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Interport's great room, a modern farmhouse style space with an exposed beam and joist ceiling.
DevelopmentNewsTexas

Greystar Breaks Ground on 396-Unit Community Near Tesla Gigafactory in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — Greystar Real Estate Partners has broken ground on Interport, a new garden-style community located approximately one mile from Tesla’s Austin Gigafactory and global headquarters. Once completed, Interport will comprise 396 units in studio, one-, two- and three-bedroom units. Outdoor amenities will include a dog park, beer garden, pool, outdoor kitchen and lounge, pickleball court, fitness lawn, community garden and EV chargers. Preleasing will begin in late 2023, and the first units are expected to be delivered in early 2024.

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Eleven-Park-Indianapolis-Indiana
DevelopmentIndianaMidwestNews

Indy Eleven, Keystone Group to Break Ground on $1 Billion Mixed-Use Development in Indianapolis

by Kari Lloyd

INDIANAPOLIS — Indy Eleven and Keystone Group will break ground on Eleven Park, a mixed-use project in the southwest quadrant of downtown Indianapolis in May. The development will include a 20,000-seat multipurpose stadium, 600 rental units, 205,000 square feet of office space, more than 197,000 square feet of retail space, a hotel and public parking garages. The Indianapolis Star reports the project has a price tag of $1 billion. Eleven Park will also feature a public plaza and green spaces featuring an outdoor stage with free concerts, a play zone, outdoor activities, …

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ConnecticutDevelopmentNewsNortheast

Northmarq Secures Over $37.5 Million Construction Financing for 151-Unit Development in Newington, Connecticut

by Kari Lloyd

NEWINGTON, CONN. — Northmarq has secured $37.5 million in construction financing for the development of The Pike in Newington, a southwest suburb of Hartford. The developer broke ground at the end of 2022. The project completion date was not disclosed. The capital stack included a $25 million senior construction loan with a bank, and preferred equity in the amount of $12.5 million from a real estate private equity firm. The combined senior construction loan and preferred equity represents 85 percent loan-to-cost. Financing was secured by Brad Burns, Brandon Harrington, Tyler …

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DevelopmentIndianaMidwestNews

Scannell Properties, Pittman Investors Begin Phase I of Pittman Farms Mixed-Use Development

by Kari Lloyd

ZIONSVILLE, IND. — Developers Pittman Investors and Scannell Properties have begun work on the first phase of Pittman Farms, a mixed-use development in Zionsville, a northwest suburb of Indianapolis. The 48-acre development will feature a mix of retail amenities and a 400-unit apartment development. The first phase will include land preparation and infrastructure for the entire development and the three-building, four-story, 400-unit apartment development. Planned amenities include a golf simulator, saltwater pool, fitness lab, library, work-from-home space, dog park, covered parking and an outdoor pavilion. Phase one is expected to …

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Investment SalesNewsNorth CarolinaSoutheast

CRC Buys Charlotte, North Carolina, Property for $96.3 Million

by Lynn Peisner

CHARLOTTE, N.C. — Continental Realty Corp. (CRC), a Baltimore-based investment and management company, has purchased Sycamore at Tyvola in Charlotte for $96.3 million. The community is the eighth asset CRC has acquired in North Carolina. The 288-unit, four-story property was designed by Switzenbaum & Associates and opened in 2018. It was 95.5 percent leased at the time of sale. Michael Saclarides of Cushman &Wakefield represented the undisclosed seller. Amenities include a fitness center, clubhouse, event studio, pool, tennis court, putting green and wooded walking trails throughout the site’s 31 acres.

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The pool at Spice Creek, surrounded by black metal fending and brown and gray low-rise buildings with black roofing.
Investment SalesNewsTexas

Harbor Group International Acquires 828-Unit Portfolio in San Antonio

by Channing Hamilton

SAN ANTONIO — Harbor Group International has acquired a three-property portfolio totaling 828 units in San Antonio from Texas-based Multifamily Acquisition Advisors and Irvine, California-based Blackhawk Property Holdings. The sale was brokered by Newmark, with Senior Managing Director Matt Michelson representing the sellers. Executive Managing Directors Henry Stimler, William Weber and Matt Mense, Senior Managing Director Ari Schwartzbard and Vice President Daniel Sarsfield arranged a loan on behalf of HGI through Freddie Mac. The assets sold for an undisclosed price. The portfolio includes three garden-style properties: Spice Creek, The Clara …

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The leasing office at Springs at Alamo Ranch, a half stone and half green siding building.
Investment SalesNewsTexas

MLG Capital Acquires 232-Unit San Antonio Asset

by Channing Hamilton

SAN ANTONIO — Brookfield, Wisconsin-based real estate investment firm MLG Capital has acquired Springs at Alamo Ranch in San Antonio. Springs at Alamo Ranch comprises 227,000 square feet and 232 studio, one-, two- and three-bedroom townhome style units. Amenities at the gated-access community include a pool, fitness center and dog park. MLG Capital plans to rebrand the property as Reata Alamo Ranch. According to Apartments.com, monthly rental rates range from $1,076 to $2,654.

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Affordable HousingDevelopmentGeorgiaInvestment SalesNewsSoutheast

City of Atlanta Acquires $39 Million Office Tower for Housing Conversion

by Lynn Peisner

ATLANTA — The city of Atlanta has completed its $39 million purchase of 2 Peachtree Street, a 41-story office tower in downtown Atlanta that was built in 1966. The city’s economic development agency, Invest Atlanta, purchased the 1-million-square-foot building and will hold it until a redevelopment partner is selected. The acquisition was funded through allocations from the Eastside Tax Allocation District. Invest Atlanta will select a development partner, following a request-for-proposals process, by the end of 2023, with the goal of beginning construction in 2024. The number of units or …

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The-Annex-Bloomington-Ind.
DevelopmentIndianaMidwestNews

The Annex Group Breaks Ground on 102-Unit Workforce Housing Development in Bloomington, Indiana

by Kari Lloyd

BLOOMINGTON, IND. — Indianapolis-based developer The Annex Group has started work on a 102-unit workforce housing community in Bloomington. The Annex of Bloomington will be located at the corner of Third and Grant St. in an area called the University Village Downtown Character Overlay District.   The development is set to include enclosed parking and ground-floor retail space. Construction is scheduled for completion in spring 2023. Project partners include Gilliatte General Contractors, Inc., architect KTGY, engineering firm Smith Design Group Inc. and STAR Financial Bank, which has provided $18.1 million …

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Union-at-Middle-Creek-Lincoln-Neb
DevelopmentMidwestNebraskaNews

The Annex Group Breaks Ground on 192-Unit Affordable Housing Community in Lincoln, Nebraska

by Kari Lloyd

LINCOLN, NEB. — Indianapolis-based developer The Annex Group has started work on Union at Middle Creek, a 192-unit affordable housing community in Lincoln. The $34.4 million development will be located at 2643 W. Timberlake Drive, and feature 192 units targeting people who make up to 60 percent of the area median income (AMI). Property amenities will include a clubhouse, fitness center, nature trail, a balcony or patio for all units, and limited private carport parking. The Annex Group will also create a Community Impact Plan specific to Union at Middle …

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