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NOVEL Morrisville rendering
DevelopmentNewsNorth CarolinaSoutheast

Crescent Communities Breaks Ground on Apartments in Research Triangle Master-Planned Development

by Lynn Peisner

MORRISVILLE, N.C. — Crescent Communities broke ground in April on NOVEL Morrisville, a 336-unit project located in a master-planned development about 15 miles northwest of Raleigh, North Carolina. The site is across the street from Spark Life Science, an under-construction life sciences project, and adjacent to Apple’s upcoming Research Triangle campus. NOVEL Morrisville is slated for a summer 2024 completion. The unit mix includes one-, two- and three-bedroom floor plans. Amenities feature a pool, two-story fitness center, resident club room and arcade, a sports-bar-inspired lounge and coworking spaces. Partners for …

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Caesars Luxury Apartments exterior
Investment SalesNewsWashingtonWestern

Barcelo Homes Sells Newly Completed Tacoma Asset for $35.4 Million

by Lynn Peisner

TACOMA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Caesars Luxury Apartments in Tacoma. The 131-unit asset sold for $35.4 million. The seller, Barcelo Homes, completed development of the project earlier this year. IPA’s Nick Ruggiero, Philip Assouad, Giovani Napoli, Ryan Harmon and Anthony Palladino represented the seller. Kathryn Dobler of Tacoma-based Dobler Management represented the buyer, RGPD LLC. The property offers a mix of studios, “urban” one-bedrooms, traditional one-bedrooms and two-bedroom units. An urban one-bedroom is a unit type that …

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News

Wood Partners, Trei Real Estate Break Ground on Alta Ivy in Raleigh, North Carolina Suburb

by Channing Hamilton

CARY, N.C. — Wood Partners and Trei Real Estate have broken ground on Alta Ivy in Cary, which is a western suburb of Raleigh, North Carolina. Alta Ivy will offer 300 one-, two- and three-bedroom units. Community amenities will include a pool, dog park and a clubhouse with 5,000 square feet of office space. The property is located in proximity to Research Triangle Park, the largest research park in the U.S. Alta Ivy is expected to begin leasing in early 2024.

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The pool at night at 4000 Hulen in Fort Worth
Investment SalesNewsTexas

Hamilton Zanze Sells 4000 Hulen in Fort Worth

by Lynn Peisner

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 4000 Hulen in Fort Worth. IPA’s Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Jeffrey Kindorf and Will Balthrope represented the seller, Hamilton Zanze, and procured the buyer, Pegasus Real Estate. The 240-unit property was built in 2015, and, according to Tumminello, has averaged 95 percent occupancy and 9 percent effective rent growth since then. Tumminello also says the new owner has value-add opportunities via interior unit upgrades. The five-story, controlled-access …

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A 3D render of The Virginia in Seguin, Texas
Investment SalesNewsTexas

Joint Venture Secures $32.1 Million in Financing For The Virginia Near San Antonio

by Channing Hamilton

SEGUIN, TEXAS — A joint venture between Periscope Capital Investment and Verdot Capital has secured $32.1 million in construction financing for The Virginia, a 198-unit development in the western San Antonio suburb of Seguin. Alanna Ellis, Jeff Lepley and Alex Sheaffer of JLL Capital Markets represented the venture in acquiring the 15-year, floating-rate loan through an undisclosed regional bank. The Virginia will rise three stories and offer one-, two- and three-bedroom units. The first phase of the community is scheduled for completion in 2024. A second phase is set to …

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NRP Group Jersey City project
DevelopmentNew JerseyNewsNortheast

The NRP Group Breaks Ground on 401-Unit Jersey City Project

by Lynn Peisner

JERSEY CITY, N.J. —The NRP Group has broken ground on an unnamed 401-unit development in the Port Liberté neighborhood of Jersey City. Joint venture equity investment for the project was provided by Rockwood Capital. G&S Investors is co-developing the project with NRP. Citizens Bank and Fifth Third Bank provided senior construction loans. Located at 190 Chapel Ave., the development is south of downtown Jersey City and adjacent to Liberty National Golf Course. The community, which is scheduled to open in summer 2025, will be NRP’s second development in Jersey City. …

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A 3D render of 2 Rivers Apartment Homes, a complex in Williamsburg.
DevelopmentNewsSoutheastVirginia

S. L. Nusbaum Realty Co. Begins Construction on 2 Rivers Apartment Homes in Williamsburg

by Channing Hamilton

WILLIAMSBURG, VA. — S. L. Nusbaum Realty Co. has begun construction on 2 Rivers Apartment Homes, an 119-unit affordable community in Williamsburg. The Norfolk, Virginia-based company worked with AGM Financial Services and TowneBank to secure financing. The cost of the project is expected to total approximately $26 million. Harkins Builders is the general contractor. 2 Rivers Apartment Homes will be constructed in two phases. The first phase of the community will comprise 59 units in one-, two- and three-bedroom floorplans. Amenities will include a clubhouse, fitness center, business center with …

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Aqua Vista in Newport News
Affordable HousingDevelopmentNewsSoutheastVirginia

BLVD Begins $35.8 Million Affordable Housing Renovation in Newport News

by Lynn Peisner

NEWPORT NEWS, VA. — The BLVD Group has acquired and plans to renovate Aqua Vista Apartments in Newport News. The 150-unit community was originally constructed in 1970. The $35.8 million redevelopment will include a gas-to-electric conversion, new roofs, insulation, energy efficient windows and entry doors. Each unit will receive new kitchens, bathrooms, appliances, flooring, paint and LED light fixtures. The owner will expand amenities at the site, adding new barbecues, a playground, a dog park, a business center, a community room and a new leasing office. The redevelopment will preserve …

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Richmond Hill apartments
DevelopmentNewsSoutheast

Novare Group, BCDC Break Ground on Richmond Hill Luxury Apartment Community

by Lynn Peisner

RICHMOND HILL, GA. — Novare Group and Batson-Cook Development Co. (BCDC), both Atlanta-based development and investment firms, have broken ground on their 37th joint-venture project, a 302-unit community on 26 acres in Richmond Hill, which is approximately 20 miles south of Savannah. The project is the multifamily component of Heartwood at Richmond Hill, a 7,000-acre, master-planned, mixed-use project under development by Raydient. Humphreys & Partners Architects designed the community. Amenities will include a pool with cabanas, an outdoor amenity deck with kitchen space, a fire pit, a fitness center, flexible …

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A 3D render of District in Davie, a 5-building mixed-use development.
DevelopmentFloridaNewsSoutheast

El-Ad National Properties Plans $1 Billion District in Davie Mixed-Use Project Near Miami

by Channing Hamilton

DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer …

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