LYNNWOOD, WASH. — American Capital Group and Clarion Partners have formed a joint venture to develop Enso, a 316-unit community in the Seattle suburb of Lynwood. Pacific Life Insurance Co. served as the construction lender for the project. Located at 4001 198th St. SW, Enso will offer amenities such as a co-working space, fitness facility, game lounge, resident lounge, dog wash and bike storage. The property also features more than 4,200 square feet of retail space. Construction is slated to begin in August 2024. Completion is expected by Summer 2026.
PLANO, TEXAS — Dallas-based Rosewood Property Co. has broken ground on The Buckley, a 338-unit project in Plano. The Buckley will feature studio, one-, two- and three-bedroom apartments. Planned amenities include multiple lounge areas, a club and card room, fitness center, co-working areas, dog park, courtyards and pool. MetLife Investment Management is the equity partner for The Buckley. Provident General Contractors will build the property. The project team also includes Hensley, Lamkin, Rachel Inc. (architect), LandDesign (landscape design), B2 Architecture + Design (interior design) and KFM (civil engineer). Broadway Bank …
RALEIGH, N.C. — JLL has arranged $33.6 million in joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit project underway in downtown Raleigh’s West End neighborhood. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. The equity partner is an investment fund from South America. The lender is an unnamed national life insurance company. Located at 510 W. Cabarrus St., West End II …
CHICAGO — Locally based developer and property manager Habitat has opened OC Living, the first residential community at Ogden Commons, a $200 million mixed-use development in Chicago’s North Lawndale neighborhood. Located at 1325 S. Washtenaw Ave., OC Living consists of one four-story building housing 92 units across four stories. Ninety percent of apartments are set aside as affordable housing. Income restrictions for these units were not disclosed. The unit mix includes 23 studios, 60 one-bedroom units and nine two-bedroom apartments. Community amenities include a rubber-surfaced children’s lot with play structures, …
SAN ANTONIO — Atlanta-based Wood Partners has broken ground on Alta Westover Hills, a 312-unit development on San Antonio’s west side. Wood Partners is developing the project in partnership with German investment firm EIG EuroInvestor. Alta Westover Hills will offer one-, two- and three-bedroom floor plans. Units will feature stainless steel appliances, granite countertops, tile backsplashes, custom cabinets and full-sized washers and dryers. Planned amenities include a pool, clubroom, fitness center, business center, conference and entertainment spaces, outdoor kitchen and dining areas and a dog park. Construction is slated to …
DENTON, TEXAS — Hillwood, a Perot company, has unveiled plans for Landmark by Hillwood, a 3,200-acre mixed-use project in the northern Dallas suburb of Denton. The project team includes Hillwood subsidiaries Hillwood Communities and Hillwood Properties. The plans call for 900 acres of commercial space comprising 5 million square feet of retail, hospitality and entertainment space, approximately 6,000 single-family homes and more than 3,000 apartment units. The site, which is situated at I-35W and Robson Ranch Road, was previously known as Hunter Ranch. The parcel is one of the original land holdings …
JERSEY CITY, N.J. — JLL Capital Markets has arranged $13.1 million in construction financing for the development of Vroom Street Apartments, a 42-unit project in the Journal Square neighborhood of Jersey City. JLL worked on behalf of the borrower, Urban Square Properties, to secure the two-year loan through First Bank. Max Custer and Salvatore Buzzerio led the JLL Capital Markets Debt Advisory team. The unit mix at Vroom Street Apartments will include five studio units, 14 one-bedroom units and 23 two-bedroom units. The average unit size will be 913 square feet. …
NEW YORK CITY — A partnership consisting of BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYCHA) has secured $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable units and 12 converted into a new senior center. Planned renovations to West Brighton …
WEST VALLEY, ARIZ. — Tower Capital has negotiated $51.5 million in non-recourse construction financing for the development of Skyview by Zen, a 190-unit build-to-rent (BTR) community in West Valley, 50 miles west of downtown Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on behalf of Zen and 10Y. The sponsor acquired the development site at 2627 N. 83rd Ave. in 2023. Once completed, Skyview by Zen will offer townhomes in two- and three-bedroom layouts. Construction is underway, with the first units slated to deliver in October …
The capital markets continue to present challenges and create confusion across the U.S. transaction space. Most markets outside the Midwest have retreated toward a rent-growth flatline, or worse. However, in the midst of it all, the metro area stands like a pillar of stability. No longer known simply for its manufacturing prowess, Indianapolis boasts a long list of economic strengths. These include a diverse, sustainable and growing employment base; predictable fundamentals, including controlled levels of supply; a forward-thinking investment in infrastructure; and a growing base of capital. These capital sources, …