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Brain Group, Mercier Street Begin $250 Million Redevelopment Project, Plan 138-Unit Community

by Kari Lloyd March 1, 2023

KANSAS CITY, MO. — Co-developers Brain Group and Mercier Street have started work on the conversion of the former Westport Middle and Westport High School campuses in Kansas City into Park 39, a $250 million live-work-play development. The property will be situated on 16 acres at 39th and McGee streets in the city’s Midtown district. Anchoring the project is The Residences at Park 39, a 138-unit apartment community within the four-story former Westport High School. The Residences are planned to include flexible work areas, a fitness center and mailroom, auditorium …

March 1, 2023

Alabama Development News Southeast

RCP Cos. Secures $62.1 Million Construction Loan for Huntsville Project

by Lynn Peisner February 28, 2023

HUNTSVLLE, ALA. — Northmarq has arranged $62.1 million in construction financing through an undisclosed regional bank for RCP Cos. The financing is partially funding the $108 million multifamily development called The Wellory. Locally based RCP, along with Grounded Capital Partners, is building the 328-unit property, with 13,582 square feet of ground-floor retail space, within its master planned MidCity District project. According to RCP, The Wellory will be a net zero community with a LEED Platinum rating. Amenities will include a clubroom, located on the sixth floor and dubbed “sky lounge,” …

February 28, 2023

View of the pool area at The Falls at Mill Creek in Nashville

Investment Sales News Southeast Tennessee

WhiteRock Buys Nashville Value-Add Property for $35.5 Million

by Lynn Peisner February 28, 2023

NASHVILLE, TENN. — Capstone has arranged the $35.5 million sale of The Falls at Mill Creek, a 204-unit community in Nashville, located about seven miles southeast of downtown. Capstone represented both the seller, Alexander Properties, and the buyer, WhiteRock Real Estate, who plans to upgrade the fitness center, clubhouse and exterior leisure areas. The property was built in 1973 and renovated in 2016. The Capstone transaction team was led by Adam Klenk, Austin Heithcock, Jordan Arand and Joshua White. Falls at Mill Creek is made up of one-, two- and …

February 28, 2023

A sign off the road reading "Meadowland Apartments" with a two-story leasing office behind it.

Investment Sales News Oregon Western

JLL Brokers $26.9 Million Sale of Meadowland Apartments in Portland, Oregon

by Channing Hamilton February 27, 2023

PORTLAND, ORE. — NBP Capital has sold Meadowlands Apartments in Portland to Glencrest Group for $26.9 million. JLL Capital Markets brokered the sale, representing the seller in the deal, and arranged a 10-year, fixed-rate Freddie Mac loan for Glencrest Group. The 168-unit, garden-style community will be rebranded as Township Eastside. The property was built in 1991 and includes two-bedroom units with in-unit washers and dryers and a patio or balcony. Community amenities include a clubhouse, a pool and a playground. The JLL Investment Sales and Advisory team representing the seller …

February 27, 2023

Development Michigan Midwest News

Bedrock Unveils 1.5 Million-Square-Foot Development At Cadillac Square In Downtown Detroit, Plans Up To 280 Units

by Kari Lloyd February 23, 2023

DETROIT — Bedrock has unveiled plans for the Development at Cadillac Square, a 1.5 million-square-foot mixed-use development in downtown Detroit. The Development at Cadillac Square project is the latest incarnation of a previously delayed plan, which was announced in 2016, according to The Detroit News. The development will be situated between Monroe and Randolph streets, adjacent to Campus Martius Park and Cadillac Square. Construction is expected to commence in 2024. Total costs for the project remain undisclosed, according to the Detroit Economic Growth Corp. The project will include 230,000 square …

February 23, 2023

Exterior rendering of the Estate Cos. new project in Pompano Beach that will deliver in 2024

Development Florida News Southeast

The Estate Cos. Breaks Ground on Broward County Mixed-Use Project

by Lynn Peisner February 22, 2023

POMPANO BEACH, FLA. — The Estate Cos. has broken ground on Soleste Pompano Beach, an eight-story, mixed-use community with 253 apartments and 4,000 square feet of commercial space. The project is in Pompano Beach, about 10 miles north of Fort Lauderdale. Soleste Pompano Beach will offer studios, one- and two- bedroom units and “live-work units,” which the developer defines as apartments with a combination of residential and business space ranging in size from 450 to 1,050 square feet. Amenities will include a resort-style pool and amenity deck with a fitness …

February 22, 2023

Development Midwest News Ohio

Crawford Hoying Acquires 592-Unit The Banks Mixed-Use Property in Cincinnati

by Kari Lloyd February 21, 2023

CINCINNATI — Crawford Hoying, a real estate developer based in suburban Columbus, has acquired The Banks, a two-property, 592-unit project located in Cincinnati. The property was sold by Nicol Investment Company for an undisclosed price. The Banks project consists of two properties, Current at the Banks and Radius at the Banks, totaling 592 units. In addition, the development has approximately 100,000 square feet of ground-floor retail. Located between Cincinnati’s MLB and NFL stadiums, the riverfront portfolio at The Banks connects the city grid and downtown to the historic riverfront. The …

February 21, 2023

Exterior of Marina Shores in Virginia Beach, Virginia

Investment Sales News Southeast Virginia

Cushman & Wakefield Arranges $101.9 Million Sale of Marina Shores in Virginia Beach, Virginia

by Lynn Peisner February 21, 2023

VIRGINIA BEACH, VA. — FPA Multifamily has acquired Marina Shores Apartment Homes in Virginia Beach for $101.9 million. Cushman & Wakefield’s Jorge Rosa and TJ Liberto partnered with NAI Global to represent the seller in the transaction. The 392-unit property consists of one-, two- and three-bedroom units. Amenities include a saltwater pool, fitness center, resident clubhouse and kitchen, two dog parks, outdoor grilling and lounge areas, a tennis court and covered parking. The property is about half a mile from the Chesapeake Bay waterfront. According to ApartmentRatings, monthly rental rates …

February 21, 2023

Development Indiana Midwest News

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

by Kari Lloyd February 20, 2023

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, …

February 20, 2023

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

Investment Sales News Texas

Harbor Group International Acquires 828-Unit Portfolio in San Antonio

by Channing Hamilton February 17, 2023

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 …

February 17, 2023

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