DESOTO, TEXAS — A partnership between RSN Property Group and Monday Properties has acquired Ventura Landings, a 226-unit asset located DeSoto, about 16 miles south of Dallas. Ventura Landings offers one- and two-bedroom units. Amenities include a pool, clubhouse, basketball court and on-site laundry facilities. The property was recently renovated. The new ownership plans to implement additional capital improvements and has already rebranded the property as Eagle Creek Landing. The seller and sales price were not disclosed.
RALEIGH, N.C. — Capital Square has opened Maeve, a 20-story apartment tower located at 319 W. Lenoir St. in Raleigh’s Warehouse District. Maeve consists of 297 units in studio, one-, two- and three-bedroom floor plans. The high-rise community also features approximately 10,000 square feet of street-level retail space, a double-height lobby and 30,000 square feet of amenities, including a pool and rooftop lounge. Greystar is managing the community. York Properties is overseeing the tower’s retail leasing assignment. Project partners for Maeve included JDAVIS Architects, general contractor W.M. Jordan Co., landscape …
PITTSBURGH — A joint venture between Oxford Development Co. and RDC has received a $67 million construction loan for 21 West, a 291-unit project in Pittsburgh. Nick Unkovic and Zach Barone of JLL Capital Markets arranged the four-year floating rate construction loan through Dollar Bank. A construction timeline was not disclosed. Located at 430 W General Robinson St., the project will comprise 313,000 square feet across 11 stories. Units will come in studio, one- and two-bedroom floor plans. Residents will have access to amenities such as a sky bar on …
AUSTIN, TEXAS — A partnership between SGI Ventures and the Austin Affordable Housing Corp. has completed Cady Lofts, a 100-unit supportive housing project in Austin’s Hancock neighborhood. Cady Lofts offers studio apartments for renters that are earning between 40 to 60 percent of the area median income, or who are overcoming homelessness, dealing with physical and developmental disabilities or recovering from addiction. Each studio will be fully-furnished and feature appliances and eco-friendly utility systems. Residents have access to a communal computer lab, health and wellness center, case management offices and …
DALLAS — Locally based developer StreetLights Residential has begun leasing The Galatyn, a 56-unit community in the Upper McKinney District of Dallas. The 20-story building features two- and three-bedroom units with an average size of 2,700 square feet. Amenities include a pool, fitness center, concierge services, a coffee bar, catering kitchen, dog wash and a landscaped courtyard. The development team broke ground on the project in fall 2023. StreetLights Creative Studio served as the architect for the project, and SLR Construction LLC was the general contractor. Both entities are affiliates …
By Bryan Dickson, senior managing director of affordable originations, NewPoint Real Estate Capital Federal funding for affordable housing faces an uncertain future. The ongoing push for government efficiency has put long-standing affordable housing programs under scrutiny. Some programs under the U.S. Department of Housing and Urban Development (HUD) are on the chopping block. The Green Mortgage Insurance Premium Reduction and Green and Resilient Retrofit Program, as well as the Department of the Treasury’s Capital Magnet Fund, may not be available to developers for much longer. These funding concerns compound an already …
READCO Secures $41.5 Million Construction Financing for Mixed-Use Project in Stonington, Connecticut
STONINGTON, CONN. — READCO has received $41.5 million in construction financing for Stonington Village, a 160-unit mixed-use development in Stonington, a town situated along the Long Island Sound in Connecticut’s New London County. Henry Schaffer and Madeline Joyce of JLL Capital Markets arranged the five-year, fixed-rate loan through Liberty Bank. Located at 85 Voluntown Rd., Stonington Village will feature six buildings. Units will come in studio, one-, two- and three-bedroom floor plans. Planned amenities include a clubhouse, pool and parking facilities. The project includes an affordable housing component. However, income …
TORRANCE, CALIF. — A partnership between Legacy Partners and DWS Group has begun the construction of Soto, a 200-unit project in Torrance, roughly 30 miles west of Anaheim, California. The project team includes Westport Construction as the general contractor and Architects Orange as the designer. Located at 3862 Carson St., Soto will offer studio, one- and two-bedroom floor plans. Units will range from 633 square feet to 1,118 square feet. Planned amenities include a rooftop pool and amenity deck with an indoor-outdoor fitness center, resident clubhouse, coworking area and two courtyards …
PEARLAND, TEXAS — Houston-based developer Pelican Builders has broken ground on a 380-unit project located within Pearland Town Center in Pearland, about 20 miles southeast of Houston. Units will come in one- and two-bedroom floor plans and will range in size from 604 to 1,196 square feet. Amenities will include a pool, dog park, children’s play area, fitness center, business center and access to walking trails. Pelican Builders purchased the site at 3200 Business Center Drive from Tennessee-based REIT CBL Properties, the master developer of Pearland Town Center, about two …
CHICAGO — A joint venture between Leopardo Cos. and GMA Construction Group has broken ground on 79 W. Monroe, an office-to-multifamily conversion project in Chicago. The project will comprise the transformation of the Rector Building, a 14-story commercial asset in The Loop, into a mixed-use community. The property was originally built in 1905 and is the oldest surviving commercial structure designed by Chicago architect Jarvis Hunt. The renovation project includes converting seven floors to create 117 apartments, with 41 units designated as affordable housing. The property will also feature a …