Nashville

NHI, headquartered in Murfreesboro, TN is the managing member and will own 97.5% of the joint venture equity and Bonita Springs, FL-based Discovery will own 2.5%.

Highwoods now owns an 80% interest in the joint venture. The company estimates the project will involve a total investment of $72 million.

WeHo Crossing is 60,000 square feet of office space and 12,500 square feet of Class A retail/restaurant space.

The mixed-use development will include 232 five-star hotel rooms, luxury for-sale residential units, approximately 10,000 square feet of retail space and a 368-space parking garage. Both the hotel and the for-sale residential units will be branded and operated by Four Seasons Hotels and Resorts.

For multifamily developers, the addition of short-term rentals gives them the ability to incorporate an entirely new tenant into their planning and modeling, mitigating risks associated with vacancy.

Four markets in the State of Florida ranked among the top 15 in the nation for multifamily rent growth, the most of any state.

Alpha Capital Partners of Bridgeville, PA reports that its Opportunity Zone fund has purchased 1501 Herman St. and is planning to develop a 300-unit multifamily project there, according to Jide Famuagun, CEO of Alpha Capital.

The firm's plans for the property at 1221 Broadway include an office tower that would feature anywhere from 350,000 square feet to 500,000 square feet of office space.