PHOENIX, AZ – Real estate development firm Hatteras Sky along with capital partner Bridge Investment Group broke ground earlier on a 23-story mixed-use high-rise apartment project located at First Avenue and West McKinley Street, in the heart of downtown Phoenix s Roosevelt Row neighborhood.
Located only a 4-minute walk from the Central Avenue Valley METRO Light Rail station, the new project, named Saiya, will feature 389 multifamily residential units and 12,550 square feet of street-level retail, including the preservation of the historic McKinley Medical Office building.
Saiya is a unique and attractive opportunity to bridge the gap between Phoenix s housing supply and soaring housing demand, while also providing future residents with extraordinary access to the best of Roosevelt Row s arts, parks, entertainment, food, and beverage district as well as all that Downtown Phoenix has to offer, said Oz Friedmann, Principal and Managing Director of Development at Hatteras Sky. Phoenix has experienced dramatic growth, especially in downtown, and we are excited to contribute to the changing skyline.
Roosevelt Row has been named one of the nation s best neighborhoods and art districts, making it a valued cultural hub for the Phoenix metropolitan area and the State of Arizona. The walkable, creative district connects Downtown Phoenix to many historic residential neighborhoods and is nationally known for its arts and cultural events, award-winning restaurants, galleries, boutiques, festivals, and live music. The area has fostered a Downtown urban renewal with many rehabilitated historic bungalows and new infill projects, and the neighborhood is also a hot spot for local public and street art, and many photo opportunity destinations.
“Bridge focuses on multifamily developments as an avenue to revitalize underserved communities and provide high-quality, essential housing in growing parts of the country,” stated David Coelho, CIO of Bridge’s Opportunity Zone strategy. “The project fits well within our mandate and we are excited about our continued partnership with Hatteras Sky in a dynamic live/work/play neighborhood like Downtown Phoenix.”
Plans call for an amenity deck swimming pool, a rooftop pool, elevated outdoor courtyards offering group seating, grilling, and gaming areas, fitness center, game room, dog park, and rooftop kitchen and bar lounge. Saiya will also feature approximately 12,550 square feet of street-level retail and restaurant space. The first residential units are anticipated to be delivered in the summer of 2024. East West Bank and Poppy Bank are providing the construction financing. JE Dunn will serve as general contractor of the project, which was designed by Shepley Bulfinch. RPA, an Ardurra Company, is the civil engineer.

COLLEGE PARK, MD – Gilbane Development Company s TEMPO student apartments, a brand-new, fully furnished community designed for University of Maryland students, recently completed on-time delivery, opening doors to residents.
The 8-story student-focused community includes 296 units / 978 beds and 300 indoor parking spaces. The fully furnished studio, one-, two-, three-, four-, and five-bedroom apartments feature private ensuite bathrooms for each bedroom, fully equipped kitchens with stainless steel appliances, in-unit washer/dryers, simulated wood flooring, and flat screen TVs.
Residents of TEMPO will enjoy a best-in-class amenity package including a pool, 3 outdoor courtyards, a rooftop oasis with firepit and TVs, fitness center, podcast and video studio, yoga studio, multisport simulator, makerspace with 3D printer, game lounge with pool tables, study lounge, coffee bar, bike storage, and covered parking. TEMPO is a pet-friendly community and offers residents a free shuttle to the University of Maryland campus.
We are thrilled to welcome University of Maryland students to our TEMPO community, noted Gilbane Development Company development director Christian Cerria. The outstanding, walkable location combined with unrivaled amenities and unit design provides UMD students with a truly superior community in which to live, learn, and thrive.
TEMPO opened to positive reviews from residents. Bright rooms, great amenities, comfortable furniture, luxurious living, noted Gabi Gonzalez, a TEMPO resident. Not much more I could ask for in a college apartment, staff was great and very helpful with moving in. Also, I love all the amazing spaces for hanging out and getting work done. I m so glad I chose TEMPO

WILSON, NC – Brazos Residential, a Dallas-based real estate private investment firm specializing in multifamily investments, announced the $41M acquisition of the Wilson Woods Townhomes located in Wilson, NC. The transaction marks the firm’s tenth acquisition in 2022.
Constructed in 1974, Wilson Woods Townhomes is situated on an expansive 31 acres at 1706 Vineyard Dr. in Wilson, NC, about 40 miles from eastern Raleigh. The community has 376 units and presents a desirable combination of generous one, two, and three-bedroom floor plans, with an average unit size of over 1,000 square ft.
“Wilson Woods has an exceptionally unique story,” explains James Roberts, Managing Partner, and Cofounder. “The asset has been owned by the seller for over twenty-five years. This type of long-term, privately owned property is very rare, especially in highly sought-after markets in North Carolina.”
The community is the firm’s seventh North Carolina acquisition this year and highlights the company’s investment strategy of purchasing value-add opportunities with significant operational upside in growing cities near well-established markets like Raleigh-Durham.
“This investment continues to support our thesis of targeting strong emerging markets with immense potential. Given its proximity to Raleigh-Durham, the property provides strategic synergies to Brazos’ expanding portfolio in eastern North Carolina,” proclaims William Hancock, Managing Partner, and Cofounder. “We are excited to reposition this asset and capitalize on its operational inefficiencies to maximize returns to our investor partners and improve the living experience of the tenants.”

COLUMBUS, OH – Coastal Ridge Real Estate, a national multifamily investment, management, and development firm, announced that they are continuing the expansion of their Stillwell brand with a new project in Central Ohio. The firm will build 230 build-for-rent ( BFR ) homes at Jerome Village, a master-planned community developed by Nationwide Realty Investors.
Jerome Village boasts a wide range of housing styles and options to support Central Ohio s growing population and housing needs. The community includes over 700-acres of parks, and green space with a network of walking and nature trails connecting to Glacier Ridge Metro Park.
The Stillwell brand compliments the lifestyle offered at Jerome Village, said Jerimi Nuckolls, Director of Development at Coastal Ridge. We re enthusiastic about our partnership with Jerome Village and Hallstatt Real Estate Partners on this project and look forward to welcoming our first set of residents to our community in 2023.
Coastal Ridge launched the Stillwell brand earlier this year with Stillwell Wellen Park and Stillwell Avery Centre, BFR projects in Sarasota, Florida and Round Rock, Texas, respectively.
We ve looked forward to the day when we could announce the Stillwell brand would be coming to the Central Ohio community, said Andy Lallathin, Co-Founder and Managing Partner at Coastal Ridge. With so many of our Coastal Ridge team members located in Central Ohio and our corporate headquarters located in downtown Columbus, this project is of particular importance to our organization and development team.
Stillwell Jerome is being developed in a joint venture partnership with Halstatt Real Estate Partners and Coastal Ridge, with Columbus-based, Hallmark Construction serving as the contractor.
Stillwell Jerome will be located within the Fairbanks School District and will feature one-, two-, and three-bedroom homes with first-floor private entries and individual backyards. Residents will have onsite access to a resort-style pool, state-of-the-art clubhouse, walking trails, outdoor seating areas, and a fitness center.

NASHVILLE, TN – Subtext, a St. Louis-based integrated real estate development company, and Brinkmann Constructors, a St. Louis-based national general contractor, held an official groundbreaking ceremony for LOCAL Midtown, a 15-story multifamily project in Midtown Nashville. LOCAL Midtown is expected to be completed and open for leasing in 2024.
Located at 1904 Hayes Street, the 270,000-SF residential complex will contain 307 total units with a mix of studios, one-, two- and three-bedroom layouts. The modern design by architect Dynamik Design features 10,000 SF of total amenity space. Amenity highlights include a curated coffee bar and micro market on the first floor, a music studio and recording booth on the fifth floor, and several unique spaces on the sixth floor – media lounge, speakeasy, collaboration spaces, gaming room, fitness center with coach-led classes, library and outdoor amenity deck with a swimming pool. The 15th floor features a sky lounge and deck with sweeping views of downtown Nashville. A five-level covered parking garage will be available to residents.
“Our goal—as with our other developments in dynamic growth cities— is to create a residential community that supports how urban residents want to live, work and socialize,” said Brandt Stiles, Principal of Development, Subtext. “The massive growth in millennial population in Nashville means there is demand for beautiful, thoughtfully designed multifamily properties. But rather than just delivering a new building, we want to close a gap between residents’ desire for social connection and the actual experience of it.”
Using innovative exteriors, such as faux acrylic brick, the Brinkmann team was able to reduce the structure cost through creative and insightful preconstruction engineering. And a revised foundation system reduced the cost as well as the schedule and potential unknowns of the site geography.
“Brinkmann is thrilled to be continuing our valued partnership with Subtext to bring LOCAL Midtown to Nashville,” said Brian D. Satterthwaite, President of Brinkmann Constructors. “Our relationship works to create unique living spaces for communities.”
Nashville’s millennial population continues to soar, increasing by nearly 15% since 2014 and accounting for 30.4% of its population in 2019. With population growth comes a much greater demand for new, modern multifamily developments.
Brinkmann and Subtext recently completed LOCAL Boise, a seven-story multifamily building in downtown Boise, Idaho. The LOCAL Midtown project marks the first foray in Nashville for both firms.

CHARLESTON, SC – Quarterra Multifamily (QMF), a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and asset manager along with investment partner Cresset Real Estate Partners, announced it has topped off Cormac, a mixed-use apartment community on Charleston’s upper peninsula, in the rapidly growing North Morrison “NoMo” neighborhood. Cormac represents the first joint venture between QMF and Cresset Real Estate Partners and was capitalized in their Cresset Diversified Qualified Opportunity Zone (QOZ) Fund I.
Cormac, featuring 303 apartment homes and 13,068 square feet of retail space, as well as a pair of public ground level courtyards – will bring an unprecedented level of modern living to the burgeoning NoMo district. The midrise community’s unique and enviable location puts residents within easy reach of employment centers, dining options, as well as entertainment and sporting venues, and provides prime access to Downtown Charleston, Mt. Pleasant, Park Circle in North Charleston, and West Ashley.
“We are pleased to participate in the exciting transformation taking place in Charleston’s Upper Peninsula district,” said Jeff Harris, Quarterra Division President, Carolinas. “Cormac will provide thoughtfully designed homes with first class finishes and state of the art amenities. The ground floor retail will bring attractive retail and dining offerings right to our residents’ doorstep in addition to the existing retail offerings within the neighborhood.”
Situated at 1310 Meeting Street Road, Cormac is central to regional employment, shopping, dining and entertainment options. The retail shops at King Street, East Bay Street, Historic Charleston City Market, West Edge and Mt. Pleasant Town Center are all a short drive away. Local hot spots such as Butcher & Bee, Edmund’s Oast Brewing Company, Home Team BBQ, Revelry Brewing and Brewlab Charleston are just blocks away. Cormac residents will also find themselves in close proximity to several entertainment venues, including Charleston Gaillard Center, Festival Hall, Music Farm, Credit One Stadium, North Charleston Coliseum, TD Arena and Joseph Riley Baseball Park.
Cormac’s location on Meeting Street Road (U.S. Highway 52), is less than a quarter mile from Interstate 26, and approximately 1 mile from Ravenel Bridge – which leads to Mt. Pleasant – creating exceptional connectivity to employment centers in Downtown, Mt. Pleasant, and North Charleston. Residents will have access to a controlled-access three-story above-grade parking facility, as well as on-street parking and 19 electric vehicle charging stations.
Cormac will feature studio, one- and two-bedroom apartment homes, highlighted by Nest smart thermostats, keyless entries, and stainless-steel Whirlpool appliances. Custom cabinetry, quartz or granite countertops, hardwood-inspired flooring and pendant lighting will be featured in two distinct design schemes. Homes will also be equipped with tile backsplashes in kitchens, oversized tubs or walk-in showers with full tile surrounds and under-cabinet lighting. Select homes will feature kitchen islands and all homes, with the exception of studios, will include walk-in bedroom closets.
Residents will also enjoy a full amenity lineup which includes an eighth-floor rooftop terrace complete with butler kitchen and spectacular views of Downtown Charleston and the Ravenel Bridge. The fourth-floor features three elevated courtyards – one of which is highlighted by a resort-style pool and clubhouse. The clubhouse will be home to multiple coworking spaces. A state-of-the-art fitness center with a flex fitness/yoga studio, a bike storage room, package lockers, rentable storage spaces and a podcast studio will all be at residents’ disposal, as well.

PHOENIX, AZ – MG Properties, a private San Diego-based real estate investor, owner, and operator has purchased 2150 Arizona Ave South Apartments l for $107 million.
Rebranded as 2150 Apartments, this Chandler submarket of Phoenix boasts some of the most robust multifamily fundamentals in the metro due to its proximity to multiple job corridors, one of Arizona’s top school systems, award-winning master-planned communities, and relative affordability. With thoughtfully designed one, two, and three bedroom floor plans, the community offers a variety of options for area residents.
“The Phoenix economy has benefitted from tremendous growth, which we expect to continue during our long term investment horizon,” said Jeff Gleiberman, President of MG Properties. “2150 Apartments provides a value-add opportunity to continue a proven interior renovation program to increase rents, while staying below new construction rents.”
Seller was represented by Mark Forrester and Dan Cheyne with Berkadia. The acquisition of the community was financed with a loan from Fannie Mae, originated by Chuck Christensen and Lowell Takahashi with Berkadia.

CLEMSON, SC – Gilbane Development Company has opened Bixby on College, to residents. Bixby is a brand-new, fully furnished community designed for students attending Clemson University in Clemson, South Carolina.
Comprised of 107 units (383 beds), Bixby features fully-furnished apartments, in-unit washer/dryer, a fully equipped kitchen, high-speed internet and a flat-screen TV.
Community amenities include a clubhouse with pool table and gaming area which opens to a courtyard featuring a heated pool with infinity edge, fire pit, multiple seating areas, outdoor kitchen, and outdoor kitchen with grills; a fitness center with cardio and strength training equipment; study rooms; and a computer lab. There is also approximately 14,500 square feet of commercial space located on the first floor of the building fronting College Avenue and Keowee Trail. Current retail tenants include Romeo s Pizza and Solshine Yoga, with remaining retail space going fast.
We re proud of the on-time delivery of Bixby and are thrilled to welcome our first residents. Move in day was a success and residents are settling into their new homes, noted Russell Broderick, senior vice president for Gilbane Development Company. Between the location, housing amenities and retail/restaurants within our Bixby community, Clemson students will have a superior living-learning environment for many years to come.

AUSTIN, TX – The Michaels Organization, a national leader in residential real estate, announced that it has completed the sale of Zoey Apartments, a newly constructed premier apartment community in the fast-growing market of Austin, Texas.
“Michaels’ ability to develop first-class properties, especially in markets where the housing demand is so rapidly outpacing supply, allows us to offer attractive returns to our investors and capital partners while supporting our future growth,” said Michael Flannagan, Executive Vice President of Development at The Michaels Organization.
The $59.2 million Zoey development began leasing in early August and at the time of sale was 82 percent occupied. The community offers 306 luxury units, including 38 that are designated as affordable.
Located in the highly desirable East Riverside neighborhood, Zoey is within 5 miles of downtown Austin and is close to public transportation as well as major highways. The Southeast Riverside market is also host to several cultural attractions and recreational activities. Major employers in the area include Meta, Oracle, Google, Tesla, and Whole Foods Market.
“Texas is one of several key markets where Michaels is developing new multifamily communities,” said Chris Brookshire, Michaels Vice President and Zoey’s lead developer. “This community was designed with the needs of the residents in mind, and it is an asset to the Riverside neighborhood.”
Zoey offers residents well-planned units as well as upgraded, sustainable features including plank flooring, quartz countertops, and spacious closets, in layouts ranging from studios to two bedrooms. Amenities include fitness areas, rooftop lounge, co-working spaces, and recreation lounges as well as a pool, courtyards, a bike storage facility, and a dog wash area. The community also offers ample on-site parking.
The sale to Sterling Equities, a New York-based real estate firm, was arranged by Berkadia. Kelly Witherspoon and Michael Gonzalez with Berkadia’s Austin office represented The Michaels Organization on the disposition.
“The Zoey is an extremely well-built, Type 1 constructed midrise that was very well received in the market by both private and institutional investors,” said Witherspoon. “Infill opportunities of this caliber have been rare in Austin in recent years, so when they do surface, they generally get plenty of attention, which was the case here. Michaels was incredible to work with, and we look forward to the next one together.”
Terms of the transaction were not disclosed.
Earlier this year, Michaels also sold Hill Country Place, a 228-unit, 696-bed student housing community located off-campus in close proximity to the University of Texas-San Antonio. Due to strong execution, Michaels was able to sell both Zoey and Hill Country Place at a price that exceeded initial underwriting.

FORT LAUDERDALE, FL – Allegro Senior Living, a premier senior living operator, is expanding its Florida presence with Allegro Fort Lauderdale, its 12th community in the state. With more than 45 years of premier senior living experience, Allegro is focused on a singular mission for its new Fort Lauderdale community – to provide a state-of-the-art community and experience for area seniors.
With this unique, waterfront locale, Allegro Fort Lauderdale brings an extraordinary lifestyle offering to the area with 188 units and stunning views of the adjacent waterway and Atlantic Ocean. Conveniently located at 1290 N. Federal Highway, Allegro Fort Lauderdale is close to countless area attractions, dining and the beach.
The 188-unit, eight-level community was designed with modern sensibilities at every turn and offers independent, assisted living, and memory care. The community is more than 280,000 square feet and boasts a variety of offerings and services including multiple indoor and outdoor dining and entertaining options, a two-story theater, Sky Lounge, salon and spa, fitness and wellness center, pool, outdoor fireplace and fire pit, bourbon and whiskey lounge, boardwalk, outdoor gardens, dog park, housekeeping, valet parking, transportation, boat access and more.
“Allegro Fort Lauderdale offers the quintessential vision of the Florida lifestyle, catering to the very best that senior living has to offer,” said Douglas Schiffer, president and chief operating officer of Allegro Senior Living. “With Allegro Fort Lauderdale, we are reinforcing our presence on the east coast, marking our fourth location in South Florida and 12th in the state. Waterfront views and an enviable locale create an individualized experience that is uniquely tailored to our residents’ lifestyles.”
The development of Allegro Fort Lauderdale is led by Alliance Residential Company, a nationwide residential real estate developer with a regional office in Boca Raton, Fla. Alliance is working with local firms MSA Architects and FLYNN Engineering on the design and construction of the community, among others, and Allegro Senior Living will assume management and oversight of the community.
“Alliance Residential is excited to partner with Allegro Senior Living on this project that will combine our lifestyle expertise with the hospitality and care experience of Allegro,” said Robert Hall, Alliance Residential Managing Director. “We are creating a unique, one-of-a-kind project that will help set a new standard in Fort Lauderdale.”
Allegro Fort Lauderdale will bring more than 115 jobs to the area, hiring at all levels including management, medical and care, dining, activities, transportation, maintenance and housekeeping. The location will begin sales in September 2022 with a residential opening expected in mid-to-late 2023.