http://www.multifamilybiz.com Latest News from MultifamilyBiz.com en-us © 2025 MultifamilyBiz.com 1 /news http://www.multifamilybiz.com/images/multifamilylogosmall.png 144 33 Multifamily News Headlines - MultifamilyBiz.com RSS Feed WASHINGTON, DC - Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers (NYSE: TOL), the nation's leading builder of luxury homes, in partnership with CrossHarbor Capital Partners, announced the grand opening of Vermeer, a 13-story luxury apartment community in Washington, D.C. s Buzzard Point neighborhood. Located at 113 Potomac Avenue SW, Vermeer offers 501 thoughtfully designed residences and approximately 37,000 square feet of ground-floor retail space. Construction was financed with a $162.7 million construction loan facility from Bank OZK and began in late 2022. Vermeer welcomed its first residents in December 2024 and celebrated its grand opening in early May with project partners, residents, and guests. Vermeer reflects our vision for modern urban living: an elevated residential experience that complements the energy and evolution of Buzzard Point, said John McCullough, President of Toll Brothers Apartment Living. With its sophisticated design, extensive amenities, and unbeatable views of Washington, D.C. and the riverfront, this community delivers the style, substance, and walkability that today s urban renter demands. Designed by KTGY, Vermeer features a mix of one-, two-, and three-bedroom apartment homes. Each residence is replete with premium finishes, including quartz countertops with tile backsplashes, stainless steel appliances, modern flat-panel cabinetry, oversized closets with built-in storage, and smart home features including app-enabled keyless entry and smart thermostats. Select residences also offer private balconies or terraces with sweeping views of Washington, D.C. including Audi Field and the Potomac and Anacostia Rivers. The community amenities are curated to enhance residents' lifestyles, featuring a rooftop pool with expansive sundeck, a fitness center and hydration bar, multiple elevated courtyards with firepits and grilling stations, and a game lounge with billiards and a poker table. Additional amenities include a grand lobby with concierge, a private dining room, multiple coworking spaces, and a pet spa. Throughout the community, residents can enjoy views of Washington, D.C., including near 360-degree views from the rooftop of the Capitol Building, Audi Field, Nationals Park, the Anacostia and Potomac Rivers, and the Frederick Douglass Memorial Bridge. Vermeer s refined design, paired with its exceptional location adjacent to Audi Field, makes the community an unparalleled destination in this rapidly growing neighborhood, said Michael Skena, Managing Director of Toll Brothers Apartment Living in the Mid-Atlantic region. From its dynamic street-level retail to its rooftop amenities, Vermeer offers residents the rare opportunity to live where elevated urban living and convenience intersect. Vermeer provides residents with easy access to the Capitol Riverfront, with walkability to Audi Field, Nationals Park, The Wharf, and the Navy Yard-Ballpark Metro station. The community s first retail tenant, a 19,000+ square-foot Gold s Gym location, is set to open this fall. Vermeer is Toll Brothers Apartment Living s fourth multifamily community in Washington, D.C., and second mixed-use development in the District after Union Place in the NoMa neighborhood. https://www.multifamilybiz.com/news/11128/toll_brothers_apartment_living_and_crossharbor_cap... Fri, 30 May 2025 09:51:00 GMT d8eb787a-ac3e-4c4d-987a-ffefd5fdf9a9 FORT BEND COUNTY, TX - Vista Residential Partners, a national multifamily development firm, has broken ground on 18.2 acres on The Southwest Freeway in Fort Bend County, Texas, for the development of Williams Ranch Vista, a 375-unit multifamily project adjacent to the Williams Ranch development. Located along the I-69 Corridor in Fort Bend County, the Project is approximately 21 miles southwest of the Houston Galleria and 28 miles from downtown Houston. The immediate area has seen explosive growth over the past decade and is expected to add over 150,000 residents by 2030. With an overall A+ rating for area schools and four of the nation's top selling master-planned communities, Fort Bend County's growth is poised to continue, fueled by new families choosing to live in the area. "Williams Ranch Vista utilizes the PFC financing structure to deliver the residents of Fort Bend County a high -quality living experience in an area that continues to demonstrate continued growth. Fort Bend County and the overall region continue to be among the nation's leaders in population growth with no signs of slowing", says Jason Lentz, Managing Director of Vista Residential Partners. "This significant growth will enable the area to continue on its upward trajectory within the nation, and we could not be more pleased to invest in the market with a quality driven product providing residents first-class finishes and amenity offerings." Williams Ranch Vista benefits from its proximity to Brazos Town Center, the 3rd most visited power center in the state of Texas. Brazos Town Center includes over 140 tenants with over 2 million square feet of retail, dining, hotel and entertainment options. Nearby major Fort Bend County employers include Amazon, Houston Methodist Sugar Land Hospital, Schlumberger, UPS, Memorial Hermann Katy and Frito-Lay, who recently expanded its local facility with a $200 million investment. "We're excited to partner with the Rosenberg Housing Authority to deliver our high-quality, attainable product", says Scott Hartley, Chief Investment Officer of Vista Residential Partners. "Alongside Parse Capital, A16Z, and BOK Financial, we're excited to close on our first development in Texas." Williams Ranch Vista will service the growing demand for high quality attainable housing that includes Class-A multifamily finishes and amenities with a mix of 1 and 2-bedroom apartment units. Interior finishes will include granite countertops in the kitchen/bath areas, stainless steel appliances, subway-tile backsplashes, wood-like flooring, tiled shower surround, and washer/dryer in each unit. Residents will benefit from a full amenity set including a resort-style pool, fitness area and clubhouse with coffee machines, package center, and a dog park. https://www.multifamilybiz.com/news/11127/vista_residential_partners_breaks_ground_at_375uni... Thu, 29 May 2025 09:59:00 GMT e1600660-391f-4267-a489-aeba9344261d DENVER, CO - Sentral, the leading Class-A multifamily property management company, announced it has added three communities to its portfolio, Quincy in San Francisco, Reveal Playa Vista in Los Angeles and 24Fifty at University Park in Denver. The trio of amenity-rich residential communities build on Sentral's growing management portfolio of more than $4 billion of Class A multifamily assets across the United States. Quincy expands Sentral's Bay Area presence to seven communities; Reveal Playa Vista is the tenth community in the Los Angeles area and 24Fifty is Sentral's second community in Denver. Quincy, located at 555 Bryant Street in San Francisco, is a new development from Strada Investment Group that will open later this month. Each of the 501 studio, one-bedroom and two-bedroom homes is appointed with luxury finishes and smart appliances, with an emphasis on elevated design, functionality and sustainability. Sentral will deliver its signature full-service model, including a lifestyle team, fitness director and event programming to provide Quincy residents with a refined hospitality-style experience. Quincy's broad array of amenities include an indoor/outdoor rooftop lounge and bar with stunning views of Mission Bay and Oracle Park, speakeasy game room, demonstration kitchen, co-working lounge, fitness center, yoga/training room, and lobby atrium. Available services include a 24-hour Experience Ambassador team, dry cleaning, home cleaning, valet parking with EV charging, fitness classes, private training, pet care and dog walking. "We've seen the success Sentral has had with other Class A buildings in the Bay Area with their service-first approach to building a strong community, and we knew that partnering with Sentral would bring our vision for Quincy to life," said Will Goodman, Principal, Strada Investment Group. Reveal Playa Vista, located at 5710 Crescent Park East in Los Angeles, is a boutique-inspired oasis that offers 214 one-bedroom and two-bedroom apartments. The luxuriously designed amenities provide residents with ample facilities for work and play, from open spaces to intimate alcoves with complimentary wifi throughout. Lifestyle amenities include an oversized rooftop deck with a heated pool and BBQ stations; a double-height clubhouse featuring a custom pool table, three large HDTVs and a spacious kitchen; and a state-of-the-art fitness room. Reveal Playa Vista is located along the serene landscaping of Crescent Park and minutes from Silicon Beach. 24Fifty at University Park is a luxury residential building located at 2450 South University Boulevard, near the University of Colorado campus and downtown Denver. Designed with modern sophistication and a focus on nature and relaxation, 24Fifty offers thoughtfully curated amenities that bring the community together, including a rooftop pool, jacuzzi and lounge with a firepit; outdoor terrace and grilling area; clubhouse with a kitchen and self-serve coffee bar; TV and game room with a billiard table; yoga studio; 24-hour fitness center with Echelon virtual spin bikes; pet washing station and much more. Under Sentral's management, 24Fifty plans to offer a number of fully furnished apartments that will be available for any-length-of-stay leases. 24Fifty and Reveal Playa Vista are both owned by the same institutional investor. Sentral has more than tripled its management portfolio since 2021 and continues to lead the industry thanks to its hospitality-inspired amenities, best-in-class service and flexible mix of furnished and unfurnished luxury units. "As we continue to grow in markets across the country, we are proud to be recognized by the world's leading residential developers as the only property manager that can provide this level of hospitality lifestyle experience for residents," said Roman Speron, president and chief operating officer of Sentral. "We are building engaged communities unlike any that exist in these markets, consistently driving higher revenue for our partners." The addition of Quincy, Reveal Playa Vista and 24Fifty at University Park builds on Sentral's recent management agreements at properties including Sentral Gaslamp Quarter in San Diego and PALMA in Los Angeles as it continues to grow across the United States. https://www.multifamilybiz.com/news/11126/sentral_adds_1500units_to_its_multifamily_portfoli... Wed, 28 May 2025 08:26:00 GMT e354b7e0-8747-4637-a603-28c662812806 RALEIGH, NC - Aventon Companies, a prominent multifamily developer and general contractor with active projects throughout the Mid-Atlantic and Southeast, has broken ground on Aventon NorthRidge, in Raleigh. Located at 6311 Spring Forest Road, the apartment community will encompass 346 units spread over 13 acres and is set to open its doors in early 2027. Aventon NorthRidge will improve upon the success of the neighboring Aventon Companies' community, Aventon Nora, which opened in Fall 2023. Outfitted with Aventon Companies' signature, high-end finishes, Aventon NorthRidge will offer one, two and three-bedroom floorplans. Future residents can look forward to amenities such as a two-story community clubhouse with an expansive remote work lounge, state-of-the-art fitness center and game lounge overlooking the resort-style pool courtyard. The pet-friendly development will also boast a pet spa and ample green space. Meanwhile, its premier location is in close proximity to booming job markets and destination lifestyle areas like North Hills, downtown Raleigh and Research Triangle Park. "With incredible opportunities for employment in a variety of top fields, Raleigh is a flourishing market that has it all; including world-class education, unforgettable entertainment options, premier healthcare and more," said Jeff Furman, Senior Managing Director. "As we continue to grow our footprint in the Carolinas, we look forward to welcoming residents for many years to come." The design of Aventon NorthRidge was led by Cline Design Associates with interior design curated by Studio 5 Interiors. Since 2019, Aventon Companies has created nearly 9,000 of its branded apartment homes within the Carolinas, Florida, Georgia, Virginia and Maryland. In addition to Aventon NorthRidge and Aventon Nora, the firm also debuted Aventon Cary in North Carolina last winter. https://www.multifamilybiz.com/news/11125/aventon_companies_breaks_ground_on_its_newest_mult... Tue, 27 May 2025 10:31:00 GMT cb837c09-ccd3-498c-bf2a-8088c5968e61 INDIANAPOLIS, IN - Thompson Thrift, a full-service, nationally recognized real estate company and the master developer of Fishers District, announced that it has officially broken ground on The Union at Fishers District, the final phase of the master-planned development in the Indianapolis suburb of Fishers. This mixed-use development will bring new luxury residences, vibrant retail and office space, and Indiana's first AC Hotel by Marriott to one of the state's fastest-growing cities. "The Union at Fishers District reflects the power of true collaboration across our teams at Thompson Thrift," said Dan Sink, president and chief financial officer at Thompson Thrift Development. "This final phase brings together our deep expertise in construction, residential, and commercial development to deliver a vibrant, high-quality destination that will serve the community for years to come." Located near Interstate 69 and 116th Street, the commercial portion is expected to complete construction late in 2026 and will include 57,000 square feet of retail, restaurant and entertainment space, 70,000 square feet of Class A office space and a 135-room AC Hotel. Additionally, a central event plaza will serve as a vibrant gathering place for both visitors and residents, fostering a lively atmosphere throughout the year. "The office space at The Union will meet the growing demand of companies seeking a modern, amenity-rich work environment in a prime location," said Ryan Menard, vice president of development for Thompson Thrift Commercial. "Positioned above retail spaces and framing the central plaza, these offices will benefit from an integrated experience, with restaurants, hotel and entertainment venues just steps away." Tenants with signed leases include Piedra, a modern, upscale Mexican restaurant; Niku Sushi.Kitchen.Bar offering contemporary Japanese cuisine; Kitchen Social, a polished casual restaurant serving international cuisine; Everbowl, a health-focused, fast-casual spot; and Thai restaurant, Racha Thai. Medical spa Renova Aesthetics and Sweathouz, a wellness-focused facility offering various health and recovery treatments, will also be among the first to open. Thompson Thrift is actively negotiating leases on the remaining spaces. The Union Flats will be a Class A multifamily community designed to attract residents seeking a modern, upscale living experience. The 251 apartment homes will be located above ground-floor retail space and are expected to welcome residents in late 2026. A standout feature will be the amenity deck, complete with a resort-style swimming pool, outdoor entertainment kitchen, community grilling areas and electric firepits with seating areas. Other community amenities will include a fully equipped fitness center with 24-hour access, bike storage, focus suites, a dog park with agility equipment, a pet spa with grooming station, and much more. "The Union Flats will bring a modern, elevated living experience to one of Fishers' most dynamic and walkable locations," said Josh Purvis, managing partner for Thompson Thrift Residential. "With thoughtfully designed apartment homes and resort-style amenities just steps away from restaurants, shopping and entertainment, we're creating a community where convenience and lifestyle come together." Inside the studio, one-, two- and three-bedroom apartment homes, residents will find many of the luxury touches Thompson Thrift communities are known for, including elegant quartz countertops, stainless steel appliances, side-by-side refrigerator, a full-size washer and dryer, large walk-in closets and energy-efficient LED lighting. "Fishers is a city that proudly embraces innovation and quality of life," said Fishers' Mayor Scott Fadness. "The Union at Fishers District's walkable design, gathering spaces and diverse shopping, entertainment and hospitality offerings will provide our residents and visitors with exceptional amenities and experiences." Thompson Thrift first began work on the Fishers District development in 2015 and received a Monumental Award from the Indianapolis Chamber of Commerce in 2020 for the first phase. Once completed, the $750 million development will span 123 acres and will offer an array of multifamily, townhome, hotel, office, dining, shopping and entertainment options connected by well-designed walking paths that allow residents and visitors to explore the master-planned development on foot. Since its founding nearly 40 years ago, Thompson Thrift has invested more than $6 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive multifamily communities and commercial projects across the Midwest, Southeast and Southwest. https://www.multifamilybiz.com/news/11124/thompson_thrift_brings_251units_of_upscale_living_... Mon, 26 May 2025 10:11:00 GMT 277dd3ff-e1f0-41ca-9068-06d81b1af586 FRISCO, TX - Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated developer, property manager and asset manager, announced the start of leasing at The Ansel, its newest luxury community in the heart of Texas. The Ansel, a mid-rise luxury community featuring 355 apartment homes, draws inspiration from its Ansel Adams namesake to create a tranquil connection with nature amid the spirited lifestyle of Frisco. With a canvas of green landscapes surrounded by sophisticated property features and downtown energy, residents of The Ansel have the opportunity to paint their own living experience. "The Ansel was designed to invite in its natural surroundings while capturing a modern vibe through technological conveniences and thoughtfully appointed homes," said Nick Jacob, Director, Texas Development for Quarterra. "Residents are ideally positioned to take advantage of everything Frisco has to offer, from high-end dining to boutique shopping, or tap into outdoor experiences through nearby parks and trail systems. We're excited to welcome residents to this exceptional living experience and be an active part of this dynamic community." The Ansel puts residents just minutes from the retail opportunities at Legacy West, Stonebriar Centre, the Shops at Starwood, Frisco Bridges North and Preston Ridge U141. Nearby destination dining venues include Eddie V's, III Forks, The Capital Grille, Trick Rider and Lombardi Cucina. Residents will find something for everyone at Grandscape, a local cultural hub featuring concerts, outdoor movies, children's attractions, interactive entertainment experiences, shopping and dining. And football enthusiasts can revel in a day at The Star — the 91-acre world headquarters of the Dallas Cowboys — just minutes away and offering the ultimate fan experience. Residents looking to soak in the Texas sun have plenty of options at nearby Cottonwood Creek Greenbelt, Frisco Mountain Bike Trail, Beavers Bend Trail, Arbor Hills Nature Preserve, Frisco Commons, The Rail District and Texas Sculpture Garden. Situated at 4220 Tributary Way, The Ansel is just blocks from the Sam Rayburn Tollway (121) and 1.5 miles from Dallas North Tollway (DNT) - a 30.2-mile controlled-access route running from Interstate 35E near Downtown Dallas to U.S. Highway 380 in Frisco. It provides a direct commute to much of the Dallas-Fort Worth metroplex. Residents of The Ansel also have quick access to The Colony, a neighboring city to the south, and Plano, a larger city slightly farther south that is the corporate headquarters for several major companies. Top regional employers include Toyota, JP Morgan, The Star, Marriott, Hilton, Bank of America and Grandscape, as well as various healthcare providers and local municipalities. In addition to top quality Lewisville Independent School District schools, residents can find extensive coursework options at the University of North Texas, Collin College (Frisco campus), Amberton University and the University of Texas - Dallas. The Ansel is composed of studio, one- and two-bedroom apartment homes, with spacious floor plans ranging from 588 to 1,384 square feet. Residents can choose from two designer color schemes to match their personal preference. Homes feature expansive kitchens designed for culinary creativity, accented by custom pendant lighting, quartz countertops, stainless steel appliances, undermount sinks with designer faucet hardware to blend functionality with modern elegance. Luxury vinyl plank flooring flows throughout the main living areas, while carpeted bedrooms include generous walk-in closets. Oversized windows provide ample natural light and bring sunsets and cityscapes into the home. Bathrooms include dual vanity sinks and stunning tile flooring and shower surrounds, combining durability with a timeless design. All homes come equipped with keyless entries, smart thermostats and USB outlets, while select units include gourmet kitchen islands. Residents can recharge poolside and make a day of it with outdoor grilling stations. A state-of-the-art fitness center, modern recreation room, clubhouse with a social lounge, and plush pet park also offer ideal areas to unwind. The community is complete with EV charging stations in the parking structure, Parcel Hub package lockers and a designated bike storage area with a wash and repair center. The Ansel is Quarterra's fifth Texas community and its first venture into the Dallas/Forth Worth metroplex. https://www.multifamilybiz.com/news/11123/quarterra_introduces_its_newest_multifamily_develo... Fri, 23 May 2025 09:12:00 GMT 914fe31c-17c6-41e2-a551-7163afd69b92 CHICAGO, IL - Core Spaces, a vertically-integrated real estate developer, owner, and operator, is driving the expansion of Oxenfree, its flagship Build-to-Rent (BTR) brand. Core's portfolio now encompasses nearly 3,000 homes across rapidly growing markets, including Dallas-Fort Worth, Denver, Nashville, Charlotte, Austin, Raleigh, and Florida's Gulf Coast. Notable milestones include the completion of Oxenfree WeHo in Nashville's booming Wedgewood-Houston neighborhood, marking the brand's first fully delivered community; and Oxenfree Princeton near Dallas now offering move-in ready homes and completed amenities. Four additional communities in Dallas and Denver are slated for pre-leasing this year. Core's innovative approach to development, design, and property management distinguishes its purpose-built BTR communities in the Oxenfree portfolio. Rooted in new urbanist principles, these neighborhoods prioritize walkability, communal spaces, and seamless integration with the surrounding environment. The residences, ranging from spacious single-family homes to stylish townhomes, boast sophisticated interiors, premium finishes, cutting-edge smart home technology, and private garages, elevating the living experience. Meticulously planned green spaces and an array of high-end amenities, including resort-inspired pools, multi-functional fieldhouses, and state-of-the-art fitness facilities, foster a strong sense of belonging and community engagement. "The housing landscape is changing, with supply challenges and shifting consumer needs," said Cliff Payne, Chief Investment Officer of BTR at Core Spaces. "We believe our design-build approach can continue to help meet these needs through Oxenfree. As the Build-to-Rent sector grows, we're focused on delivering quality living options and expanding our portfolio in a way that addresses the evolving housing market." Situated in Nashville's vibrant Wedgewood-Houston neighborhood, Oxenfree WeHo offers 96 homes featuring three- and four-bedroom, multi-level townhomes, each equipped with a private garage. Residents enjoy thoughtful amenities, including a resort-style pool and an expansive outdoor entertaining space with a lush amenity lawn. Oxenfree Princeton has move-in ready homes and is slated for full delivery of its 408 homes and townhomes in late 2025. Residents now have access to a wide array of premium indoor and outdoor amenities, including a resort-style pool, a communal clubroom fieldhouse, a sport court, and a state-of-the-art fitness center. Several additional Oxenfree communities are advancing in the development pipeline and are targeting pre-leasing for late summer 2025 including three locations in Dallas-Fort Worth: Oxenfree Rowlett offering 158 single-family homes townhomes, Oxenfree West Oak offering 323 homes, and Oxenfree Stonebriar offering 95 townhomes along with Oxenfree Clear Creek in Denver, CO offering 116 duplex-style homes. Oxenfree Parklin in Charlotte, N.C. and Oxenfree Commerce City in Denver, CO are scheduled for delivery in 2026, further expanding Core s presence in key markets. "At Core, our goal is to create lasting connections with our residents throughout their lives," noted Dan Goldberg, President at Core Spaces. "Building on our experience in student and conventional housing, we're now bringing our expertise in design and hospitality to the next chapter of their journey with Oxenfree. We see tremendous potential in single-family rentals to redefine the living experience and set a new benchmark for purpose-built communities that truly meet the evolving needs of our residents." Core s BTR portfolio draws on its established success in student housing. Its award-winning student portfolio consists of over 70 communities and over 49,000 beds across the country, with a pipeline of over 45,000 beds. With a winning track record in ground up development and property management, Core brings the same level of innovation, design, and hospitality to transform single-family, residential living. https://www.multifamilybiz.com/news/11122/core_spaces_announces_growth_in_buildtorent_market... Thu, 22 May 2025 10:14:00 GMT 389a3899-3751-474b-80ec-877c019e63e1 SUMMERVILLE, SC - URS Capital Partners has successfully acquired The Palms at Edgewater, a 288-unit Class A multifamily community located in the rapidly growing Charleston suburb of Summerville, South Carolina. The $58.5 million transaction closed in under 60 days, showcasing URS's ability to execute efficiently in a time-sensitive environment. Built in 2023, The Palms at Edgewater features a high-quality construction profile with modern amenities, strong in-place occupancy, and day-one cash flow. The property was acquired at an attractive basis with positive leverage and long-term upside. "We're proud of the speed and precision our team demonstrated on this deal," said Chris Urso, Managing Partner of URS Capital Partners. "In a volatile rate environment, we were able to secure 5-year fixed agency debt at 4.77%—a rare win, with timing on our side. That speaks to the strength of our lending relationships and discipline in underwriting." "Uncertainty creates windows of opportunity," Urso continued. "We're not retreating—we're growing strategically, with great partners by our side." Chris Gorman, Managing Director of Investments, added: "We're excited to re-enter the Charleston market with a 2023 vintage asset that offers strong in-place cash flow at an attractive cost basis. It's a great example of our ability to stay patient yet move decisively when the right opportunity emerges." This acquisition is URS's eighth since the beginning of 2024 and further reflects the firm's continued strategy of leaning into market dislocation to capture long-term value. https://www.multifamilybiz.com/news/11121/urs_capital_partners_completes_585_million_acquisi... Wed, 21 May 2025 08:44:00 GMT f03529c2-0777-4dae-90a8-e082b3acdc32 BEAVERTON, OR - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., has welcomed its first residents at Modera Beaverton, a mixed-use community located in the heart of Downtown Beaverton. Modera Beaverton, which features 312 homes and 4,145 square feet of retail space, offers a walkable, bikeable location in one of the most vibrant locales in the western Portland metropolitan area. The wrap-style community is built to, and is pursuing, a LEED Silver certification. "We're excited to have opened our doors at Modera Beaverton, which offers residents a little bit of everything," said Sam Rodriguez, senior managing director of development in Portland for Mill Creek. "In addition to the serene backdrop and small-town charm of Beaverton, residents have quick access to the key employment centers within the city and are within a 20-minute drive of Portland's Central Business District. We are proud to offer a best-in-class experience within one of the region's most charismatic downtown areas." Situated at 12230 SW Broadway Street, Modera Beaverton possesses a superb Walk Score of 98 and Bike Score of 81. The community is surrounded by a variety of dining options, brewpubs, nightlife opportunities and transit options, including a nearby stop on the MAX Light Rail. Additionally, key north-west thoroughfare Highway 217 is a few blocks west of the community and serves as the gateway to the greater metro area. Residents will be within a quick commute of some of the area's most notable employers, including Nike World Headquarters, Columbia Sportswear, Tektronix, Intel and Kaiser Health. Modera Beaverton features studio, one-, two- and three-bedroom homes with various layouts and private patios or balconies. Community amenities consist of a rooftop deck and bar lounge with a covered outdoor terrace, lush landscaped courtyards, expansive clubroom with catering kitchen and fireplace, game room, speakeasy lounge, hotel-inspired lobby with coffee bar, coworking space with private workstations, complimentary high-speed WiFi in common areas, pet spa, club-quality fitness studio with TRX system and spin bikes, yoga studio and multi-sport simulator lounge. The community also offers a bicycle repair station and storage area, additional storage, 24/7 self-serve package lockers, controlled-access parking garage with EV-charging stations and controlled-access guest technology. Home interiors include quartz countertops, custom cabinetry, under-cabinet lighting, tile backsplashes, ENERGY STAR stainless steel appliances, bedrooms with large closets, wood-style plank flooring, bathrooms with quartz counters and backlit mirrors and oversized windows. Smart features include keyless entry, USB outlets and smart thermostats. Select homes offer bathrooms with pass-through closets and 10-foot ceilings. https://www.multifamilybiz.com/news/11120/mill_creek_welcomes_first_residents_to_modera_beav... Tue, 20 May 2025 09:20:00 GMT 543e91e3-895f-45e5-a626-d46318d52599 TAMPA, FL - S2 Capital, a national vertically integrated multifamily investment manager, announced the acquisition of Amberly Place, a 1989-vintage, 770-unit, garden-style multifamily apartment community in the Tampa, Florida market. With this transaction, S2 has now acquired over 50,000 units since inception in 2012. Terms of the transaction were not disclosed. The property was acquired off-market through a deal arranged by Shelton Granade of commercial real estate brokerage firm Institutional Property Advisors (IPA). IPA's Harry Krieger assisted S2 in securing Freddie Mac financing. S2 acquired the asset on behalf of its current value-add fund, S2 Real Estate Fund II, along with two institutional co-investors, including an overseas group based in London. Michael Bippus, Managing Director of Acquisitions, said, "We are excited to add to our activity in Florida with this terrific asset in a top growth market for us. The equity void for large value-add housing acquisitions has created a unique pricing opportunity for GPs with discretionary capital and deep lending relationships, and we are delighted to acquire an asset that fits so squarely in our wheelhouse." Amberly Place is located in the Northeast quadrant of the master-planned Tampa Palms community. S2 will undertake comprehensive interior renovations to bring the property's original apartments up to the design scope and standards of those units that have already been upgraded. The firm intends to make additional enhancements to interior and exterior amenity spaces and targeted capital improvements to address deferred exterior capex items. The surrounding area is expected to experience strong projected population growth in the coming years. With high market demand and no new nearby supply expected over the next 24 months, S2 anticipates its proven value-add strategy and operating platform will enable the firm to execute on its business plan to reposition the asset and improve operating efficiencies successfully. https://www.multifamilybiz.com/news/11119/s2_capital_completes_acquisition_of_770unit_amberl... Mon, 19 May 2025 10:24:00 GMT fc98934d-9630-47cf-baf1-3b3212894637 PALM BEACH GARDENS, FL - Vista Residential Partners, a national multifamily development firm, has broken ground on 6.7 acres on Central Boulevard in Palm Beach Gardens, FL for the development of Gardens Vista, a 221-unit, 4-story luxury apartment community. The Project is located in the heart of Palm Beach Gardens and benefits from being in close proximity to major throughfares servicing the area (I-95, 0.5 miles away, 149,000 ADT; PGA Blvd, 1.5 miles away). Palm Beach Gardens is a high growth (over 3.3% annually) and affluent submarket ($105K median income) of South Florida and Palm Beach County (Palm Beach Gardens median home sale price $850,000). Additionally, a Publix-anchored shopping center is less than one mile from the Project. Other nearby points of interest include the Gardens Mall, Downtown PBG, PGA Station, Nova Southeastern University and Joseph Russo Athletic Complex (less than one mile from the Project). The Spanish colonial styled complex will include 131 one-bedroom, 68 two-bedroom, and 22 three-bedroom apartments. Community amenities feature a nature preserve, two pickleball courts, resort style swimming pool, spacious gym, interactive game room, co-working space, 24/7 package concierge, vehicle charging stations, and a dog park. Designed by Niles Bolton Associates, the apartments will include stainless steel appliances, fully tiled backsplashes, wood-like flooring, tiled shower surrounds, and a washer/dryer in each unit. "We're excited to launch this vibrant new project as a compliment to the established Palm Beach Gardens community that is in such high demand," says Beck Daniel, Development Partners for Vista Residential Partners. Vista has agreed to reserve 10% of its units to comply with the City's workforce housing requirement. This aligns with Vista's corporate commitment to provide workforce housing with attainable rents for those who want to live, work, and play in a well-planned community with modern finishes and desirable amenities. "Although this development took over 3 years to come to fruition, that fact alone speaks volumes about the very high barriers to entry in Palm Beach Gardens. This is a critical reason we were able to attract sophisticated institutional capital to partner with Vista in this exciting project," says Eduardo de Guardiola, Chairman – Founder of Vista Residential Partners. https://www.multifamilybiz.com/news/11118/vista_residential_partners_breaks_ground_on_221uni... Fri, 16 May 2025 10:43:00 GMT 68a50fa4-6364-4a4a-802d-cafec4f30049 MILWAUKEE, WI - PPR Capital Management (PPR), a private equity real estate investment firm, announced the acquisition of The Villas at Foxwood, a 232-unit townhome-style multifamily community located in Brown Deer, Wisconsin, approximately 15 minutes northwest of downtown Milwaukee. This $38.3 million acquisition represents PPR's first investment in the Milwaukee Metropolitan Statistical Area (MSA) and marks the firm's expansion into the upper Midwest region. The property spans 21 acres and features amenities including private entrances, attached garages, fireplaces, and in-unit washers and dryers. With current rental rates below market value, The Villas at Foxwood presents a compelling value-add opportunity. PPR plans to implement modernized unit upgrades such as stainless-steel appliance packages and premium flooring. "The Villas at Foxwood acquisition aligns perfectly with our evolving investment strategy focusing on communities with strong fundamentals in growing markets," said Steve Meyer, CEO of PPR Capital Management. "This transaction exemplifies PPR's disciplined approach to portfolio diversification and our commitment to identifying properties with substantial value creation potential that deliver attractive risk-adjusted returns for our investors." The Milwaukee MSA demonstrates robust multifamily performance metrics, ranking as the nation's 8th lowest vacancy rate at 5.6% according to CoStar. The market achieved 2.4% rent growth, outpacing the national average of 1%. With limited new supply projected for 2025 and beyond, coupled with favorable housing affordability dynamics, Milwaukee is well-positioned for continued strength. Christopher Cordes, Director, Multifamily Investments at PPR Capital Management, added, "The Villas at Foxwood represents an ideal opportunity to enter the Milwaukee market, which is experiencing steady growth driven by the area's expanding lifestyle and entertainment options throughout downtown and along Lake Michigan. The property's distinctive townhome characteristics and market potential make this an especially compelling investment for our portfolio." The investment structure includes a total equity investment of $19.4 million, with PPR contributing over $18 million as the primary equity partner. PPR worked alongside Archstone Capital as the General Partner and Harmoniq Residential as both Co-GP and property manager for the 1990-constructed community. "We're proud to partner once again with PPR on an acquisition that fits squarely within our investment thesis. Our teams are aligned on the vision for The Villas at Foxwood, and we are excited to execute a comprehensive business plan that enhances value for both residents and investors," said Chris Salazar, Founder & CEO of Archstone. https://www.multifamilybiz.com/news/11117/ppr_capital_management_announces_383_million_acqui... Thu, 15 May 2025 09:04:00 GMT a7651491-bc55-48c4-8009-04e470469140 WASHINGTON - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced construction is underway at Modera Lady Bird, a contemporary mixed-use community bordering the premier Spring Valley and American University Park neighborhoods of the nation's capital. Modera Lady Bird, which broke ground in December, will feature 234 homes, an 18,000-square-foot organic grocery store and boasts an unparalleled location in Washington, D.C.'s Northwest quadrant. The midrise community is positioned along Massachusetts Avenue, a key artery connecting downtown D.C. to the Upper NW and Maryland suburbs. First move-ins are anticipated for summer 2027. "Modera Lady Bird represents the first Class A community along the Northwest portion of Massachusetts Avenue in more than four decades, and the first sizeable residential development ever delivered in the immediate Spring Valley neighborhood," said Peter Braunohler, managing director of development in the Mid-Atlantic for Mill Creek. "This will be a unique offering for the area, which mostly consists of single-family homes and where land suitable for such a community is extremely scarce. We look forward to joining the neighborhood and offering a best-in-class living experience." Located at 4330 48th Street NW, Modera Lady Bird is surrounded by an array of upscale retail amenities that include Crate & Barrel, Wagshal's Market, Millie's, Starbucks, Pizza Paradiso and Compass Coffee. The community's ground-floor organic grocer will provide the neighborhood with a walkable grocery option, which does not currently exist for residents in the immediate vicinity. The area also features key employers and demand drivers, including D.C.'s top-ranked hospital, Sibley Memorial, which sits within a mile of Modera Lady Bird. Additionally, American University, a private federally chartered research university, is within a half mile of the community. Modera Lady Bird, which will be built to, and is pursuing, a LEED Gold certification, will offer studio, one-, two- and three-bedroom homes with select den layouts and penthouses. Community amenities will consist of a rooftop lounge and deck, a ground-level courtyard with fire pit and outdoor dining, resort-style outdoor swimming pool, resident clubhouse, demonstration kitchen, coffee bar, additional landscaped courtyards, pet spa and a club-quality fitness center with cardio equipment, individual TVs, steam rooms and a yoga/Pilates studio. The community will also include coworking spaces, controlled-access garage parking, EV-charging stations, dedicated bike storage and additional storage space. Home interiors will feature nine- and 10-foot ceilings, wood-style plank flooring, stainless steel appliances, quartz countertops, pull-down faucets, tile backsplashes, pendant lighting, moveable and fixed kitchen islands, custom soft-close cabinetry with under-cabinet lighting, oversized bedrooms with spacious closets, built-in storage, in-home washers and dryers and private patios/balconies. Smart features will include programmable thermostats, key fob access, keyless guest entry, bulk WiFi and smart leak detection. Bathrooms will feature backlit mirrors, double vanities, linen closets, soaking tubs and tile shower surrounds. https://www.multifamilybiz.com/news/11116/mill_creek_to_add_234_rental_homes_to_dcs_northwes... Wed, 14 May 2025 10:10:00 GMT e9ec3e7f-d489-4f42-9ba1-a09280fe8bf0 CHANDLER, AZ - TGM announced the acquisition of TGM Ocotillo Bay, a lakefront community in the Ocotillo Master Plan, an upscale residential enclave with outstanding recreational amenities. The 296-unit garden style community with resort-inspired Spanish architecture and unique lakefront setting has a low-density site plan over 19 acres. This acquisition marks TGM's reentry into Phoenix, a market in which TGM has invested in the past, acquiring and disposing of approximately 2,300 units. TGM Ocotillo Bay is managed by TGMs' property management company, TGM Communities LLC. TGM Ocotillo Bay is within a mile of the Price Road Corridor, largest high-tech employment hub in Arizona, including Intel's largest manufacturing facility in the world. TGM believes Chandler has some of the strongest fundamentals of the Phoenix submarkets because of its convenient access to desirable live/work/play opportunities. In addition to having the number 1 school district in the state of Arizona, Chandler ranked at number 37 in Fortune's 2024 "50 Best Places to Live for Families" list, the sole Arizona city to make the cut. The City of Chandler is one of the most financially stable cities in the United States, which is reflected in the city receiving AAA ratings from each of the major bond rating agencies (Moody's, S&P Global, Fitch from 2023 through June 2024). Completed in 1997 and partially renovated in 2015, we believe the design, layout and construction of the apartments are excellent with one- two- and three-bedroom apartments. TGM will be undertaking renovations of apartment interiors with new kitchen cabinets, countertops, appliances, flooring, lighting, and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen. Community amenities include two swimming pools with sundecks and grills, a landscaped entertainment courtyard with bocce ball, an outdoor fireplace, lounge, and grill area, a contemporary fitness center with yoga/spinning room, and lake views from many buildings and amenity areas. TGM plans to transform the current clubhouse with modern, state-of-the-art amenities. "We believe TGM Ocotillo Bay is an excellent community with exceptional bones and an irreplaceable lakefront location. The community presented the ideal opportunity to re-enter the Phoenix market," said TGM's Managing Principals Zach Goldman and John Gochberg. "We look forward to implementing our signature renovation strategy to add value for our residents and investors alike." https://www.multifamilybiz.com/news/11115/tgm_completes_acquisition_of_296unit_tgm_ocotillo_... Tue, 13 May 2025 09:14:00 GMT 3ba9652b-4cfc-4877-b139-86e50b9027d3 AUSTIN, TX - Hunt Capital Partners (HCP), in collaboration with developers SGI Ventures, Inc., and Austin Affordable Housing Corporation (AAHC), a nonprofit subsidiary of the Housing Authority of the City of Austin, celebrated the grand opening of Cady Lofts, a 100% Permanent Supportive Housing (PSH) community that offers housing stability to individuals who are experiencing chronic homelessness or have a disability that makes finding stable, affordable housing difficult to find. Cady Lofts adds 100 studio homes, supported by project-based vouchers, which will assist in covering residents rents and utilities, helping to alleviate financial burdens and promote long-term stability for residents. Residents will also benefit from free onsite support services and case managers. To mark the special occasion, speeches were provided by key partners, city officials, and a resident including SGI Ventures, Inc. President Sally Gaskin, Austin City Mayor Kirk Watson, Housing Authority of the City of Austin President and CEO Mike Gerber, City of Austin District 9 Councilmember Zo Qadri, City of Austin Housing Interim Director Mandy de Mayo, and City of Austin Homeless Strategy Officer David Gray. The grand opening was followed by presentations and light refreshments. HACA, and its subsidiary AAHC, are fully committed to efforts to end homelessness in Austin, said HACA President and CEO Michael Gerber. Collaborative projects like Cady Lofts, coupled with our commitments of housing vouchers and our partnerships with city leaders, and services agencies and philanthropic partners, are essential to securing stable housing and offering social and medical services to our most vulnerable populations. In 2023, Austin Point-in-Time Count, an annual federally mandated count that captures the number of individuals experiencing homelessness, revealed a total of 2,374 individuals—of which 41.8% were facing homelessness for the first time. Cady Lofts is a part of a citywide initiative to tackle the urgent housing needs of chronically homeless individuals, serving as one of nine PSH projects launched in the past year to provide effective housing solutions for Austin s most vulnerable residents. Each studio home is fully furnished, featuring resilient flooring, solid surface kitchen countertops and bathroom vanities, air conditioning units, low-flow plumbing fixtures, along with Energy Star-rated appliances such as a stovetop, refrigerator, and microwave. The property includes central laundry, a computer lab, an outdoor courtyard, free wireless internet, elevators, a community warming kitchen, on-site recycling, and on-site offices with meeting/training rooms that can accommodate up to eight case management workers for service coordination. The property has 24/7 controlled access and full-time onsite staff. Cady Lofts offers a range of wraparound services guided by Housing First best practices, which promote self-sufficiency and overall independence. Provided free-of-charge to residents by Endeavors, these services include access to benefits assistance, health screenings, job training, and a variety of classes ranging from fitness and nutrition classes to personal finance and tax preparation. As a longtime affordable housing developer, I recognized the critical need for Cady Lofts to be permanent supportive housing—addressing not just affordability but specifically serving our chronically homeless neighbors, said SGI Ventures, Inc. President Sally Gaskin. Cady Lofts will advance our citywide PSH goals while offering residents stable housing in a walkable, transit-rich location where they can fully participate in central Austin s resources and amenities. The development is strategically located in an opportunity-rich area near essential amenities and public transportation, offering residents easy access to jobs, healthcare, and educational resources without needing to drive. Cady Lofts is proximate to over 30,000 jobs within a one-mile radius and is within walking distance to high-frequency bus stops, St. Davids Medical Center, and the Hancock Shopping Center which includes an HEB and a CommUnityCare Walk-In Clinic. Cady Lofts provides a much-needed lifeline for Austin s unhoused community, offering crucial support through its PSH model, said HCP Chief Operating Officer Amy Dickerson. By providing not only stable, affordable housing but also comprehensive support services, Cady Lofts addresses the multifaceted challenges of its residents, which include mental health issues and unemployment. This holistic approach fosters a sense of belonging and stability, which are essential to re-establish roots with the community. Cady Lofts was financed, in part, with $16.5 million in federal Low-Income Housing Tax Credits (LIHTCs) and $2 million in state LIHTCs syndicated by HCP. Lenders included Cadence Bank, the City of Austin, Central Texas Housing Accelerator Fund, Texas Department of Housing and Community Affairs, Austin Affordable Housing Corporation, and Texas State Affordable Housing Corporation. https://www.multifamilybiz.com/news/11114/hunt_capital_partners_sgi_ventures_and_austin_hous... Mon, 12 May 2025 09:47:00 GMT b2ed0b07-b0aa-49f7-8296-19e57bebbae3 WINTER GARDEN, FL - Ashcroft Capital, a fully integrated multifamily investment firm, announced its acquisition of Birchstone Waterleigh, a luxury garden-style community in Winter Garden, Fla. Birchstone Residential, Ashcroft Capital's in-house property management and construction management company, is now providing services for the residents of the community, which was built in 2023. The Class-A Birchstone Waterleigh (formerly Ascend Waterleigh Club) features 300 apartment homes and is located in the 22,000-acre Horizon West, one of the fastest-growing master-planned communities in the country. The community becomes Ashcroft's second multifamily property in Winter Garden (the company acquired the adjacent Halston Waterleigh in late summer 2024) and its seventh in metro Orlando. The acquisition was completed through a joint venture that includes Temerity Strategic Partners and Pearlmark. "Birchstone Waterleigh is a Class-A luxury community with high-end interior design and resort-like amenities," said Frank Roessler, founder and CEO of Ashcroft. "This acquisition is another step in our ongoing pursuit of high-quality assets, and we could not be more excited to add this property to our portfolio. We continue to remain bullish on Orlando in general and Winter Garden in particular. When you combine the strong renter demand in this market with limited future apartment deliveries, it creates the exact opportunity we are seeking. Properties like this allow us to lean into our focus on excellent customer service with an emphasis on resident satisfaction and retention." Located at 9405 Ascend Falls Drive, Birchstone Waterleigh features one-, two- and three-bedroom homes ranging from 782 to 1,563 square feet. Community amenities include a resort-style saltwater pool, coworking lounge, 24-hour fitness center, enclosed dog park, 24-hour emergency maintenance service, game lounge, outdoor barbecue grills and dining areas, parcel lockers with 24-hour access, EV charging station and housekeeping services. Homes feature stainless steel appliances, built-in microwaves, hardwood-style flooring, full-size washers and dryers, modern lighting, ceiling fans, gray quartz counters and walk-in closets. "Ultimately, we were attracted to Birchstone Waterleigh for multiple reasons," said Scott Lebenhart, chief investment officer of Ashcroft Capital. "In addition to its obvious caliber, the community sits in a submarket that will see limited competitive new multifamily supply in the future because of its location in Horizon West and the restrictions of the master-planned community. Also, given its proximity to Halston Waterleigh and our other communities in the Orlando area, Birchstone Waterleigh should further enable us to create economies of scale and operational efficiencies in central Florida. Finally, the community is located in a top-rated school district that serves as a powerful draw for renters." "Birchstone Waterleigh represents a great opportunity to acquire a high-quality, stabilized asset directly from the developer within the in-demand Horizon West master plan," said Stephen Quazzo, CEO and co-founder of Pearlmark. "The property also benefits from its proximity to Walt Disney World, top-rated schools, and will benefit from Birchstone Residential's experience in the market. Pearlmark is proud to acquire this best-in-class investment with our like-minded joint venture partners." https://www.multifamilybiz.com/news/11113/ashcroft_capital_completes_acquisition_of_300unit_... Fri, 09 May 2025 09:09:00 GMT 9a0f4487-901b-48f6-b41f-2758e4667978 RALEIGH, NC - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, has officially opened Maeve, a 20-story, luxury mixed-use high-rise located in Raleigh's Warehouse District. The milestone marks the successful completion of a major opportunity zone development that now stands as one of the most significant additions to downtown Raleigh's urban landscape. The grand opening event, held earlier today, featured a host of local dignitaries, including Raleigh Mayor Janet Cowell, Bill King of Downtown Raleigh Alliance, Kerry Painter of Raleigh Convention Center, as well as Capital Square Co-CEO Whitson Huffman, and other key partners and development team leaders. After the reception and speeches, attendees toured the building's residences and amenity spaces. "What was once a shuttered building and a surface parking lot has become a magnificent 20-story landmark apartment tower with ground-floor retail, extending the downtown core south," said Louis Rogers, founder and co-chief executive officer of Capital Square. "By investing in Maeve, investors from North Carolina and beyond are able to participate in Raleigh's growth engine. And the icing on the cake for investors – taxes on the sale of Maeve will be forgiven after a ten-year holding period under the opportunity zone legislation." Located at 319 West Lenoir St., Maeve includes 297 apartment homes and more than 10,000 square feet of street-level retail, available for leasing. The community offers studios and one- to three-bedroom units, with upscale features such as exposed concrete ceilings, stainless steel appliances, luxury vinyl and tile flooring, and modern cabinetry. A dramatic, double-height lobby connects to 30,000 square feet of amenities, including a resort-style pool, rooftop lounge, coworking spaces, and fitness center. A multilevel parking garage is also available for residents and guests. Positioned at the nexus of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh, Maeve is one of the few luxury apartment communities in the downtown submarket and is within walking distance of entertainment venues, restaurants, cultural landmarks, and major employers. Proximity to U.S. Route 70 allows for convenient travel to the Research Triangle and nationally renowned educational institutions, including Duke University, the University of North Carolina at Chapel Hill, and North Carolina State University. "Capital Square is proud to celebrate the grand opening of Maeve, where residents are now enjoying a refined living experience complete with premier amenities and sweeping views of downtown Raleigh and the Red Hat Amphitheater," said Whit Huffman, co-chief executive officer of Capital Square. "More importantly, this marks a significant step in the ongoing transformation of the Raleigh Warehouse District into a thriving, 24-hour neighborhood. That momentum will continue to build as hundreds of new residents make Maeve and this vibrant community their home." Constructed from fall 2022 through spring 2025, Maeve supported an estimated annual average of 750 jobs across the Raleigh-Carymetropolitan statistical area, according to FTI Consulting.1 The project also generated an estimated $108.5 million in annual output, $76.3 million in gross domestic product and $52.6 million in labor income during its construction phase. In addition, $3.8 million in state and local tax revenues and $11.1 million in federal taxes were generated.2 Now fully operational, Maeve supports 78 permanent jobs, including leasing and maintenance personnel and anticipated commercial tenants. The building is expected to generate an annual economic impact of $23.4 million to GDP, $4 million in labor income, $600,000 in federal tax revenues and approximately $1.5 million in state and local tax revenues. Capital Square partnered with JDAVIS Architects as building architect and W.M. Jordan Company as general contractor. The design team also included Architecture Firm as interior designer and EDSA as landscape designer. Greystar is the property manager and York Properties is serving as the leasing agent for the retail spaces. Maeve was funded with a construction loan from First National Bank of Pennsylvania, equity from FrontRange Capital Partners, and proceeds from Capital Square's sixth qualified opportunity zone fund, CSRA Opportunity Zone Fund VI, LLC. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones. More recently, Capital Square launched CSRA Opportunity Zone Fund IX, LLC to fund the construction of a luxury multifamily development in the Scott's Addition neighborhood of Richmond, Virginia. Overall, Capital Square's nine opportunity zone funds have initiated in excess of $870 million in gross asset value to date and have generated $197 million in annual gross domestic product during construction. The nine projects are expected to contribute an additional $81 million in annual GDP from ongoing operations. According to economic impact studies completed by FTI Consulting, Capital Square's opportunity zone developments have generated significant economic and fiscal impacts, including the creation of approximately 2,000 construction jobs during development, as well as 345 permanent full-time jobs projected to be supported annually from ongoing operations. In turn, the developments have generated $41 million in annual total tax revenue during their construction phases and are projected to deliver $17 million in annual state and local tax revenues during their operational phases. https://www.multifamilybiz.com/news/11112/capital_square_celebrates_grand_opening_of_297unit... Thu, 08 May 2025 10:12:00 GMT 393f3fee-f037-44c1-850a-98be62a3b4a8 AUSTIN, TX - National multifamily developer Wood Partners and its partner ParkProperty Capital (PPC) announced the start of construction on a 336-unit multifamily development in Hutto, Texas, a suburb outside of Austin. The project broke ground this week and is slated to deliver to the community in the third quarter of 2026. Located off of Ed Schmidt Boulevard, the new community offers residents suburban living with access to urban conveniences, including the Co-Op District, Bushy Creek Amphitheater, a curated selection of retail and restaurants and more. Additionally, with access to Austin's major highways, the development is in the center of some of the city's top employers, including many high-tech, manufacturing and service companies. A recent report by The Williamson County Economic Development Partnership forecasts significant growth for the city of Hutto, which is projected to gain 32,800 new residents, requiring an additional 11,700 housing units to be delivered in the area. "At Wood Partners, we're committed to delivering high-quality multifamily developments that support the growth and success of cities like Hutto," said Bart Barrett, Managing Director at Wood Partners. "Hutto offers a unique balance of a suburban lifestyle with accessible urban amenities and proximity to Downtown Austin, one of the nation's fastest-growing cities. We're proud to contribute to the region's evolution by providing housing options that meet the needs of this thriving community." The multifamily community comprises 10 three-story buildings and offers a variety of amenities including a state-of-the-art fitness center, a business lounge, private offices, a club room with a coffee station, a resort-style pool and a fenced dog park. In collaboration with city officials, the development will also feature two pickleball courts, parkland with a walking trail and an 18-hole disc golf course that will also be available for public use. Residents can expect granite countertops, 42-inch shaker-style cabinets, wood-like flooring, stainless steel appliances, full-size washer and dryer and ground-floor units with private fenced yards. https://www.multifamilybiz.com/news/11111/wood_partners_and_parkproperty_capital_breaks_grou... Wed, 07 May 2025 09:10:00 GMT 205b3631-0450-48c1-9949-76552c2d90ed CHICAGO, IL - Oxford Capital Group announced its acquisition of the Carefree Portfolio, eleven seniors housing properties totaling 489 units in the Minneapolis area and northern Minnesota. An affiliate of Oxford acquired the properties from an independent operator. Oxford's senior housing management affiliate, Oxford Living US, LLC, will manage the properties. Terms of the transaction were not disclosed. "We are excited to continue to expand our senior housing silo as we strategically assemble a portfolio of properties throughout the United States and Canada," said John W. Rutledge, Founder, Chairman & CEO of Oxford Capital Group, the Chicago based investor, manager, and developer, as well as Chairman of Oxford Living. "Oxford Living has made targeted senior housing acquisitions and investments in a number of growing markets throughout the southeastern United States, the Pacific northwest and Canada, including Florida and Ontario. Our Minnesota acquisition fits well into our acquisition strategy. We plan further portfolio acquisitions in these and other markets." "While most institutional investors focus on high-end development in urban centers, our strategy is to buy overlooked mid-market properties which are dependable, comfortable and affordable," said Oxford Living President Lawrence Cummings, who has over thirty years of experience in seniors housing management, operations and development. "We have been warmly received by the resident community in the properties we are acquiring, as well as by the civic leadership in the Minnesota markets in which we are investing. We look forward to continuing to fulfill the properties' mission to serve their residents and surrounding communities." Oxford Living focuses on high private pay senior housing properties in both primary and important secondary markets throughout the United States and Canada. Acquisitions focus on markets with compelling demographics and properties with significant value-add potential. The eleven property Carefree Portfolio totals 489 units located in the greater Minneapolis area, Duluth and other markets in northern Minnesota. Oxford will invest several million dollars in the coming years enhancing the properties and will add services in several of the properties as needed. https://www.multifamilybiz.com/news/11110/oxford_capital_group_announces_acquisition_of_elev... Tue, 06 May 2025 08:27:00 GMT 92179632-7259-4602-9dea-788de4cbaee4 ATLANTA, GA - National multifamily developer Wood Partners expands its presence across the Southeast with the start of construction on projects in Palmetto, Florida, Nashville and Atlanta. The multifamily communities are part of the Wood Partners' new attainable housing initiative offering upscale living at cost-effective rates. "Wood Partners' recent expansion in the Southeast creates valuable living opportunities in the region's fastest-growing markets as we continue to deliver upscale yet attainable housing," said Joe Keough, CEO at Wood Partners. "The growth of our attainable housing strategy has allowed us to provide high-quality, cost-effective apartments where they are most needed. We are meeting this unmet attainable housing demand across our entire national footprint." Palmetto is a 246-unit, four-story attainable development in Palmetto, Florida, featuring a mix of one-, two- and three-bedroom apartment layouts. Centrally located between St. Petersburg, Tampa, Sarasota and Lakewood Ranch, Palmetto offers proximity to award-winning beaches, top-tier medical facilities and premier shopping and dining destinations. In addition to neighborhood offerings, the multifamily community features a resort-style pool, a sundeck with shade sail, grill areas, a package room, fitness center, resident clubhouse with pool table and shuffleboards, coworking space, day office, hospitality kitchen, a dog park and an outdoor pet wash. Gallatin, located at 1330 Nashville Pike, spans 35 acres and features 372 multifamily apartments for rent, including one- and two-bedroom units. The development will include 5,000 square feet of commercial space at the front of the property. Residents can enjoy a range of amenities, including a clubhouse, fitness center, business hub, pool, dog park, amenity lawn and for-rent detached garages. Gallatin broke ground in February, with the first units expected to be delivered by Spring 2026. Ben Hill is a 236-unit community in southwest Atlanta, featuring a mix of one-, two- and three-bedroom layouts. The multifamily community is ideally located near Hartsfield-Jackson Atlanta International Airport, Georgia's largest employer, as well as major industrial corridors, including the Fulton Industrial Corridor and the I-85 South industrial corridor. Amenities will include a clubroom, coworking space, day offices, a fitness center, a pool and a dog park, enhancing the living experience. The development broke ground in January and is slated for completion in August 2026. Wood Partners' attainable communities are built with upscale finishes such as granite countertops and stainless steel appliances and top-of-the-line amenities. The developer saves on costs by selecting well-located suburban sites rather than more expensive urban locations, executing an efficient and consistent design and embracing minimal, yet well-done, landscaping. These savings allow for a lower price point for the renter. Last year, Wood Partners introduced multiple attainable housing communities, including Union City in Atlanta, Conner Park in Tampa, Mint Hill in Charlotte, North Carolina and Rayzor Ranch in Dallas. https://www.multifamilybiz.com/news/11109/wood_partners_expand_across_southeast_with_ground_... Mon, 05 May 2025 11:10:00 GMT ba8ddce3-bc7e-4a5e-9c9d-67e11f50a5c2 SEATTLE, WA - Security Properties in partnership with RGA ReCap Real Estate Investments on behalf of Reinsurance Group of America (RGA) purchased Henry Apartments, a 100-unit multifamily property built in 2017 located in Seattle, Washington, for $34,750,000. This strategic move aligns with the city's evolving work landscape, as remote work declines and demand for conveniently located housing rises. Amazon's recent policy requiring employees to work from the office five days a week has significantly impacted downtown Seattle. In January 2025, the city recorded the second-highest weekday worker foot traffic since March 2020, with 2 million unique visitors downtown. This shift underscores the growing need for residential options close to employment hubs. Henry is in Seattle's desirable Queen Anne neighborhood, a premier residential area renowned for its historic architecture, tree-lined streets, and breathtaking views. Residents of Queen Anne not only benefit from the neighborhood's proximity to major employers, but they also enjoy easy access to everyday conveniences, shopping, dining, cultural attractions, and outdoor opportunities. New multifamily residential construction in the area is expected to decline by nearly 70% over the next two years, as development barriers remain high. Coupled with the surge in return-to-office mandates, Henry is uniquely positioned to benefit from limited future competition and sustained demand for rentals. With this acquisition, Security Properties reinforces its leadership in Seattle's multifamily residential market, meeting the moment as urban living near major employers becomes more essential than ever. "Henry exemplifies our strategy of investing in high-quality assets located in premier, supply-constrained neighborhoods with exceptional connectivity to employment and lifestyle amenities," said Daniel Diaz, Director at Security Properties. "The Queen Anne neighborhood continues to benefit from renewed return-to-office momentum, particularly with major employers drawing talent back to the urban core. This shift is already translating into stronger leasing activity across our urban portfolio, and Henry is well-positioned to capture that demand given its proximity to South Lake Union and Downtown Seattle." Security Properties intends to implement a targeted renovation program building upon the property's existing high-end finishes while enhancing the amenity offerings to further elevate the resident experience. With the addition of Henry, Security Properties now owns 29 assets totaling more than 6,500 units in the Greater Seattle area and approximately 25,000 units nationwide. The property will be managed by Security Properties-affiliate Security Properties Residential. https://www.multifamilybiz.com/news/11108/security_properties_completes_3475_million_acquisi... Fri, 02 May 2025 08:49:00 GMT 117e3ff9-d800-4dfd-9a18-9215b3433b50 RALEIGH, NC - ECI Group announced the acquisition of Ardmore at Flowers Apartments, an 11-building, 396-unit apartment development at 380 Topwater Drive in Raleigh (Clayton), NC, in the 3,000-acre Flowers Plantation master-planned community. The community will be rebranded as The Averly at Flowers. The price was not disclosed in the "off-market" transaction. The investment marks ECI's first acquisition with Almanac Realty Investors, a division of Neuberger-Berman, since the announcement in October 2024 of Almanac's $350 million infusion of capital to fuel ECI's expansion. "ECI is excited to return to North Carolina and expand our presence in the Southeast with the acquisition of Ardmore at Flowers," said Scott Levitt, Chief Acquisitions Officer at ECI Group. "We believe this investment represents an excellent opportunity to acquire a new property at well below today's replacement cost in one of the fastest growing submarkets in North Carolina with a very limited near-term supply of newly constructed apartments. This has historically been a recipe for success. We expect this to be the first of many acquisitions over the next few years in the Southeast and Texas with our new Almanac partnership." The re-branded The Averly at Flowers apartments offer all the modern features of new development alongside a highly desirable location within the award-winning Flowers Plantation in Clayton. Residents enjoy easy access to community anchors Publix, Harris Teeter, and the Triangle YMCA, along with an additional 50,000 square feet of commercial space expected by 2026. Walking trails, top-rated schools, shopping, and dining add to the appeal of the community, which has convenient access to I-40 and I-42. https://www.multifamilybiz.com/news/11107/eci_group_acquires_396unit_ardmore_at_flowers_apar... Thu, 01 May 2025 08:38:00 GMT 11e75311-b748-4544-bd90-89aaa5f70e69 PENSACOLA, FL - Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, hosted a ribbon cutting for The Quinn, a 324-unit Class A multifamily community in Pensacola. The first residents began moving in last fall, and the company expects to complete construction at the end of the summer. "We're honored to be part of the Pensacola community and excited to welcome residents to The Quinn," said Angie Atkins, senior vice president of community management for Thompson Thrift. "We look forward to making a positive impact—both within the neighborhood and in the lives of our residents—through thoughtful design, meaningful connections and a commitment to exceptional living." Located near the intersection of W Nine Mile Road and Beulah Rd, The Quinn consists of nine, three-story garden-style apartment buildings on 18 acres. The one-, two-, and three-bedroom apartment homes average approximately 1,000 square feet and residents will be able to select from a variety of layouts with signature amenities including a balcony or ground-floor patio, private enclosed yards as well as detached single-car garages. The apartment homes are finished with elegant quartz countertops, hardwood-style flooring, stainless steel appliances, high-speed, instant-on internet access, ceiling fans in all bedrooms and the living room, a full-size washer and dryer, smart thermostat and an Alexa-compatible smart hub. Community amenities at The Quinn include a beautifully appointed clubhouse, a fully equipped fitness center with 24-hour access, a resort-style pool with community grilling areas, fire pits, cabanas, and turf area for outdoor exercise or yard games, pickleball courts, and a dog park with pet spa. The community is less than one mile east of a Publix Super Market and approximately two miles west of the 9 Mile and Interstate 10 interchange, which provides residents with easy access to downtown Pensacola, and major employers such as Navy Federal Credit Union, Baptist Health Care Campus, Naval Air Station and Pensacola State College. At the ribbon cutting, visitors were able to tour the model, explore the professionally decorated clubhouse and community amenities. As part of Thompson Thrift's ongoing commitment to community engagement, they presented a check to local non-profit Keep Pensacola Beautiful to aid their efforts in preserving the community of Pensacola. They do this by working strategically with community partners to combine education and preservation with hands-on stewardship at a local level. https://www.multifamilybiz.com/news/11106/thompson_thrift_hosts_ribbon_cutting_for_324unit_t... Wed, 30 Apr 2025 08:45:00 GMT c922ce3c-0a3b-4252-9a9f-57cc2bfe52d0 BRIGHTON, CO - The Milestone Group announced the acquisition of Solaire Apartments, a 252-unit, market-rate community in the Denver suburb of Brighton, Colorado. The purchase price was not disclosed. "Solaire is in one of the fastest-growing submarkets in the region and is an excellent strategic fit to our growing portfolio, acquired at an estimated discount to replacement cost in excess of 25% and located in a submarket characterized by limited new supply," said Milestone Vice President of Acquisitions Rich Ritter. "Milestone assumed the existing agency debt, allowing for a quick transaction without capital markets risk. We will now execute a multi-phase value-add strategy designed to enhance the resident experience and drive both immediate and sustained improvements in property performance." Solaire Apartments is sustainably designed and features contemporary one-, two-, and three-bedroom apartments at 1287 S. 8thAvenue in Brighton. The suburban Denver location affords residents easy access to numerous shopping, restaurants, and other amenities while providing easy access to freeways for Denver commuting and an abundance of options for accessing parks and mountain recreation. Community amenities include a resort-style pool with a lap lane and year-round hot tub and lounge, a Clubroom with a kitchen and business center, a 24-hour fitness center, a dog park, a playground, and inviting native grass areas. The modern residences include faux-wood plank flooring throughout, oversized closets*, private balconies or patios with Trex flooring, exterior storage*, fireplaces*, and washers and dryers in every unit. https://www.multifamilybiz.com/news/11105/the_milestone_group_completes_acquisition_of_252un... Tue, 29 Apr 2025 10:55:00 GMT 90a60ae1-a78d-43a8-a20d-992ba78b49c2 NEW ORLEANS, LA - The Menkiti Group, a DC-based, minority-owned real estate firm, announced its recent strategic partnership with VPG to acquire Arbor Place Apartments, a 136-unit multifamily property located in Terrytown, LA. Located just outside of New Orleans, the property marks a significant investment aimed at preserving affordability and furthering both firms' shared commitment to revitalizing historically underinvested communities. "We believe that meaningful neighborhood change begins with strong local partners, and we're honored to work alongside VPG on this impactful project," said Bo Menkiti, Founder and CEO of The Menkiti Group. "Arbor Place represents the kind of thoughtful investment that aligns with our values—preserving affordability, supporting local leadership, and strengthening communities for the long term." Through this partnership, The Menkiti Group is providing joint venture equity financing for the project. The investment was made through The Menkiti Group's Obsidian Catalyst Fund I, LP - a mission-driven real estate investment fund focused on supporting emerging sponsors and driving inclusive growth in urban communities. VPG will be leading the project's operations and long-term asset management strategy. With over 14 years of experience, VPG has built a strong presence in the New Orleans region, owning and managing over 850 apartment units. Arbor Place Apartments will continue to serve local residents with 50% of the 136 units designated as affordable housing at 60% of the Area Median Income. "This investment represents a meaningful step in providing high quality, accessible and affordable housing options for working families across New Orleans," said Michael Merideth, CEO of VPG. "We are proud to partner with The Menkiti Group and the Obsidian Catalyst Fund to further our mission of delivering high-quality workforce and affordable housing that supports long-term community stability." https://www.multifamilybiz.com/news/11104/the_menkiti_group_announces_partnership_with_vpg_t... Mon, 28 Apr 2025 11:25:00 GMT 8ca1b5e7-7261-4d77-8f79-33d660afc541