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Lofts iThirty in Garland, Texas
DevelopmentFinanceNewsTexas

Anthem Development Breaks Ground on $64 Million Lofts iThirty in Garland, Texas

by Channing Hamilton

GARLAND, TEXAS — Anthem Development, a Beck Ventures company, has broken ground on the first phase of redevelopment for the new Transit-Oriented District in Garland. The first phase includes the development of Lofts iThirty, a 340-unit project located at 6302 Greenbelt Pkwy. Lofts iThirty will comprise five buildings that each rise four stories, with amenities such as two pools, a pet spa, park, game room, coffee bar, sky-lounge, outdoor kitchens and two fitness centers. The total cost of the first phase is expected to be $64 million. At full build-out, the redevelopment project …

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Mercantile Lofts in Arlington, Texas
DevelopmentNewsTexas

Bridgeview Multifamily to Develop 250-Unit Project in Arlington, Texas

by Channing Hamilton

ARLINGTON, TEXAS — Bridgeview Multifamily will develop a 250-unit community in Arlington, west of Dallas. The project, which is tentatively called Mercantile Lofts, will comprise one four-story building with three-story wings on a 6.3-acre site. Units will come in one- and two-bedroom floor plans. Amenities will include a pool, courtyard and single-level parking garage. Construction is expected to begin next summer. 

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NEMA Miami in Miami
DevelopmentFloridaNewsSoutheast

Crescent Heights Tops Off 39-Story NEMA Miami in Downtown Miami

by Channing Hamilton

MIAMI — Crescent Heights has topped off NEMA Miami, a 39-story rental tower in downtown Miami. McHugh Construction and Stiles Construction are the general contractors for the project. NEMA Miami will offer 588 apartments, as well as ground-floor retail, including a 42,030-square-foot Whole Foods Market, and a seven-story parking garage with 748 spaces. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, sauna and steam rooms, event space, a private bar lounge and a fitness center. First move-ins are slated for summer 2024. …

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FirstStreet Happy Valley in Phoenix
ArizonaBuild-to-RentInvestment SalesNewsWestern

Harvard Investment Sells Build-to-Rent Community in Phoenix for $87.9 Million

by Channing Hamilton

PHOENIX — Harvard Investments has sold FirstStreet Happy Valley, a 212-unit build-to-rent community in Phoenix. Spruce Capital Group, a private family-owned investment firm, acquired the asset for $87.9 million. FirstStreet Happy Valley offers one-, two- and three-bedroom floor plans with attached and detached garages. The average size of the units is 1,904 square feet. Amenities include a dog park and washing station, a pool, spa, fitness center and clubhouse. The property was built two years ago and was 94 percent occupied at the time of sale.

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Meritum Sonoran Desert in Phoenix
ArizonaDevelopmentFinanceNewsWestern

JLL Arranges $62.6 Million in Construction Financing for Meritum Sonoran Desert in Phoenix

by Channing Hamilton

PHOENIX — JLL Capital Markets has arranged $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style development in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia worked on behalf of the borrower, IDM Cos., to secure the loan through a life company. Slated for completion in 2025, Meritum Sonoran Desert will comprise 348 apartments across 13 buildings. Units will come in one-, two- and three-bedroom layouts. Planned amenities include a clubhouse with a resident living room and kitchen, fitness center, a dog park and two pools.

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A development project by Milhaus and Banyan Residential in Phoenix
ArizonaDevelopmentFinanceNewsWestern

Milhaus, Banyan Residential Break Ground on $117 Million Development in Phoenix

by Channing Hamilton

PHOENIX — Milhaus and Banyan Residential have begun constructing the first phase of a 515-unit community in Phoenix. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The community will feature studio, one-, two- and three-bedroom units ranging in size from 415 to 1,392 square feet. Amenities will include two clubhouses, pools, a fitness center, green spaces and a dog park. Phase one is expected to deliver in the fourth quarter of 2025, with a total development cost of $117 million.

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Mountain View Crossing in Wayne, New Jersey
FinanceInvestment SalesNew JerseyNewsNortheast

Cushman & Wakefield Arranges $97.7 Million in Acquisition Financing for Mountain View Crossing in Wayne, New Jersey

by Channing Hamilton

WAYNE, N.J. — Cushman & Wakefield has brokered the sale of Mountain View Crossing, a 465-unit community in the New York City suburb of Wayne. The Pomeranc Group acquired the asset from UBS Realty Investors. Mountain View Crossing offers units in studio, one-, two- and three-bedroom floor plans. Amenities include a pool with a subdeck, barbeque area, tennis and basketball courts, a clubroom, fitness center and dog park. Cushman & Wakefield’s Niko Nicolaou, Ryan Dowd, Peter Welch and Mitch Rothstein represented the seller and procured the buyer. Additionally, Cushman & Wakefield’s equity, debt …

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Reagan at Bear Creek in Euless, Texas
Investment SalesNewsTexas

Knightvest Capital Sells 216-Unit Reagan at Bear Creek in Dallas Suburb

by Channing Hamilton

EULESS, TEXAS — Knightvest Capital has sold Reagan at Bear Creek, a garden-style community in the Dallas suburb of Euless. The buyer was not disclosed. Reagan at Bear Creek was originally built in 1998 and first acquired by Knightvest Capital in September 2017. The property comprises 216 units. Over the course of six years, the company renovated the community with updates to individual units and amenities. According to Knightvest Capital, the renovated units saw an 80 percent increase in rent over acquisition rates.

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Griffis at Riata in Austin, Texas
Investment SalesNewsTexas

Draper and Kramer Acquires 307-Unit Griffis at Riata in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — Draper and Kramer Inc. has acquired Griffis at Riata, a 307-unit property located in Austin’s tech district. Griffis at Riata was built in 2017 on a 16.9-acre site adjacent to Apple’s Austin corporate campus on Parmer Lane. The community comprises 195 one-bedroom and 112 two-bedroom apartments across 17 buildings. Amenities include co-working spaces, a resident lounge, two fitness centers, a pet spa and dog park. At the time of purchase, the property was 95 percent leased. Draper and Kramer will rebrand the community as “DK Riata.”

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The Enclave on Main in Whitehall, Ohio
Affordable HousingDevelopmentFinanceMidwestNewsOhio

Woda Cooper Cos., IMPACT Community Action Begin Development of Affordable Community in Whitehall, Ohio

by Channing Hamilton

WHITEHALL, OHIO — Woda Cooper Cos. and IMPACT Community Action have broken ground on The Enclave on Main, a 102-unit affordable housing community in Whitehall. The Enclave on Main will be affordable to tenants earning between 30 and 80 percent of the area median income. Units will come in one-, two- and three-bedroom layouts, with several units adapted for those with mobility challenges or sight and hearing disabilities. Amenities include a community room with kitchenette and management office for an onsite community manager. The Ohio Housing Finance Agency (OHFA) provided …

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