Construction spending ticks up 0.1% in July

Wells Fargo | September 03, 2019

Spending on U.S. construction during July was estimated at a seasonally adjusted annual rate of $1.30 trillion, rising 0.1% from the revised June estimate of $1.29 trillion, U.S. Census Bureau said. Julys spending was 2.7% below a year earlier. Spending on private construction was at a seasonally adjusted annual rate of $963.1 billion, 0.1% below the revised June estimate of $963.7 billion, and 4.8% below a year ago

Spotlight

Downtown’s highly successful revitalization has greatly increased the market’s appeal to high-growth media and tech companies which traditionally have sought out locations on the Westside, but who are now competing for space in Downtown.

Spotlight

Downtown’s highly successful revitalization has greatly increased the market’s appeal to high-growth media and tech companies which traditionally have sought out locations on the Westside, but who are now competing for space in Downtown.

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MARKET OUTLOOK,REAL ESTATE INVESTMENT

Simon® and Jamestown Announce Closing of Strategic Partnership

Simon and Jamestown | December 20, 2022

Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations, and Jamestown, a global real estate investment and management firm, today announced the completion of their previously announced strategic partnership. Simon expects its 50 percent interest in this best-in-class, global real estate investment and asset management firm to be accretive to earnings. About Simon Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales. About Jamestown Jamestown is a global, design-focused real estate investment and management firm with a 39-year track record and mission to create places that inspire. Since its founding in 1983, Jamestown has executed transactions totaling approximately $40 billion. As of September 30, 2022, Jamestown has assets under management of $13.2 billion and a portfolio spanning key markets throughout the U.S., Latin America, and Europe. Current and previous projects include One Times Square and Chelsea Market in New York, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, the Innovation and Design Buildings in Boston and Lisbon, and Groot Handelsgebouw in Rotterdam.

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BROKERAGE,AGENT

Mosaic and Atlantic Jasper Building First Build-to-Rent Neighborhood in Northern Arizona Master Planned Community

Mosaic | December 15, 2022

Mosaic, the nation’s leading institutional-grade general contractor, has broken ground on The Flats at Jasper, a new build-to-rent (BTR) community within the nationally-recognized Jasper master planned community in Prescott Valley, Arizona. Atlantic Jasper, developer of The Flats, has partnered with Mosaic to build the 26.1-acre site, which will include 240 horizontal apartment-style build-to-rent units. The project is expected to benefit from the strong housing market in the Prescott area, providing a much needed transitional product type for out-of-town demand, which makes up a large portion of the population. “We approached the development of the Flats at Jasper with a long-term investment horizon in mind, The units feature luxury fixtures and details, a first-class clubhouse, and other amenities designed to provide a competitive advantage in the Prescott market. Mosaic’s previous on-site experience and established area trade partners made them the ideal general contractor to deliver high-quality homes and amenities for the Flats at Jasper.” -David Brown, co-manager of Atlantic Jasper This unique BTR community will offer numerous amenities, including a state-of-the-art 5,000 square foot clubhouse with a 24-hour workout facility and meeting spaces, pool, hot hub, spa, dog park and dog wash facilities, along with open spaces and grilling stations throughout the community. Mosaic has previously partnered with other regional home builders on the Jasper clean-energy community and seeks to build on this success with a new partner, Atlantic Jasper. This is our third project in the Jasper community, and the first build-to-rent neighborhood within the masterplan, Atlantic Jasper saw the need for a for-rent product type based on the strong regional demographics. Our pre-development services team and robust on-site experience within the community were the perfect fit for supporting their innovative vision of an ideal site layout, standout architectural features, and an ambitious and executable construction plan,said Alex Pollack, Director of Partnerships at Mosaic. The new site will offer four floor plans in a combination of single-family detached homes and duplexes ranging from 760 to 1,039 square feet. The homes offer one-bedroom and one-bathroom or two-bedroom and two-bathroom options, with one of the one-bedroom floor plans including a home office space. The community includes detached garages and residents will benefit from walking trails and other amenities within the master plan. Construction is anticipated to finish in 2025. About Mosaic Mosaic is the nation’s fastest-growing general contractor, building homes for the country’s most innovative residential developers. Founded in 2017 and headquartered in Phoenix, the institutional-grade general contractor provides a full suite of construction services, from pre-development to warranty and lease up. As an industry leader in build-to-rent, the Mosaic team’s combined experience spans more than 24,000 BTR units across 100 communities. Mosaic’s GC operations span multiple states, including Arizona, Colorado, Texas, Idaho, California, and Florida. About Atlantic Jasper The development partners of Atlantic Jasper have extensive development experience and have worked together for over 35 years. Atlantic Jasper and its affiliates have been involved in the development and management of numerous residential subdivisions, manufactured home communities, condominiums, and apartments in California, Hawaii, Arizona, and Massachusetts.

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HOME AND DESIGN,REAL ESTATE INVESTMENT

Wood Partners Expands Footprint in Garland, Texas with Groundbreaking of Latest Luxury Residential Community: Alta Firewheel

Wood Partners | December 02, 2022

Wood Partners, a leading national multifamily real estate developer, today announced the groundbreaking of its latest luxury residential community, Alta Firewheel, located in Garland, Texas. Currently under construction, Alta Firewheel is set to open in December 2023 with pre-leasing to begin in September 2023. Alta Firewheel is the second Wood Partners project in the Garland submarket, following Alta Spring Creek that opened and sold in 2021. Located near the President George Bush Tollway, the community will offer an easy commute to major employment centers and high-density retail. Residents of Alta Firewheel will enjoy direct access to a myriad of dining, shopping, and entertainment options located at Firewheel Town Center, boasting more than one million square feet of retail space within walking distance of the community. Other major attractions include Lake Ray Hubbard, Firewheel Golf Park, Breckinridge Park and One Eleven Ranch Park. "We are pleased to continue expanding our presence in the North Texas area with the groundbreaking of Alta Firewheel, Alta Firewheel will serve as the perfect community for young professionals looking to put down roots in the neighborhood and explore all that Garland has to offer. We aim to provide a comfortable and convenient home for our residents while also making a positive impact on the City of Garland." -Ryan Miller, Managing Director for Wood Partners Once complete, Alta Firewheel will offer 250 luxury apartment homes comprised of one-, two- and three-bedroom floor plans with many homes offering views of the natural landscape that runs adjacent to Rowlett Creek. Each home will be outfitted with top-of-the-line luxury interior finishes including granite countertops, stainless steel appliance packages, wood-style flooring and upgraded fixtures and pendant lighting. Additional luxury finishes include 42-inch cabinets with soft close drawers, programmable thermostats, private yards and in-unit washer and dryers. Alta Firewheel will also provide its residents with best-in-class community amenities, including a resort style pool with tanning ledges, outdoor firepits, grilling areas, outdoor lawn spaces and an on-site dog park with a pet wash station. Inside the clubhouse, residents will be able to take advantage of a state-of-the-art fitness facility with advanced equipment and yoga capabilities, as well as ample lounge spaces for social gatherings and coworking. In addition to the premiere retail and dining options located within minutes of the community, Alta Firewheel's prime location will also place residents in proximity to the city's two major employment hubs - City Line and the Telecom Corridor. Top employers in the area include State Farm Insurance, Blue Cross & Blue Shield of Texas, Genpact, GEICO, and Cisco Systems. About Wood Partners Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of nearly 90,000 conventional multifamily homes with a combined capitalization of $17.3 billion. The company currently owns more than 70 properties across the United States representing over 20,000 homes. Headquartered in Atlanta, Wood Partners has offices in 22 major markets across 15 states nationwide. The company also operates Wood Residential, an award-winning, full-service property management group that proudly operates both properties developed by Wood Partners and communities owned by third parties. For three years running, Wood Residential has ranked No. 1 nationally for online reputation in the J Turner ORA™ Power Rankings (Division III).

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