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.
CHICAGO — Chicago-based Origin Investments forecasts that year-over-year national Class-A apartment rent growth will normalize by January 2025 and range from 2 to 3 percent, in keeping with historical rent growth averages. However, Origin also cautions that “unquantifiable risks” loom large over the market and could have broad implications for multifamily properties. The findings are from the company’s Multilytics Rent Growth Forecast Report. “The return to normalization has been expected because the rent growth levels of 2021 and 2022 were unsustainable. We are now paying for the distortions of the …
HOUSTON — Allied Orion Group has named David Nargang as president of the company’s property management division. In this position, Nargang will oversee the daily operations of the firm’s property management portfolio, which comprises more than 35,000 units across the nation. He will also supervise the property management team. Prior to joining Allied Orion Group, Nargang also served as president at McCormack Baron Management, where he oversaw the management of more than 23,000 multifamily units across 26 states. He has held senior positions at various organizations such as NRP Group, …
With the official end of the health emergency in May, it would be natural to assume that multifamily assets are operating in a much-improved environment versus three years ago, when policy responses to the pandemic locked down the economy, curtailed new applications, restricted tours and halted evictions. That’s especially true because once shutdowns loosened, robust renter demand for apartments drove double-digit rent increases in late 2021 and early 2022. But it could be argued that multifamily property managers face as tough an operating environment today as they did in 2020 …
WILMINGTON, N.C. — Woodfield Development has opened The Cordelia, a 426-unit community on the coast of Wilmington, for leasing. The property offers units in studio, one-, two- and three-bedroom layouts. Amenities include a pool with cabanas, indoor and outdoor fitness center, dog park and dog spa, co-working space, game room, pickleball courts, a community walking trail, resident lounge, gas grills and outdoor dining spaces. Shelton Taylor was the interior designer for the project. According to Woodfield Development, The Cordelia was named after a mythical daughter of the sea to pay …
CRYSTAL LAKE, ILL. — RMK Management Corp. will take over property management services for Enclave Crystal Lake, a new community currently under construction in the Chicago suburb of Crystal Lake. Harlem Irving Cos. is the developer for the project. Once completed, Enclave Crystal Lake will offer 51 rental townhomes and 48 apartment units. Construction is complete and leasing has begun for phase one of the community’s townhomes. Move-ins are expected to begin in early November. Townhomes come in two- and three-bedroom layouts, with open-concept kitchens and family rooms and attached two-car …
KIRKWOOD, MO. — High Street Residential, the residential subsidiary of Trammell Crow Co., has begun leasing The James in the St. Louis suburb of Kirkwood. The James offers 152 apartments, as well as more than 7,000 square feet of ground-floor retail space. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a pool, clubroom, private dining area, fitness center, indoor bike storage, work-from home center, pet wash and pet exercise area. The project is Trammell Crow Co.’s first multifamily project in the St. Louis market. Brinkmann Constructors is …
MIAMI — Miami-Dade County, in partnership with locally-based developer Related Group, has opened Robert King High and Paseo del Rio, two affordable housing communities in Miami’s Little Havana neighborhood. The two properties serve as the fourth and fifth phases of the River Parc master plan, a $1 billion mixed-income redevelopment project. At full build-out, River Parc will offer 2,500 affordable, workforce and market-rate apartment units. Residents will have access to the Robert King High Community Center, a one-story clubhouse adjacent to Robert King High, as well as 15,000 square feet of commercial …
DETROIT — Friedman Communities, a Friedman Real Estate company, has taken over managing services for a portfolio of more than 1,500 units within the city of Detroit, including several historic buildings. The portfolio is focused on neighborhoods such as Midtown, Southwest Detroit and the East Jefferson corridor. Friedman Communities plans to renovate units within the historic buildings with stainless steel appliances, quartz countertops, new cabinetry and tiled showers.
WASHINGTON, D.C. — The Biden-Harris Administration has released a new guidebook, developed in partnership with the U.S. Department of Housing and Urban Development (HUD) and other federal agencies. The goal of the guidebook is to help housing providers identify federal resources to finance the conversion of commercial properties to residential and mixed-use developments. In addition to the guidebook, HUD will release an updated notice on how its Community Development Block Grant (CDBG) funding — $10 billion of which has been allocated during the current administration — can be used to boost …