Author: ipgocorp

VIRGINIA BEACH, VA – Mission Rock Residential, a national multifamily property management company, is further expanding its presence on the eastern seaboard, announcing a new management contract for Indigo 19 Apartments in Virginia Beach, Virginia. The deal marks the addition of the eighth property to Mission Rock’s portfolio in the state of Virginia.
“Virginia Beach is a wonderful city that Mission Rock is excited to enter and grow in. The opportunity to manage this world class apartment community is one our team is absolutely thrilled about, thanks to its beautiful design, its top-notch amenity package, and its immense set of shared community spaces. We look forward to elevating the customer experience at this community,” said Patricia Hutchison, President of Mission Rock Residential.
Indigo 19 features 258 one, two, and three-bedroom apartments, located within walking distance to the beach as well as the Norfolk Premium Outlets. The community also offers immediate access to I-264, a major economic thoroughfare. High-end amenities at the property include a resort-style swimming pool, a state-of-the-art fitness center, a two-level clubhouse, and controlled access throughout. The design of Indigo 19 includes a great combination of modern yet relaxed approaches, with bright, breezy design present across all shared spaces.
Apartment homes feature gourmet kitchens with granite countertops and stainless-steel appliances, open concept floor plans, included washers and dryers, expansive closets in master suites, 9′ ceilings, and private patios and balconies.
Virginia Beach is a resort city with miles of beaches and hundreds of hotels, motels, and restaurants along its Atlantic oceanfront. It is also home to three military bases, a number of large corporations, Virginia Wesleyan University and Regent University, as well as numerous historic sites. Mostly suburban in nature, the city, though, is the most populous in the State, and was dubbed the ‘Best Big City to Live In’ by WalletHub in July 2019 due to the highly educated population, outstanding healthcare, and affordability.

CLEMSON, SC – Officials at The Preiss Company (TPCO), one of the nation s largest, privately-held, student housing owner-operators, broke ground on Signature Hartwell Village (SHV). Serving Clemson University, the 433-bed student housing complex has a targeted completion date of August 2021.
Along with University Village at Clemson & The Collective at Clemson, Signature Hartwell Village will mark our third asset in the Clemson market, said Susan Folckemer, chief acquisitions & development officer, TPCO. We actively have developed, owned and operated in the market since 2000. Our familiarity with the area, university and student base made the decision to invest further in the community a relatively simple one. We look forward to expanding our presence in Clemson as we meet the evolving needs of today s students.
Located at 13060 Clemson Blvd. between Tiger Blvd. (US 76) and Pendleton Road (SR 93), Signature Hartwell Village will be part of a 45-acre, mixed-use development. Named Hartwell Village, the area consists of residential, retail and dining options, including Aldi, Petco, Marshalls and multiple hotels. SHV will consist of two four-story and two three-story buildings situated on 3.25 acres, as well as a 6,034 square foot clubhouse and leasing office and a 7,200 square foot outdoor amenity space.
Residents also will enjoy a 24 jumbotron, fire pits, grills, dog park, cornhole court, a pool with in-water lounging deck, cabana with misters and TV room with 82 television. For the health conscious, SHV will offer and state-of-the-art fitness center with top-of-the-line equipment. Students will have access to study rooms, high speed, next generation internet and fob access for all amenities and units, as well as a package locker system. The complex also will employ an onsite leasing and maintenance staff.
While we retain an aggressive acquisition pipeline, development has become an increasingly important component of our growth strategy, said Folckemer.
Residents may choose between one-, two-, three- and four-bedroom units. Each unit will feature private bedrooms and bathrooms, key fob unit entry, 50″ Smart TVs in each living room, chic modern furniture, stainless steel appliances, granite countertops, plank vinyl flooring throughout the unit and in-unit laundry.
Less than a mile from Clemson University, Signature Hartwell Village is an ideal location for students looking to maximize their college experience, said Adam Byrley, chief operating officer, TPCO. Not only does the student housing complex itself offer a variety of study spaces and relaxation options, but the larger Hartwell Village development provides some of the best dining, shopping and entertainment in the area.

NASHVILLE, TN – Mission Rock Residential, a Denver-based multifamily property management company, is further expanding its Tennessee presence, announcing a new management contract for Commonwealth at 31 apartment community in Spring Hill, Tennessee. The company has been issued an agreement for the management of 248-unit community by Hamilton Zanze Real Estate Investments.
Located within 30 minutes from Nashville’s urban core, Spring Hill has seen tremendous growth in recent years due to its forested surroundings and ease of transportation access for young professionals and families alike. Located in Williamson County, the area is home to the top performing school district in the State and has experienced a surge of retail and restaurant openings to steadily improve quality of life. Commonwealth at 31 Apartments is well-situated with convenient access to I-65 and nearly adjacent to Highway 31.
“Built in 2017, the design of the Commonwealth at 31 Apartments offer Spring Hill residents the perfect balance between upscale features and Tennessee’straditional charm. The modern apartment interiors are coupled with inviting amenities that promote a true sense of community. As we have grown in Tennessee, this being our fifth community, we are learning more about what local renters desire; they not only want a beautiful apartment, but they also expect best-in-class customer service. Here at Mission Rock, we are looking forward to raising the bar,” said Pat Hutchison, President of Mission Rock Residential.
The apartment community’s amenity package included a high-end fitness center, an on-site dog park, a business center, an outdoor kitchen and gathering lounge, fire pits, and resort-style swimming pool. A children’s play park is also located on site, as well as rentable storage units for those who need them, all within a gated community.
The community’s one, two, and three-bedroom apartment options offer stainless steel appliances, granite countertops, in-unit washers and dryers, wood-style flooring, LED lighting, and walk-in closets. They range in size from 800 square feet to 1,300 square feet.

HAMILTON, NJ – Total construction starts lost 1% from January to February dropping to a seasonally adjusted annual rate of $767.5 billion. Large projects in the office and healthcare sectors provided a boost for overall nonresidential building, while residential and nonbuilding construction starts moved lower.
With only two months of data available for 2020, it is difficult to ascribe a 2020 trend. However, some perspective can be gleaned by examining a 12-month moving total. For the twelve months ending February 2020 total construction starts were 3% higher than the previous twelve-month period. By major category, nonresidential building starts were 3% higher, while residential starts were up 1%, with nonbuilding starts increasing 7%.
In February, the Dodge Index moved lower to 162 (2000=100) compared to the 165 posted in January.
The good news is that heading into the coronavirus pandemic, construction starts were stable. The economy was healthy fueled by continued steady job growth, stated Richard Branch, Chief Economist of Dodge Data and Analytics. Of course, the pandemic s effect on future starts is as yet unknown. Construction firms will need to deal with multiple issues including supply chain disruptions, workforce constrictions due to the outbreak, and an economy that has moved from a pace near its long-term potential to a virtual stall within the space of a week. Over the next few months, many construction projects could see delays in start or longer times to completion based on shortages of supplies from China or a reduction in available labor due to spread of the virus. Still others may begin to see projects cancelled outright due to a sudden circumstantial change in demand. Planning data as reported to Dodge Data & Analytics will be watched closely to see if fissures are developing in the construction sector.
Nonbuilding construction starts moved 9% lower from January to February, dropping to a seasonally adjusted annual rate of $148.8 billion. The drop in February was the result of a 17% decline in the highway and bridges and a 22% drop in the utility/gas plant category. However, gains were seen in the miscellaneous nonbuilding category and environmental public works, which rose 14% and 1% respectively.
The largest nonbuilding construction project to break ground in February was the $531 million Juno Solar Project in Borden County TX. Also starting in February was the $500 million Big Raymond Wind Farm, which is spread over Hidalgo, Willacy, and Cameron Counties in Texas as well as the $406 million Pryor Mountain Wind Farm in Bridger MT.
For the twelve months ending February 2020, total nonbuilding starts were 7% higher than the twelve months ending February 2019. Starts in the utility/gas plant category were up 92% and environmental public works starts rose 3%. However, street and bridge starts were 8% lower and miscellaneous nonbuilding was down 14% for the twelve months ending in February.
Nonresidential building gained 7% in the month of February to $285.9 billion on the back of several large projects getting underway in the office and healthcare sectors. February s commercial construction starts rose 7%, while institutional starts moved 13% higher. Manufacturing starts by contrast fell 27% in response to several large projects that broke ground in January.
The largest nonresidential building project to break ground in February was the $1.3 billion Two Manhattan West Office Building in New York NY. Also breaking ground during the month was the $800 million New Valley Hospital in Paramus NJ and the $760 million Disney/ABC Headquarters complex in New York NY.
On a twelve-month basis, nonresidential building starts were 3% higher in the most recent twelve months than during the twelve months ending in February 2019. Commercial starts were up 7% in the past twelve months, while institutional starts were less than one percent lower. Manufacturing starts were down 2%.
Residential building starts moved 4% lower in February to a seasonally adjusted annual rate of $332.8 billion. During the month, single family starts dropped 7%, while multifamily starts increased 3%.
The largest multifamily structures to break ground during in February were the $150 million Cambridge Crossing in Cambridge MA and the $150 million 44 East Condo Tower in Austin TX. The $140 million Armature Works mixed-use project in Washington DC was also one of the largest residential projects to break ground during the month.
For the twelve months ending in February, total residential starts were 1% higher than in the twelve months ending in February 2019. Single family starts were up 3%, while multifamily building starts were 2% lower.

ATLANTA, GA – Dunross Capital a New York based real estate investment company announced the acquisition of 250 Unit, Spring Valley Apartments and 236 units at Park at Candler, which is directly across the street. The properties are immediately off Candler road exit on the I-20 corridor and represent the next step in the company’s strategy to be a leader in providing quality housing to Atlanta’s growing workforce.
This is Dunross’ 5th and 6th property acquisition in Decatur and expands its portfolio to a total of 11 properties and over 1800 units acquired in the last year. Built in 1970 –1980, the company intends to renovate interiors and upgrade amenities in over $ 7 million of construction, and has renamed the properties Hidden Valley and Park Valley.
“We see that the demand for high quality housing at an affordable price is only continuing to grow in the Atlanta submarkets,” says Michael Crow, CEO of Dunross.” I believe our capability to self-manage along with having our own construction company, gives us the ability to execute our plan and provide a best of class community,” he continued.
These communities are well positioned on the important I-20 commuter corridor and convenient to employers from Atlanta downtown to industrial areas further East. The affordable cost of housing, along with excellent, shopping, dining, and entertainment amenities set Decatur apart as a desirable area for Atlanta’s growing workforce. Dunross plans to develop the area around the blocks near Hidden Valley and Park Valley and continue to upgrade and improve the area for the benefit of all residents and neighbors.
Dunross Capital is a real estate acquisition company based in Ronkonkoma, New York and with the Operations Team located in Atlanta Georgia. The Company acquires and operates multi-family properties in high growth markets in South- Eastern USA.

PHOENIX, AZ – One Can Imagine. That philosophy is the driving force of the experienced leadership team that s responsible for introducing One Camelback, an innovative live-play community that s taking shape at the hottest intersection in greater Phoenix, according to real estate and growth experts at Urban Land Institute.
Arizona hasn t seen anything quite like One Camelback – we expect this bold development to set a new benchmark for urban elegant living in the Southwest, said Dale Phillips, President and Founder of Stellar Residential, the management company for One Camelback. As one of the most ambitious construction transformations ever undertaken in Phoenix, this boutique, Class A development will deliver a vibrant use of residential space, with soaring and dramatic floor-to-ceiling views of Central Phoenix, modern and functional floorplans, upscale amenities and first-class services – all under one 11-story roof, while aesthetically adding some more glamour and elegance to the Phoenix skyline.
As the iconic landmark undergoes a complete transformation, One Camelback will blend the finest there is in upscale sophisticated living with a range of exclusive, first-to-market retailers in the heart of Central Phoenix. It will be the first 1-Gigabit community, in Arizona through Cox Communications, which means each and every unit will have 1-Gigabit internet speeds included in the rent.
The 215,245-square-foot glass-ensconced property will include 163 first-class apartment units with exposed ceilings and 10-foot floor to ceiling windows. A selection of 16 different floorplans will be available, featuring upscale studio, 1-, 2-, and 3-bedroom apartments, all designed by Erwin Architecture. Additional exclusive residential amenities include a 6,500 square-foot rooftop terrace with a swimming pool, a swim-in place and endless pool for lap swimming or therapy, cabanas and a spa, as well as a yoga lawn deck and a lounge-style clubhouse. Residents will also have access to a secured underground garage with electric car-charging stations.
Capitalizing on its prime location, One Camelback is in negotiations to bring in highly sought-after, first-to-market upscale retailers to blend in with the historic neighborhood s assortment of hip restaurants and trendy shops. Only walking distance from popular gourmet and specialty grocer AJ s Fine Foods, One Camelback is also in close proximity to Uptown Plaza and light-rail transportation. The residences and retail spaces will be moments away from the downtown business core, major sporting event arenas, and the popular nightlife scene, serving residents by offering one of the best transit-oriented developments known to the Valley.
With more than 143,000 people working within a 3-mile radius of its centralized location, One Camelback is located at the perfect triangle, connecting downtown Phoenix to the Biltmore area.
In March 2019, the construction efforts began with a glass-raising event to celebrate the start of the substantial transformation, from mortar and concrete to dramatic windows and high ceilings that will deliver soaring, bird s eye views of Central Phoenix. The demolition of interior structures throughout the building was completed earlier this month, leaving a blank canvas for crews to make the vision for this iconic development come to a reality.
One Camelback is being developed by an affiliate of Sagamore Capital LLC, a Scottsdale-based investment firm, with financing arranged by Walker & Dunlop, and provided by Los Angeles-based ACORE Capital LLC. Katerra is acting as general contractor and a prime supplier for the project.
One Camelback is expected to be complete by 2021. More information is available by visiting OneCamelback.com or @LiveOneCamelback on Instagram.

GEORGETOWN, TX – Novak Brothers Development has begun construction on the Summit Lofts within the award-winning, Summit at Rivery Park mixed-use community in Georgetown, Texas. The Summit Lofts is the last phase of construction in the master plan and is situated upon 3+ acres of the most prominent tract of The Summit at Rivery Park.
Upon completion, it will contain 256 luxury lofts, ground level retail, a seven-story tall 494-car parking garage, state of the art fitness facility, topped off with a rooftop pool and patio area equipped with cabanas and indoor/outdoor gathering spaces. The Summit Lofts will be the premier rental product in a rapidly growing submarket currently devoid of high-density, high-end amenities within an integrated live-work lifestyle experience.
Trinity is very excited both to partner with Novak Brothers for the first time and to be an investor in this final piece of The Summit at Rivery Park development, said Sanjay Chandra, Managing Partner of Trinity Private Equity Group. We appreciate the work done by Novak in this development over multiple years, and believe Georgetown continues to be a wonderful location drawing from the immediate area and North Austin.
With immediate proximity to 25 miles of hike and bike trails, beautiful parkland, convenient access to major highways, shopping, historic downtown Georgetown, and all of the heavy-weight North Austin employers, The Summit at Rivery Park and Summit Lofts in particular are primed for success in this exceptional project that will stand the test of time.
Developed by Novak Brothers, The Summit at Rivery Park mixed-use development is located on 32 acres overlooking scenic Rivery Park and the North San Gabriel River. The Summit is a fully integrated master-planned development anchored by a 4-Star Sheraton Hotel and Conference Center and includes office, retail, luxury multifamily, as well as 121 Texas Brownstone™ homes, building upon one another to create a truly unique experience for the City of Georgetown and surrounding areas.
We could not be more excited to have Trinity as our partner,” said Andy Heard, President of Novak Commercial Development. “Our vision to develop high-quality, experiential living makes this partnership a perfect fit. Novak and Trinity will bring another game-changing ‘first of its kind’ project to a market hungry for lifestyle living experiences.”

HUNTSVILLE, AL – Walker & Dunlop, Inc. announced that it structured $51,923,400 in financing for ECLIPSE at CityCentre, a five-story, 278-unit, multifamily project located in Huntsville, Alabama. Co-developed by Spring Bay Property Company, the property will sit atop 18,000 square feet of upscale restaurants and retail and is part of the CityCentre at Big Spring master-planned project being developed by RCP Companies.
Located in Huntsville’s Downtown area, the property is within the bounds of a designated opportunity zone census tract. Established by Congress in the Tax Cuts and Jobs Act of 2017, opportunity zones encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes.
Led by Keith Melton, David Strange, Livingston Hessam, and Jeremy Pino, Walker & Dunlop arranged the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing in a single loan. The team worked to ensure the financing terms were consistent with opportunity zone guidance, securing a two-year construction term followed by a 40-year, fully amortizing, fixed-rate loan. The financing also features a declining prepayment schedule for the initial ten years post-construction and is open to prepayment at par for the remaining 30 years.
To fully capitalize on opportunity zone benefits, the developer is required to hold the asset for a minimum of ten years, making HUD’s long-term financing program an ideal fit. Said Mr. Melton, “We were extremely pleased with the success of this transaction. HUD has continued to prioritize projects located within opportunity zones, which allowed for this complex financing with a nuanced ground structure component to close within tight timeframes.”
“We are grateful to work with the Walker & Dunlop team and to have executed this HUD loan for the ECLIPSE with RCP Companies – partners that understand the vision for developing best-in-class properties to fill the fast-growing market in Huntsville,” stated Kevin Fitzpatrick, Managing Director of Spring Bay Property Company.
“ECLIPSE at CityCentre will serve the robust STEAM (science, technology, engineering, arts, and mathematics) workforce and the next generation that is entering the market. The project will provide built-in demand for the authentic blend of live, work, play, shop amenities we have planned for CityCentre, which is a critical piece in Huntsville’s revitalization of downtown,” commented Max Grelier, Co-Founder of RCP Companies. “Its architecture will be locally inspired with pedestrian crossings, bike pathways, walkways, and a linear park connection to nearby urban developments.”
Once complete, ECLIPSE at CityCentre will include a mix of studios, one-, and two-bedroom units with open concept floor plans and nine-foot ceilings. The majority of the apartments also feature private balconies. Community amenities will include a resort-style heated pool, large fitness center, pet walking and grooming area, barbecue stations, outdoor fire pit, ample parking, and sweeping views of Big Spring Park.

FORT MILL, SC – Watercrest Senior Living Group and equity partner, Waypoint Residential are pleased to announce the final phase of construction of Watercrest Fort Mill – Indian Land Assisted Living and Memory Care in South Carolina. The 107-unit, resort-style senior living community is currently under construction by Shiel Sexton and scheduled to welcome residents this May.
Watercrest Fort Mill – Indian Land will offer 75 assisted living and 32 memory care apartments with premium accommodations, resort-style amenities, and world-class care. Residents will enjoy pampering in elegant Spa W, savor private label Watercrest wines at the wine bistro, and relish the flavors of locally grown, seasonal ingredients and organic fare whether dining outdoors, bistro-style, or in the chef’s private dining room.
The innovative design of the community includes a stunning promenade, pool, fireplace, signature water wall, multiple dining venues, and children’s play space. Watercrest’s uniquely designed Market Street Residence will showcase an ‘outdoor’ streetscape with salon and spa, bakery, post office, and numerous LifeBUILT programming touches; a highlight and crucial element of their multi-sensory memory care programming.
“We look forward to serving local seniors and families of Indian Land and Fort Mill by providing a spectacular senior living community which mirrors the charm and amenities they are accustomed to,” says Marc Vorkapich, principal and CEO of Watercrest Senior Living Group. “Thanks to the outstanding partnership of Waypoint Residential and Shiel Sexton, we are even closer to welcoming our founding residents to their new home.”
Watercrest Senior Living Group was founded by Marc Vorkapich, CEO, and Joan Williams, CFO, to honor our mothers and fathers, aspiring to become a beacon for quality in senior living by surpassing standards of care, service and associate training. Watercrest senior living communities are recognized for their luxury aesthetic, exceptional amenities, world-class care, and innovative memory care programming offering unparalleled service to seniors living with Alzheimer’s and dementia.
Watercrest Fort Mill – Indian Land is ideally situated at 8154 English Clover Lane, in one of South Carolina’s fastest growing communities. It is the second senior living development project partnered between Watercrest Senior Living Group and Waypoint Residential. Their first project, Watercrest Newnan Assisted Living and Memory Care recently opened in Newnan, Georgia.
The community sales office is located at 4184 Doby’s Bridge Road, Suite 102, across from Indian Land Elementary School. Visit the office from 9am-5pm, Monday through Friday or contact Executive Director, Joy Patterson at 803-590-7005, for more information.

LAS VEGAS, NV – San Diego-based Tower 16 Capital Partners has successfully sold Altura on Duneville, a 228-unit apartment project located in Las Vegas. The property was originally purchased in 2018 for $24,000,000 and was sold this month for $35,500,000. During their two-year hold, the company performed significant exterior and interior unit renovations, adding several amenities including a new leasing office, gym, business center and game room.
“Altura on Duneville was a phenomenal project in a great location in Las Vegas,” said Tower 16 Co-Founder Mike Farley, “We put a lot of hard work into repositioning the property in order to create value for the residents, the neighborhood and our investors.”
Tower 16 has amassed a portfolio of close to 2,000 apartment units since first entering the Las Vegas market in April 2018. “We believe that Las Vegas will continue to be a strong market for multifamily investments due to the growing job base and reasonable cost of living,” said Tower 16 Co-Founder Tyler Pruett. “I think you’ll see us continue to be an active buyer in the market for those reasons.”
Altura on Duneville Apartments is located at 5050 Duneville Street, within a few miles of the Las Vegas Strip in the Spring Valley submarket. It includes 228 one- and two- bedroom apartments. Community amenities include two swimming pools, a newly renovated leasing office and on-site daycare.