Canyon Partners Real Estate LLC, Ascendant Capital Partners and Bond Companies have formed a joint venture to support the development of Inspire Sonoran Desert, a 560-unit, Class A multifamily community in the North Valley submarket of Phoenix. Kennedy Wilson provided the JV with a senior construction loan of an undisclosed amount.

North Valley has experienced rapid growth in recent years, following TSMC’s announcement to build a multi-phase semiconductor plant in the submarket. Inspire Sonoran Desert will be one of the closest communities in the market to TSMC.

Inspire Sonoran Desert marks Canyon’s ninth investment in the Phoenix area over the past five years. Canyon has been an active provider of debt and equity in Arizona and continues to invest in real estate projects in primary and secondary markets across the U.S. For Kennedy Wilson, the construction loan is the latest in an active year for its debt investment platform.

Providence-based Gilbane Development Company formed a strategic partnership with CBRE Investment Management (CBREIM) involving six purpose-built student housing properties across the country. The transaction included recapitalization of three operational communities through a GP-led secondary and three shovel-ready development projects, marking the beginning of a joint venture partnership.

The initial six communities will encompass nearly 3,000 beds. They span six Power 4 schools, with three operating communities at Clemson University, University of Illinois and Syracuse University, along with three developments at the University of Central Florida, University of California, Berkeley and University of Florida.

“This collaboration aligns with our mission to develop dynamic communities that cater to the needs of students, universities, and the surrounding communities,” said Russell Broderick, EVP, Gilbane Development.

Added Matt Tepper, head of Americas Indirect Real Estate Strategies at CBREIM, “Student housing is a target sector for us and being able to partner with Gilbane and benefit from a high-quality existing portfolio along with leveraging their extensive development capability will allow us to build something special.”

TSB Capital Advisors arranged financing and consulted on the JV partnership.

Pictured: The Laurel at Syracuse University.

Canyon Partners Real Estate LLC, The Martin Group and Valiance Capital formed a joint venture to develop The Valiant, a new Class-A student housing community near the University of California at Berkeley. Construction is scheduled to begin immediately, with completion anticipated before the start of the 2026-2027 academic year. The JV simultaneously closed on a senior construction loan from Kennedy Wilson.

The Valiant will be an eight-story, purpose-built student housing community with 83 apartment units, 262 beds, and 1,461 square feet of retail space. It will be located at 2538 Durant Ave., one block from the main entrance to UC Berkeley’s campus.

“With its prime location, sustainable design, and experienced development team, we’re pleased to announce this exciting project in partnership with Valiance Capital and look forward to partnering with Canyon and the team at Kennedy Wilson on another student housing project,” said Stephen Siri at The Martin Group.

Branch Properties acquired the land for Braselton Village, an upcoming Publix Super Markets-anchored shopping center in Braselton, Georgia. The 70,987-square-foot center, which is set to break ground this summer, is slated for completion in Q2 2025. In addition to Braselton Village, Branch is also developing five other Publix-anchored shopping centers across the Southeast.

The grocery-anchored development will be located at the intersection of Old Winder Hwy (SR-211) and the recently constructed Braselton Village Parkway. Braselton Village will include a 48,387-square-foot Publix Super Market and 22,600 square feet of inline retail space for restaurants, service providers and retailers. The property will also include five out parcels ranging in size from one acre to just under two acres.

Publix Super Markets will relocate from the adjacent shopping center, Vineyards at Chateau Elan. Braselton Village is located across from the local wine resort and tourist destination, Chateau Elan, which draws 400,000 visitors annually.

Armada Hoffler Properties has announced plans to develop Chronicle Mill, a new adaptive reuse multifamily project in Charlotte. The total construction costs are expected to be approximately $45 million.

Originally built in 1901, Chronicle Mill was Belmont’s first textile mill. The project is expected to include the redevelopment and adaptive reuse of the existing structure into 240 apartment units, retail and amenity space as well as the construction of a new five-story apartment building.

“We are excited to announce another significant investment in the greater Charlotte market,” said Louis Haddad, CEO at Armada Hoffler Properties. “With its close proximity to both downtown Charlotte and the airport, Chronicle Mill is ideally positioned to capture the growing housing demand in the market. Furthermore, the adaptive reuse nature of this project will showcase our creative development and construction capabilities. We look forward to finalizing details with the County and breaking ground on the project later this year.”

For comments, questions or concerns, please contact David Cohen

Developer Merritt Properties has announced plans to build a 452,500-square-foot speculative light industrial business park in Wake Forest, NC.

Located along Ligon Mill Road, the Merritt Capital Business Park will be developed on a 74-acre tract of land and will consist of up to seven buildings ranging from 30,000 to 85,000 square feet. Each will offer 18 to 24-foot clear heights, rear-loaded docks and drive-in capabilities, and free surface parking. Site plans are still being finalized.

Pre-leasing is underway and delivery expected to occur during the second quarter of 2021. Construction will be managed by Merritt Construction Services, the construction division of Merritt Companies. Cushman & Wakefield has been tapped as the leasing partner for Merritt Capital Business Park. The team will be led by Larry Lakins, Hunter Willard and Andrew Young.

Kennemur & Associates Real Estate represented the undisclosed seller in the transaction.

For comments, questions or concerns, please contact David Cohen

Developer KDC has announced a partnership with the Research Triangle Foundation of North Carolina to build one million square feet of office space in North Carolina’s Research Triangle Park.

The new office space will be located on 100 acres of land bound by 1-40 at Davis Drive, I-40 at Highway 54 and the Durham Freeway. As part of the new multi-use urban district, called Hub RTP, KDC will develop buildings totaling up to one million square feet, and up to 300 feet in height, which will be the first high-rise buildings within the Park.

Founded in 1959 in the center of three research universities, Research Triangle Park is the country’s largest innovation center, with global companies such as IBM, Cisco, Credit Suisse, BASF, GlaxoSmithKline, Lenovo and RTI International among its more than 300 tenants.

“This is the long-anticipated opportunity to retool RTP. With the support of Durham County, the companies in RTP and private partners including KDC, we can do this in 2020,” said Scott Levitan CEO of the Research Triangle Foundation.

For comments, questions or concerns, please contact David Cohen

Developer Crescent Communities, along with global private investment firm Starwood Capital Group, has announced plans for a new mixed-use community in Nashville’s Edgehill neighborhood.

The community is located at 801 12th Ave. South, within an opportunity zone and will include 270 apartment homes along with 6,000 square feet of retail space and a dedicated co-working space. The property will be called NOVEL Edgehill and will include a rooftop sky lounge and pool deck with views of the downtown Nashville skyline.

Crescent and development partner Pearl Street Partners acquired the three-acre property earlier this year. Construction is scheduled to begin this quarter, with residences available for move ins in late 2021.

“NOVEL Edgehill’s location is experiential, offering unobstructed views of downtown Nashville’s skyline, and high-rise amenities that include our Sky Lounge on the pool deck that faces east, north and south, with a heated spa and pool, outdoor dining area and firepit,” said Khris Pascarella, principal at Pearl Street Partners. “These amenities will provide a high-rise experience without high-rise prices.”

The Edgehill neighborhood has existed for more than 200 years and is currently made up of a number of commercial businesses, single-family and multifamily homes as well as several community churches. Its location is south of downtown Nashville, bordering Music Row and The Gulch.

An affiliate of Starwood Capital provided financing for the project.

“With this project, Starwood continues to identify attractive and growth-oriented Opportunity Zone investment opportunities that create value for our investors,” said Ethan Bing, managing director at Starwood Capital Group.

Crescent Communities is currently the largest multifamily developer in Nashville, with over 2,236 units developed and a total investment of $422.5 million. This will be the sixth community that Crescent and Pearl Street have collaborated on together.

Hawkins and Partners has been tapped as the land planner and landscape architect on the project with KTGY serving as architect and Manual Zeitlin Architects serving as local design architect.

For comments, questions or concerns, please contact David Cohen