,000 square feet of amenity space, Parc at Pooler provides residents with a true resort-style living experience, commented Scott Hoppa, Senior Vice President at McShane. This, combined with its prime location near Savannah and luxury finishes, should make the community a great success for our client.
Designed by Atlanta, Georgia-based Dynamik Design, the apartment community incorporates seven three-story residential buildings, all of which offer elevator access. Residents are able to choose from 105 one-bedroom units, 127 two- bedroom units, 26 three-bedroom units and 22 studio units.
Units boast a number of high-end features such as granite counter tops, undermount sinks, custom routed wood cabinetry with brushed nickel hardware, stainless steel appliances and upscale wood finish flooring. Each apartment home also contains a sunroom or balcony.
Additionally, the development offers nearly 6,800 square feet of interior amenity space, including a Class A clubhouse that features an athletic club with a cardio theatre, resistance and free weights, a gourmet coffee and hot tea bar, a resident retreat with media and gaming and a cyber-business café.
The 12,000-square-foot outdoor amenity area includes a resort-style swimming pool with an expansive Wi-Fi sundeck and soothing fountains, a California kitchen area, a car care center and a well-appointed dog park, complete with agility equipment and a dog wash.
McShane also provided all site work for the assignment, including eight stand-alone garages, landscape, hardscape and parking lots.
Named National Multi-Family Builder of the Year by the National Association of Home Builders, McShane has constructed more than 20,000 units across the country.
LADY LAKE, FL - ConcordRENTS announced the ground breaking of Lake Sumter Apartment Homes, a $28.7 million affordable housing community, consisting of 158 apartment homes serving those making 40% - 80% of the area median income. Located minutes from the Lake Sumter Landing in The Villages, Lake Sumter Apartment Homes is the newest affordable community in 16 years in Sumter County.
Lake Sumter Apartment Homes is dedicated to provide safe and quality housing for the expanding needs of families in Sumter County. The community will appeal to the most discerning preferences including traditional 3-Story Garden style building designs as well as unique Carriage Homes over Garages. Each home will be fully equipped with granite countertops and CleanSteel energy efficient appliances, along with other modern finishes. By offering more 3 and 4 bedroom homes than most other apartments communities, it provides opportunity for larger families and those wanting additional space for a guest room or home office. The residents will also be able to take advantage of community amenities with a business center, heart healthy cardio and fitness studio, walking path along community pond and a dog park.
The Villages is one of the largest age-restricted active adult communities in the country, expanding over 3 counties and 20,000 acres, and filled with over 100 miles of golf cart legal streets and trails. This 55+ community features three town squares, 60 recreational centers, as well as 12 championship golf courses, including the famous Palmer Legends and Lake Sumter Apartment Homes is located just minutes from the epicenter.
Funding for Lake Sumter Apartment Homes comes from $14.3 million in Tax-Exempt Bonds, issued by the Housing Finance Authority of Volusia County, $10.85 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corporation, and other sources provided through by the Developer, Atlantic Housing Partners, L.L.L.P.
ConcordRENTS is a national leader in high quality, customer-focused property management of affordable multifamily rental housing. ConcordRENTS oversees over 100 properties in Florida.
ATLANTA, GA - DF Multifamily, a division of Drucker + Falk (DF), one of the nation s most prominent multifamily management companies, recently assumed management of two multifamily properties in Atlanta, Georgia.
Early into the year, Investors Management Group Inc (IMG), a private real estate firm specializing in multifamily real estate syndication, Tenancy in Common acquisitions, 1031 exchanges, and asset management, awarded DF Multifamily management of two multifamily properties consisting of 439 apartment homes. The relationship between IMG and DF began in December 2017 with IMG awarding DF management of Sommerset Place Apartments in Raleigh, NC. The firms relationship has since expanded with additional properties in Raleigh and now Atlanta.
The recently assumed Amberlake Village Apartments consists of 264 apartment homes, while The Eclipse Apartments includes 175 homes. Both apartment communities are located in Duluth, GA in Gwinnett County, about 30 minutes Northeast of Atlanta and one of the fastest growing counties in the US. Amberlake Village offers apartments and townhomes, a pool, fitness center, biking and walking trails and is currently undergoing a $2.7M planned capital improvement project.
The Eclipse Apartments boasts a saltwater pool, outdoor grilling pavilion, fire pit lounge, modern cafe, and fully equipped fitness center, having recently undergone a $1.4M capital improvement project that was completed in 2019. Both properties are surrounded by award-winning schools and are just minutes from cultural amenities and hot spots, including Infinite Energy Center, Mall of Georgia, and TPC Sugarloaf, one of the most coveted private golf courses on the East Coast and a PGA Tour-affiliate.
The addition of Amberlake Village and The Eclipse Apartments brings Drucker + Falk s management portfolio to 66 apartment homes in the Southeast Region and the company s overall portfolio to nearly 40,000 apartment homes across thirteen states. Lisa Narducci Price, the Southeast s Director of Multifamily Management at Drucker + Falk, said, We are excited to expand Drucker + Falk s growing portfolio in the South, and are truly honored to continue our successful partnership with IMG in the Atlanta market. We look forward to working with owners and property managers and focusing on achieving our client s objectives.
FORT LAUDERDALE, FL - Common, the nation's leading residential brand that designs, leases and operates community-oriented multifamily properties, announced a 575-unit portfolio expansion in partnership with Nuveen Real Estate, one of the largest investment managers globally. Common will take over as operator for two of Nuveen's largest Class A US multifamily assets: The Edge and Stella. Starting today, Common will be bringing its years of renter-first property management experience and innovative technology practices to over 331 units of The Edge in Fort Lauderdale's Flagler Village. In July, the brand will assume management of the 244-unit Stella building in Los Angeles.
Founded in 2015 in Brooklyn, Common has grown to manage a diverse portfolio of 48 multifamily buildings in eight American cities across, quickly becoming the largest community-driven operator in the US. With a development pipeline of 15,000 signed beds, Common is known for its ability to achieve high occupancy rates and low delinquency rates by putting technology first in the leasing and management experience. At its core, it's mission is to keep rental housing attainable and stress-free in the world's biggest cities through all mixed multifamily typologies: coliving, microstudio, and traditional units.
"We are thrilled to welcome over 600 new members to the Common family and partner with a trusted institutional real estate expert like Nuveen," said Common founder and CEO Brad Hargreaves. "Now more than ever, the spaces where we live are an outsized portion of our daily life. Being happy in the place you call home is no longer a luxury, it's an essential part of our day-to-day. I look forward to working with Nuveen to bring community and convenience to Fort Lauderdale's Flagler Village with The Edge by Common and continue building our robust LA community with Stella by Common."
Constantly searching for ways to improve the experience of the residents in their portfolio, the Nuveen Real Estate platform saw first-hand how Common eliminated everyday stressors through digital rent payments, virtual tours, eliminating upfront security deposits, reliable property manager communications, and more.
"Leading cities in tomorrow's world need innovation to meet the needs of middle income renters in terms of affordability, convenience and community," said Austin Mitchell, Nuveen's Head of Global Strategy. "With Common, we see innovation that is backed by data and a focus on housing as a consumer product. We think that is a great foundation to create an experience that better meets consumer needs, and ultimately the needs of our investors."
After first coming together, Nuveen noticed a different approach to apartment operations. Through density, data analysis and technology, Common can enhance Nuveen's operations at the properties managed by Common. "We are excited to bring Common as a new operator on these two assets. We are looking forward to executing a tech-driven, affordable-leading strategy for leasing, management and experiences in our apartment portfolio," said Carlos Burneo, Nuveen's Housing Lead for co-living and flex rental strategies.
HOUSTON, TX - One Park Place is a downtown Houston apartment with first-class service and five-star amenities. The 24/7 concierge and valet services are top-notch at these downtown Houston apartments, but it s the address and central location that gives these high-rises added value that residents love.
Having just celebrated their 10th anniversary, the prime location of the Houston high rise is one of the top selling points and continues to be the biggest mention among leases and prospective leases. One Park Place, known as OPP to beloved residents and locals, has continued to see immense growth and loyalty from residents over the past 10 years, thanks in part to their unparalleled service and their ideal Houston location.
The prominent downtown Houston apartments were developed, built, and managed by Houston real estate icon Marvy Finger of the Finger Companies. Mr. Finger has been profiled a number of times in the Houston Chronicle in regards to his business acumen, and most notably being able to secure and build upon some of the most coveted spots of buildable land in all of Houston.
Understanding that location is the key to successful multi-family real estate and drawing the attention of prospective residents, Finger builds his communities on the idea of Main and Main, which continues to prove as the highest selling point for apartment renters.
The downtown Houston apartments, which include some of the city s most grand penthouses, have the 12-acre Discovery Green as their front yard. With all the programing, outdoor activities, artwork, and more that goes into Houston s prominent Discovery Green Park, that s a huge advantage of living at One Park Place and its central location.
Residents don t have to look or walk far to get groceries either, having the award-winning Phoenicia Gourmet Grocery Store on-site, with a private entrance solely for One Park Place residents. There are also multiple on-site bars and restaurants, making dining out or having food delivered directly to your door easier than ever.
Location is especially key in a city like Houston, which ranks as the 9th worst traffic congestion in the U.S., according to the 2019 Urban Mobility Report. Convenient access to on-site grocery stores, some of downtown Houston s best restaurants and entertainment, as well as access to nearby highways is a top criterion for Houstonians when searching for apartments and homes. This is just one reason Marvy Finger and his apartment communities are always at the top of many apartment hunters wish list, because in all major cities, location is king.
It s clear the residents love the location of these downtown Houston apartments, which boasts above average retention rates. In fact, many original residents still call the high rise home, and many have attributed their loyalty and lease renewals to its premier Houston location. In fact, over the span of a decade, the downtown Houston apartment community has had more than 55 residents leave for one reason or another – usually related to a new job – and all return back to One Park Place for two main reasons: service and location.
CHEVY CHASE, MD - FCP announces the $71.5 million acquisition of Tides at South Tempe, a 442-unit apartment community in Tempe, Arizona through a joint venture with Tides Equities. The acquisition marks FCP's first investment in Arizona as the company continues to expand its national footprint.
"FCP has been seeking the right opportunity to invest in the Phoenix area and Tides at South Tempe provided us with an opportunity to invest with an established partner in this market," said FCP Vice President for Acquisitions concentrating on FCP's Western U.S. investments, Bart Hurlbut. Mr. Hurlbut continued, "We are excited to have a presence in this very strong market and are actively looking to buy here as well as provide joint venture equity, preferred equity and mezzanine debt for acquisitions, recapitalizations of existing partnerships and development."
FCP and Tides Equities will continue in-unit renovations that have been underway.
"Tides at South Tempe provides an excellent opportunity for partnership between Tides Equities and FCP, acquiring immediate scale in a strong submarket with a proven value-add strategy," said Ryan Andrade, Co-Founder and Principal of Tides Equities. "The asset has received extensive exterior and deferred maintenance improvements over the past 18 months, and is now primed to capture significant upside via the continuation of the interior unit renovation plan and the strong fundamentals of the market and submarket."
Tides at South Tempe is located close to Superstition Freeway and Interstate 10, proximate to major job centers, downtown Tempe, downtown Phoenix and the Phoenix Sky Harbor International Airport. Residents enjoy convenient access to shopping, restaurants and entertainment areas. The community features studio, one and two-bedroom units with luxury touches including hardwood flooring, quartz countertops, stainless steel appliances and balconies or patios.
MARIETTA, GA – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired 880 Lakeside Apartments, a 222-unit apartment community located in the heart of Marietta, Georgia. The community will be renamed The Bentley at Marietta and will undergo a $2.4 million capital improvements project.
With this acquisition, American Landmark now owns and operates eight multifamily communities in Georgia with a total of 2,500 units.
"Marietta benefits from close proximity to Atlanta, and has seen strong job and population growth over the past several years in part due to the large number of Fortune 500 company headquarters and aerospace/manufacturing businesses in the county, said Christine DeFilippis, chief investment officer at American Landmark. "We re excited to plant a flag in the thriving community of Marietta and add this property to our growing multifamily portfolio in the Southeast."
According to RentCafé, the average rent for an apartment in Marietta is $1,235, a 6 percent increase over last year rates – and well above the national average.
American Landmark plans to upgrade a variety of features throughout the property in a comprehensive value-add program. Unit upgrades include granite countertops, new cabinets, backsplash, stainless steel appliances, nickel-brushed plumbing fixtures, luxury lighting fixtures, USB outlets and electronic locks. For the site, improvements include a grilling table, dog park and renovated fitness center/clubhouse, swimming pool and landscaping.
Built in 1985, 880 Lakeside Apartments is located at 880 South Cobb Drive. One- and two-bedroom units include open floor plans, fully-equipped kitchen, expansive walk-in closets and full size washer and dryer. Community amenities include a resort-style swimming pool, outdoor grilling area, expansive sundeck, fitness center and access to private lake.
DORAL, FL - LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, announced the start of leasing at Palmera, a midrise apartment community in the northern portion of the Miami suburb of Doral.
The luxury community, which consists of 440 apartment homes and meets green building standards, features a unique blend of sleek floor plans, upscale amenities and proximity to Doral's extensive array of retail, dining and entertainment options. Palmera is offering virtual leasing options for future residents who prefer to explore the community from afar.
"As part of the greater Miami market, Doral offers a little bit of everything," said Chris Cassidy, division president of the Southeast and Mid-Atlantic regions for LMC. "We're excited to join the market and look forward to offering a refined living experience that we believe will set the standard for best-in-class apartment living in the area."
Located at 8400 NW 102nd Avenue, Palmera boasts a prime location that positions residents to take advantage of the wide-ranging attractions throughout Miami-Dade County and beyond. The community is situated approximately four miles from Downtown Doral, 10 miles from Miami International Airport and 15 miles northwest of Downtown Miami.
Residents have access to the nearby Miami Trolley, a free service that connects to many of the city's key locales. They are also are within a short drive of Ronald Reagan Turnpike, Dolphin Expressway and additional gateways to the vast employment sectors of Miami Dade and Broward counties. Doral is also home to an extensive public parks system and a wide variety of lakes.
Palmera offers one-, two- and three-bedroom apartment homes and a select supply of smart-home equipped homes. Apartment interiors are delivered with shaker cabinets, kitchen islands, stainless steel appliances, quartz countertops, ceramic tile flooring, pendant lighting, in-home washers and dryers, walk-in closets, oversized tubs and walk-in showers. Select homes include designer wine chillers.
The community also provides a deluxe suite of amenities, including a 2,300-square-foot elevated work lounge with coworking spaces and rentable offices. Additional amenities include a resort-inspired swimming pool with day beds and umbrellas, summer pavilion with multiple grilling stations, elevated sun deck and four courtyards offering distinctive themes, including adult gaming, adult dining, garden and playground.
Palmera also features two dog parks, Bocce courts, demonstration kitchen, billiards, cyber café and a full-size fitness center with yoga room, fitness on demand and motivational wall. Residents will have access to additional storage units, two bike storage rooms and digital package lockers.
Palmera will soon be joined in Doral by fellow LMC development Vesada, which is scheduled to open later in 2020.
PHOENIX, AZ - Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced the acquisition of 10 acres of land in the Phoenix suburb of Gilbert, Ariz. The company will develop The Wyatt by Watermark, a $43 million Class A garden-style multifamily community on the land with an expected completion date of late 2021.
Located at 1205 South Gilbert Road, the site conveniently sits at the core of thriving downtown Gilbert, within walking distance to numerous high-end retail shops and restaurants and only a short drive to the entertainment and dining options available at Gilbert Heritage District and San Tan Village.
"According to data from the National Multifamily Housing Council, the greater Phoenix area needs 11,000 new apartments per year to meet demand," said Josh Purvis, managing partner of Watermark Residential. "Watermark Residential looks forward to helping fill the need for quality housing options with one of our innovative and aesthetically pleasing apartment communities."
The Wyatt by Watermark will consist of 216 one-, two- and three-bedroom apartment homes averaging 978 square feet. The apartment homes will feature upgraded finishes including gourmet bar-kitchens with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers and dryers. Community amenities will include a clubhouse, 24-hour fitness center with state-of-the-art equipment, a resort-quality swimming pool with cabana and pet-friendly "bark park" and doggie spa.
Residents will enjoy easy access to the 202 loop with the ability to reach all four of Gilbert's major employment centers within 20 minutes. Additionally, the site is located within the Gilbert Public School District, the 4th Best School District in America, according to the National Council for Home Safety and Security.
Gilbert has experienced a population increase of 20 percent during the past decade and growth is expected to continue at double the national average over the next five years. In addition, the Phoenix suburb has been recognized for many awards recently including:
3rd Most Livable City in the U.S., according to SmartAsset
6th Safest City in the U.S., according to WalletHub
Arizona's Fastest Growing City, according to WalletHub
The Wyatt by Watermark is the third of six to be funded by the Watermark 3G Development Fund II, which closed in late 2019. In addition, it will be the second multifamily community for Watermark in Gilbert, who also owns the 250-unit Watermark at Gateway Place.
ST AUGUSTINE, FL - West Shore, a fully integrated multifamily real estate investment firm, announced the acquisition of Isla Antigua, a unique 249-unit apartment community located in St. Augustine, Florida. The addition of this asset marks West Shore's 29th acquisition and its 13th in the state of Florida. The company's expanding national footprint now includes 27 residential properties with 8,361 apartment units and well over $1 billion in assets under management.
"We are excited to further expand our footprint in Florida with this remarkable asset in St. Augustine," said West Shore Chairman Steven P. Rosenthal. "The acquisition of Isla Antigua is a great example of our real estate investment strategy."
Isla Antigua, located at 655 West Marina Cove Drive, has over 850 feet of Intracoastal Waterway frontage in St. Augustine, FL, and is the only multifamily asset built on Anastasia Island since 1984. The newly constructed community is in an ideal location with quick access to retail, entertainment, historic Downtown St. Augustine, and the city's largest job centers. The property's unique waterfront outdoor amenities include a resort-style pool with private cabanas, an outdoor kitchen with grilling and dining areas, a sunset beach retreat with fire pit lounges, and a private dock with a kayak launch system. The grand clubhouse features billiards, game, and media rooms, a full business center, and a professional fitness club that includes interactive cardio equipment, a yoga and spin studio, and an indoor rotating rock-climbing wall. The community's apartments boast breathtaking waterfront views and open concept floor plans with modern kitchens, high-end finishes, oversized closets, and private balconies.
"Isla Antigua is a very valuable addition to our growing portfolio," said Lee Rosenthal, President of West Shore. "We are proud of our expansion in Florida and we expect to continue our significant growth both in Florida and nationally as well."
In addition to Isla Antigua, West Shore's other multifamily properties in Florida include: Grande Oasis at Carrollwood in Tampa, Deerwood Village in Ocala, The District at Clearwater in Clearwater, The Point at Naples and Belvedere at Quail Run in Naples, Savannahs at James Landing and Veridian Townhomes in Melbourne, and Live Oaks at Killearn, 2305 at Killearn, and The Greens at Old St. Augustine in Tallahassee.
DALLAS, TX - Capital Investments, a leading Dallas-based developer, announced the start of construction on Stillwater Crystal Springs, a 387-unit, Class-A+ apartment community in Fort Worth, Texas. Stillwater is partnering with Boston-based CrossHarbor Capital Partners on the project. The first units are scheduled to be delivered in early 2022 and will consist of studio, one-, and two-bedroom units.
Stillwater Crystal Springs is situated on 6.85 acres along the West Fork Trinity River in The River District, a 287-acre master planned neighborhood approximately three miles west of downtown Fort Worth. The historic neighborhood allows for easy access to major thoroughfares and is just minutes from West 7th, Magnolia Street, and downtown. The neighborhood is home to a variety of Fort Worth staples including Heim Barbecue, Tim Love's Gemelle, Salsa Limon, Flowers on the Square, and is just minutes from Lockheed Martin's regional facility at the Naval Air Station Joint Reserve Base.
The project is named after its predecessor, the Crystal Springs Dance Pavilion, which was home to a popular dance hall and swimming hole from 1930 to 1966, famously known as the birthplace of Western Swing. The country music venue was a popular destination and featured such performers as Bob Wills and Milton Brown, with reported guests such as the infamous Bonnie Parker and Clyde Barrow.
"We are excited to bring a high-quality project to the up-and-coming River District neighborhood," said Stillwater Partner Clay Roby. "The unique topography of the site provides an opportunity for elevated amenity decks and incredible views. With direct access to the Trinity Trail, the project will also address increasing demand for developments that promote density and walkability in a thoughtful and community-focused way."
The development will offer a best-in-class set of community amenities including an elevated amenity deck with a resort style pool, courtyard with outdoor lounge area and fire pit, expansive coworking space, a dog park, bike storage, fitness center, Wi-Fi in all common areas, controlled building access, and garage parking. Each unit will feature stainless steel appliances, quartz countertops, custom cabinetry, faux wood floors, and modern finishes.
The community is the initial phase of a mixed-use development consisting of restaurants, office, and retail centered around an activated green space. The project's thoughtful design will capture the unique history of the site and will provide multifamily residents with a uniquely Fort Worth experience.
PHOENIX, AZ - Leon Capital Group has selected McShane Construction Company to provide comprehensive construction services for Kierland Apartments, a 202-unit luxury multi-family community in north Phoenix. McShane is also underway with Soltra at SanTan Village, a 380-unit multi-family development in Gilbert, Arizona for Leon Capital Group.
We have a great working relationship with Leon Capital Group and are very excited to be partnering with them on another multi-family assignment, shared Jim Kurtzman, Senior Vice President of McShane s Southwest Regional Office. Kierland is going to be a great addition to Scottsdale, and, with 9,500 square feet of amenity space and high-end finishes, it will provide residents with a resort-style living experience.
Positioned on 1.74 acres at 7111 East Tierra Buena Lane, the development will feature five stories of wood frame construction over a two-story concrete podium with one subgrade level. The exterior façade will consist of an attractive mix of stucco, stone and metal panels with wire and glass railings on the balconies.
At the basement level, the building will provide underground parking for residents as well as a bike storage/repair room. The ground level will feature additional tenant parking, the main lobby, leasing and management offices, mail center and a dog park. The second floor will incorporate a clubhouse with a poker room and community kitchen. Also at this level, tenants will have access to a deck with a saltwater pool, spa and barbeque areas. Floors three through six will consist of a mix of studio, one-, two- and three-bedroom apartment units.
All units will contain high-end finishes, beverage centers and premium appliances. Many units will feature NanaWall systems with private balconies. The top floor will hold penthouse suites with upgraded finishes.
McShane has been involved in the project since its earliest stages, allowing them to implement pre-construction services that mitigate changes in scope and budget increases during construction. The team successfully provided budget updates at every planning milestone and design-assist services for the building s major systems.
Completion of Kierland is slated for April of 2022. The architect of record is Design Studio Architects.
PROVO, UT - Los Angeles based Orion Real Estate Partners announced that it has acquired Lookout Pointe Apartments, a garden-style apartment community in Provo, Utah. Orion purchased the 115-unit apartment community in June 2020 and plans to invest approximately $1.1mm in interior and exterior improvements.
The Property is located in an irreplaceable location as it overlooks Provo from a perch in the foothills of the Wasatch Mountains in a desirable residential neighborhood. Additionally, the Property is within close proximity to the two largest universities in Utah, Brigham Young University (31k students) and Utah Valley University (40k students), and benefits from its access to the booming technology center known as "Silicon Slopes."
The Property is well positioned to take advantage of one of the fastest growing tech hubs in the country, anchored by two large universities, and the highly desirable lifestyle that Utah has to offer.
This is Orion's first acquisition in Utah and the firm anticipates expanding its portfolio in Provo and Salt Lake City. Orion has a favorable long-term outlook on these markets and expects that they will continue to outperform the nation in terms of job and population growth. CBRE Multifamily Capital provided an acquisition loan through Freddie Mac and Orion engaged Salt Lake City based Apartment Management Consultants ("AMC") to provide property management services.
COLUMBUS, OH - Charles Street Development Corporation, a company focused on residential development, is preparing for their first move-ins at its luxury apartment community, Industry Columbus. The luxury apartment community offers unparalleled amenities to its residents, including the first and only community in Downtown Columbus to feature a rooftop swimming pool and hot tub, on-site dog park and a full floor of co-working space.
Located in the heart of downtown Columbus at 230 East Long Street, Industry includes 236 units ranging from studios, one- and two- bedrooms, as well as private townhomes with direct garage access. The units were intricately designed to feature floor-to-ceiling windows, nine-foot ceilings for ample natural light, quartz countertops and a chef-caliber kitchen with stainless steel appliances. Residents will also have access to private balconies and terraces available in select units.
"With Industry, we've built a community right outside our residents' doorsteps," said Chuck Howell, partner at Charles Street Development Corporation. "With downtown views as a backdrop, every detail at Industry was carefully and elegantly developed to promote a superior lifestyle that offers the ability to unwind, indulge and energize. This community is the first to usher in a cutting-edge luxurious living experience to the Columbus market, and we are confident it will become the hangout spot for residents and their guests."
Additional amenities at Industry include a pet washing station, sports bar and lounge, private event space, outdoor courtyard, complimentary coffee and printing services on the co-working floor, on-site networking events, and a state-of-the-art fitness center complete with group fitness classes and a yoga studio.
The first residents are slated to move in at Industry in June 2020. Village Green serves as the premier property management company for Industry.
SCOTTSDALE, AZ - LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, announced the official opening of Vitri, a contemporary mixed-use apartment community in the heart of Scottsdale Quarter.
While preleasing and first move-ins occurred earlier in the year, the official opening announcement coincides with the community's reopening and resumption of onsite leasing after the initial stages of the COVID-19 pandemic. Future residents will continue to have access to virtual and online options, as well.
The luxury community, which consists of 300 apartment homes and 38,000 square feet of ground-level retail space, overlooks Scottsdale Quarter and the variety of gourmet restaurants, bars, retail shops and entertainment options contained within the popular open-air shopping center.
"The thriving North Scottsdale submarket has been undersupplied with true high-end rental product that goes beyond the typical commodity-like Class A apartments being built today," said Scott Johnson, division president of the Mountain and Southwest regions for LMC. "We're thrilled to deliver to the market a community that is second to none in quality and finishes in a what we believe is the best location in the entire state."
Located at 15125 N. Scottsdale Road, the various attractions located directly below Vitri's residential levels include the state's only Amazon store, in addition to the widely popular Culinary Dropout, a restaurant, bar and live music venue also known as The Yard. The walkable experience within the 28-acre Scottsdale Quarter includes immediate access to an additional 80 retailers and restaurants.
Vitri offers studio, one-, two- and three-bedroom apartment homes and a selection of upscale penthouse layouts. Apartment homes feature two distinct contemporary schemes that incorporate the latest in design trends. Plumbing fixtures, hardware, and appliances in each interior scheme incorporate either matte black or brushed gold in a coordinated design throughout the home. Kitchen appliance packages include GE's premium Café line with a gas range, double oven and wine refrigerator. Additional features include floor-to-ceiling storefront glass, frameless glass-enclosed showers and keyless entry. Penthouse homes include 11-foot ceilings, upgraded flooring, smart-home lighting, automatic roller shades and custom-built wine bars.
The community also offers a variety of lifestyle-enhancing amenities, including an elevated pool deck with two hot tubs, steam and sauna rooms, a Skydeck lounge with incredible panoramic views, a two-story state-of-the-art fitness center, exclusive wine lounge with private temperature-controlled lockers, pet grooming facilities and an executive work lounge with collaborative and private office space. Residents also have access to 24-hour digital package lockers with text notifications, electric-vehicle charging stations and a bike storage room with individual lockers. Residents also have access to a full-service onsite concierge.
Vitri adds to LMC's presence in the Phoenix area. It joins Nexa, located in North Tempe, and Muse, located in midtown Phoenix.
MIDLAND, TX - The Michaels Organization announced that Chaparral Apartments, a critical affordable housing resource in Midland, Texas, is set to undergo an extensive renovation following a successful financial closing. The modernization of Chaparral will provide much-needed upgrades to the apartments and community amenities while preserving long-term affordability.
"We are grateful to the City of Midland and the Texas Department of Housing and Community Affairs for recognizing the importance of preserving existing affordable housing," said Ryan Zent, Michaels' Vice President of Development. "We welcome this opportunity to reinvest in our community, providing modern interior and exterior upgrades that will enhance the quality of life for current and future residents, Zent said.
In July 2019, the property received an allocation of 9% competitive federal tax credits from TDHCA. The rehabilitation will be financed with the equity proceeds generated from the sale of these 9% credits to Bank of America, a construction loan provided by Bank of America, and a permanent loan provided by Freddie Mac and serviced by Berkadia.
"Bank of America Community Development Banking was pleased to provide a construction loan and equity investment through Berkadia to help create much-needed affordable housing in Midland," said Miles Cary, Senior Vice President of Community Development Banking at Bank of America. "Chaparral Apartments is a great example of the impact public and private collaboration can make to help the most vulnerable in our communities."
Originally constructed in 1972 and acquired by Michaels in 1994, Chaparral offers 124 apartments across 14 garden-style residential buildings and complimented by a central clubhouse. Substantial interior unit upgrades include a complete kitchen remodel, flooring replacement, and installation of new plumbing and light fixtures. Exterior building and common area upgrades will consist of replacement of all exterior windows, exterior siding repairs, a remodeled community clubhouse, as well as the installation of a new children's play area and an outdoor seating pavilion.
"The residents of Midland Chaparral Apartments deserve an exceptional living environment to call home and raise their families," said Isaac Garnett, Midland's Community Development Manager. "With this public-private partnership, we will achieve that goal."
Michaels Construction is the general contractor for the renovation. Professional design services were provided by Kelly Grossman Architects, Connect Structural Engineering, and Newton Engineering. Michaels Management will continue to manage Chaparral, providing people-first service for years to come.
All renovations are scheduled to be completed by May 2021, with a process set in place that limits the amount of time residents need to be relocated while updates are being made.