HUNTINGTON BEACH, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $60.9 million in financing for a 28.9-acre redevelopment project in Huntington Beach. Gary Mozer of IPA secured the 18-month, nonrecourse loan on behalf of an undisclosed California-based investment and development firm. The borrower plans to develop a residential and hospitality property, which was approved by the Huntington Beach City Council, on the site. The property will feature a 50-unit affordable housing community, with 25 units to be rented to hotel workers employed onsite and nearby. The …
By Mark English, E&A Team Inc. Every short-term decision contributes to a long-term goal. In multifamily housing construction, the consequences of short-term decisions are particularly evident when an owner hires an architect, contractor or a superintendent who lacks a full understanding of accessibility compliance. It all comes down to two key questions: What regulations apply to the property, and what are the technical standards each regulation requires you to apply? The answers to these questions determine the applicable accessibility requirements for the property. In 2007, I was shocked to learn …
SAN TAN VALLEY, ARIZ. — Thompson Thrift has opened Stella, a 308-unit community located roughly 48 miles southeast of downtown Phoenix in San Tan Valley. The property will consist of 12 two- and three-story buildings on a 20-acre site. Units will come in one-, two- and three-bedroom floor plans. Amenities include a pool, outdoor pavilion, pickleball courts, two dog parks, gardens and Wi-Fi connectivity. The first move-ins began in winter 2024. The project is slated for full completion by the end of this summer.
POHATCONG, N.J. — Larken Associates is nearing completion of Monte View at Pohatcong, a 120-unit complex located at 1001 Monte View Drive in Pohatcong, roughly 23 miles east of Allentown, Pennsylvania. The property consists of three garden-style buildings and one four-story elevatored building. Units come in one- and two-bedroom floor plans. Residents have access to amenities such as a clubhouse, pool, dog run, tot lot, fitness center, coworking center and game room. Monte View at Pohatcong is slated for full completion by April 2025. The property is currently approximately 50 …
RICHMOND, VA. — The City of Richmond’s Economic Development Authority (EDA) has sold and transferred an 18-acre parcel to the developer of a $2.4 billion mixed-use project called Diamond District. The land sold for $11.4 million. The developer is an entity led by Thalhimer Realty Partners Inc. that is doing business as Diamond District Partners LLC. The site, dubbed Phase 1A, will feature 730 market-rate apartments, as well as 161 workforce housing units for households earning up to 60 percent of the area median income, a 180-room hotel and 30,000 …
LILBURN, GA. — RangeWater Real Estate, the City of Lilburn and The Meridian Group have partnered to develop a 269-unit community in Lilburn, roughly 23 miles northeast of Atlanta. RangeWater acquired the four-acre site, which is located at 45 Railroad Ave. in Old Town Lilburn near Lilburn City Park. RangeWater and its partners worked with the Downtown Development Authority on the project. The development team plans to break ground on the project this spring, with completion slated for late 2026. The unnamed property will offer studio, one-, two- and three-bedroom …
LOS ANGELES — SoLa has received a $34.8 million construction loan for 4301 Vermont, an affordable housing development in Los Angeles. Located at 4301 Vermont Ave., the five-story property will offer 188 units. Approximately 80 percent of the units will be designated for low-income residents, while 20 percent will be reserved for moderate-income residents. The project will feature prefabricated modular units supplied by Model Z, a subsidiary of SoLa Impact. Chris Montes of Walker & Dunlop secured the loan on behalf of the client. The lender was ACORE Capital.
CHARLOTTE, N.C. — A joint venture comprising MRP Realty, Asana Partners and Rockefeller Group has received construction financing for Brooklyn & Church. The project will convert the former Duke Energy headquarters, located at 526 S. Church St. in Charlotte, into a 460-unit community with 57,000 square feet of retail space. The Duke Energy headquarters was originally built in 1975. MRP Realty and Asana Partners acquired the building in 2022. The building’s core and shell will be preserved, but the façade will be reskinned with new windows and balconies. Once converted, …
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) have sent a letter to the White House requesting a review of 32 federal programs, rules and regulations at 10 different agencies. NMHC and NAA stated that some existing regulations stray from their intended purposes, stifling innovation and hampering housing production. The purpose of the proposed review would be to increase housing supply, lower costs and improve housing affordability. “This past autumn, voters across the country made clear that lowering the cost of housing was a …
HUNTSVILLE, ALA. — Doster Construction Co. has delivered Attain at Bradford Creek, a 350-unit development in Huntsville. Alexandria, Virginia-based Bonaventure is the developer and property manager for the $90 million project. Located at 556 Martin Road, Attain at Bradford Creek features 350 one-, two- and three-bedroom apartments ranging from 839 square feet to 1,375 square feet. Shared amenities include a resort-style pool, fitness center, clubhouse, Amazon package lockers, dog park and a pond.