WEST MELBOURNE, FL – Birmingham, Alabama-based Equity Resources, LLC, announced the sale of Oasis West Melbourne Apartments in West Melbourne, Florida. Oasis is a Class-A property located in the heart of the space coast in one of the strongest secondary markets in the southeast.
Built in 2021 Oasis features an upscale amenity package and lavish interiors including “Smart Home” technology features such as Smart Hubs, door locks, lights and thermostats. Additionally, Oasis is surrounded by an abundance of white-collar employment and is conveniently accessible to nearby retail and entertainment.
“Investing equity in the construction of high quality, well-located Class-A multifamily assets with seasoned Joint Venture partners is our strategy,” stated Jack Fiorella, President of Equity Resources. “We are a highly active equity funding source with a large appetite for expansion. The construction, lease up and sale of Oasis is just one example of our recent successful transactions. Oasis is part of a billion-dollar pipeline of developments that we are committed to have under way by the end of the year and our goal is to double that volume. While Florida markets in particular are an area of high focus for us, we will continue to invest equity in many markets within The Central and Southern regions of the United States.”

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DALLAS, TX – Southern Land Company (SLC), a national real estate developer of award-winning mixed-use developments and master-plotted communities, hosted a grand opening event at its new luxury multifamily high-rise, Novē at Knox. The community was developed in partnership with KBS, one of the largest owners of real estate in the U.S.
SLC employees and partners who were part of the development project attended a reception on the property s fourth-floor pool deck and resident lounge to celebrate the milestone, marking the completion of the project.
While Novē at Knox started welcoming residents in the fall of 2020, SLC held off on having a grand opening celebration due to the pandemic.
It has been nearly five years since we first recognized the tremendous opportunity to provide a unique luxury housing solution in this part of Dallas, and it has been several months since we welcomed the first residents into Novē at Knox during a year that nobody could have predicted, said Tim Downey, founder and CEO of SLC. It feels fantastic to finally place a feather in the cap of this project and have a proper celebration. We are proud of this property and look forward to being part of the growth and future of the vibrant Knox-Henderson area.
Following brief remarks from Downey, guests loved food and drinks provided by G Texas Catering and live music performed by Fort Worth-based duo Danni + Kris. Additionally, guests were given tours of the property by Novē s leasing team, providing them with a first look at Novē s amenity spaces, model apartment homes, and penthouses.
SLC plotted the grand opening in partnership with event management group CSI DMC.
Novē at Knox is the first and only apartment complex in KBS Dallas-area portfolio. The company currently manages eight best-in-class office properties in the Dallas/Fort Worth region.
Novē at Knox is an brilliant example of KBS expertise in strategically finding the right companies to partner with for multifamily projects, says Brett Merz, asset manager for Novē at Knox and senior vice president at KBS. This grand opening event emphasizes the growing demand for luxury apartment units in the Dallas area.
Novē at Knox was designed by local firm GDA Architects. The 310-unit, 19-tale property boasts a variety of luxury in-home amenities, including high-efficiency stainless steel appliances, personal washers and dryers, granite countertops, 10-foot ceilings, and floor-to-ceiling windows providing sweeping views of the city. Additional amenities available to all residents include 10,000 square feet of private open space connected to McKinney Avenue; a resort-style pool on the fourth floor with a large sundeck, outdoor kitchen, and private cabanas; a full fitness center and yoga studio; a dog park and washing station; and 24-hour concierge service.
SLC developed and operates other multifamily and single-family communities in neighboring Collin County, including Morada Plano and Tucker Hill (McKinney). Additionally, SLC developed and sold multifamily communities Junction 15 (Plano) and The Lofts at Watters Creek (Allen). SLC plans to break ground on a luxury high-rise multifamily project in Fort Worth later this year.

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HAMILTON, NJ – Total construction starts fell 2% in April to a seasonally adjusted annual rate of $853.5 billion, according to Dodge Data & Analytics. Single family construction posted a sizeable decline following months of strong activity, while nonresidential building and nonbuilding starts both gained.
The pullback in single family construction starts was inevitable after showing exceptional strength over the past year, said Richard Branch, Chief Economist for Dodge Data & Analytics. Higher material prices, supply shortages, and a dearth of skilled construction labor were bound to catch up with housing and will ultimately limit the ability of this sector to show the same rate of expansion this year as it did last. Meanwhile, nonresidential starts are stabilizing and should continue to heal throughout 2021, but, this sector will also be challenged by similar issues facing the housing market that will cause its starts to be below pre-pandemic levels for months to come.
Below is the full breakdown across nonbuilding, nonresidential, and residential construction:
Nonbuilding construction starts rose 2% in April to a seasonally adjusted annual rate of $189.5 billion. The utility and gas plant category rose 5%, while environmental public works and highways and bridges gained 2% and 1% respectively. The miscellaneous nonbuilding category dropped 3% in April. On a year-to-date basis, total nonbuilding starts were 6% higher than during the first four months of 2020. Starts in the environmental public works category were 37% higher, while miscellaneous nonbuilding starts were up 25%, and utility and gas plant starts were 3% higher. Highway and bridge starts were down 11%.
For the 12 months ending April 2021, total nonbuilding starts were 9% lower than the 12 months ending April 2020. Environmental public works starts were up 14%, while highway and bridge starts were up 1%. Utility and gas plant starts were down 34% for the 12 months ending April 2021 and miscellaneous nonbuilding starts were down 15%.
The largest nonbuilding projects to break ground in April were the $625 million Atkina Solar Power in Wharton County, TX, the $530 million New York Energy Solution Transmission Project in Claverack, NY, and the $357 million North City Pure Water Facility in San Diego, CA.
Nonresidential building starts rose 16% in April to a seasonally adjusted annual rate of $276.3 billion. Institutional building starts rose 19%, driven by education, transportation, and recreation buildings, while commercial starts rose 12% due to gains in the office and warehouse categories. Manufacturing starts also increased in April, climbing 25%. On a year-to-date basis, nonresidential building starts were 17% lower than during the first four months of 2020. Commercial starts were down 20%, while institutional starts were down 18%. Through the first four months of 2021, manufacturing starts were up 13%.
For the 12 months ending April 2021, nonresidential building starts were 26% lower than the 12 months ending April 2020. Commercial starts were down 27%, while institutional starts were 18% lower. Manufacturing starts were down 53% for the 12 months ending April 2021.
The largest nonresidential building projects to break ground in April were a $1.2 billion conversion of a storage building to an office project in New York, NY, the $530 million Mickey Leland International Terminal in Houston, TX, and a $325 million Amazon office project in Bellevue, WA.
Residential building starts fell 12% in April to a seasonally adjusted annual rate of $387.8 billion. Single family starts fell 18%, while multifamily starts rose 5%. On a year-to-date basis, total residential starts were 24% higher. Single family starts were up 31%, while multifamily starts were 6% higher.
For the 12 months ending April 2021, total residential starts were 12% higher than the 12 months ending April 2020. Single family starts gained 20%, while multifamily starts were down 8% on a 12-month sum basis.
The largest multifamily structures to break ground in April were the $232 million Travis Residential Tower 1 in Austin, TX, the $173 million 241 W 28th St mixed-use project in New York, NY, and the $165 million Union Square Tower in Somerville, MA.
Regionally, April s starts rose in the Northeast and Midwest but fell in the West, South Central, and South Atlantic regions.

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