CLEVELAND, OH – CRG and The Koman Group have begun leasing for The Edge on Euclid, a luxury housing complex with top-of-the-line amenities and private community spaces. Located directly across from Cleveland State University, the new development neighbors the Playhouse Square District.

The building includes 240 residential suites with a fitness center, lounge, café, study areas and a 163-car secured garage. Each of the one- to four fully furnished bedroom suites include a living room, kitchen, granite countertops, spacious closets, washer/dryer and a private bath for each bedroom.  Outside, tenants can delight in a private outdoor amenity courtyard and the 11th floor sky deck with spectacular views of University’s main campus and the downtown Cleveland area. 

“The Edge on Euclid is a part of an evolution of CRG’s student housing and multi-family portfolio,” said CRG President Chris McKee. “As the only modern student housing high rise in downtown Cleveland, this style of building demonstrates a shift to demand for high-end, cutting edge amenity student housing.”

Clayco served as the design-builder and its subsidiary, Forum Studio served as the architect on the project.

The 262,000-square-foot, 11-tale residential building unites three parcels along the full block of East 18th between Prospect and Euclid streets in downtown Cleveland. The exterior is clad with glass, brick and fiber cement panels. The massing, materials and finishes have been selected to re-introduce the urban scale and architectural vocabulary of the neighboring Playhouse Square District.

“The community and university have been tremendously supportive. We couldn’t be more pleased to open up The Edge on Euclid,” said Koman Group President Jason Braidwood. “Our success is connected to the thriving neighborhood, and we look forward to being a part of one of the nation’s truly fantastic downtown streets.”

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SAN JOSE, CA – Western National Group has bought a 6.5-acre parcel of land from Berryessa Properties, owners of the San Jose Flea Market, a family-run business that remains one of the largest outdoor markets of its kind in the nation, for multifamily residential and retail space.  

Western National Group plans to develop up to 560 multifamily units and approximately 37,000 sq. ft. of ground-floor retail space in the fifth phase at Market Park San Jose, a 120-acre, mixed-use, transit-oriented community adjacent to the Berryessa BART station, scheduled to open by the end of 2017.

With the proceeds from the sale of the current phase together with a previous transaction with KB Home to build 162 city-style townhomes on 5.6 acres of land, San Jose Flea Market will contribute $5,000,000 to the City of San Jose Dept. of Parks, Recreation and Neighborhood Services to help pay for two city parks totaling approximately 7 acres, plus an additional $6,000,000 for utility infrastructure improvements in Market Park’s North Village.

The land sale transactions have been brokered by Ralph Borelli and Chris Anderson of Borelli Investment Company, a commercial real estate firm that has served the Santa Clara Valley for 62 years.

“As Silicon Valley continues to grow, there’s an ever-increasing need for places for people to live,” said Ralph N. Borelli, chairman of Borelli Investment Company.  “Market Park San Jose, located immediately adjacent to the soon-to-open Berryessa BART station, is ideally situated for families and individuals — whether they plot to work in downtown San Jose, at one of the Valley’s many high-technology firms, or in Oakland or even San Francisco, which will be only about an hour away via convenient BART.”

Modern one-, two- and three-bedroom apartments will be offered within a multi-building, mid-rise complex — with retail stores and restaurants occupying street-level spaces.  The apartments will feature efficient design layouts highlighted by attractive accents and upscale finishes, in a location that’s ideal for those with active lifestyles.

When added to the 449 townhomes and single-family residences previously built by KB Home or nearing completion within the community, the new apartments will bring the total number of housing units there to more than 1,000.  Still plotted are another 100,000 sq. ft. of supermarket-anchored retail space in a center to be developed in Market Park’s North Village.  The shopping center is scheduled for a 2019 opening.

The master-plotted community is also envisioned to eventually host a separate South Village with an additional 1,818 residential units and up to 2,000,000 square feet of mid-rise office and retail space, plus parking.  VTA and BART service, as well as a new interchange at Mabury Road and Highway 101, will allow for efficient transportation for the residents and those people employed at Market Park San Jose.

 “The Market Park community is destined to become one of San Jose’s signature mixed-use developments,” Borelli remarked.  “With affordable housing, retail and restaurants, future office space, neighborhood parks, lush greenbelts, and the Coyote Creek trail bisecting the community, this will be a uniquely welcoming and reinvigorating place to live.”

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ORLANDO, FL – Officials of The Preiss Company (TPCO), ranked the nation’s fifth largest, privately-held, student housing owner-operator, announced that it has bought in a joint venture with a private investment group the 840-bed, 228-unit Mercury 3100 student housing complex in Orlando, Fla., for an undisclosed amount. Catering to the University of Central Florida, the property rests on nearly 40 acres situated approximately seven blocks from campus. It is the company’s second joint venture acquisition in the market.

“Our acquisition process involves thoroughly understanding both the property and the market in which we invest,” said Donna Preiss, founder and CEO, The Preiss Company. “In addition to evaluating hundreds of campuses nationwide, we are attracted to markets where we already have a successful footprint. The in-depth knowledge of working in a market, the reputation we build with the University and student population and the economies of scale make this type of investment especially compelling.

“Mercury 3100 is a fantastic example. Through another joint venture, we own and operate the Orion student housing community in Orlando, located within two miles of Mercury 3100. Orion consistently has been 100 percent occupied with average annual rental increases of five percent since we bought it nearly three years ago.

“The Orlando market has many diverse economic drivers, and the University of Central Florida’s enrollment has loved a steady increase. UCF’s student body has grown 87 percent from 2000 to 2015, and today boasts the largest undergraduate enrollment in the country. Mercury 3100 will benefit from a substantial, multi-million-dollar upgrade, repositioning and student-focused management that makes a significant value-add opportunity.”

The student housing complex offers the latest in amenities, including outdoor swimming pool with sundeck, sand volleyball court, 24-hour fitness center with free weights, cardio equipment and machines, complementary tanning beds, basketball court, computer center with free printing, UCF shuttle service, recreation center, bike storage and ample on-site parking. Fully equipped apartments feature leather-style furniture in select units and fully furnished private bedrooms. Additionally, units feature private bathrooms, full kitchens and full-sized washer and dryer.

The renovation process will focus on both exterior and unit upgrades. The clubhouse will receive a new design package and furnishings, as well as new gym equipment and A/V system upgrades. Exterior improvements include clubhouse upgrades, a basketball court addition and significantly improved internet capabilities. The three-tale buildings also will receive new paint and roofing. Other upgrades include new exterior lighting, HVAC replacements, parking lot resurfacing, landscaping and pool enhancements.

Additionally, TPCO plans to significantly improve 114 units with new flooring, upgraded lighting package and black appliances. The remaining 114 units will further upgrade to a Premium Package, which includes new flooring, furniture, lighting, black appliances, granite kitchen and bathroom countertops, resurfaced kitchen and bathroom cabinets and hardware.

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