CYPRESS, TEXAS — Trademark Property Co. has purchased 37 acres in the northwestern Houston suburb of Cypress to develop a mixed-use project. The site is located within the 1,300-acre Dunham Pointe master-planned development. Preliminary plans for the development call for 500 apartments, as well as 225,000 square feet of retail, restaurant and entertainment space. Trademark Property Co. plans to start construction in the second quarter of 2025 and open the development in late 2026 or early 2027.
DALLAS — JPI has begun leasing Jefferson Cedar Ridge in located near the southwest corner of Interstate 20 and Cedar Ridge Drive in Dallas. The development is located less than four miles from the Cedar Ridge Preserve, a 603-acre nature preserve. According to Apartments.com, the complex features 360 units in one-, two- and three-bedroom layouts. Amenities include a fitness center, clubhouse, business center, pet play area and EV chargers.
MARYSVILLE, WASH. — CBRE has negotiated $47 million in construction financing for Motto Apartments, a 228-unit property in Marysville, 35 miles north of Seattle. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Intracorp Homes is developing the community. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Construction is set to begin with the close of the financing. Completion is slated …
NORTH BETHESDA, MD. — JLL Capital Markets has arranged a $92.3 million loan to construct a 354-unit, 12-story project in the Washington, D.C. suburb of North Bethesda. The development is dubbed Parcel H and is located at at 5400 McGrath Blvd. Jon Mikula, Jim Cadranell, Jamie Leachman and Ryan Carroll of JLL Capital Markets arranged the four-year, floating-rate loan through SMBC on behalf of the borrower, LCOR. Upon completion, the community will offer one-, two- and three-bedroom units, as well as nine penthouse units. Units average 881 square feet in …
AMHERST, MASS. — Largo Capital has arranged a $17 million construction loan for a 67-unit multifamily project in Amherst, approximately 90 miles west of Boston. Largo Capital is a financial intermediary based in northern New York. Ned Perlman arranged the financing. The names of the direct lender and borrower were not disclosed. The property will offer one-, two- and three-bedroom units, as well as 7,000 square feet of ground-floor commercial space.
AUSTIN, TEXAS — Ryan Cos. has topped out Rivette Tower, a 345-unit complex in Austin. The property is located within the 700-acre Mueller community, the redevelopment of the former Robert Mueller Municipal Airport. The development, which is situated adjacent to the former airport’s iconic control tower structure, comprises two mid-rise buildings. The 538,000-square-foot project will offer a pool, private courtyards, co-working spaces, outdoor private and community spaces, bike maintenance and storage facilities, a central paseo and rooftop deck. Rivette Tower is expected to be completed by the third quarter of 2024, with the first …
GRAND PRAIRIE, TEXAS — JPI has begun leasing Jefferson Cove, a 283-unit development located along Lake Ridge Parkway in Grand Prairie. Jefferson Cove offers units in one-, two- and three-bedoom floor plans. According to the property website, amenities include a clubhouse, lounge, conference room, fitness center and controlled-access resident parking. The property is located adjacent to Estes Park and is in proximity to nearby nature preserves and Joe Pool Lake.
TUCSON, ARIZ. — Sanders and Amos has begun pre-leasing Casitas Catalina in Tucson. The $50 million project offers 194 single-family rental units on a 19-acre site. Units come in one-, two- and three-bedroom floor plans with pre-installed Wi-Fi, covered parking and personalized door keys. The developer expects to complete the project in early 2024. The first move-ins are slated for December 2023. MEB Management Services will serve as the property manager.
The apartment market in San Antonio today is a mixed bag. Like most Sun Belt metros, supply exceeds demand in Alamo City. While property managers are struggling to lease up their communities, investors are sitting on the sidelines until interest rates stabilize and the market starts absorbing units developed during the post-COVID building boom. On the plus side, population growth, a metric apartment investors prize because it feeds renter demand, is solid in San Antonio. In May, the U.S. Census Bureau ranked San Antonio the third fastest-growing city in the …
SILVER SPRING, MD. — Green Street Housing and TM Associates Development have broken ground on Sligo Apartments, an affordable housing development in Silver Spring. All 102 units at the community will be available at restricted rents. The project is financed through a Low Income Housing Tax Credit (LIHTC) investment from Hudson Housing Capital and Capital One, who is also providing the permanent debt financing, as well as loans from the Maryland Department of Housing and Community Development.