US Market News
1 month ago
Quarterra and PGIM Celebrate Groundbreaking at Alexandria Crossing ApartmentsMay 28, 2026 6:01 AM
PR Newswire (US) Mid-rise apartment development to offer prime regional connectivityALEXANDRIA, Va., May 28, 2026 /PRNewswire/ -- Quarterra, an industry-leading multifamily development and investment management firm, and PGIM, the global investment management business of Prudential Financial, Inc. and the second-largest real estate investment manager in the world, celebrated the commencement of construction on Alexandria Crossing at their groundbreaking ceremony earlier this month. Alongside the project's lead lender, ING Capital LLC, Quarterra and PGIM are proud to bring the new luxury apartment community to the heart of Alexandria, offering a premier residential destination that blends modern living with unparalleled connectivity. Alexandria Crossing is designed as a sophisticated mid-rise community, comprised of seven stories and featuring 385 apartment homes. The development will offer a diverse range of floor plans, from efficient studios to spacious three-bedroom residences, with units ranging from 398 to 1,378 square feet. Committed to environmental responsibility, the community is engineered to meet the National Green Building Standard (NGBS) Gold Certification for environmental sustainability.The broader master development also includes a significant residential expansion by Lennar, one of the nation's leading homebuilders, featuring 44 "two-over-two" for-sale townhomes — architecturally styled as four-level townhouses but internally split into two separate, multi-level residences — and 33 for-sale traditional townhomes."Alexandria Crossing represents our commitment to creating high-quality, sustainable housing that meets the needs of modern urban dwellers," said Drew Dunn, Senior Development Manager with Quarterra. "With its unmatched location and regional accessibility, combined with a curated amenities package, we are creating a community that is as convenient as it is comfortable."Located at 6239 Shields Avenue, Alexandria Crossing will offer residents prime connectivity to regional attractions, recreation, employers and necessities. The community fronts along US Route 1, providing immediate access to major thoroughfares including I-495, I-395 and the GW Memorial Parkway. The community site is just 0.8 miles from the Huntington Metro Station (Yellow Line) and adjacent to a future Bus Rapid Transit (BRT) stop. The transit access creates easy commutes to major employers, including the National Science Foundation, Virginia Tech Innovation Campus, Amazon HQ2, the Pentagon and Fort Belvoir.The community is situated immediately adjacent to the Kings Crossing Shopping Center, which includes retail and restaurants, as well as medical and service providers. Directly across Route 1 is the South Alex development, featuring groceries, coffee shops and destination dining.Residents can also enjoy nearby recreation destinations, including Mount Vernon District Park, Martha Washington Library, and various nature trails and bike paths. The community is within 10 minutes of the renowned restaurant scene in Old Town Alexandria and Carlyle Plaza, with the McCutcheon/Mount Vernon Farmers Market nearby.Designed for an active and social lifestyle, Alexandria Crossing will offer a suite of high-end amenities, including:Courtyards: Two courtyards will feature a resort-style pool with cabanas and a sun shelf, walking trails and outdoor dining areas. The courtyards will be connected by an interior sunroom with a kitchenette.Fitness Center: A state-of-the-art facility equipped with interactive fitness screens and flex spaces for all training levels.Clubhouse and Resident Lounge: Active spaces for entertaining, highlighted by a pool table, shuffleboard and a fireplace.Dog Park/Spa: An elevated outdoor dog park with obstacles and seating, as well and an indoor pet spa with built-in washing stations.Business Center: Modern business facilities, including a podcasting room, private conference room, four micro offices and oversized conference table.Open Space: An additional 0.62 acres of public open space incorporates the Terminus Green community park, a pollinator garden with benches and swing, and a linear park with multi-use green space, natural play elements and seating.Other property features include 131 bicycle racks, 40 resident storage units and an eight-level parking garage with 489 stalls, including eight EV charging spaces.Alexandria Crossing is Quarterra's first multifamily development in Alexandria and second in Virginia. About Quarterra
Quarterra is a real estate investment firm focused on creating long-term value through the development of high-quality multifamily communities nationwide. With 12 regional offices across 20 states, Quarterra combines institutional scale with local market expertise to deliver purposefully designed rental communities in high-growth markets. For more information, visit www.Quarterra.com.About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.2 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.1 As of December 31, 2025, net AUM is $139B and AUA is $50B. PGIM is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments' "The Largest Real Estate Investment Managers" list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.2 As of December 31, 2025.About ING
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.Media Contact
Marlena DeFalco
LinnellTaylor Marketing
marlena@linnelltaylor.com View original content to download multimedia:https://www.prnewswire.com/news-releases/quarterra-and-pgim-celebrate-groundbreaking-at-alexandria-crossing-apartments-302783858.htmlSOURCE Quarterra Original: Quarterra and PGIM Celebrate Groundbreaking at Alexandria Crossing Apartments
US Market News
2 months ago
OCI Energy and CPS Energy break ground on Alamo City Battery Energy Storage ProjectMay 19, 2026 4:39 PM
PR Newswire (US) One of the largest standalone energy storage projects in the region, Alamo City BESS will bring flexible power and long-term energy resilience to the San Antonio areaSAN ANTONIO, May 19, 2026 /PRNewswire/ -- Today, OCI Energy, CPS Energy, and their project teams gathered in southeastern Bexar County to mark the official start of construction on the Alamo City Battery Energy Storage System (BESS). The ceremonial groundbreaking commemorated the transition from development to the build phase of one of the largest standalone battery energy storage projects in the region. The project is designed to strengthen how the San Antonio community is served during periods of highest electricity use.Once completed, the 120 MW / 480 MWh facility will be capable of powering approximately 30,000 homes for up to four hours, delivering critical support during periods of peak demand. By shifting how and when electricity is supplied, the project is designed to help deliver power more efficiently and economically."This project represents a significant step forward toward realizing a more resilient, reliable energy system that San Antonians can be truly proud of," said Sabah Bayatli, President, OCI Energy. "This groundbreaking reflects years of thoughtful coordination, planning, and hard work - and once completed, it will help the electric system better manage peak demand events."OCI Energy developed and financed the Alamo City BESS and will retain ownership under a long-term storage capacity agreement with CPS Energy, who will have operational control of the facility to serve the San Antonio region when needed."Energy storage is a critical component of how we prepare for the future," said Rudy D. Garza, President & CEO of CPS Energy. "Projects like Alamo City BESS give us the flexibility to meet growing demand, integrate more diverse energy resources, and ensure our community has reliable power when it matters most."Organizations with deep experience across the energy sector are supporting the delivery of this project. ING is providing construction financing, LG Energy Solution Vertech is supplying the battery energy storage technology, and Elgin Power Solutions is serving as the Engineering, Procurement, and Construction contractor.This collaboration represents a significant investment in the region and a shared commitment to building durable infrastructure that supports Texas' energy system during periods of high demand."Breaking ground on Alamo City BESS marks an important milestone in turning plans into real, resilient infrastructure for the San Antonio region," said Sven Wellock, Head of Renewables and Power, Americas, ING. "Battery storage plays a critical role in strengthening grid reliability during periods of peak demand, and we are pleased to support OCI Energy and CPS Energy in delivering a project that combines scale, flexibility, and long-term value for the community.""We're proud to support the Alamo City energy storage project and to see construction begin," said Jaehong Park, CEO and President of LG Energy Solution Vertech. "This project adds further resiliency and stability to the grid, leveraging energy storage to ease demand constraints and improve energy availability.""Alamo City BESS represents the kind of forward-looking infrastructure investment needed to support a more reliable and flexible electric grid," said Austin Hall, President, Elgin Power Solutions. "Our team is excited to help deliver a project that will provide long-term value to the San Antonio region and support energy resilience for years to come."Alamo City BESS is expected to enter commercial operation in 2027.About OCI Energy
OCI Energy is a U.S.-based developer, owner, and operator of utility-scale solar and battery energy storage projects, with a track record of delivering some of Texas' earliest large-scale solar developments. Since 2012, the company has advanced a growing portfolio of projects across key U.S. power markets, spanning the full lifecycle from early-stage development through asset management. With a multi-gigawatt pipeline and continued expansion underway, OCI Energy is helping meet rising energy demand with reliable, secure, and affordable power that supports communities and strengthens the grid.About CPS Energy
Established in 1860, CPS Energy is the nation's largest public power, natural gas, and electric company, providing safe, reliable, and competitively-priced service to approximately 970,000 electric and 390,000 natural gas customers in San Antonio and portions of seven adjoining counties. Our customers' combined energy bills rank among the lowest of the nation's 20 largest cities – while generating $10.1 billion in revenue for the City of San Antonio since 1942. As a trusted and strong community partner, we continuously focus on job creation, economic development, and educational investment. We are powered by our skilled workforce, whose commitment to the community is demonstrated through our employees' volunteerism in giving back to our city and programs aimed at bringing value to our customers.About ING Capital
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank's more than 53,000 employees offer retail and wholesale banking services to customers in over 40 countries. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.About LG Energy Solution Vertech
LG Energy Solution Vertech is the U.S. energy storage division of LG Energy Solution. Via a single contract, the company delivers complete systems, long-term warranties, expert services, and advanced software. The combination of excellence in technology coupled with nearly two decades of energy storage experience makes LG Energy Solution Vertech a leader in the global energy storage market.In 2022, LG Energy Solution acquired NEC Energy Solutions and established LG Energy Solution Vertech Inc. By vertically integrating the battery manufacturer and integrator, LG Energy Solution Vertech offers customers a uniquely streamlined experience and comprehensive support through a system-level contracting process. LG Energy Solution Vertech provides bankable, reliable, and comprehensive energy storage solutions as a lifetime energy storage partner. About Elgin Power Solutions
Elgin Power Solutions is a leading U.S. power system manufacturer and EPC contractor specializing in high voltage substations, battery energy storage systems (BESS), transmission lines, custom switchgear and other high-voltage infrastructure projects. With more than 45 years of experience, Elgin delivers engineered solutions for a wide range of energy markets across North America. Backed by in-house engineering, manufacturing, and construction capabilities, Elgin is known for reliable execution, industry-leading expertise, and a commitment to delivering safe, high-quality power infrastructure solutions that support long-term grid resilience and performance.Media Contacts
OCI Energy: Leslie Garza-Wright, lgwright @louie-4978
CPS Energy: Sydney Colwell, cpsenergy @y2kfree_radical-2344
ING America Region: Michael Constantine, Michael.Constantine @ikcon-7053
LG Energy Solution Vertech: Licole Sheridan, lsheridan @Yenlady-0002
Elgin Power Solutions: Allison Woods, Allison.woods @zx7-1509 View original content to download multimedia:https://www.prnewswire.com/news-releases/oci-energy-and-cps-energy-break-ground-on-alamo-city-battery-energy-storage-project-302776807.htmlSOURCE OCI Energy Original: OCI Energy and CPS Energy break ground on Alamo City Battery Energy Storage Project
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