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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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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ARLINGTON, VA – AHC Inc., a leading developer of affordable housing in Maryland and Virginia, broke ground on its $39 million redevelopment project of Arlington View Terrace East, an affordable housing community located on the eastern end of Columbia Pike. The current community includes 77 apartments spread out among seven two- and three-tale buildings. The Arlington View Terrace East redevelopment is demolishing the largest of the structures, which currently includes 30 homes, and replacing it with a new Energy Star Certified & EarthCraft Certified Gold structure with 77 apartments. With construction beginning later this month, the redevelopment will boost the number of affordable apartments to 124 at Arlington View Terrace and make several new amenities and features for residents.
The groundbreaking ceremony was attended by local dignitaries, including Virginia State Delegate Alfonso Lopez and Arlington County Board members Matt de Ferranti and Katie Cristol.
“I m delighted to be here today for the groundbreaking of much-needed affordable homes along Columbia Pike in Arlington, said Virginia State Delegate Alfonso Lopez. I believe investing in affordable housing is essential to the economic vitality of not only Arlington, but also to the entire Commonwealth. In today s competitive economic climate, it takes a lot of resources to get an affordable housing project off the ground. I am proud this project is being funded through Virginia s Affordable Housing Trust Fund – which I made in 2013 – along with support from other local and national partners.”
Preserving and expanding access to safe, habitable affordable housing is a priority in our community, said Arlington County Chair Matt De Ferranti. Along with making life-changing opportunities for dozens of local families, it s also fantastic to see that Arlington View Terrace East has been designed to contribute to a more equitable and sustainable future by including access to free WiFi and green design elements like solar panels.
Ricky Clark, a service manager at AHC for nearly 20 years who grew up at AVT, also participated in the event.
This will always be home for me, Clark said. A lot of these residents have lived here a long time. People delight in both the sense of community and the convenience of being right off Columbia Pike.
The new building will feature sustainable design elements, including a projected 190-panel solar system, AHC s second solar project in Arlington. The solar project is expected to generate 84,000 kwh a year, enough to power nearly 8 single-family houses a year. Arlington View Terrace East is also AHC s First Energy Star Certified Building and includes an extensive green roof to support stormwater management. The community qualified for Gold-level certification with EarthCraft Multifamily (ECMF), the nation s first multifamily-specific green building program.
Residents will also delight in a new community room, fitness room, courtyard, leasing office, and parking garage. The apartments will feature attractive plank flooring, larger and more numerous windows, new appliances, and free WiFi for each apartment.
We re excited to break ground on redeveloping Arlington View Terrace East to bring more quality affordable apartments to Arlington, said John Welsh, VP of Multifamily Development at AHC Inc. Primely located in the heart of Arlington, central to jobs and the vibrant streetscape of Columbia Pike, this is a much-needed community that will provide dozens of local, hardworking families with an opportunity to build brighter futures.
Expected to be completed by early 2023, AVT s 77 new affordable apartments will house families earning between 30% and 60% of the Area Median Income (AMI) and will offer 15 three-bedroom apartments. Further, eight homes have been set aside for Arlington County s Permanent Supportive Housing (PSH) program, which provides the opportunity for residents with disabilities to maintain their housing and pay no more than 30% of their income towards rent. There will also be eight fully ADA accessible units, and the new building will meet Universal Design standards.
This project was made possible by AHC Inc. s local and national partners. Arlington View Terrace East won an allocation of $2.03 million in competitive tax credits from Virginia Housing (VHDA), which will generate $19.5 million in tax credit equity. The Arlington County Board allocated up to $8.23 million in loan and grant funding, and the project was also selected for a $900,000 loan from the Virginia Housing Trust Fund.
Other funding partners include Virginia Housing (VHDA), Capital One, Virginia Department of Housing and Community Development (VDHCD), Hudson Housing, and NeighborWorks America. AHC Inc. also collaborated with Cunningham and Quill Architects, who designed the renovation, Harkins Builders, who will do the construction, Walter L Phillips, AVT s civil engineer and Klein Hornig, LLC, financing council.

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