KILLEEN, TEXAS — The NRP Group has finished constructing Station42, a 368-unit mixed-income community in the central Texas city of Killeen. Station42 offers units in one-, two- and three-bedroom layouts. More than half of the total unit count is reserved for households earning 80 percent or less of the area median income. Amenities include a pool, clubroom, fitness center, gaming area, communal kitchen, coworking lounge, dog park, outdoor dining and entertainment areas and package handling services. Partners on the project included The City of Killeen Public Facility Corp., J.P. Morgan …
CONROE, TEXAS — Landmark Properties has begun constructing The Everstead at Conroe, a 190-unit build-to-rent development in the northern Houston suburb of Conroe. Landmark Properties will develop the project together with its joint venture partner, Open House Group Co. Landmark Construction is the general contractor. The Everstead at Conroe is situated on a 23.5-acre site. The community will offer a mix of 56 two-bedroom and 134 three-bedroom ranch homes and townhomes. Amenities will include a pool, dog park, playground, pickleball and bocce courts, 567 parking spaces and a 2,817-square-foot clubhouse …
LOS ANGELES AND SHREVEPORT, LA. — American South Fund Management (ASFM), a joint venture between SDS Capital Group and Vintage Realty, has closed its second real estate fund with $174 million in equity commitments. SDS Capital Group is a Los Angeles-based impact fund manager. Vintage Realty is a property developer and manager that is headquartered in Shreveport, Louisiana. ASFM’s fund will provide preferred equity and equity financing for affordable housing projects in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. The fund includes a $50 …
ALLENDALE, N.J. — The Hampshire Cos. has opened The Vale, a 70-unit community located at 220 W. Crescent Avenue in the northern New Jersey borough of Allendale. The Vale was designed by DMR Architects. The community offers one- and two-bedroom apartments with features such as quartz countertops, mosaic tile backsplashes, custom cabinetry, stainless steel appliances and plank flooring. Amenities include a clubroom, lounge, fitness center and a 9,460-square-foot outdoor courtyard.
ELMWOOD PARK, N.J. — JLL Capital Markets has negotiated the $49 million capitalization for the second phase of Riverwalk, a four-phase master-planned development in Elmwood Park. Phase two of Riverwalk will comprise 150 units across two buildings, and is slated to deliver in the fourth quarter of 2024. At full build-out, the community will offer amenities such as a fitness center, outdoor pool deck, lounge and a business center. The property will also feature 15,000 square feet of retail space. JLL represented the borrower, Riverwalk, to secure the $32 million …
NEWTON, MASS. — Newton-based 2Life Communities has promoted Zoe Weinrobe to the role of chief of real estate. In this role, she will oversee the company’s development projects. 2Life Communities’ current developments include Opus Newton, the redevelopment of the J.J. Carroll Apartments in Brighton with the Boston Housing Authority, and Brooke House at Olmsted Village in Mattapan, Massachusetts. Weinrobe originally joined 2Life Communities in 2016. Prior to this, she served as vice president at Recap Real Estate Advisors. Weinrobe also worked at Urban Edge CDC, the Cambridge Housing Authority, and the …
HOUSTON — OHT Partners LLC has broken ground on Lenox Timbergrove, a 293-unit complex located in the Lazybrook/Timbergrove neighborhood of Houston. The project will rise five stories at 2825 W. 11th Street. Lenox Timbergrove will offer studio, one- and two-bedroom units ranging in size from 500 to 1,150 square feet. Planned amenities include a pool, outdoor pavilion with gas grills and kitchen, pet spa, co-working space and a turf game lawn. The project is slated to open for residency near the end of 2025.
SPICEWOOD, TEXAS — Wasatch Premier Properties has acquired 58 acres within the Thomas Ranch master-planned community in Spicewood, about 35 miles west of Austin. The new owner plans to develop a 600-unit complex on the parcel of land. The seller was Areté Collective, the master developer of Thomas Ranch. Plans for the project call for 100 townhomes and 500 apartments. Townhome units will come in two- and three-bedroom layouts that range in size from 1,400 to 1,700 square feet. Apartments will come in one-, two- and three-bedroom floor plans ranging …
The average effective rent in the Dallas-Fort Worth apartment market declined by 0.5 percent between the third quarter of 2022 and the third quarter of this year, the first drop in rent since late 2021, according to Newmark. Whether this is a blip on the radar screen or an inflection point remains to be seen. Oversupply is contributing to the drop in rents. Newmark reports that developers opened 25,386 new units in the past 12 months as of the third quarter of 2023, compared with 8,742 units absorbed during the …
HOUSTON — Sueba USA Cos. has opened San Palmas, a four-story community in Houston’s west region. San Palmas is located at 15915 Kingfield Drive. The property offers 370 units in studio to three-bedroom floor plans. Apartments range in size from 480 to 2,196 square feet. Amenities include an athletic club, pickle ball court, dog park, pool, coworking lounge, coffee station, social areas, gated access and a conference center with catering kitchen.