Development

The Garrett Companies to Develop Two Multifamily Communities in Metro Denver

by Amy Works May 21, 2025

LONGMONT AND COLORADO SPRINGS, COLO. — The Garrett Companies is developing two apartment communities in Longmont and Colorado Springs. The combined development value of the two properties is $145 million. Wintrust provided a construction loan for the Longmont property, while National Bank of Indianapolis provided a construction loan for the Colorado Springs asset. Located at 245 Bountiful Ave. in Longmont, the garden-style project will offer 224 one-, two- and three-bedroom apartments, with 12 percent of the units income restricted. The asset will include one four-story and 10 two-story buildings, a resort-style pool and spa with cabanas, a fitness center, TV lounges, pickleball courts and a dog park. Construction for the $90 million project is slated for completion in early 2027. Humphreys & Partners is serving as architect for the development. Situated on the southwest corner of Rio Vista Drive and Barnes Road in Colorado Springs, the garden-style property includes four four-story buildings with a mix of 41 percent one bedrooms, 41 percent two bedrooms and 18 percent three bedrooms. Each of the 163 units will have a full-sized washer/dryer. Community amenities will include a resort-style pool and spa and cabanas, a fitness center, dog park, clubhouse with lounge, billiards and arcade …

May 21, 2025

Development Multifamily New York Northeast

BRP Cos. Completes 292-Unit Multifamily Project in Farmingville, New York

by Taylor Williams May 21, 2025

FARMINGVILLE, N.Y. — BRP Cos. has completed Arboretum at Farmingville, a 292-unit multifamily project on Long Island. The 62-acre site at 20 Maple Lane is located within the Town of Brookhaven and includes a public park with walking trails and picnic areas. The development consists of 82 two-bedroom flats, 82 lofts, 63 two-bedroom townhomes, 14 three-bedroom townhomes and 51 three-bedroom single-family houses, with 30 units reserved for workforce housing. The amenity package comprises a fitness center with a yoga room, pool and cabana area, clubhouse with an entertainment kitchen, courts for tennis, pickleball and bocce ball, a putting green, playground, dog run and a business center with conference rooms. Santander Bank financed construction of the project, which began in summer 2022, and Basis Investment Group was the preferred equity investor. Rents start at $3,495 per month for a two-bedroom, market-rate apartment.

May 21, 2025

Acquisitions Development Multifamily New York Northeast

CBRE Brokers $27M Sale of Multifamily Development Site in White Plains, New York

by Taylor Williams May 21, 2025

WHITE PLAINS, N.Y. — CBRE has brokered the $27 million sale of a multifamily development site in White Plains, located north of New York City. The site at 60 S. Broadway spans 3.6 acres on the eastern edge of the downtown area and is approved for the development of two high-rise buildings totaling 814 units. Jeffrey Dunne, Eric Apfel and Travis Langer of CBRE represented the seller, Quarterra Multifamily Communities, in the transaction. The buyer was an affiliate of New York-based investment and development firm Stagg Group. A construction timeline was not disclosed.

May 21, 2025

Development Multifamily Texas

McGrath Real Estate Completes 400-Unit Multifamily Project in Houston

by Taylor Williams May 20, 2025

HOUSTON — Locally based developer McGrath Real Estate Partners has completed a 400-unit multifamily project in Houston’s Design District. Artistry Design District offers studio, one- and two-bedroom units that are furnished with quartz countertops, tile backsplashes, built-in desks, walk-in closets, stainless steel appliances and individual washers and dryers. Amenities include a pool, fitness center, resident lounges, a communal kitchen, coworking spaces and a pet park. Artistry Design District also features a stage for live music and other entertainment events. Move-ins are underway, and the property is now 57 percent occupied.

May 20, 2025

Development Loans Multifamily Texas

S3 Capital Provides $46.5M Construction Loan for Denton Multifamily Project

by Taylor Williams May 20, 2025

DENTON, TEXAS — S3 Capital, the lending arm of New York City-based investment firm Spruce Capital Partners, has provided a $46.5 million construction loan for a 306-unit multifamily project in the North Texas city of Denton. Phase I of the garden-style development will consist of three 12-story buildings, and the property will ultimately offer amenities such as a pool, fitness center, business center and a dog park. The sponsor is national developer Landmark Cos. Information on floor plans and a construction timeline was not disclosed.

May 20, 2025

Development Office Texas

KDC Breaks Ground on 13,500 SF Headquarters, Training Facility in McKinney, Texas

by Taylor Williams May 20, 2025

MCKINNEY, TEXAS — Locally based developer KDC has broken ground on a 13,500-square-foot headquarters and training facility in the northern Dallas suburb of McKinney. The project is a build-to-suit for Hugs Café, an organization dedicated to providing training and employment for adults with disabilities, and will feature a training kitchen, four classrooms, a rooftop deck and a patio. Corgan is the architect, and Brasfield & Gorrie is the general contractor. Completion is slated for next summer.

May 20, 2025

Development Loans Multifamily New York Northeast Office

Metro Loft, DWREI Receive $720M in Financing for Manhattan Office-to-Residential Conversion Project

by Taylor Williams May 20, 2025

NEW YORK CITY — A joint venture between Metro Loft Management and David Werner Real Estate Investments (DWREI) has received $720 million in financing for an office-to-residential conversion project in Manhattan. The project will convert the 10-story, 290,000-square-foot office building at 219 E. 42nd St., which formerly served as the global headquarters for pharmaceutical giant Pfizer Inc., into a multifamily complex. When combined with the adjacent building at 235 E. 42nd St., the development will feature more than 1,600 apartments, 25 percent of which will be reserved as affordable housing, as well as 100,000 square feet of amenity space and 30,000 square feet of retail space. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing through Madison Realty Capital on behalf of the joint venture. Construction is slated for a late 2027 completion. The IPA team also arranged $75 million in bridge financing for the project last fall, with Northwind Group serving as the direct lender on that deal.

May 20, 2025

Development Northeast Pennsylvania

Alterra, Eco Materials Open $40M Soil Remediation Facility in South Philadelphia

by Taylor Williams May 20, 2025

PHILADELPHIA — A partnership between Alterra IOS, a locally based investment firm specializing in industrial outdoor storage facilities, and Eco Materials has opened a $40 million soil remediation facility in South Philadelphia. The site spans roughly 6 acres at 6110 W. Passyunk Ave. The facility reclaims and repurposes sand, aggregate and construction waste through an advanced wet washing process, ultimately remediating and repurposing more than 85 percent of incoming materials back into the construction ecosystem for future use.

May 20, 2025

Affordable Housing California Development Multifamily Property Type Western

Mid-Pen Opens First Phase of Midway Village Affordable Housing Property in Daly City, California

by Amy Works May 20, 2025

DALY CITY, CALIF. — MidPen Housing and partners have completed the construction of Midway Village I, which includes 147 affordable housing units in Daly City. MidPen also broke ground on Midway Village II, which will include 113 affordable units and a childcare facility. Midway Village I is reserved for renters earning between 30 and 80 percent of the area median income (AMI). The developer has earmarked 12 of the apartments for young adults aging out of foster care. Local teachers/members of the area’s education workforce will have priority for 27 of the units. When complete in 2027, Midway Village II will feature homes for families earning between 30 and 60 percent of AMI. Twenty-nine of the units will be reserved for individuals with supportive housing needs, provided through the Housing for a Healthy California program. This second phase will also feature a 15,000-square-foot childcare center where Peninsula Family Service will serve 109 children, including children from low-income families in the broader community. These are the first two phases of a four-phase revitalization and expansion effort that will ultimately transform an existing San Mateo County Housing Authority property from 150 outdated units into 555 new apartment homes. Residents of the original …

May 20, 2025

California Development Industrial Western

Stream Realty Partners Secures Entitlements for 100,000 SF Central LA Commerce Center Development

by Amy Works May 20, 2025

CUDAHY, CALIF. — Stream Realty Partners has secured project entitlements for Central LA Commerce Center, a Class A light industrial development located at 4900 Cecilia St. in Cudahy, a suburb 11 miles southeast of Los Angeles. The project will transform a functionally obsolete 1950s-era manufacturing building into a LEED-certified light industrial development. The 100,000-square-foot property will feature a clear height of 36 feet, 5,000 square feet of speculative two-story office space, 11 dock-high doors and two drive-in doors. Additionally, the asset will include a fully secured truck court, independent ingress and egress for autos and trucks, and heavy base building power to meet the needs of modern light industrial tenants. Stream’s Industrial Development team for Central LA Commerce Center includes Nick Kreuter, Andrew Warren and Scott Sowanick, who will collaborate with the brokerage team led by Matt Moore and Wes Hunnicutt.

May 20, 2025

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