News

Drawn plans of the Caroline Eastside Apartments.

Hunt Cos. Breaks Ground on The Caroline Eastside Apartments Near Dallas

by Channing Hamilton March 17, 2023

RICHARDSON, TEXAS — Hunt Cos. has broken ground on The Caroline Eastside Apartments, a 384-unit apartment building in Richardson, 14 miles north of Dallas. Hunt Cos. is partnering with the U.S. Department of Housing and Urban Development to finance the project. Walker & Dunlop also served as a lender. The building was designed by HEDK Architects and will be built by KWA Construction. ZRS Management will be responsible for leasing and management of the property. Preleasing for the community will begin in in the fourth quarter of 2023, with first move-ins …

March 17, 2023

Investment Sales Midwest Minnesota Nebraska News

Centerspace Sells Nine Properties in Minnesota and Nebraska for $144.3 million

by Channing Hamilton March 17, 2023

MINOT, N.D. — Minot-based developer Centerspace (NYSE: CSR) has sold nine properties in Minnesota and Nebraska to an undisclosed buyer for a total $144.3 million. The transaction included four communities (692 units) in St. Cloud, Minnesota, two communities (498 units) in the Omaha-Lincoln market in Nebraska and three communities (377 units) in the Minneapolis-St. Paul market. CBRE brokered the sale of the Minnesota communities, while MMG Real Estate Advisors brokered the sale of the communities in Nebraska.

March 17, 2023

Affordable Housing Development Florida News Southeast

Walker & Dunlop Arranges $51 Million for Florida Affordable Housing, Opportunity Zone Project

by Lynn Peisner March 17, 2023

OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building in Oakland Park, located midway between Pompano Beach and Fort Lauderdale. Miami-based NRI Investments is developing the project and has signed a development agreement, lease agreement and purchase and sale agreement for the site with the City of Oakland Park. Sky Building’s 2-acre site is located in an Opportunity Zone. The mid-rise development will deliver 136 affordable and workforce units, connected by a sky bridge to the City of Oakland Park’s new city …

March 17, 2023

A 3D render of Vermeer, a 13-story grey and white building.

Development News Northeast Washington, D.C.

Toll Brothers Underway on 501-Unit Mixed-Use Project in Washington, D.C

by Channing Hamilton March 15, 2023

WASHINGTON, D.C. — Toll Brothers Apartment Living, a subsidiary of Toll Brothers Inc., is developing Vermeer, a mixed-use project in the Buzzard Point neighborhood of Washington, D.C. Vermeer’s development is being financed through a construction loan from Bank OZK. The project was designed by architecture firm KTGY. Site work on Vermeer began in December 2022, and the building is expected to open in 2024. Vermeer will rise 13 stories and include 37,000 square feet of ground-level retail space. The property’s 501 units will be available in studio, one-, two- and …

March 15, 2023

New York News Northeast People News

Newmark Selects Chad Lavender as President of Capital Markets

by Channing Hamilton March 15, 2023

NEW YORK CITY — Newmark Group has hired Chad Lavender as president of capital markets for the firm’s operating businesses in North America. Lavender will serve on the company’s executive committee and corporate management steering committee. In this role, Lavender will oversee the strategy and revenue growth of Newmark’s capital markets business assets, including multifamily, office, industrial, retail and alternative investment classes. Lavender previously served as Newmark’s vice chairman and co-head of healthcare and alternative real estate assets group. Prior to joining Newmark, Lavender held roles as co-head of HFF’s national …

March 15, 2023

Florida News Southeast

Northmarq Opens New Florida Office, Hires David Gahagan as Managing Director

by Channing Hamilton March 14, 2023

WEST PALM BEACH, FLA. — Northmarq is opening a debt and equity office in West Palm Beach, which will be led by new hire David Gahagan. Gahagan’s title will be managing director, and he will collaborate with Northmarq’s Miami and Fort Lauderdale offices. Gahagan previously served as senior director at Walker & Dunlop for nine years and senior vice president of Grandbridge Real Estate Capital’s South Florida office. Earlier in his career, he held production roles with Legg Mason Real Estate Services.

March 14, 2023

Florida People News Southeast

Colliers Hires Matt Siegel as Executive Managing Director

by Channing Hamilton March 14, 2023

TAMPA, FLA. — Colliers has hired Matt Siegel as executive managing director and brokerage market leader for West and Central Florida. Siegel will oversee the team that serves Tampa Bay, Orlando and Fort Myers, which includes 95 brokers and 50 support staff. Siegel comes to Colliers from CBRE Tucson, where he served as managing director. Previous roles included vice president and market director for NAI Robert Lynn, where he specialized in office and industrial brokerage. Siegel will replace Danny Rice, who held the Florida position for five years. Rice has …

March 14, 2023

The swimming pool at Plum Meadow, surrounded by buildings.

Investment Sales News Texas

NeuRock Capital Sells Three-Property Portfolio in Dallas-Fort Worth

by Channing Hamilton March 14, 2023

DALLAS, ARLINGTON AND GRAND PRAIRIE, TEXAS — NeuRock Capital has sold a three-property, 782-unit portfolio in the Dallas-Fort Worth metropolitan area. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office represented NeuRock Capital and procured the undisclosed buyers. The portfolio comprises Mercer Park, a 248-unit community in Arlington; Timber Oaks, a 264-unit affordable housing asset in Grand Prairie; and Plum Meadow, a 270-unit market-rate property in the Redbird neighborhood of Dallas.

March 14, 2023

Affordable Housing News Southeast Tennessee

LDG Breaks Ground $79.6 Million Affordable Project in Nashville

by Lynn Peisner March 14, 2023

NASHVILLE, TENN. — LDG Development has broken ground on Ewing Heights in North Nashville. The affordable housing project will deliver 180 two- and three-bedroom apartments as well as 10 three- and four-bedroom townhomes for families earning between 40 and 80 percent of area median income (AMI). Amenities include a fitness and business center, a pool and a dog park. Completion is slated for mid-2024. The estimated development cost for Ewing Street is $79.6 million. Financing for the project was secured by 4 percent Low-Income Housing Tax Credits (LIHTC) and tax-exempt …

March 14, 2023

Development News Texas

NRP Group Breaks Ground on Ascent at Mountain Creek in Dallas

by Channing Hamilton March 13, 2023

DALLAS — The NRP Group, a Cleveland-based affordable housing developer, has broken ground on Ascent at Mountain Creek, a 324-unit mixed-income community in Dallas. Fifty percent of units will be reserved for households earning at or below 80 percent of the area median income (AMI). Ascent at Mountain Creek will comprise 14 three-story buildings and offer one-, two- and three-bedroom floor plans. The development is scheduled to be complete in September 2024, with early lease-up beginning in October 2023.

March 13, 2023

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