HOUSTON — Sunstone Two Tree has purchased The Villas Del Paseo, a 384-unit asset in Houston, from Comunidad Partners for $28.9 million. Mark Saunders with Newmark represented the seller. The Villas Del Paseo was originally built in 1978. Sunstone Two Tree plans to spend $10.5 million on renovations to the community. The new owner will update all units with new flooring, lighting fixtures and cabinetry, as well as hard-surface counters and stainless steel appliances. Exterior renovations will include new paint, a full roof replacement, improved landscaping and signage, additional exterior …
ALLENDALE, N.J. — The Hampshire Cos. has opened The Vale in Allendale, about 30 miles north of New York City. The community features 70 apartments in one- and two-bedroom floor plans. Of the total unit count, six units are set aside as affordable housing. Three units are designated for first responders. Amenities include a 9,460-square-foot courtyard, clubroom, storage, lounge and gym. The project was designed by DMR Architects.
HUNTSVILLE, ALA. — A joint venture between Essex Capital and Ascend Property Group has broken ground on Front Row, an 11-acre, mixed-use project in downtown Huntsville. The $220 million first phase of Front Row is currently underway, following recent news that Banco Inbursa and a group led by Keel Point and Opportunity Alabama provided $115 million in construction financing. The first retail space is slated to deliver in late 2025, followed by apartments and office space in early 2026. At full build-out, the first phase of Front Row will comprise …
YONKERS, N.Y. — A subsidiary of Azorim Construction Co. Ltd. will develop Miroza Tower, a $133.5 million high-rise asset in the New York City suburb of Yonkers. The Yonkers Industrial Development Agency recently granted final approval of financial incentives for the project. Azorim Construction Co. is receiving a sales tax exemption of $5.8 million, a mortgage recording tax exemption of $1.3 million and a 20-year payment in lieu of taxes agreement valued at $12.4 million. Situated at 44 Hudson St., Miroza Tower will offer 250 apartment units across 27 stories. …
LAWRENCEVILLE, GA. — A joint venture consisting of ECI Group and The Griffin Fund have broken ground on The Averly Collins Hill, a $76 million development in the northeast Atlanta suburb of Lawrenceville. The project comprises 300 units across eight buildings on a 22-acre site. Units will come in one-, two- and three-bedroom layouts. Amenities include a clubhouse, fitness center, lounge areas, coworking space, pool, dog play area and coffee bar. ECI Construction is the general contractor for the project. Synovus Bank provided $46 million in construction financing.
INGLEWOOD, CALIF. — JPI has broken ground on Jefferson Inglewood, a 222-unit development in the Los Angeles suburb of Inglewood. The community will rise eight stories and offer studio, one- and two-bedroom floor plans. The project utilizes the City of Inglewood’s Transit Oriented Development plan and design guidelines. TCA Architects was the architect. Englekirk Engineering provided structural engineering services. Kimley Horn Associates Engineering provided civil engineering. First occupancies at the property are slated for early 2026.
HIALEAH, FLA. — MG Developer has secured a $16 million acquisition loan for a land parcel in the Miami suburb of Hialeah. The land will be used to build a 347-unit community called “Metro Parc South” on the site. Metro Parc South will offer studios, one- and two-bedroom units. MG Developer expects to break ground on the development in the third quarter of 2024, with delivery slated for the third quarter of 2026. The project will complement Metro Parc, a 559-unit mixed-use community located at 955 East 25th Street and …
Concerns of oversupply have risen regarding several Texas markets, including Dallas and Austin. Where does San Antonio stand in terms of supply and demand, and where in the city is there still room for new opportunities? Multifamily & Affordable Housing Business (MAHB) recently interviewed David Lynd, CEO of Lynd Cos., about the state of the market. Multifamily & Affordable Housing Business: How many units do you currently own nationwide? How many in San Antonio? Lynd: We own about 3,000 units in San Antonio and 6,000 nationwide. We also do third-party …
SANTA ANA, CALIF. — Gantry Inc. has negotiated $128 million in construction-to-permanent financing through three separate lenders for the development of Legado at the Met in Santa Ana, less than 10 miles southeast of Anaheim. The borrower was Legado Cos. Legado at the Met will comprise 258 market-rate apartments. The development will be situated at 200 E. First American Way. According to the City of Santa Ana’s government website, the community will rise six stories. Units will come in studio, one, two and three-bedroom layouts ranging from approximately 612 to …
SPRINGDALE, ARK. — ERC Holdings and Houston-based Tradewind Properties will develop The Ramsay, a 272-unit project located at Elm Springs Road and N. 48th Street in Springdale. The property will comprise 18 three-story buildings. The unit mix includes 143 one-bedroom and 129 two-bedroom apartments. Planned amenities include a café and lounge, 1,900-square-foot wellness center, pocket park, meditation room, dog park and a clubhouse. Pick-It Construction is the general contractor, and the architect is Rob Sharp. The first units are slated to deliver in the fall of this year.