Development

HaverstockHills-Houston
Affordable HousingDevelopmentInvestment SalesNewsTexas

Fairstead Acquires Houston Affordable Housing Property, Plans Redevelopment for $242 Million Total Investment

by Lynn Peisner

HOUSTON — Fairstead has acquired Haverstock Hills Apartments in Houston’s East Aldine neighborhood. The New York City-based affordable housing developer will renovate the 700-unit property over the next 24 months. The redevelopment and acquisition costs came to $242 million. PNC Multifamily Capital was the debt and equity provider. Harris County Housing Finance Corp. and Rainbow Housing Corp. will continue to provide on-site social services. Located at 5619 Aldine Bender Road, Haverstock Hills comprises 44 two- and three-story buildings spanning 22 acres. Residences include a mix of studios, one-, two- and …

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Pearl-Lake-Point-Sugar-Land
DevelopmentNewsTexas

Morgan, Carlyle Begin Construction of Pearl Lake Point in Sugar Land

by Lynn Peisner

SUGAR LAND, TEXAS — Locally based Morgan, along with partner Washington, D.C.-based Carlyle, has begun construction of Pearl Lake Point, a luxury property at 16435 Creekbend Drive in the southwest Houston suburb of Sugar Land. Pearl Lake Pointe will be a five-story community comprising 376 apartments — including five live-work units — across 6.5 acres. Residents will have access to a resort-style pool, fitness centers, a golf simulator, a fifth-floor sky lounge and a first-floor café. The site also includes 9,940 square feet of commercial office space and a six-story …

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702-Manufacturers-Rd-Chattanooga
Affordable HousingDevelopmentFinanceNewsSoutheastTennessee

American South Capital Partners Commits $24 Million in Equity to Chattanooga Workforce Development

by Lynn Peisner

CHATTANOOGA, TENN. — American South Capital Partners (ASCP) has contributed $24 million in equity to Atlantic Cos.’ workforce housing development project, known as 702 Manufacturers Road, in the Northshore area of downtown Chattanooga. The 278-unit community located on the Tennessee River will include 42 units set aside for renters earning up to 60 or 80 percent of area median income. Completion is slated for the fourth quarter of 2027. Residents will have direct access to a newly built multi-use path and a river launch pad for paddleboards and kayaks. ASCP’s …

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Embrey-Boggy-Creek-Kissimmee
DevelopmentFinanceFloridaNewsSoutheast

PCCP Provides $66 Million Construction Loan for EMBREY’s Metro Orlando Project

by Lynn Peisner

KISSIMMEE, FLA. — EMBREY has closed on the land sale and secured $66 million in construction financing, provided by PCCP, for the development of Boggy Creek, a 300-unit community in Kissimmee. Completion of the three-story garden style project, situated on 13.3 acres, is slated for early 2027. Units will feature granite countertops, stainless steel appliances, wood-style flooring, walk-in closets, detached garages and full-size washers and dryers. Amenities will include a resort-style pool, private cabanas, a clubhouse and business center with private workspaces, a game room, a fitness center, a dog …

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2545-Brockton-Austin
DevelopmentNewsTexas

Portman Breaks Ground on Luxury Community in North Austin

by Lynn Peisner

AUSTIN, TEXAS — Portman has broken ground on 2545 Brockton, a luxury community in North Austin. Atlanta-based Portman expects to deliver the 429-unit mixed-use project by approximately March 2028. Located at 2545 Brockton Drive, the development site is adjacent to The Domain, an office, retail, restaurant and residential destination. Portman’s mid-rise community will feature a mix of studio, one-, two- and three-bedroom floor plans. Thirty-nine of the units will have a private rooftop patio. Amenities include a rooftop pool, greenspace and 6,850 square feet of ground-floor retail. Centerbridge Partners arranged …

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Vistas-at-Villa-Bella-Pueblo
ColoradoDevelopmentFinanceNewsWestern

Brinkman Real Estate Refinances Vistas at Villa Bella

by Lynn Peisner

PUEBLO, COLO. — JLL Capital Markets has arranged a $15.4 million, five-year Fannie Mae loan for the refinancing of Vistas at Villa Bella located at 2195 Alamosa Drive in Pueblo. The borrower, Brinkman Real Estate, has completed a renovation of all 102 units. Updates include new flooring, paint, cabinets, countertops and fixtures. The sponsor also upgraded building exteriors, landscaping and renovated the clubhouse. Vistas at Villa Bella was built in 2009. JLL’s team was led by Director Rob Bova. “This refinancing allows Brinkman Real Estate to optimize their capital structure …

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Wholey-Legacy-Homes-Arlington
Affordable HousingDevelopmentNewsNortheastVirginiaWashington, D.C.

True Ground Housing Partners Opens D.C. Metro Affordable Housing Redevelopment

by Lynn Peisner

ARLINGTON, VA. — True Ground Housing Partners, formerly known as APAH, has opened Wholey Legacy Homes in the Washington, D.C., metro city of Arlington. The project was a redevelopment of a 1-acre portion of the Marbella Apartments site, formerly home to 31 units. The new Wholey Legacy Homes replaces that property and includes 234 units throughout a new 12-story building. The community is located in Arlington’s Rosslyn neighborhood. Wholey Legacy Homes houses 84 one-bedroom, 100 two-bedroom and 50 three-bedroom apartments. The 148,500-square-foot building also features 110 underground parking spaces, an …

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Village-at-Cedar-Hills-Jacksonville
Affordable HousingDevelopmentFloridaNewsOperationsSoutheast

Ability Housing Opens $31 Million Affordable Community in Jacksonville

by Lynn Peisner

JACKSONVILLE, FLA. — Ability Housing has completed Village at Cedar Hills, an affordable housing community in Jacsksonville’s Westside neighborhood. Rent restrictions for the property’s 90 units vary, ranging from 30 to 60 percent of area median income (AMI). Monthly rents are based on household size and income and range from approximately $500 for a one-bedroom unit for a household earning 30 percent or less of AMI to approximately $1,380 for a three-bedroom unit for a household earning up to 60 percent of AMI. Six units are reserved for individuals or …

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Colina-WeHo-birmingham
AlabamaDevelopmentNewsSoutheast

Dobbins Group Completes $51 Million Development of Colina WeHo in Birmingham

by Lynn Peisner

BIRMINGHAM, ALA. — Developer Dobbins Group and contractor Capstone Building Corp. have completed Colina WeHo, a $51 million community at 80 West Oxmoor Road in Birmingham. Colina WeHo spans 350,330 square feet and includes 16 buildings with 310 units. Units are offered as one-, two- and three-bedroom floor plans. Amenities include a resort-style heated pool with cabanas, a pickleball court, an outdoor kitchen with grilling stations, community-wide Wi-Fi, a fitness center, package lockers, game lawns and a car wash center. Williams Blackstock Architects was the architect for the development, LBYD …

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The-Bellevue-Hyattsville
DevelopmentMarylandNewsNortheastOperationsWashington, D.C.

EJF Capital Completes The Bellevue in Hyattsville, Maryland

by Lynn Peisner

HYATTSVILLE, MD. — EJF Capital has completed construction of The Bellevue, a 361-unit community in Hyattsville, about 7 miles northwest of Washington, D.C. The Opportunity Zone project was developed in partnership with The NRP Group. The Bellevue features studios, one-, two- and three-bedroom floor plans. Amenities include a fitness center, a coworking lounge, landscaped courtyards and structured parking.

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