GRAND RAPIDS, MI – Global architecture and engineering firm Ghafari Associates announced the completion of 601 Bond Apartments in Downtown Grand Rapids, Michigan. The completed building was unveiled at a ribbon-cutting ceremony on June 27, attended by New York-based developer Time Equities, Ghafari team members, contractor Pioneer Construction, and KMG Prestige, the property manager.

“The Monroe North neighborhood hasn’t seen much activity in recent years. With 601 Bond being one of the developments involved in its revitalization, it was vital to design the building to be a modern addition to its surroundings, while still responding to what already exists in the area,” said Tom Tooley, Senior Vice President of Ghafari’s Grand Rapids office. “The design blends modern and industrial components to make a contemporary living experience for new residents, while intentionally complementing the turn-of-the-century buildings nearby.” 

Ghafari provided architecture and interior design services for this new 16-tale, 310,000 SF multi-family development that boasts views of the Grand River and downtown. With its modern, high-end appearance, the development contains 202 apartment units, on-site covered parking, and 4,000 SF of storefront for retail and restaurant use. Residents will delight in amenities such as a rooftop deck with incredible views, a fitness center and lounge, and a pet grooming station. 

The project’s location – which offers simple access to the city’s growing dining and entertainment options, as well as close proximity to the city’s major corporate and healthcare employers – makes it attractive to potential tenants seeking an urban living experience.

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GILBERT, AZ – The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Town Commons in Gilbert, AZ.  Peter Calatozzo, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Town Commons is a 24-building residential complex complete with two 2-tale townhouse buildings, ten 2-tale carriage homes, and twelve 3-tale garden style buildings. Ranging from 776 to 2,197 square feet, the property features a well-balanced unit mix of one-, two-, three- and four- bedroom homes including a selection of townhome and carriage home variations. 

Constructed in 2018, Town Commons is fit out with luxury unit interior finishes, premier community amenities, and convenient access to Phoenix employment corridors and walkable family-friendly retail. Unit interiors include granite countertops, designer lighting, full size washer/dryers, and private access to garages in townhomes and carriage homes. Community amenities include a resort style swimming pool, an outdoor lounge with bonfire pits and BBQ grills, a state-of-the-art clubhouse including a Cyber Café, a private work space with 55-inch presentation TV, a fitness center with TRX equipment, a dog park, and a children’s splash pad. 

“Town Commons is located in Gilbert, a municipality in Phoenix’s Southeast Valley that has experienced strong employment and population growth,” said Mr. Calatozzo. “The Property is centrally located between several of the MSA’s largest employment hubs and a small distance to Downtown Gilbert’s Heritage District, providing tenants with simple access to several retail, dining and entertainment options.”       

Shaun Houlihan, Analyst of The Praedium Group, added: “The Property’s location provides residents with access to the award-winning Gilbert Unified School District.  Additionally, as part of Gilbert Town Square, Town Commons benefits from a diverse set of retail and entertainment options within walking distance, totaling more than 400,000 sf.”

Residents of Town Commons have fantastic connectivity across the state, with convenient access to US-60, US-202, US-101 and I-10. Within a 30-minute commute, residents can arrive at more than a dozen employment corridors; the East Valley (20-30 minutes) has seen vast growth, welcoming the expansions/relocations of major national corporations such as JP Morgan and Intel, while Gilbert’s own CBD (10-15 minutes) recently welcomed a 2,500-person corporate campus for Deloitte. 

Town Commons’ location within the Gilbert Town Square provides residents access to vibrant retail just steps outside their doors. The mixed-use center features restaurants, retail shops, fitness centers, a 44-lane bowling alley and a 14-screen megaplex Regal movie theater.  Just minutes from the Property is the Gilbert Heritage District, a bustling local foodie destination with an extensive array of food options that attracts both locals and out of town visitors for its year-round events, including farmers markets and concerts. 

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SAN ANTONIO, TX – The NRP Group, a vertically-integrated, best-in-class developer, builder and manager of multifamily housing, today announced its San Antonio Team has broken ground on Acero, an upscale multifamily development situated west of the city’s historic Southtown and King William neighborhoods.

The community will sit alongside San Pedro Creek, which is currently being redeveloped into a world-class recreational park. When completed, the park will incorporate 3,905 linear feet of walkways, public art, architecture, local crafts, historic preservation, ecosystem restoration and native landscaping.

A 323-unit complex offering a mix of market-rate and workforce apartments, Acero will cater to everyone from young professionals entering San Antonio’s hot job market to retirees looking for convenient, hassle-free living in one of America’s most active cities.

“We are thrilled to be offering housing of the highest quality in San Antonio, which has experienced incredible growth in recent years,” said NRP Co-Founder and Chief Executive Officer J. David Heller. “Acero will add a unique living experience to an already vibrant neighborhood.” 

Acero will be comprised of a mix of studio, one-, two-, and three-bedroom apartments across five buildings with ample surface parking and attached garages.

Spanning more than 10 acres, Acero includes amenities such as a resort style pool, a state-of-the-art fitness center, outdoor grills, a fire pit, a dog park and a pet wash. Residents will also experience the convenience of 24/7 package concierge, a cyber-lounge, bike storage and repair facilities, and work-from-home conference areas. 

The site features convenient access to I-35/I-10 and South Flores Street, bringing jobs, education and entertainment to Acero residents’ doorsteps. It is also located just west of Blue Star, a well loved Southtown destination serving as a hub for San Antonio’s artistic community.

“With Acero, The NRP Group is harnessing the best of San Antonio’s vital and vibrant community,” said NRP Vice President of Development Alastair Jenkin. “The apartments offer unparalleled access to top-notch dining, entertainment and culture, along with superior amenities. NRP’s commitment to Texas has never been stronger.”

The NRP Group is developing Acero with equity partner Cornerstone Holdings.

“NRP constructs fantastic communities with blue-chip amenities in prime locations which are very attractive to tenants—its track record speaks for itself. We’re very excited to be partnering with a right best-in-class company,” said Neville Vere Nicoll, president at cornerstone holdings.

The project is also being developed in partnership with the San Antonio Housing Trust Public Facility Corporation (SAHTPFC). The partnership guarantees 50 percent of units at Acero will be leased to residents who earn less than 80 percent of the area median income. 

“Acero is another example of NRP’s commitment to meeting the housing needs of all within our community,” said San Antonio City Councilman for District 1, Roberto C. Treviño. “Housing is one of our most vital initiatives and it will be fantastic to see a new residential community in this neighborhood that also provides an affordable component.” 

The NRP Group expects Acero to be completed in Spring 2021.

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