http://www.multifamilybiz.com Latest Press Releases from MultifamilyBiz.com en-us © 2025 MultifamilyBiz.com 1 /pressreleases http://www.multifamilybiz.com/images/multifamilylogosmall.png 144 33 Multifamily Industry Press Releases - MultifamilyBiz.com RSS Feed NEW ORLEANS, LA - 365 Connect, the leader in providing the world s most advanced automated marketing, leasing, and resident engagement platform for multifamily communities across the globe, announced today its CEO, Kerry W. Kirby, has released his latest podcast; AI Co-workers Are Here: How Automation is Reshaping Teams Forever. The podcast is now streaming on MultifamilyBiz, the largest media resource in the multifamily housing industry and across all major podcasting platforms worldwide. AI Co-workers Are Here: How Automation is Reshaping Teams Forever takes a deep dive into the accelerating rise of AI-powered co-workers and how they are fundamentally redefining productivity across industries. No longer limited to executing basic, repetitive tasks, today s AI solutions are stepping into more collaborative roles — analyzing data, generating insights, and even driving decision-making processes alongside human team members. This evolution is reshaping team dynamics at every level, breaking down traditional job boundaries, and forcing businesses to rethink how work gets done. "Businesses of all sizes and across every industry are now embracing AI not just to automate repetitive, time-consuming tasks, but to elevate how teams operate and innovate. AI has moved beyond simple execution — it s stepping into true collaboration, helping generate insights, inform decisions, and accelerate outcomes. This shift isn t just about working faster; it s about reshaping how we create, solve, and grow in the digital economy," Kirby explained. Joining this discussion is property management expert Ernest F. Oriente of PowerHour, an industry veteran and author of SmartMatch Alliances. Together, Oriente and Kirby have co-hosted almost 200 webcasts, reaching millions of listeners worldwide through platforms like Spotify, iHeartRadio, and Apple Podcasts. With a combined 50 years of experience in the multifamily housing industry, they deliver insightful, cutting-edge content that has garnered numerous prestigious global awards for their impactful and educational programming. Oriente stated, "Kerry continues to lead the charge in technology innovation, and I m excited to join him in unpacking the challenges and opportunities facing businesses today. The pace of change is relentless — companies are scrambling to adapt, teams are feeling the pressure, and the future waits for no one. This conversation couldn t be more critical as leaders everywhere race to rethink how work gets done in the age of AI." Kirby concluded, "The rise of AI co-workers isn t about replacing people — it s about unlocking what makes us uniquely human. By automating the routine, we empower our teams to focus on creativity, strategy, and connection. This is more than a shift in technology — it s a transformation of how we work and what we can achieve together. The future belongs to those willing to embrace it." The podcast is available at MultifamilyBiz.com ABOUT 365 CONNECT: 365 Connect powers the world's most advanced automated marketing, leasing, and resident engagement platform for multifamily communities across the globe. Designed to modernize transactions that empower people, our AI-driven platform transforms operations to reduce costs, maximize efficiency, and accelerate revenue. Founded in 2003 with unrivaled industry knowledge, 365 Connect is purpose-built for renters, management teams, and today's changing world. Discover how we re driving the future of multifamily innovation at 365connect.com https://www.multifamilybiz.com/pressreleases/17945/kerry_w_kirby_leads_thoughtprovoking_conversation_... Sat, 31 May 2025 09:53:00 GMT f1c05056-d95c-4310-bcfe-200d96b12806 SARASOTA, FL - McDowell Housing Partners (MHP), a leading affordable housing development and investment company, has completed construction of phase one of Ekos at Arbor Park in North Port, a city located in Sarasota County, Florida. Located at 1320 Citizens Parkway, Ekos at Arbor Park delivers 136 units (76 one-bed / 60 two-bed), providing much-needed senior housing to households making between 20-70% of the Area Median Income. That translates to rents ranging between $330- $1,235 for one-bedroom units and $385 - $1,471 for two-bedroom units. The community is restricted to residents 55 years of age and older, filling the need for low- and moderate-income individuals still in the workforce, as well as retirees. We are incredibly proud to celebrate the completion of the first phase of Ekos at Arbor Park. It s an incredibly well appointed and managed community with rent levels that are far lower than anywhere else in North Port and Sarasota County, said Chris Shear, COO of McDowell Housing Partners. We remain dedicated to addressing the housing crisis in Sarasota County as we advance toward the closing of the land adjacent to phase one, where Ekos Arbor Park Phase II will be built, providing an additional 66 high-quality affordable apartments to families and individuals of all ages. The community was funded through 4% LIHTCs purchased by Wells Fargo, Wells Fargo construction loan, Freddie Mac permanent senior debt and subordinate loans from Florida Housing Finance Corporation. The community boasts an array of amenities and resident services including a clubhouse with multipurpose social/community room, a fully equipped fitness center, media center and outdoor grills on the lanai overlooking the resort-style pool. Ekos at Arbor Park offers well-appointed one- and two-bedroom apartments, ranging from 700 to 946 square feet. Each apartment unit offers spacious kitchens incorporating energy star appliances, granite counter-tops with tile back-splashes, stainless steel appliances, walk-in closets, in-unit washers/dryers, and tile flooring throughout all apartment homes. Residents at Ekos at Arbor Park are also provided with numerous services and programs including: quarterly financial planning courses, quarterly health and nutrition courses and annual health fair, on-site screening services, and regular on-site social events. The developments are conveniently located just off of Toledo Blade Boulevard and W Price Boulevard, providing residents with easy access to dining options, grocery stores, medical centers, and recreational options. Forum Architecture and Interior Design served as the architect and MHP-Hennessy Construction, LLC, a joint venture between MHP Builders and Hennesy Construction Services, served as the general contractor, bringing the modern and functional design to life. https://www.multifamilybiz.com/pressreleases/17894/mcdowell_housing_partners_completes_40_million_eko... Fri, 30 May 2025 08:24:00 GMT 2ee47877-0344-4c37-92a4-68283347092f PHILADELPHIA, PA - U.S. Development is partnering with market-leading real estate agents to lead the successful lease-up of its brand-new luxury apartment community Frankford Grand located in the heart of Philadelphia s Fishtown neighborhood. Jim Onesti and Evangeline Gambardella of the renowned Mike McCann Team are exclusively overseeing leasing and marketing of Frankford Grand. The 107-unit Frankford Grand is elevating the standard of living in one of Philadelphia s most dynamic and fastest-growing neighborhoods. It blends upscale design, top-tier amenities and urban convenience. Onesti and Gambardella are already driving substantial activity through creative programming and activations at the community. Frankford Grand represents a fusion of luxury and lifestyle that we know Philadelphians are seeking, Onesti said. We are thrilled to bring the vision of U.S. Development to life in Fishtown and welcome prospective tenants to experience it firsthand. A Philadelphia native, Onesti has been a top-selling Realtor since 2000, specializing in luxury new construction and large-scale, high-end developments. His career production exceeds $4 billion, as Onesti and his team have cultivated a reputation for delivering superior results. Gambardella is a distinguished real estate professional with extensive experience in luxury new development sales and multifamily leasing. At 19, she was the youngest graduate in her Temple University class, earning a degree in Corporate Finance and Real Estate to set the foundation for her prolific real estate career. With The Mike McCann Team, Gambardella plays a pivotal role in representing some of the most prominent multifamily and residential new construction developments across Philadelphia and South Jersey. In their marketing campaign, Onesti and Gambardella leverage Frankford Grand s unmatched amenity offering to host compelling events for current and prospective tenants. Frankford Grand s expansive roof deck offers panoramic views of Center City, complete with an outdoor kitchen, dining spaces and fire pits for an exceptional social and leisure experience above of the bustling streets of Fishtown. The building s ground level features a full-size gym and private courtyard garden with expansive dog park. Onesti and Gambardella are partnering with local vendors, musicians and entertainers to regularly activate the outdoor areas and showcase Frankford Grand s vibrant lifestyle. Located at 1122 Frankford Ave. – the gateway to the Heart of Fishtown, Frankford Grand also includes 15,000 square feet of retail space spanning two floors. The 107 apartments include a mix of 50 studios, 32 one-bedrooms and 25 two-bedrooms. Just northeast of Philadelphia s Center City, Fishtown is a neighborhood with a working-class history that today attracts the cutting edge in culinary, art and music trends. In a nod to Fishtown s history, character and present-day appeal, Frankford Grand s design combines a brick façade and black loft-style windows, fusing industrial heritage with modern touches. The property features two prominent retail spaces constructed to accommodate a variety of uses including neighborhood retail, restaurant, bar or entertainment. Additionally, each of the retail spaces has generous exclusive outdoor patio areas for additional customer seating. The developer expects to attract best-in-class operators to join the ever-growing and dynamic Fishtown market with a Mediterranean Concept and specialized bakery in the works for the location bringing in best in class operators. Jacob Cooper of MSC Retail is Frankford Grand s exclusive retail leasing representative. He can be reached at jcooper@hellomsc.com ABOUT U.S. DEVELOPMENT: U.S. Development is an established real estate development and management firm specializing in ultra-luxury condominiums and multifamily/mixed-use buildings designed to elevate the standard for quality development. The visionary leadership at USD is intricately involved in all phases of the development process from entitlement to design, construction, and delivery. They bring a unique and fresh perspective to luxury real estate that results in iconic, high-end developments that forever transform waterfront and urban landscapes across the east coast. Properties developed by USD, or its principals, have generated over $420 Million in sales in the last several years alone, and the firm is actively developing over $370 million in current real estate projects. https://www.multifamilybiz.com/pressreleases/17899/us_development_introduces_jim_onesti_and_evangelin... Thu, 29 May 2025 08:42:00 GMT f78e30e6-6675-4388-8f75-c3e3fe9900b9 SEATTLE, WA - CBRE arranged the $192,850,000 sale of Soma Towers, a 273-unit multifamily community. Su Development sold the asset to The Sobrato Organization. CBRE s Eli Hanacek, Kyle Yamamoto and Mark Washington represented the seller. Our valued client had a tight timing window to make this deal happen, we re thrilled we could execute for them, going from launch to non-refundable within 60 days. The property garnered significant interest from buyers because of the exceptional quality of the asset, strength of the market and long-term fundamentals, said Hanacek. While Sobrato owns other multifamily assets in the Puget Sound region, this acquisition marks its first entry into the Bellevue submarket. For nearly 70 years, The Sobrato Organization has been developing commercial real estate for high-growth companies, building multi-family communities, investing in entrepreneurial enterprises and giving back to the communities in which we live and conduct business. Soma Towers is directly aligned with our objective of making a positive impact by providing a high-quality living experience and a place that engages the broader community through its retail lifestyle offerings, said Chad Froman, Sobrato Co-Chief Real Estate Officer. Located at 288 106th Ave NE in Bellevue, Soma Towers has two towers with 273 units with floor plans including studio, one- and two-bedrooms, as well as two- and four-bedroom penthouse suites. The towers also have 29,964 sq. ft. of commercial space across two floors that is 90% leased to world-class restaurants, retail and cultural amenities. Community amenities include a heated lap pool, fitness center, golf simulator, rooftop terrace, 18-seat theater and media room. Soma Towers is at the heart of Downtown Bellevue and is just blocks to the city s largest retail centers, top-tier restaurants, parks, light rail station and major Eastside employers in technology, social media, gaming and artificial intelligence. About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com https://www.multifamilybiz.com/pressreleases/17893/the_sobrato_organization_completes_19285_million_a... Thu, 29 May 2025 08:18:00 GMT 96a80572-6dd7-4a2d-91f4-aa2d4de5973d SAN DIEGO, CA - Investing over $225 million in the San Diego housing market, Raintree Partners – a private multifamily investment company – is developing three new contemporary Class A multifamily communities in San Diego County. Totaling 498 units, the luxury properties encompass Treehouse – now under construction – a 107-unit development in Bankers Hill; the 189-unit Flora + Fauna, also under construction; and in Bankers Hill and Dos Lunas, a 202-unit community in Encinitas poised to begin construction late 2025. Raintree Partners Co-CEO and president of development Jason Check says the San Diego market is an appealing investment for multiple reasons. Back in 2020 and 2021, there was a shift in demand within our portfolio – people were moving from LA and the Bay Area showing a strong preference for San Diego, especially with the rise of work-from-home policies and the area s compelling quality of life, Check said. That shift led us to focus on land entitlement opportunities in downtown and North County San Diego. Even amid today s choppy capital markets, those projects are moving ahead, which speaks to the strength of the locations, the region s strong job market and our long-term belief in San Diego as a vibrant, growing market. According to Check, the three new projects bring more in-demand high-quality residential options to the area as well as on-site affordable housing. All are amenity rich rental communities characterized by vibrant designs with a range of in-unit features including top-of-the-line appliance packages with washers and dryers in each home; contemporary countertop, backsplash, flooring, cabinet and hardware selections; expansive windows; specialty glass sliding doors; air conditioning; and more. Highlights also include abundant experiential amenities – from outdoor dining and entertaining spaces to resort-style pool areas. Treehouse, an eight-story podium building located at 2525 1st Ave in San Diego, spans 115,453 square feet with subterranean parking and airy, contemporary architecture inspired by the botanical gardens of nearby Balboa Park. With a focus on wellness, the amenity line-up includes a fitness center and sauna, a Zen spa deck and a roof deck with a greenhouse-inspired trellis, outdoor dining and lounge space with ocean and bay views and an herb garden adjacent to an outdoor kitchen/garden zone. There are studio, one- and two-bedroom options. Slated for completion in November 2025, the community replaces an older apartment building owned by Raintree. Architect: BDE Architecture; Contractor: ECON Construction. Flora + Fauna is located at 411 Ivy St., San Diego. Encompassing 115,453 square feet, this two-building community features six levels of sleek, modern architecture marked by rectilinear elements and an outdoor lifestyle replete with a sauna, spa and cold plunge, a coworking lounge and a roof deck with ocean and city views. Fostering a connection with nature, the community s distinctive biophilic design incorporates the beauty of nearby Balboa Park. Studio, one- and two-bedroom floor plans, as well as two-bedroom townhomes are available. Slated for completion in mid-2026, the one-acre development occupies the site of a former office building. Architect: BDE Architecture; Contractor: W.E. O Neil Construction. Dos Lunas is situated at 550 – 590, 696 Encinitas Boulevard, Encinitas. A tribute to relaxed coastal living, the three building, 260,300-square-foot Dos Lunas spans four levels – featuring breezy, modern design and a robust mix of resort-like amenities, including an ocean view roof deck, a pool, spa, cold plunge and sauna coupled with an expansive indoor/outdoor fitness center. It features a mix of studio, one-, two- and three-bedroom units, as well as two-bedroom townhomes. Slated for completion in 2027, the new property is on an undeveloped 4.9-acre site. Architect: Architects Orange. With these latest properties, Raintree now owns six communities totaling 1,265 homes in San Diego, including Regents La Jolla, a 333-unit community at 9253 Regents Rd.; in La Jolla, Axiom La Jolla, a 302-unit community at 3950 Mahaila Ave.; in San Diego and Flower Fields, 132 units at 2666 Flower Fields Way in Carlsbad. About Raintree Partners: Headquartered in Dana Point, Calif., Raintree Partners is a commercial real estate investment company engaged in the acquisition, development and redevelopment of multifamily residential and mixed-use properties in major California markets, including Los Angeles, Orange County, Inland Empire, San Diego and San Francisco. Including all assets under construction, Raintree currently owns 49 communities totaling over 8,000 apartment homes in California. For more information, visit www.raintreepartners.com https://www.multifamilybiz.com/pressreleases/17898/raintree_partners_invests_over_225_million_in_san_... Wed, 28 May 2025 08:38:00 GMT 706f0115-bcd3-468e-8daf-eba01b3bb7af BOCA RATON, FL - Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has launched its seventh multifamily investment fund, Eastham Capital Fund VII, LP. Since 2007, Eastham Capital has transacted on more than $5 billion in multifamily real estate across the United States. Our 18-year track record spans six private funds that continue to gain Eastham award winning recognition, said Matthew Rosenthal, founder and managing director of Eastham Capital. In June of 2024, Preqin awarded Eastham Capital Top Performing Real Estate Fund Manager in America. Building upon the success of Eastham Capital s six prior Funds, this fund will also target income-producing, value-add (C+ to A-) properties in A&B locations throughout the United States. Eastham Capital Fund VII, LP is targeting to raise $500-750 million in equity commitments. Eastham Capital believes that the climate for multifamily investment hasn t been this good since 2010. As the Federal Reserve raised the target rate a record 525 basis points from 0.00% to 5.25%, significant rate pressure began negatively affecting multifamily investors. Over $500 billion of multifamily loans are set to mature between 2025 to 2027, of which, over $100 billion are variable rate and will not be able to be refinanced without a significant cash infusion. Due to these upcoming loan maturities, distressed owners are beginning to initiate property sales at reduced prices to mitigate the risk of foreclosure. This seller-based distress has created an ideal environment to purchase properties at discounted pricing and will continue to do so for the next couple of years. We are seeing a notable increase in distressed acquisition opportunities and Eastham Capital Fund VII is being launched in order to take advantage of this situation. If you are interested to learn more, please contact us at investors@easthamcapital.com and visit our website at www.easthamcapital.com https://www.multifamilybiz.com/pressreleases/17891/eastham_capital_launches_latest_valueadd_multifami... Wed, 28 May 2025 08:12:00 GMT 43ceeee1-f8a7-466d-98ad-7236530f1ca8 CHICAGO, IL - RMK Management Corp., one of the Midwest s largest market-rate apartment management firms, is pleased to announce that multiple team members from two properties in its management portfolio garnered recognition at the 2025 Chicagoland Apartment Marketing and Management Excellence (CAMME) Awards, presented by the Chicagoland Apartment Association. We look forward to participating in the CAMME Awards each year as an opportunity to showcase the tremendous work our team does to create an exceptional experience for residents, said Anthony Rossi Jr., president of RMK Management Corp. The CAMME Awards are a barometer of the best multifamily communities in the Chicago area, and we re thrilled that two properties we manage earned honors highlighting our top-notch leasing and maintenance staff at these large-scale properties, each of which have more than 600 apartments and expansive grounds to maintain. RMK Management staff from Versailles on the Lakes Schaumburg, a 618-unit luxury rental community in Schaumburg, Ill., received CAMME Awards in two categories: Pedro Zavala — Chief Engineer/Maintenance Supervisor, Low-Rise/Garden Versailles on the Lakes Schaumburg Maintenance Staff — Maintenance Team, Low-Rise/Garden Additionally, at Versailles on the Lakes Oakbrook, a 688-unit luxury rental community in Oakbrook, Ill., RMK team members won CAMME Awards in two categories: Samira Torres — Leasing Professional, Low-Rise/Garden Hedson Rodriguez — Maintenance Professional, Low-Rise/Garden The 2025 CAMME Awards were presented by the Chicagoland Apartment Association on Friday, April 25 at the Fairmont Chicago, Millennium Park during its signature event to recognize, reward and celebrate excellence in the multifamily housing industry. About RMK Management Corp: A leading Midwest property management firm, RMK Management Corp. manages more than 8,400 apartment homes across 38 properties in Illinois, Indiana, Minnesota and Wisconsin. The company s portfolio spans a range of apartment types, from high-rise and mid-rise buildings to two- and three-story walk-up apartments, garden apartments, affordable housing, 55+/active adult communities, and build-to-rent (BTR) townhomes. RMK also develops, builds and renovates communities. https://www.multifamilybiz.com/pressreleases/17896/rmk_management_receives_multiple_2025_camme_awards... Tue, 27 May 2025 08:33:00 GMT 36d393a1-d1bd-4728-a3de-7f71dac92b84 DENVER, CO - BMC Investments ( BMC ), a Denver-based vertically integrated real estate firm, announced that Kristen Link has joined the firm as vice president, development. In this role, Link will be responsible for oversight and delivery of the company s ground-up development portfolio. With six projects currently under construction in the Denver metro area, BMC remains one of the region s most active developers. We are thrilled to welcome Kristen to the development team at BMC. With 20 years of experience spanning the full cycle of real estate development, she brings invaluable expertise that will strengthen our execution and support our mission to create transformative places, said Kelly Pretzer, managing director, head of development at BMC. Before joining BMC, Link successfully led teams through the development of a wide range of projects across multifamily, industrial and mixed-use asset classes. Link held leadership roles at Carmel Partners, Forum Investment Group and Tarragon, where she oversaw acquisitions, design, entitlements and execution in both the Seattle and Denver markets. Link holds a Master of Science in real estate and a Master of Urban Planning from the University of Washington. I m excited to join the BMC team and contribute to its expanding development efforts, said Link. It is an honor to be to be part of a firm with such a strong vision and exciting future. Link s appointment follows BMC s recent development and acquisition activity, which includes breaking ground on Cherry Lane, the largest redevelopment in Cherry Creek North, that will transform the vacant Sears store and Crate & Barrel building as well as convert the service alley and parking garage into a highly refined mixed-use development featuring 379 multifamily units, more than 132,000 square feet of high-end retail space and 59,063 sf of office space. https://www.multifamilybiz.com/pressreleases/17888/bmc_investments_announces_appointment_of_industry_... Tue, 27 May 2025 08:07:00 GMT 5c78275c-e14e-4eb5-8c16-d75f1c2ddad7 CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it facilitated the sale of two multifamily buildings on the northwest side of Chicago. The eight-unit 3913 N. Central Ave. in Chicago s Portage Park neighborhood sold for $1.39 million, and the nine-unit 4255 N. Neva Ave. in Norridge, Ill., transacted for $1.36 million. Interra Managing Partner Patrick Kennelly, Managing Partner Paul Waterloo and Associate Nathan Zito represented both the private seller and confidential buyer of the Portage Park property. Kennelly, Waterloo and Zito also represented an undisclosed local partnership in the acquisition of the Norridge asset. Richard Dawidiuk, a broker associate with RE/MAX Legends, represented the private seller. Both buildings were fully occupied at the time of sale. The Norridge property last traded hands 25 years ago, and this is the first time the Portage Park asset was sold since its construction. Northwest Chicago, in both the suburbs and the neighborhoods, remains a highly coveted submarket for multifamily investors, said Waterloo. Owners tend to hold onto assets here for a long time due to the area s sustained rent growth, which is why buyers move quickly when opportunities like these arise. Originally built in 1969, 3913 N. Central includes two one-bedroom and five two-bedroom units, as well as one four-bedroom layout that the new owner intends to convert into two units. The property includes garage and surface parking and has recently undergone a number of capital improvements. 4255 N. Neva, which was built in 1963, includes one studio and eight one-bedroom apartments, as well as off-street parking. The property went under contract within its first week on the market. Located close to dining and shopping options along Irving Park Road, 3913 N. Central is served by Metra's Milwaukee District North Line Mayfair and Grayland stations, as well as CTA s Montrose Blue Line station. Located adjacent to the Harlem Avenue retail corridor, 4255 N. Neva is served by CTA s Harlem Blue Line station. Both properties are within walking distance of Wilbur Wright College and a short drive from Chicago O Hare International Airport. About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com https://www.multifamilybiz.com/pressreleases/17887/interra_realty_facilitates_the_sale_of_two_multifa... Mon, 26 May 2025 09:03:00 GMT 866a46ea-3252-4000-a615-5b69575e3cb8 PHOENIX, AZ - San Diego-based Tower 16 Capital Partners in partnership with Raith Capital Partners has successfully acquired Sanctuary at South Mountain, a 166-unit horizontal Build-to-Rent (BTR) property located near South Mountain in Phoenix. The property was built in 2023 and was acquired for $48 million, which we believe is below today s replacement cost and prior-peak pricing. Tower 16 and Raith will be rebranding the property to Obsidian at South Mountain. This marks our 10th acquisition in the Phoenix market and our 13th acquisition in Arizona, said Tower 16 Co-Founder Mike Farley. We have been studying the supply-demand fundamentals in the Phoenix market closely and have witnessed incredibly strong demand over the past year. Phoenix is a high conviction market for us and it continues to attract new job opportunities from corporate investment, expansion and relocation from more expensive markets. New construction starts are decelerating and we believe the market is poised for strong rent growth over the next five years. We are continuing to pursue opportunities in Western growth markets where we can acquire high-quality real estate at a steep discount to replacement cost and prior-peak pricing. We are excited to partner with Tower 16 on another acquisition in the Phoenix market, said Raith Capital Partners Principal Sahil Amin. There is a strong history between the founding partners of our firms, and we are excited to continue growing the partnership. With this purchase, we are taking advantage of the opportunity to acquire a high-quality asset in a fast-growing market at an attractive basis. Since its founding in 2017, Tower 16 has made similar moves in markets throughout the West, having acquired over 7,500 units in Southern California, Las Vegas, Phoenix, Tucson, Reno, Albuquerque and Denver. The company seeks markets that exhibit strong rental housing fundamentals including employment growth, in-migration and limited new supply in relation to household formation. According to company executives, Tower 16 is continuing to aggressively pursue other new construction assets in varying stages of completion/lease-up as well as value-add opportunities in the Southwest. Sanctuary at South Mountain is located at the intersection of East Southern Avenue and South 40th Street with close proximity to South Mountain and the I-10 freeway, providing excellent access to Central Phoenix, Tempe and the East Valley. The property is a Class-A, Build-to-Rent, multifamily community with a mix of 1-, 2- and 3-bedroom apartments averaging 1,104 square feet. The property offers a variety of resort-style amenities including a sparkling swimming pool, a state-of-the-art fitness center, a pickleball court, walking trails and a large clubhouse. The low-density site plan features single-story and two-story cottage style units that each have their own private fenced in yards. The property has performed exceptionally well during lease-up. We credit the strong performance to the great unit mix featuring 80% two- and three-bedroom units and a relatively insulated pocket of Phoenix that has limited new supply. The property has a top-of-the-line amenity set with an excellent clubhouse and was extremely well designed by the developer. We are excited to acquire another BTR asset and believe the property is well positioned to serve the tenant demand in the area, said Tower 16 Co-Founder Tyler Pruett. Tower 16 will oversee asset management and construction management and bring in Cushman & Wakefield as a third-party property manager. We have been extremely focused on identifying unique lease-up and new-construction acquisition opportunities across the Southwest. We are excited to get another one done in Phoenix and continue growing our local portfolio, said Tower 16 Director of Acquisitions Dave McClain. We appreciate the Berkadia team and the seller team for providing us with this opportunity. Mark Forrester and Andrew Curtis of Berkadia represented the seller in this transaction. CBRE helped secure debt financing for the buyer, led by Maxi Leachman and Scott Peterson. https://www.multifamilybiz.com/pressreleases/17886/tower_16_capital_partners_in_partnership_with_rait... Fri, 23 May 2025 09:13:00 GMT c50de687-0ef6-4e2c-87b0-1c7298dc6152 HOUSTON, TX - The Morgan Group, a Houston-based leader in multifamily development, construction, acquisition and property management, has broken ground on the luxury Anclote Harbor Apartments located along the Anclote River in Tarpon Springs, Florida. The project will feature 404 upscale rental units within five 4-story, elevator-serviced buildings. The 64-acre site offers scenic riverfront views and proximity to local attractions. Devlopment plans include preserving approximately 35 acres of wetlands and upland habitats to ensure minimal environmental impact. Unparalleled amenities include a resort-style pool with private cabanas, a 2,000-square-foot fitness center, boat docks, private canoe and kayak launch areas, nature trails, a dog park, multiople outdoor grilling stations, and a children's playground. The project has undergone a comprehensive approval process, addressed community concerns and incorporated feedback to enhance its integration with the surrounding area. "This development reflects our commitment to building not just places to live, but unique places that people are proud to call home with access to nature, modern amenities and meaningful community connections," said Evan Schapiro, Florida Regional Development Partner for the Morgan Group. With a portfolio exceeding 20,000 units nationwide, The Morgan Group is a third-generation family business renowned for developing high-quality residential communities that enrich both urban and suburban landscapes and provide exceptional living experiences. The company's commitment to excellence is evident in its meticulous attention to design, sustainability, and community engagement. Morgan has fostered valuable relationships and strategic partnerships throughout its 60-year history and attributes much of its success to its family values and an entrepreneurial, team-oriented culture. For more information, please visit Morgan's website: www.morgangroup.com https://www.multifamilybiz.com/pressreleases/17885/morgan_group_breaks_ground_on_404unit_anclote_harb... Thu, 22 May 2025 08:09:00 GMT 944a3915-9dc6-40d7-8de5-d44a37f9ab6e ATLANTA, GA - RangeWater Real Estate, a fully integrated rental housing company with assets across the Sun Belt and Mountain West, proudly announces the appointment of Brian Soss as the firm s new Executive Managing Director of Acquisitions. Soss brings nearly two decades of experience in real estate investment and asset management to the RangeWater team. With over 14,000 units acquired since inception and more than 72,000 units across its current management portfolio, the firm s commitment to strategic growth remains evident with this key addition to the Acquisitions team. In his role, Soss will lead RangeWater s acquisitions strategy, identifying and securing high-value investment opportunities that align with the firm s long-term growth objectives, positioning him as a key leader in driving RangeWater s investment strategies forward. Brian s deep industry expertise, strategic mindset, and extensive network make him an excellent addition to our leadership team, says Steven Shores, Chairman and CEO of RangeWater. His track record in executing high-value transactions and optimizing portfolio performance will be invaluable as we continue to expand our footprint across the Sun Belt and Mountain West. Soss has built a distinguished career in real estate investment, successfully leading value-add strategies, overseeing large-scale portfolios, and driving financial performance. Before joining RangeWater, he served as Co-Head of Multifamily Asset Management for Starwood Capital Group, where he executed over $6.5B in transactions, oversaw asset and portfolio performance across the US, and spearheaded successful and innovative real estate initiatives. Prior to that, he held key roles at MetLife Investment Management, where he led high-value real estate development and asset management projects. RangeWater s entrepreneurial culture and commitment to excellence in real estate investment make this an exciting opportunity, said Soss. I look forward to leveraging my experience to drive acquisitions and enhance value for our investors and partners. Soss holds a Master of Business Administration from Georgetown University s McDonough School of Business and a Bachelor of Arts in Economics from the University of Vermont. With a background spanning asset and portfolio management, acquisitions, and financial analysis, Soss brings a wealth of industry knowledge and leadership experience to his new role. For more information, please visit LiveRangeWater.com https://www.multifamilybiz.com/pressreleases/17884/rangewater_real_estate_names_brian_soss_as_executi... Wed, 21 May 2025 09:02:00 GMT 6548752c-408b-4aff-a866-29093fc60875 DENVER, CO - BMC Investments ( BMC ), a Denver-based vertically integrated real estate firm, formed a joint venture to purchase the Park at Valenza apartments – its first Tampa acquisition and third and largest multifamily deal to date in Florida. Park at Valenza not only represents our third apartment transaction in Florida but also our continued belief in the Florida multifamily market s fundamentals and our ability to bring value to the community and its residents, said Matt Joblon at BMC Investments. The 776-unit community was constructed in three phases from 1987 to 1996, and features a mix of one-, two- and three-bedroom units. The community features a lounge, gym, pool, basketball court and tennis courts. BMC is initiating an extensive capital expenditures plan, which will include paint, roofing, siding, landscaping and parking lot work as well as improvements to Park at Valenza s amenities. A portion of the units at the community comprising two-and three-story buildings will also be renovated. We are excited to continue our expansion into the Florida market and Park at Valenza is the latest step by our team to grow in the Florida multifamily sector, which continues to outperform other markets and stack up better against national trends, added Matt Joblon. A Prime Finance-sponsored fund provided financing for the acquisition. Park at Valenza is located at 6900 Aruba Ave. in Temple Terrace, a suburb of Tampa. The acquisition follows BMC s recent acquisition two other Florida communities – The Finley, a 312-unit apartment community in Jacksonville and ARIUM Sunrise, a 400-unit community in Sunrise. The real estate investment firm looks to continue to expand its Florida and Sunbelt multifamily holdings with further additions to its portfolio. https://www.multifamilybiz.com/pressreleases/17883/bmc_investments_completes_acquisition_of_776unit_p... Tue, 20 May 2025 08:48:00 GMT dbbd7523-5f8f-4402-85cd-a870b1728578 INDIANAPOLIS, IN - The Annex Group®, a leading impact housing developer that creates affordable, workforce, student and market-rate housing communities, today announces it has hired Todd Sears as Chief Operating Officer. In this position, Sears will lead the development, construction and property management teams within the company. Joining The Annex Group is a natural move for me and one that reflects my passion for pursuing housing that makes a difference in the community, said Sears. I ve been impressed by the momentum The Annex Group has achieved and am inspired by their focus on impact. I m looking forward to hitting the ground running in this position. Sears brings more than three decades of experience to The Annex Group and has previously served in real estate and finance leadership positions in addition to being an adjunct faculty member of Butler University s Lacy School of Business. The Annex Group has experienced significant growth specifically within the last few years, said Kyle Bach, CEO of The Annex Group. To keep pace with our growing portfolio, we have expanded our leadership team. Bringing Todd—someone with vast experience and lots of ideas for how to continue to grow and do even better work—on board is a result of where we are as a company and also underscores where we want to go. I am beyond elated to welcome him to The Annex Group family. As a result of the hiring of Sears, longtime COO CJ Lukaart will transition to become Chief Legal and Administrative Officer (CLAO), serving to lead the company s legal, HR, IT and marketing teams. The Annex Group experienced record growth in 2024, closing on seven new communities and completing construction on five. The company was also just ranked on the NMHC list of Top 25 Developers. ABOUT THE ANNEX GROUP: The Annex Group is a leading impact housing developer that creates affordable, workforce, student and market-rate housing communities. With a focus on providing innovative, amenitized housing in emerging markets throughout the United States, The Annex Group is headquartered in Fishers, Indiana. To learn more about The Annex Group, visit: www.theannexgrp.com or follow them on Facebook and LinkedIn https://www.multifamilybiz.com/pressreleases/17881/the_annex_group_welcomes_todd_sears_as_new_chief_o... Mon, 19 May 2025 08:42:00 GMT 66f111fd-c80e-473e-acf3-7b11df862b09 AUSTIN, TX - RangeWater Real Estate, a fully integrated rental housing company with assets across the Sun Belt and Mountain West, has closed on its latest development project at 11800 Menchaca Road in Austin, Texas. This acquisition marks another key milestone in the company s expansion strategy, as it continues to meet the growing demand for high-quality living spaces in one of the nation s fastest growing and most vibrant markets. This is RangeWater s second joint venture partnership with TMGRI (a subsidiary of The Meridian Group), a Dallas-based group that seeks development and opportunistic investment opportunities across the residential and industrial sectors in growth markets in the Southeast, Texas, Arizona, and Colorado. Already active in the market with seven projects totaling approximately 1,600 residential units, RangeWater is committed to enhancing its Texas portfolio. This new development further strengthens RangeWater s position in Austin as it continues to seek new land opportunities and properties throughout the state. We are thrilled to bring this exceptional project to life at 11800 Menchaca Road, an area that continues to experience dynamic growth, said Nick Wilhelmson, Managing Director of Development at RangeWater Real Estate. With Austin s thriving tech sector and population expansion, this project perfectly aligns with our strategy of delivering high-quality communities in high-growth markets like Austin, further strengthening our growing portfolio across Texas and the Sun Belt. Located on 7.94 acres in South Austin, the development will introduce 240 modern rental residences, offering a mix of studio, one-bedroom, and two-bedroom floor plans ranging from 549 to 1,264 square feet. Designed with contemporary living in mind, the community will feature a leasing clubhouse, fitness center, swimming pool, dog park, a speakeasy-inspired garden room, a library, and flexible office spaces—fostering a well-rounded and convenient lifestyle for residents. Additional amenities include grilling stations, outdoor seating areas, and landscaped courtyards. Strategically positioned near downtown Austin and the SoCo district, the site provides easy access to key employment centers for some of the city s top employers, including Tesla, Intel, Oracle, Google, Whole Foods, and Facebook, as well as proximity to the rapidly expanding South Austin Entertainment District, featuring a lively mix of residential, retail, and entertainment options. The neighborhood boasts a thriving cultural and culinary scene with popular destinations such as major retail hub SouthPark Meadows, local breweries, as well as outdoor trails and parks less than three miles from the development. Its accessibility to major roadways like I-35 and MoPac ensures seamless connectivity to Austin s growing tech sector and business hubs. The project is expected to break ground in the second quarter of 2025, with completion slated for the first quarter of 2027. For more information, please visit LiveRangeWater.com https://www.multifamilybiz.com/pressreleases/17875/rangewater_expands_austin_presence_with_land_acqui... Fri, 16 May 2025 08:05:00 GMT 5560c56b-35db-4972-b1f0-d56300a0a159 NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided $120 million in Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for the acquisition of a 375-unit multifamily high-rise in Chicago s Fulton Market. The financing was originated by Greystone s Eric Rosenstock and Jesse Yodice on behalf of Normandy Real Estate. Fulbrix Apartments, a 27-story tower located at 160 North Elizabeth Street, was acquired for $170 million and marks Chicago s largest multifamily sales transaction since 2023. The Fannie Mae financing carries a 10-year term with seven years of interest-only payments. Greystone has proven its position as a top Fannie Mae lender, and this particular transaction highlights our commitment to core gateway cities and the resurgence of urban appeal, said Mr. Rosenstock, a Senior Managing Director at Greystone. We re thrilled for Normandy s team to add this trophy asset to their portfolio and support their commitment to the Chicago residential market. This acquisition underscores the enduring appeal of Fulton Market as a premier multifamily investment destination, said Adam Snyder, CEO of Normandy Real Estate. We are grateful for Greystone s expertise in providing attractive financing that aligns with our vision for this high-quality asset in a supply-constrained, high-demand neighborhood. About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com https://www.multifamilybiz.com/pressreleases/17879/greystone_provides_120_million_in_fannie_mae_dus_f... Thu, 15 May 2025 08:36:00 GMT fae3d996-c5b8-41d9-b605-cee9077db6eb NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided $40,500,000 in bridge financing to Kalesta Healthcare Group for the acquisition and refinance of two skilled nursing facilities totaling 219 licensed beds in California. The financing was originated by Christopher Clare and David Young, both Managing Directors at Greystone. Grant Goodman of G Capital served as Kalesta's capital advisor on the transaction. Greystone s $40,500,000 interest-only non-recourse bridge loan carries a 24-month term with two six-month extension options, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent HUD financing later this year. Our bridge-to-HUD program is one of the many ways we help clients in the skilled nursing space get the most out of their portfolio while providing quality housing to their residents, said Mr. Young. We work tirelessly—especially during uncertain economic cycles—to deliver creative solutions that achieve our client s vision and are more attractive than competitor offerings. "Greystone provided a best-in-class solution for this project," said Mr. Goodman. Our firm ran an extensive capital markets process, and the structure Greystone ultimately provided was superior to the competition. We appreciate their partnership and look forward to more opportunities to collaborate in the future." Greystone s Ben Rubin, Ryan Harkins, Parker Nielson and Liam Gallagher assisted on this transaction. About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com About G Capital: G Capital, headquartered in Carmel CA, is a capital advisory firm that sources and structures debt and equity for operators and investors in the healthcare real estate sector nationwide. Learn More: www.gcapitalmarkets.com https://www.multifamilybiz.com/pressreleases/17871/greystone_provides_405_million_in_bridge_financing... Thu, 15 May 2025 08:01:00 GMT 0e1ee7fa-79b0-4dad-bf7f-e98bb908a736 BROOKLYN, NY - Bayport Funding, a direct private bridge lender for real estate developers, has provided a $5.5 million acquisition and construction loan for a six-unit, ground-up condominium on Clay Street in Greenpoint. The development will transform the lot from a currently vacant industrial building into a five-story, elevator-serviced property. Spanning approximately 7,088 gross square feet, the completed building will feature six apartments. The design includes duplex units on the lower level and a penthouse duplex with a finished roof deck, offering modern living spaces in one of the borough s most dynamic and popular neighborhoods. Greenpoint continues to be a prime Brooklyn hub for residential development, said Marcia Kaufman, CEO, Bayport Funding. Bayport is proud to provide financing for this project, which brings more homes to the in-demand borough, and advance our strategy of empowering projects with sustained potential for growth and long-term value. The surrounding area has undergone prodigious growth in recent years, particularly for apartments and mixed-use properties. The location offers convenient access to parks, dining and transportation, making it a top destination for both renters and homebuyers seeking a balance of lifestyle offerings and convenience. About Bayport Funding: Bayport Funding is a balance sheet lender that provides bridge financing to real estate investors for single family, multifamily, mixed-use, and ground-up construction projects. Bayport has originated more than $1.3 billion. The firm is dedicated to the real estate investor community that depends on immediate availability of capital for funding projects. Bayport Funding understands the real estate investor business model and will tailor a customized Smart Money Loan Program to meet each lender s specific needs. Bayport Funding offers several types of loan structures for investors who fix and flip properties, an opportunity to achieve significant return on investments and revitalize communities. For more about Bayport Funding, please visit www.bayportfunding.com https://www.multifamilybiz.com/pressreleases/17878/bayport_funding_provides_55_million_in_acquisition... Wed, 14 May 2025 08:31:00 GMT 1783462a-fed1-4c33-9ee3-cdcd76d38052 NEW YORK, NY - Gindi Equities today announced the acquisition of Amber Valley Apartments, a multifamily community located at 4854 Amber Valley Parkway South in Fargo, North Dakota. This acquisition represents the firm s fourth Fargo market entry in under 12 months, underscoring its commitment to expanding a portfolio of premier residential assets across high-growth regions. Gindi acquired Amber Valley from Property Resources Group, which will continue to manage and service the asset. This latest purchase builds on Gindi s ongoing collaborations with PRG, following prior acquisitions of Timber Creek, Osgood Townsite, and Amber Crossing Apartments. Constructed in 2001, Amber Valley Apartments comprises 162 units that range from one- to three-bedroom layouts. The community offers in-unit washers and dryers, private balconies or patios, walk-in closets, and utilities—along with high-speed internet—included in the rent. The property further features single and double-stall garages and is situated with immediate access to shopping, dining, parks, and major employment centers. Fargo continues to outperform, and Amber Valley fits squarely within our strategy to scale with discipline in markets where we have conviction, said Al Gindi, President and Co-Founder of Gindi Equities. This is a well-located asset with meaningful upside, and we re laser-focused on executing our plan to drive long-term value while deepening our presence in a dynamic market. Gindi plans to launch a value-enhancing renovation program at Amber Valley, upgrading both interior spaces and common areas. Planned improvements include updated kitchen and bathroom finishes, refined lighting and plumbing fixtures, shaker-style cabinetry, modern paint schemes, and new stainless-steel appliances - all designed to bring the property in line with contemporary living standards. The acquisition reinforces Gindi s long-term strategy of targeting regional markets with robust fundamentals. Fargo, known for its strong population and job growth, continues to thrive thanks to a diverse economy bolstered by healthcare, technology, higher education, and logistics. With prominent employers such as Sanford Health, Microsoft, and North Dakota State University anchoring the area, the market s steady infrastructure investment and low unemployment rate position it for sustained growth. About Gindi Equities: Founded in 2020 by Raymond and Al Gindi, Gindi Equities is a New York City-based investment manager specializing in multifamily assets. Backed by G72 Holdings, the family office of Raymond Gindi and family, the firm embodies the family s commitment to building and managing high-quality specialized teams and strategies, delivering best-in-class execution and superior investment outcomes. Gindi Equities owns and operates multifamily properties across the Southeast and Midwest, focusing on value-add and core-plus opportunities in markets with robust economic drivers and significant population expansion. The firm s deep market expertise and disciplined approach continue to drive its strategic growth. https://www.multifamilybiz.com/pressreleases/17869/gindi_equities_completes_acquisition_of_162unit_am... Wed, 14 May 2025 07:58:00 GMT 499d6376-42f6-41a5-b1b5-093f4b96ec81 NEW YORK, NY - Greystone, a leading national commercial real estate finance company, announced it has arranged a $13.9 million line of credit for the purpose of refinancing a 69-unit build-to-rent (BTR) community in Houston, Texas. The BTR aggregation facility was arranged by Shaya Ackerman, Managing Director, and Steven Treitel, Director, of Greystone. The newly constructed Sandrock Gardens community in Houston, Texas spans 14.5 acres, appealing to residents seeking affordable living options with convenient access to Downtown Houston. The open-concept homes comprise three bedrooms and two full bathrooms with two-car garages, walk-in closets and laundry facilities. This credit facility structure is an ideal financing solution as the developer continues to deliver new units to market, providing continued access to capital, said Mr. Ackerman. As a full-service solutions provider, Greystone seeks to solve for our clients needs and help prepare them for the next step in execution so they can optimize their real estate portfolio for success. About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com https://www.multifamilybiz.com/pressreleases/17877/greystone_arranges_139_million_credit_facility_for... Tue, 13 May 2025 08:27:00 GMT 515461bc-a4cf-4866-993d-82d088289ee0 SAN FRANCISCO, CA - Affiliates of The Roxborough Group LLC ( Roxborough ) and Camden Pacific Partners, LLC announce the acquisition of The Union Flats, a 243-unit, BART-adjacent apartment community in Union City, CA. The Union Flats, constructed in 2018, is located at 34588 11th St, directly across from the Union City BART station. It is currently 93.4% occupied. The property features a mix of junior-one-bedroom, one-bedroom, two-bedroom and live-work loft units. Community amenities include an outdoor pool and spa, a spacious gym, a community lounge and a dog spa. The community was constructed with sustainable features including a rooftop solar hot-water heating system, green roofs on the community rooms and electric vehicle charging stations in the garage. "The acquisition of The Union Flats aligns with Roxborough s strategy of acquiring infill apartment communities at significant discounts to replacement cost in markets with high barriers to entry and increasing demand, said Michael Pence, head of multifamily acquisitions at Roxborough. Conveniently located within a short drive to major Silicon Valley employers and adjacent to BART for a seamless commute to downtown San Francisco, Union Flats offers young professionals convenience and value. There are no new apartment communities under construction in Union City, and the high cost of new residential development, coupled with potential future supply chain challenges, provides The Union Flats with a strong buffer against competition. The asset is also positioned favorably to capitalize on growing demand for high-amenity, transit-adjacent properties as the job market grows across the Bay Area. The Bay Area continues to be one of our highest-conviction multifamily markets, and we believe the acquisition of The Union Flats exemplifies our strategy of acquiring high-quality assets in markets supported by compelling supply-demand fundamentals, said Robert Murray, Founding Partner of Camden Pacific. We are thrilled to welcome The Union Flats to the Camden Pacific Partners portfolio. Sares-Regis Group will manage The Union Flats property on behalf of the partnership. Eastdil Secured represented the seller and arranged acquisition financing for the new ownership group, which was provided by New York Life Real Estate Investors. The Union Flats marks Roxborough s first multifamily acquisition in Northern California within Roxborough Fund III, L.P., a $518-million discretionary fund focused on opportunistic and value-add investments. Roxborough s portfolio includes more than 2,500 rental housing units across its active investment funds. https://www.multifamilybiz.com/pressreleases/17868/the_roxborough_group_and_camden_pacific_partners_c... Tue, 13 May 2025 07:53:00 GMT bf5b6f2a-8357-41b8-94e7-9c58960de3d1 CHICAGO, IL - National commercial interiors firm Mary Cook Associates (MCA), together with furniture manufacturer Morgan Li, today announced the launch of ‘Built to Spec, a first-to-market furnishings solution for student housing developments. The collaboration brings together MCA s proven expertise in student housing interiors and design with Morgan Li s manufacturing excellence to deliver in-unit furnishings that are not only designed for how today s students live, sleep, study, work and play, but also differentiate properties from competition and deliver R.O.E® (Return on Environment). With our robust portfolio of student housing work, we know firsthand how significant the quality, style and functionality of furnishings can be in communicating a project s unique brand and strengthening market position, said Mary Cook, founder and president of Chicago-based MCA. From that experience, we identified an unmet demand to provide developers with student unit furniture solutions that reflect the specific needs and character of their property. By pairing our signature design process with Morgan Li s manufacturing capabilities, we can give developers individualized options that aren t found in a catalog or at other communities, raising the bar with functional, durable and beautiful furnishings that elevate student life, boost impact and perceived value, and ultimately drive occupancy and lease renewals. Through Built to Spec, the MCA and Morgan Li teams collaborate with developers to understand their vision, project parameters and budget, then tailor purpose-built furnishing solutions accordingly. The process includes opportunities to personalize pieces for student unit living rooms, kitchens and bedrooms – including sofas, chairs, tables, kitchen islands, counter stools, bedframes, desks and dressers – resulting in resident environments that maximize performance for students, enhance their experience and align with brand identity. For MCA, Built to Spec is a natural extension of the firm s 35 years providing comprehensive design services for award-winning projects across real estate sectors, contributing a researched approach to interiors that responds to the demographic, geographic and lifestyle influences of target markets. Offering individualized furniture solutions in the student space means we can deliver even more value to student housing clients by handling the full spectrum of their furnishing needs – from vision and design to fabrication to installation, said Cook. Built to Spec combines MCA s design expertise with Morgan Li s large-scale production capabilities, making it possible to manufacture unique, high-quality furnishings while still being cost-effective. When people hear ‘Built to Spec, they might initially assume the furniture will be more expensive than off-the-shelf offerings, but that is not the case, added Cook. We capitalize on the quantities needed for a student housing development, which allows us to manufacture competitively priced furniture solutions tailored to each property and its end users. We re pleased to team with Morgan Li for its outstanding reputation in the industry and ability to scale production and bring value to customers. We ve designed our Built to Spec furniture solutions specifically with the needs of the student housing industry in mind, ensuring we deliver exceptional quality, personalized designs and craftsmanship that s affordable, said Andy Rosenband, CEO of Morgan Li. By combining the design expertise of Mary Cook Associates with Morgan Li s reliable manufacturing, we re giving developers and operators a powerful way to create unique and quality living spaces. MCA and Morgan Li will debut Built to Spec at InterFace Student Housing Conference at the JW Marriott in Austin, Texas, April 9 -11, 2025. Attendees are encouraged to visit Booth 901-902 to learn about the Built to Spec design and fabrication process firsthand and explore sample products. About Mary Cook Associates: Established in 1986, Mary Cook Associates (MCA) is a fully integrated interior architecture and design firm nationally known for creating innovative interiors for leading owners and developers of real estate. The firm s projects include student living, multifamily, model homes, senior living, clubhouses, restaurants, and hospitality environments. MCA s work emphasizes functionality, showcases possibilities, and delivers a measurable ROE℠ (Return on Environment). MCA s team includes more than two dozen designers and architects that are strategic, imaginative and skilled at designing a wide variety of spaces that respond to demographic, geographic and lifestyle influences of target markets. Smart, functional spaces that establish immediate connections with their users and boost Living Better by Design℠, increase property value, and accelerate sales and occupancy rates are the hallmarks of the results MCA consistently achieves. In its 38th year, the firm continues to expand its national presence with award-winning work across the country. For more information about Mary Cook Associates, visit www.marycook.com About Morgan Li: Morgan Li is a Chicago-based, third-generation family-owned business with nearly eight decades of experience transforming retail and hospitality spaces through unique solutions. They offer a wide range of products and services to enhance retail spaces, helping businesses create a memorable experience. With a passion for quality and innovation, Morgan Li has become a trusted partner for businesses across various industries. For more information about Morgan Li, visit www.morganli.com https://www.multifamilybiz.com/pressreleases/17867/mary_cook_associates_and__morgan_li_team_up_to_lau... Mon, 12 May 2025 07:48:00 GMT 251417c3-7e18-4317-9d2b-b3a83492f576 CHICAGO, IL - Evergreen Real Estate Group, Imagine Group and KLEO Enterprises today announced the completion of Auburn Gresham Apartments, a two-building, 58-unit affordable housing community in Chicago s Auburn Gresham neighborhood on the South Side. The mixed-use buildings were developed in a joint venture between Evergreen—a leader in the development, construction, and management of both affordable and market-rate multifamily properties—and minority-owned developer Imagine, in collaboration with KLEO Enterprises, the Chicago Department of Planning and Development (DPD), and the Chicago Department of Housing. "The investments we are seeing today on the South Side will ensure that Chicago continues to grow and thrive not just today but for generations to come," said Mayor Brandon Johnson. "We want to continue to attract people, businesses, and jobs to Chicago, particularly to our South and West Sides, and these projects in Auburn Gresham are an important step forward for our city." Auburn Gresham, like many other parts of Chicago, urgently needs more affordable housing, said David Block, director of development for Evergreen Real Estate Group. Working in partnership with Imagine Group, city officials and other community stakeholders, we have created a new community-oriented development that will enhance the lives of Auburn Gresham residents for generations to come. Auburn Gresham was my second home growing up. I m proud that this project isn't just a new apartment complex—it s a catalyst for a new era of growth in the neighborhood, said Torrey Barrett, Principal for Imagine Group. With commercial spaces dedicated to local businesses and nonprofits, these buildings will both provide homes and strengthen 79th Street s retail corridor." Auburn Gresham Apartments, which won a 2020 DPD request for proposals for vacant city land at 79th and Green streets, was initially envisioned as a single building. Following three community workshops, the developers shifted more than half of the proposed units to a second city-owned site at 79th and Halsted streets. The complex now comprises: 838 W. 79th St. – A three-story building with 28 one- to three-bedroom apartments, 28 parking spaces, and 5,200 square feet of retail space. 757 W. 79th St. – A five-story building with 30 one- to three-bedroom apartments, 14 parking spaces, and 3,300 square feet of commercial space. I m proud to have been a supporter of this new apartment community from the beginning, said Alderman David Moore of the 17th Ward. Auburn Gresham Apartments was designed with the neighborhood s needs in mind and will contribute to a stronger, more vibrant 79th Street corridor. Residences at both buildings are reserved for households with incomes at or below 60% of the area median income (AMI). Professionally managed by Evergreen, they are already approximately 75% leased. Commercial tenants will include KLEO Enterprises, a for-profit development and property management firm; The Auburn, an Italian restaurant; and K.L.E.O. Community Family Life Center, a nonprofit dedicated to youth development. Designed by Ross Barney Architects and minority-led Nia Architects, Auburn Gresham Apartments amenities include community spaces, a fitness center, laundry rooms on each floor, and on-site management office and maintenance staff. Each building includes an outdoor plaza with seating areas, and select apartments also include a balcony. All homes feature plank flooring, window treatments, island kitchens with Energy Star appliances, generous closet space, modern baths and individually controlled HVAC. Inspired by the surrounding commercial district, the buildings incorporate community-preferred design elements such as colored brick, stone-like cement board, and glass storefronts. The City of Chicago provided financing through tax-exempt bonds, Tax Increment Financing (TIF), and Sales Tax Securitization Funds. Auburn Gresham Apartments offers excellent transit access, including the CTA s No. 79 bus to the Red Line and the upcoming Auburn Park Metra station, which will connect residents to downtown and the southwest suburbs. The development aligns with the broader 79th Street Corridor Plan, a community-led initiative bringing new investments to the area. In addition to housing and the new Metra station, the plan includes streetscape improvements; the recently reopened Save A Lot store, and the Auburn Gresham Healthy Lifestyle Hub—a multipurpose community center close to the apartment complex. About Imagine Group: Imagine Group is a minority-owned and certified leading boutique real estate development firm with significant local experience in market-rate, mixed-income and affordable housing. Imagine Group s leadership has improved more than 36 units of single-family and 72 units of multi- family housing for income-eligible households. The firm has used Section 8 funds to provide rental housing for over 150 families and individuals. Imagine Group has experience with a variety of funding resources including Low Income Housing Tax Credits, Historic Tax Credits, Employer Assisted Housing, Cook County Class 9, Housing Trust Fund, Community Land Trust, Tax Increment Financing and other programs to support creation or rehabilitation of affordable and workforce housing. About Evergreen Real Estate Group: Founded in 2001, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires, and manages affordable and market-rate multifamily apartments for both seniors and families across 12 states and the District of Columbia. Evergreen specializes in thoughtful, creative residential development solutions -- from adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing. The firm is led by a passionate, cross-disciplinary team of developers, architects, urban planners and attorneys who have come together to create high-quality apartment communities, often in collaboration with local municipalities and financial partners who share its vision of investing not just in real estate, but also the people who call our communities home. Evergreen currently owns and manages 14,500 units of multifamily housing. For more information, visit www.evergreenreg.com About KLEO: Founded in 2008, KLEO is a non-profit organization dedicated to eradicating violence by bringing opportunity to those in need through Education, Public Safety, Economic Development and Health and Human Services. https://www.multifamilybiz.com/pressreleases/17862/evergreen_real_estate_group_imagine_group_and_kleo... Fri, 09 May 2025 08:51:00 GMT e6b3a1fc-43d0-4cdf-95d8-1ac341a0a68c OMAHA, NE – Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has announced the acquisition of The Colonial, a 258-unit residential apartment community in Omaha, Nebraska. South Florida-based Eastham Capital has obtained a majority ownership interest in the deal through its current fund, Eastham Capital Fund VI, LP. Bender Companies, who has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management. The property was brokered by Northmarq brokers Parker Stewart and Alex Malzone. The apartment community is currently 95% occupied with average rents of just over $961/month. The acquisition includes a renovation budget of $1.9 million, which will include interior unit renovations and exterior upgrades, including roof replacements, balcony repairs, and parking lot enhancements. We are thrilled to be making our first acquisition in Nebraska with The Colonial and our tenth acquisition with Bender Companies, who has consistently outperformed in our JVs, said Matthew Rosenthal, founder and managing partner of Eastham Capital. Although we believe that Omaha has been overlooked, its job diversity and lower-than average unemployment rate makes it market poised for substantial growth. Omaha s strong economic growth has earned national recognition, with Forbes naming it the #1 Best City to Move to in 2024 and Multi-Housing News ranking it the #1 Emerging Market. Omaha is ranked highly as there are numerous strong employers such as Offutt Air Force Base, which is notably home to the U.S. Strategic Command, Nebraska Medicine, CHI Health, and Methodist Health System and several Fortune 500 and Fortune 1000 companies. Built in 1967, The Colonial offers spacious floor plans averaging 902 square feet and a range of onsite amenities, including an outdoor swimming pool with a sundeck, a community room, in-building laundry facilities, and storage lockers. The property features a mix of studio, one-, two-, and three-bedroom layouts. Located at 3022 1/2 N 97th St., the property sits along Highway 64, which provides easy access to downtown and is a little over a half mile from I-680, which connects the property to the greater Omaha area. Based on Yardi Matrix data, Omaha is one of the most affordable multifamily markets nationally. For more information on Eastham Capital's unique investment approach and property portfolio, visit www.easthamcapital.com https://www.multifamilybiz.com/pressreleases/17861/eastham_capital_and_bender_companies_joint_venture... Thu, 08 May 2025 08:47:00 GMT 6c6bad39-35a7-479d-8aac-301a54d01ad1 WELLINGTON, FL - The Bainbridge Companies (Bainbridge) elevated two valuable team members to new roles with the growing multifamily real estate company. Orlando-based Jon Chapman and Charlotte, North Carolina-based Scott Cramton were named Area Vice President in their respective markets. Chapman was previously Senior Regional Manager at Bainbridge. He has nearly a quarter-century of property management experience ranging from new construction lease-up communities to multi-million-dollar rehab assets. Chapman first joined Bainbridge in early 2022 and was named 2022 Regional Manager of the Year by the Apartment Association of Greater Orlando. A Certified Apartment Portfolio Supervisor (CAPS) and Certified Property Manager (CPM) candidate, Chapman has managed a diverse range of assets across Florida, Georgia and South Florida. He is versed in portfolio management, with oversight of all aspects of operations including financial accountability, marketing, renovations/capital improvements and asset repositioning. Cramton previously served as Regional Manager at Bainbridge, overseeing a portfolio of the company s properties in North Carolina. He has nearly three decades of multifamily experience, including with RKW Residential, BH Management Services and Greystar. Since joining Bainbridge over a year ago, Cramton has demonstrated excellence in community management. He and his on-site teams earned the company s Metrics that Matter Q4 2024 Regional Cup Award for delivering exceptional service to residents at five of Bainbridge s properties. Jon and Scott earned these promotions through their exceptional leadership, commitment to excellence and dedication to our collective success, said Bainbridge Chairman, CEO and Managing Principal Richard Schechter. Their impact will further expand in these new roles, helping ensure that we continue to create future-facing properties where residents can pursue better lives. Since its inception, Bainbridge has developed and acquired more than 43,000 apartment homes representing more than $8 billion in transactions. About The Bainbridge Companies LLC: The Bainbridge Companies LLC (Bainbridge) is a multifamily real estate company that has developed and acquired more than 43,000 apartment homes representing more than $8 billion in transactions since its inception in 1997. With approximately 500 employees nationally, Bainbridge engages in every step of the real estate process, from development and construction, acquisition, and disposition to asset management and property management of multifamily real estate. Bainbridge is headquartered in Wellington, Fla., and has offices in Atlanta, Austin, Bethesda, Charlotte, Dallas, Orlando, Raleigh, and Tampa. Learn more about Bainbridge at www.bainbridgecompanies.com https://www.multifamilybiz.com/pressreleases/17866/bainbridge_promotes_jon_chapman_and_scott_cramton_... Thu, 08 May 2025 07:51:00 GMT 61541269-3dbb-4835-bed5-24fbe571633d