FortGroup has started work on a 23.35-acre development site atWellborn and Old College roads, close to Texas A&M University.The Wave's Z Islander, slated for a summer 2009 completion, willhave two-, three- and four-bedroom units. FortGroup Developmentplans to manage the complex and hold it long term as it builds aWave's Z portfolio, according to Lee Weaver, vice president inTampa for Minneapolis-based NorthMarq Capital Inc.

"They'd developed quite an extensive portfolio before and soldit all to Jones Lang LaSalle last year," says Weaver, who arranged$55.2 million in debt and equity financing for the project. He saysthe developer really wanted to work on a different brand.

"Wave's Z is the concept they'll use at future sites and they'remainly in the Southeast," Weaver tells GlobeSt.com. He says thedeveloper is looking for other sites in Texas. FortGroup isunderway on a Wave's Z Islander in Jacksonville, FL, with 460 bedsin phase one and 228 beds in phase two on a 40.88-acre tract.