Work Underway on Massive Apex Development
Site work is wrapping up and construction workers are ready to start building on what will be a $3 billion development in Apex. The Triangle Business Journal reports RXR is developing the 1,200-acre Veridea site, which will start with two industrial buildings totaling 213,000 square feet. 1.3 million square feet of warehouse space is planned.
Summit House, the first apartment building, will go vertical in a few weeks with first delivery of units by the end of 2027 and completion in early 2028. Summit House will have 291 studio, one- and two-bedroom apartments in a four-story complex.
Other components of the venture include Veridea Crossing, the 220,000 square foot retail and office space within East Village. It will start opening in early 2028. That includes an anchor grocer opening in 2029. Construction on the Wake Tech’s new campus will start by the end of this year with a targeted opening in fall 2029 with 3,000 students.
Construction on the NC Children’s Hospital is expected to start in summer 2027, with the first phases delivering in 2031.
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout