Multifamily News Headlines - MultifamilyBiz.com RSS Feed http://www.multifamilybiz.com Latest News from MultifamilyBiz.com en-us © 2024 MultifamilyBiz.com 1 Multifamily News Headlines - MultifamilyBiz.com RSS Feed /news http://www.multifamilybiz.com/images/multifamilylogosmall.png 144 33 Multifamily News Headlines - MultifamilyBiz.com RSS Feed SummerHill Completes $125 Million Disposition of 251-Unit Transit-Oriented Prado Apartment Community in California Bay Area Market SANTA CLARA, CA - SummerHill Apartment Communities announced that it has sold Prado Apartments, a 251-unit transit-oriented multifamily community located in Santa Clara, CA for $125 million. The site was sold to PCCP of San Francisco, CA and Alliance Residential Company of Scottsdale, AZ. Located at 3560 Rambla Place, Prado is a seven-story building comprised of 251 residential units that include both one and two-bedroom apartments that was completed in 2021 and is part of the Nuevo master-planned community which SummerHill also developed. "PCCP and Alliance are world-class real estate operators, and we are excited to see what's next in store at Prado within this fantastic transit-oriented development," said Doug McDonald, President of SummerHill Apartment Communities. With 600+ additional units under construction in Santa Clara, SummerHill is continuing to provide much needed housing in the area. "We love Prado and believe Santa Clara will continue to be a very strong apartment rental market and we are thrilled to continue working with the City of Santa Clara to provide new housing," added McDonald. Located adjacent to Lawrence Expressway, Prado is minutes from the Caltrain Lawrence Station and easily accessible to San Jose Mineta Airport. Current and future residents have unrivaled access to Silicon Valley's technology hub, home to Apple, Nvidia, Google, and many of the largest technology companies in the world. Situated within the Nuevo master planned community, Prado is surrounded by multiple parks and recreation as well as a community center. KTGY Group, who SummerHill has partnered with on previous projects in the Bay Area, is the architect of record. https://www.multifamilybiz.com/news/10818/summerhill_completes_125_million_disposition_of_25... Fri, 29 Mar 2024 10:42:00 GMT 85726891-8882-4ad0-afff-ec7594d25ded First Large-Scale Office-to-Residential Conversion in The Heart of DC's Downtown Golden Triangle District Nears Completion WASHINGTON, DC - The first major office-to-residential conversion in Washington, DC's Golden Triangle Business Improvement District is finishing its final stretch of construction before delivering this summer. The Elle apartments, which broke ground in 2022 on the site of the former Peace Corps headquarters at 20th and L Streets NW, will feature 163 residential units across 185,000 square feet in the heart of Downtown. "We have seen in other parts of our city how having the right balance of residents and workers can sustain a vibrant and thriving neighborhood. We have a beautiful Downtown that is already bustling with people and activity, and the Housing in Downtown program will allow us to build on that in a very strategic way," said Mayor Bowser. "Innovative projects like the Elle have already made DC a national leader in office-to-residential conversions, and now we can bring in even more partners to reach our goals and continue the transformation of Downtown." Gary Cohen, chair of the development firm Willco, is managing the conversion. He noted that each step of the project required an inventive approach to turn the office building into a place people will call home. For example, windows, plumbing, and electrical needs are all different in terms of individual residential units versus a large office space with a lot of interior areas and shared utilities. "Going into this, we were excited about how we could adapt the building for the future of Downtown," said Cohen. "The Elle apartments will offer ample amenities for residents, including a community room, fitness center, dog park, and rooftop pool." The progress on the Elle comes as office space across the entire District is evolving to meet new work realities, as virtual and hybrid work has emptied out many offices and prompted new thinking about the way to use those spaces. With nearly 2,500 new apartments in the works in the District, countless more conversions are underway in cities across the country. The goal is revitalizing downtowns in a way that creates housing and brings people into the area. The Golden Triangle is actively evolving from almost entirely office space that once held desks and copy machines into homes with kitchens and bedrooms, galleries featuring artists and theater productions, and other creative uses. "It's exciting to see all the ways Downtown is changing and to help shepherd this transformation," said Leona Agouridis, President of the Golden Triangle BID. "People approach work and life differently now. We are embracing this change and working to elevate the experience everyone can have in the Golden Triangle." Agouridis adds that the Downtown Action Plan highlights, recently released by the Golden Triangle and DowntownDC BIDs recommends many innovative solutions for reimagining the future of Downtown. That plan not only recommends growing the residential base, but also proposes ideas like creating cultural and entertainment corridors, expanding university uses, and developing a large tech hub. In recent years, the Golden Triangle has grown its menu of programming. The addition of tech events, lunchtime concerts, and other entertainment complement longstanding initiatives like public art and the Golden Haiku writing competition – all of which create a lively Downtown experience in an area historically known primarily for its office space. https://www.multifamilybiz.com/news/10817/first_largescale_officetoresidential_conversion_in... Thu, 28 Mar 2024 10:49:00 GMT 0b5d0d12-ced9-4596-811b-e1a88163d154 The Bascom Group Continues Brisk Growth Pace with Acquisition of San Miguel Court Apartment Community in New Mexico SANTA FE, NM - The Bascom Group has acquired San Miguel Court Apartments, a 1974 built, 96-unit garden-style multifamily property located at 2029 Calle Lorca in Santa Fe, New Mexico. Ryan Greer and CJ Connelly of CBRE arranged the debt financing for the acquisition with LaSalle Debt Investors as the lender. Apartment Management Consultants will provide property management, and SD-CAP will provide construction management services. With the unprecedented interest rate increases over the past year and subsequent decline in apartment values, San Miguel Court continues the brisk acquisition pace for Bascom in 2024, marking the firm's third acquisition this year. The purchase of San Miguel Court comes on the heels of recent Bascom acquisitions including, The Overlook, a 344-unit garden style multifamily property located in Albuquerque, New Mexico, and Texan26, a 204-bed student housing community in Austin, Texas. San Miguel Court features a diverse unit mix, including one-, two- and three-bedroom units with in-home washers and dryers, hardwood-style flooring, stainless steel appliances, and large walk-in closets. The low-density property sits in a desirable infill location, offering residents access to a vibrant neighborhood, with proximity to major employment hubs, entertainment, shopping, dining, and recreational facilities. Tom Gilfillan, Bascom's Vice President of Acquisitions, expressed enthusiasm about the addition of San Miguel Court to Bascom's portfolio: "We are thrilled to acquire San Miguel Court, an exceptional asset boasting highly efficient floorplans and ample greenspace within a desirable Santa Fe location. The property is conveniently situated near various key amenities such as shopping centers, highly acclaimed restaurants, and major employers. We are encouraged by the ongoing growth in Santa Fe, propelled by robust job expansion and a favorable economic environment, and we are enthusiastic about delivering high-quality living experiences to residents and contributing to the sustained development of the community." Santa Fe's expanding economy, along with an appealing climate and exceptional quality of life, has fueled recent growth in both the population and labor force. In 2023, Santa Fe saw a significant surge, marked by a 3.9% increase in the labor force and the addition of 2,300 new jobs. Key contributors to Santa Fe's employment growth include the Los Alamos National Laboratory (LANL), a growing hub for scientific innovation and a major catalyst for economic expansion in New Mexico, the fast-emerging Film and Entertainment Industry, marked by new studio developments in Santa Fe's Midtown District, and the Christus St. Vincent Regional Medical Center, which recently broke ground on a 72,000 square-foot Cancer Center expansion, expected to open late 2024. Santa Fe is widely considered one of the country's great havens for arts and culture, due to its numerous galleries, museums, and installations. Santa Fe is the capital of the state of New Mexico and the fourth-most populous city in the state. Tourism is another major element of the Santa Fe economy, with visitors attracted year-round by renowned five-star resort facilities and numerous outdoor activities. Paul Zakhary, Bascom's Senior Vice President of Portfolio Operations, outlined Bascom's plans to enhance San Miguel Court, aiming to make it a top choice for multifamily living in the area: "Bascom plans significant community amenity improvements including a new fitness center, resident clubhouse, leasing office, dog park, and a large central park with covered BBQ stations, bench seating, outdoor games, and tot-lot. Complimenting the significant community amenity enhancements, Bascom is planning additional upgrades including exterior paint, aesthetic site lighting, landscaping, and unit interior renovations." San Miguel Court stands out due to its advantageous infill location, offering easy access to highways, shopping centers, and major employment centers. Within a convenient 10-minute drive, residents can reach the historic Santa Fe Plaza, the developing Midtown District, and key employers such as Christus St. Vincent Hospital, the New Mexico State Capitol, and the Santa Fe office of the Los Alamos National Laboratory. https://www.multifamilybiz.com/news/10816/the_bascom_group_continues_brisk_growth_pace_with_... Thu, 28 Mar 2024 10:38:00 GMT 1bef6cdd-81b7-42ad-b5b4-92a47a7ab97f CIM Group Completes Disposition of 215-Unit District at SoCo Apartment Community in The Heart of Austin’s South Congress District AUSTIN, TX - CIM Group announced the sale of District at SoCo, a 215-unit apartment community with 328-space parking garage in Austin, Texas, which it acquired in 2013. Built in 2012, District at SoCo is located in the heart of the popular South Congress district. The contemporary apartment community offers studio, one- and two-bedroom floor plans providing a stylish living environment with modern kitchens and bathrooms, in-unit washer and dryer, and outdoor patios and balconies. District at SoCo is designed with four-story buildings around two outdoor community gathering areas. Outdoor amenities include a courtyard with games and a firepit, an outdoor kitchen, grilling stations and picnic areas, a resort-style swimming pool, and a dog park. Residents also have access to a Club Room, a full-service business center, and a 24-hour fitness facility. The apartment community provides residents easy access to Austin s active business hubs, parks and recreation options, and educational institutions in addition to the vibrant entertainment found in the South of Congress neighborhood known for its wealth of live music venues, shops, and dining. CIM Group is an active owner, operator, and developer in Austin, bringing quality real estate uses to enhance the area as it does in other communities across North America. CIM Group s Austin portfolio includes Onyx183, a 390-unit multifamily community located in Northwest Austin, as well as several office properties including the Penn Field Office Campus, Eastside Village, 1300 East 5th St., 507 Calles, and 1021 E. 7th Street. CIM Group also was a co-developer of the Seaholm Power Plant mixed-use redevelopment as well as The Independent luxury condominium tower. For 30 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout North America. https://www.multifamilybiz.com/news/10815/cim_group_completes_disposition_of_215unit_distric... Wed, 27 Mar 2024 10:18:00 GMT 60c75281-378f-4cd1-b620-5fe87d315a7e Trammell Crow Residential Expands Footprint in Greater Boston Market with 340-Unit Alexan Chelmsford Luxury Apartment Community CHELMSFORD, MA - Trammell Crow Residential (TCR), the multifamily development platform of Crow Holdings, announced construction has commenced on its latest Alexan community, a 340-unit, luxury multifamily residence in Chelmsford, Massachusetts. TCR will serve as both the developer and general contractor on the project, and construction completion is anticipated for Q4 2025. Located at 255 Princeton Street, Alexan Chelmsford will redevelop the former UMass Lowell West Campus into a tranquil, 32-acre residential community. Studio, one-bedroom, two-bedroom, and three-bedroom units equipped with stainless-steel appliances, wood-style plank flooring, in-unit washers and dryers, and spacious walk-in closets will be situated within four-story, elevator-serviced buildings. The development will also offer three-bedroom townhome units with premium unit finishes and integrated garages. First-class amenities will include a resort-style pool, outdoor courtyards, grilling stations, a state-of-the-art fitness facility, a craft room, and a resident clubhouse complete with a gourmet kitchen and gaming room. Alexan Chelmsford s charming New England setting will be enhanced by the 6.75-acre, deed-restricted wetland area at the entrance to the community. The site s location will allow future residents to easily access Greater Boston s largest employment centers including the Route 3 Tech Corridor, the Route 128 Corridor, the I-93 North Corridor, and downtown Boston. We are incredibly excited to break ground on Alexan Chelmsford. This community will provide future residents with an unmatched residential experience within a country setting and will be an attractive option for residents in the area. This development is a continuation of our company s efforts to meet Greater Boston s housing demand, said Andy Huntoon, Managing Director, Northeast Division of Trammell Crow Residential. We appreciate the team effort, support, and partnership of our financial stakeholders, municipality representatives, and community members who have helped bring this project to the area. Last year, TCR announced the groundbreaking of Alexan Waltham, a 210-unit luxury multifamily community in Waltham, Massachusetts, slated to be completed in Summer 2025, and the groundbreaking of Alexan Peabody in Peabody, Massachusetts, anticipated to be complete in Q4 2025. With the addition of Alexan Chelmsford, TCR s Northeast apartment portfolio has nearly 2,000 apartment units in various stages of development. https://www.multifamilybiz.com/news/10814/trammell_crow_residential_expands_footprint_in_gre... Tue, 26 Mar 2024 10:34:00 GMT 846b63c5-5027-4c4f-98d4-fd0e5fd86ef7 Southwest Value Partners and StreetLights Residential to Start Leasing at 650-Unit Two Nashville Yards Residential Towers NASHVILLE, TN - Southwest Value Partners and StreetLights Residential, development partners of two multi-family residential towers under construction at Nashville Yards, announced that leasing will begin this summer. Named The Everett and The Emory, the 34- and 35-story towers are expected to open in November 2024 and will together offer more than 650 residences for rent in the heart of Nashville Yards in downtown Nashville. The Everett and The Emory are at the center of Nashville s finest amenities - a safe, healthy, walkable, 19-acre master planned community with abundant green and open space, and steps away from world class dining, retail, health and entertainment offerings, said Cary Mack, Managing Partner of Southwest Value Partners. These towers are also a short walk to work for the many thousands of great jobs offered by our tenants Amazon, CAA, AEG Presents, Pinnacle, Bass Berry & Sims, PricewaterhouseCoopers and others. Nashville Yards is going to be an exceptional place to live, and we can t wait to welcome our first residents. Rising above the city skyline, the buildings, which recently "topped out" and entered the final phase of construction, will offer diverse living spaces and private, on-site parking. The spacious residences are marked by thoughtful design, spectacular downtown views, and a variety of high-end amenities, including custom kitchen cabinetry, top-of-the-line kitchen appliances, dine-in islands, spa-grade bathrooms, customizable closets, SONOS sound systems, and wine refrigerators. The two residential buildings will also offer a variety of luxury features, including a shared third floor amenity deck with a pool, fitness center, game room, resident bar, co-working space, and golf simulator. The Everett s 33rd floor and The Emory s 34th floor will offer their own Sky Lounge complete with a rooftop dog park, additional coworking space and catering kitchen for events. Click here to sign up to receive information about residential leasing opportunities at Nashville Yards. Southwest Value Partners has created a dynamic destination through their vision of Nashville Yards, said StreetLights Senior Vice President of Development Rob Bratton. We believe residents will be attracted to the thoughtful sense of place as well as the exceptional residential experience we have crafted together. As a design-driven company, our desire is to build communities that enrich the lives of residents and neighborhoods, and our partnership with Southwest Value Partners will help bring this vision to life. Beyond the best-in-class residential and building amenities, residents of The Everett and The Emory will be able to take advantage of the thriving community at Nashville Yards. Nearby food and beverage options include the forthcoming Ocean Primeand Fogo de Ch&atilde restaurants along with Crisp & Green, a health-conscious fast-casual option, and The Urban Juicer, both already open in the base of Amazon Tower 1. The Pinnacle, a state-of-the-art, 4,500-capacity music theater operated by AEG Presents, and Elevate Entertainment Group s EVO Cinemas, a luxury dine-in cinema and experiential entertainment venue, are both steps away and expected to open in early 2025. Additional dining and retail options will be announced in the coming months. Residents will also be able to enjoy the more than seven acres of open plazas, courtyards, and green spaces planned at Nashville Yards, including the Ascension Saint Thomas Landing. Nearby wellness offerings include Orange Theory, which is located next to Crisp & Green in the base of Amazon Tower 1, and Iconix Fitness, a high-end wellness and recovery focused fitness club slated to open at Nashville Yards in summer 2025. Residents and tenants of Nashville Yards will receive priority placement at The Goddard School, which is expected to open in Spring 2025 and enroll approximately 250 children. StreetLights Creative Studio is the architect of record for the project and is handling all interior design in-house. Clark Construction is the general contractor. https://www.multifamilybiz.com/news/10813/southwest_value_partners_and_streetlights_resident... Mon, 25 Mar 2024 11:24:00 GMT 8d39e565-8bd6-4c83-8767-64d230640931 Venterra Realty Breaks Ground on 312-Unit Camber Ridge Luxury Apartment Community in Suburban Houston Submarket of Fulshear HOUSTON, TX - Venterra Realty broke ground on a new multifamily community, Camber Ridge at Cross Creek Ranch, in Fulshear, Texas. When fully built out, the property will contain a 312-unit Class A apartment community that is part of Johnson Development Corp's Cross Creek Ranch, a highly successful master-planned community. Camber Ridge will provide residents with market-leading amenities including a community clubroom, resort-style pool, outdoor lounge, fitness center, package lockers, coworking spaces, Sanctuary buildings focused on providing like-minded residents with a peaceful living experience, and more. The first units are expected to be delivered beginning of Q2 2025. Approximately 30 miles west of downtown Houston, Fulshear is in Fort Bend County and is known as a beautiful and relaxed neighborhood along the banks of the Brazos River. Fulshear is served by highly rated schools in the Katy Independent School District and the Lamar Consolidated School District and offers access to nearby dining, shopping, and entertainment. The site is conveniently located on Texas Heritage Parkway connected to FM 1093 near SH 99/Grand Parkway, providing quick and easy access to the Katy, Sugar Land, and Richmond/Rosenberg areas. In addition, Houston's major employment centers, including Westchase/Beltway 8, Uptown/Galleria, and Downtown Houston, are all within a 45-minute drive. "Fulshear is an exceptional investment opportunity due to its strategic location, flourishing economy, and strong prospective renter base", stated John Foresi, CEO of Venterra Realty. "As a Houston-based company, we are thrilled to expand our footprint into the rapidly growing area of Fulshear and develop an exceptional community that caters to the needs and desires of residents. With its easy access to major transportation hubs, thriving economy, and attractive living environment, Fulshear is the perfect market for Venterra Realty to present a community that offers an abundance of attractive amenities and innovative technologies." "Our newest development will welcome residents to a community that is well-appointed, convenient to nearby attractions and to major employment corridors in Katy and west Houston," added Venterra Chairman Andrew Stewart. "This development is an exceptional addition to our portfolio, as we bring our innovation and high quality of construction to the Cross Creek Ranch community. We are confident this new development will create an unsurpassed living experience for our residents." From site selection to completion, Venterra has enlisted industry-leading partners to ensure a first-class level of execution. Finalizing the site acquisition, Venterra worked with Marc Kasner from Wilson Cribbs + Goren, who represented Venterra on the transaction and Greg Pettigrew from Fifth Third Bank for construction financing. The architect for the development is Steinberg Dickey Collaborative. In addition, Domain Builders was chosen as the general contractor. Venterra Realty completed another development, Highpark Apartments in November 2022 in Cypress, TX. The 336-unit community features an upscale living experience with convenient access to SH 99/Grand Parkway. Highpark offers a resort-style pool and outdoor lounge, two dog parks, a fitness center, covered parking spaces, and an 8,600-square-foot clubhouse with workspaces and conference rooms. Venterra Realty currently owns and operates over twenty communities in the Greater Houston area. https://www.multifamilybiz.com/news/10812/venterra_realty_breaks_ground_on_312unit_camber_ri... Fri, 22 Mar 2024 10:24:00 GMT 8d51a9e0-22e6-4444-bc21-aa65ffe2c99f Hamilton Zanze Announces Sale of 156-Unit Belle Creek Apartment Community in Northeast Denver Metropolitan Market of Henderson DENVER, CO - Hamilton Zanze, a San Francisco-based real estate investment firm that owns and operates multifamily communities nationwide, announced that it has sold Belle Creek Apartments, a 156-unit apartment community in Henderson, Colo., in metro Denver. The firm acquired the property in April 2016 and instituted a comprehensive capital improvement program. Hamilton Zanze's successful renovation efforts included upgrades to the apartment homes and building exteriors, and the installation of a new resident clubhouse. The improvements focused upon enhancing the resident experience and enabling the community to operate more efficiently. "We could not be more pleased with our ownership and disposition of Belle Creek Apartments," said Anthony Ly, Senior Director of Transactions at Hamilton Zanze. "As a result of our improvements and our focus on providing a best-in-class living experience for our residents, Belle Creek was a high-performing asset that provided investor returns that exceeded our initial expectations. In short, this community is a great example of how Hamilton Zanze creates value for both our renters and our investors. Additionally, we're very proud to have worked efficiently with all of the parties involved to complete the sale during a difficult time to transact." Situated at 10754 Belle Creek Boulevard approximately 15 miles northeast of Downtown Denver, Belle Creek Apartments was built in 2002 and features one-, two- and three-bedroom units, with homes ranging from 545 square feet to 1,010 square feet. The three-building, garden-style property includes six retail spaces totaling 6,256 square feet. Apartment features include central heating and air conditioning, washers and dryers, large closets and dishwashers. Select homes feature wood-style flooring, stainless-steel appliances and private patios or balconies. The community also offers furnished homes. Community amenities include Amazon package lockers, the new resident clubhouse, barbecue/picnic area, playground, surface lot parking, on-site dog park and 24-hour emergency maintenance. Belle Creek is located just across the street from Town Square Park and offers convenient access to numerous restaurants, shopping and entertainment options. The community is also near several business parks and many of the area's major employers, including CAST Transportation and Asse International. Acclaimed schools such as Belle Creek Charter School, Riverdale High School and Prairie View High School are nearby. https://www.multifamilybiz.com/news/10811/hamilton_zanze_announces_sale_of_156unit_belle_cre... Thu, 21 Mar 2024 09:21:00 GMT 54b34d6c-f372-4bec-92ca-46a963fdb662 Muinzer Completes Disposition of 290-Bed Salisbury Student Housing Portfolio Located Near Purdue University in West Lafayette WEST LAFAYETTE, IN - Muinzer, a fully-integrated real estate investment firm specializing in student housing, announced the sale of the Salisbury Portfolio near Purdue University in West Lafayette, IN. The five-property portfolio consists of 290 student housing beds that are 100% leased for the August 2023 school year and 100% pre-leased for the August 2024 school year. Scott Clifton of JLL spearheaded the institutional sales process that generated significant interest and resulted in multiple offers for the portfolio. Muinzer acquired the Salisbury Portfolio via an off-market transaction in 2017. "I have been a net buyer of student housing near my alma mater, Purdue University, for well over 20 years and 2024 will be no different. That said, this was a great opportunity for us to sell a small holding while generating exceptional returns for our investors," said Marc Muinzer, Founder and CEO of his namesake firm. Muinzer began investing in student housing in 2002 and is one of the largest owners in the Big Ten and SEC Conferences. "Student housing fundamentals are the strongest we have seen in the last 20 years. In 2024 and 2025 we plan to expand our team and acquire an additional $1 billion of student housing assets near high-growth universities in the largest conferences," added Michael Snyder, COO of Muinzer. "In 2024 we will continue our nationwide expansion by concentrating our investments near the largest and fastest growing universities. I'm incredibly proud of the entire Muinzer team," added Mr. Muinzer. https://www.multifamilybiz.com/news/10810/muinzer_completes_disposition_of_290bed_salisbury_... Thu, 21 Mar 2024 09:08:00 GMT f1dd9a8e-d6cf-4471-8a8f-28656483a275 Mill Creek Adds 177 Townhomes to North Phoenix Market with Start of Preleasing at Amavi Aster Ridge Build-to-Rent Community PHOENIX, AZ - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Amavi Aster Ridge, a single-family build-to-rent community that closely borders the thriving Anthem neighborhood of North Phoenix. Amavi Aster Ridge offers a mix of 177 two- and three-bedroom townhomes and represents Mill Creek's first single-family build-to-rent community within the Phoenix area. First move-ins are anticipated for March. "As the North Phoenix/Anthem area emerges as a key employment hub, demand for quality housing continues to rise," said Sam Griffin, vice president of land acquisition for Mill Creek's Southwest Region. "Amavi Aster Ridge represents the lone professionally managed townhome community in the immediate area, and we look forward to welcoming our first residents to their new homes. With attached garages and private backyards, Amavi Aster Ridge represents a traditional townhome product and is positioned to offer a genuinely comfortable living experience." Located at 4285 W. Denali Lane, Amavi Aster Ridge is a gated community that sits adjacent to Anthem, an award-winning master-planned community notable for its high-desert backdrop, excellent school district and vast contingent of retail, dining and recreational outlets. The community also is positioned within 15 minutes of the Taiwan Semiconductor campus, a $40 billion facility that will anchor the growing employment sector in the Anthem/Deer Valley area. Interstate 17 and Anthem Way are easily accessible from the community, along with several parks, lakes and nature preserves. Each home at Amavi Aster Ridge features attached front-loaded garages and fenced private backyards. The community's two-bedroom townhomes range from approximately 1,300 to 1,450 square feet while the 25 three-bedroom homes measure approximately 1,500 square feet. Community amenities consist of a clubhouse/leasing office, resort-style swimming pool, onsite park with playground, fitness studio and open green spaces. The community also features modern streetscapes and aesthetically manicured common areas. Home interiors include stainless steel appliances, wood plank-style flooring, nine-foot ceilings, granite countertops, tile backsplashes, smart thermostats, controlled guest-access technology, ceiling fans and in-home washers and dryers. https://www.multifamilybiz.com/news/10809/mill_creek_adds_177_townhomes_to_north_phoenix_mar... Wed, 20 Mar 2024 10:39:00 GMT b4c80383-07ae-4f35-9d73-e74a2f029183 FaverGray Celebrates Completion of 862-Bed Seminary Lane Student Housing Community Near The University of Florida in Gainesville GAINESVILLE, FL - FaverGray, a leading student housing general contractor, is proud to announce the successful delivery of Seminary Lane (Theory Gainesville), a remarkable 298-unit, 862-bed student housing community near the University of Florida in Gainesville. The project encompasses approximately six acres and consists of four new apartment buildings, varying in height from three to five stories, as well as two parking garages. What sets the project apart is the exceptional array of rooftop amenities, designed to create a truly exceptional living experience for its residents. These amenities include a resort-style swimming pool, a state-of-the-art fitness center, an impressive Jumbotron for community events, and inviting courtyard spaces for relaxation and socialization. "We are honored to announce the completion of Seminary Lane," expressed Ben Hinson, Executive Vice President of FaverGray, emphasizing our commitment to delivering top-tier construction projects tailored to meet the needs and aspirations of developers and owner/operators, setting new benchmarks for quality and innovation in the industry. "We are proud of the hard work and dedication of our team in bringing this project to life," said John Kitchens, Division Leader of FaverGray. "Their commitment to excellence and attention to detail have not only ensured the timely delivery of this project but also exemplify our unwavering commitment to exceeding the expectations of developers and owner/operators, setting a standard of quality and reliability in the construction industry. https://www.multifamilybiz.com/news/10808/favergray_celebrates_completion_of_862bed_seminary... Tue, 19 Mar 2024 10:29:00 GMT 3ae231d7-560e-436c-ae20-e95de312d138 NAS Investment Solutions Acquires 120-Unit Broadway Apartment Community in Thriving Midwest Market of Des Moines, Iowa DES MOINES, IA - NAS Investment Solutions (NASIS), a national sponsor known for high quality passive real estate investments with reliable yield performance, has acquired Broadway Apartments, a three story, 120-unit multifamily property complex in Des Moines, Iowa. The acquisition of Broadway Apartments creates an investment opportunity for all real estate investors especially for those 1031 Exchange investors who are in immediate need of a quality replacement property. It is also suitable for self-directed IRAs and represents a narrow window of opportunity for accredited investors to participate. National Asset Services (NAS), one of the Country's leading commercial real estate companies, known for maximizing property value in all economic situations while enhancing residents' living experience, will be responsible for overseeing property management as well as asset managing the multifamily complex for the property's investment clients. Built in 2015, the Broadway Apartments property features an average home size of 875 square-feet and is located approximately nine miles northeast from the heart of downtown Des Moines on a 7.83-acre site. Community amenities include an updated clubhouse, fitness center, playground, dog park, theater room and on-site management. There are additional garage spaces available for rent. "We are excited to offer our clients the opportunity to invest in a property located in one of the strongest growth markets in the Midwest," commented Karen E. Kennedy, President and Founder of NAS Investment Solutions and National Asset Services. "With significant investments from major tech industry companies, economic diversification and a lower cost of living, Des Moines is on a solid path to more growth and development." Located near restaurant and shopping venues, Broadway Apartments offers residents a variety of entertainment options right outside their doorstep. Adventureland Amusement Park, Prairie Meadows Racetrack & Casino, and Outlets of Des Moines are within two miles of the property. With proximity to I-80 and Hwy 6, there is easy access to major employers and downtown Des Moines. https://www.multifamilybiz.com/news/10807/nas_investment_solutions_acquires_120unit_broadway... Mon, 18 Mar 2024 12:05:00 GMT ea6c3d08-6a4f-4b7c-9f8e-f77733d8fb3d Tower 16 Capital Partners Completes $43 Million Nevada Acquisition of 209-Unit The Deco at Victorian Square Apartment Community RENO, NV - San Diego-based Tower 16 Capital Partners has successfully acquired The Deco at Victorian Square, a 209-unit multifamily property located in the Reno, Nevada market. The project was built in 2021 and acquired for $43 million, well below today s replacement cost. This marks our first acquisition in the Reno market and brings us back into Nevada where we previously owned a portfolio of 2,000 units, said Tower 16 Co-Founder Tyler Pruett. We re pursuing opportunities in Western growth markets to acquire high-quality real estate at a steep discount to replacement cost and prior-peak pricing. We have been trying to enter the Reno market for years and remain firm in our conviction that in-migration from more expensive markets will continue, driven by increasing job opportunities, low cost of living and attractive lifestyle amenities. Tower 16 has made similar moves in markets throughout the West, acquiring nearly 7,000 units representing assets of over $1 billion in Southern California, Las Vegas, Phoenix, Tucson, Albuquerque and Denver. The company seeks markets with strong rental housing fundamentals including employment growth, in-migration and a limited new supply of housing. Tower 16 is aggressively targeting new construction assets in varying stages of completion/lease-up as well as value-add opportunities in the Southwest. The Deco is located at 955 Avenue of the Oaks in the desirable Victorian Square neighborhood of Sparks, a city just east of Reno. The property is a newly built, 10-story, podium-style multifamily community with a mix of studio, 1- and 2-bedroom apartments averaging 731 square feet. The downtown property is adjacent to the I-80 freeway close to the Tahoe Reno Industrial Center, Downtown Reno, several large hospital systems, as well as outdoor lifestyle amenities. The Deco has performed very well and FPI Management has done a phenomenal job managing the final stages of lease-up, getting the property to 97% occupancy during escrow, said Tower 16 Co-Founder Mike Farley. The property is extremely well-built, and we plan to take it to the next level by enhancing the overall tenant experience. Tower 16 will complete nearly $1 million in upgrades including common areas and fitness center upgrades and landscaping enhancements. The company will also add outdoor amenities including barbeques, seating and gathering areas. We have been waiting for the right re-entry point in the Reno market and are grateful to Eastdil for the acquisition opportunity and their assistance securing debt financing in a turbulent capital-raising environment, said Tower 16 Director of Acquisitions Dave McClain. The Tower 16 team is eager to execute the business plan with our excellent investment partner and lender. Jonathan Merhaut of Eastdil Secured represented the seller in this transaction. Eastdil Secured helped secure debt financing for the buyer, led by Lee Redmond and Greg Stampley. https://www.multifamilybiz.com/news/10806/tower_16_capital_partners_completes_43_million_nev... Fri, 15 Mar 2024 10:24:00 GMT 999eef24-17c2-471a-af26-4fc77d7c0889 Wood Partners Announces Grand Opening of 250-Unit Alta Firewheel Luxury Residential Community in North Texas Market of Garland GARLAND, TX - Wood Partners, a leading national multifamily real estate developer, announced the official grand opening of its newest luxury residential community, Alta Firewheel, situated in Garland, Texas. Alta Firewheel is Wood Partners' second project in the Garland submarket, following the successful opening and sale of Alta Spring Creek in 2021. Nestled near the President George Bush Tollway, Alta Firewheel offers residents a seamless commute to major employment centers and vibrant retail districts. The community provides direct access to an abundance of dining, shopping, and entertainment options at Firewheel Town Center, an expansive retail space exceeding one million square feet—all within walking distance of the community. Set amid attractions such as Lake Ray Hubbard, Firewheel Golf Park, Breckinridge Park, and One Eleven Ranch Park, Alta Firewheel offers a lifestyle of convenience and leisure. Additionally, we're conveniently positioned close to several of Garland's hike and bike trails, including the Rowlett Creek Preserve Trail. Aside from the outstanding retail and dining choices just minutes away, Alta Firewheel's prime location positions residents near the city's top employment centers—City Line and the Telecom Corridor. Major employers in the vicinity include State Farm Insurance, Blue Cross & Blue Shield of Texas, Genpact, GEICO, and Cisco Systems. "We are thrilled to mark a significant milestone in our commitment to the North Texas community with the grand opening of Alta Firewheel," said Ryan Miller, Managing Director for Wood Partners. "Alta Firewheel is not just a residential community; it's a dynamic space tailored for young professionals eager to establish roots and discover the richness of Garland, and we are very excited to continue playing a part in what makes the city of Garland so great." Alta Firewheel offers 250 luxury apartment homes featuring a mix of studios, one-, two-, and three-bedroom floor plans, with a focus on sophisticated living. Each home is meticulously designed with premium interior finishes and luxury touches, such as granite countertops, stainless steel appliances, wood-style flooring, upgraded fixtures and pendant lighting, as well as 42-inch, soft-close cabinets. Additional features sure to wow residents include programmable thermostats, private yards, and the convenience of in-unit washer and dryers. Alta Firewheel provides a wealth of best-in-class community amenities to its residents, creating an unparalleled living experience. Dive into luxury at our resort-style pool, complete with tanning ledges, outdoor firepits, grilling areas, and an on-site dog park featuring a convenient pet wash station—all overlooked by an elevated clubhouse patio. Inside the clubhouse, discover a state-of-the-art fitness facility and inviting lounge spaces for socializing and coworking. Every detail at Alta Firewheel is designed to elevate your lifestyle. Welcome to luxury living with unmatched convenience. https://www.multifamilybiz.com/news/10805/wood_partners_announces_grand_opening_of_250unit_a... Thu, 14 Mar 2024 09:50:00 GMT 02c3d228-388a-47a4-beb9-d95996cca4fa Mill Creek Residential Announces Start of Preleasing at 204-Unit Modera Trinity Mixed-Use Apartment Community in Dallas DALLAS, TX - Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., announced the start of preleasing at Modera Trinity, a luxury mixed-use apartment community uniquely positioned along the west levee of the Trinity River. The seven-story community, which features 204 apartment homes and 4,000 square feet of ground-floor retail space on a formerly vacant industrial site, is uniquely designed with a lifted podium aesthetic that elevates the building's amenities and most apartment homes above the levee. The community offers unobstructed, panoramic views of the iconic Dallas skyline, its two signature Calatrava bridges and the city's most expansive naturalized greenbelt. First move-ins are anticipated for March. "The neighborhood possesses a refined industrial spirit and is rapidly becoming one of the most desirable places to live in Dallas," said Michael Blackwell, senior managing director of development in North Texas for Mill Creek Residential. "We are eager to join the neighborhood with a unique offering that might be as attractive to empty nesters and downsizers as it is to more conventional residents choosing the luxury and convenience of renting so close to where they work and play. Modera Trinity features larger floorplans, more expansive views and more convenient access to trails and open space than have been available in this section of the city, and we believe it will quickly become a highly sought-after living option." Situated at 2350 N Beckley Avenue, the triangular community veers towards the Trinity Skyline Trailhead and a future park, which will provide residents with a trail-oriented, nature-focused experience. Modera Trinity puts residents within close proximity of Downtown, Uptown, the Design District and the additional nearby shopping, dining and cultural attractions contained within Trinity Groves, Sylvan Thirty and Bishop Arts. Immediate surrounding attractions include White Rock Brewing Co., Manhattan Project, CiboDivino Centro, Houndstooth Coffee and Taco Deli. Modera Trinity consists of spacious studio, one-, two- and three-bedroom apartment homes with den layouts available and an average size of 1,056 square feet. With the exception of six walk-up townhomes along Beckley Avenue, homes begin at 30 feet off the ground, which creates an elevated view in all directions. Community amenities include a 24-hour club-quality fitness studio, hotel-like lobby, onsite retail, bike storage, pet spa, secured garage and EV charging stations on the first two levels. The third-floor amenity level, intentionally set at the height of the levee, includes a resident clubhouse with co-working spaces, coffee bar, catering kitchen, conference room and multiple lounge areas that lead out to an expansive amenity deck. The deck opens toward the river, bridges and skyline with a resort-style pool, grilling area, outdoor kitchen and dining, lounge seating, fire pit and a glass rail to maximize the views. At the top of the building is The Solarium, a greenery-draped community room which includes lounge seating, TVs, a private dining space and an outdoor terrace. Apartment homes will be delivered with nine- and 10-foot ceilings, expansive living rooms and kitchens, walk-in closets and numerous floor plans designed for hybrid workers. Interior finishes include stainless steel appliances, 42-inch soft-close cabinetry with accent lighting, quartz countertops, sleek tile backsplashes, dine-in kitchen islands, built-in desks and shelves, mudrooms and smart features such as turnkey WiFi, smart thermostats and keyless entry. In most homes, bathrooms feature soaking tubs, double vanities, tile shower surrounds and linen closets. https://www.multifamilybiz.com/news/10804/mill_creek_residential_announces_start_of_preleasi... Wed, 13 Mar 2024 12:20:00 GMT 18af1148-265b-4376-a5cf-c493afb9b037 Clearwater Living Opens New Assisted Living and Memory Support Senior Living Community Located in Dynamic Newport Beach Market NEWPORT BEACH, CA - Clearwater Living, a real estate and property management company dedicated to the ownership, operation and development of high-quality senior living communities, announced the opening of Clearwater Newport Beach, a 101-unit, luxury assisted living and memory support community in Newport Beach. "We are excited to welcome residents to this beautiful new community," said Danielle Morgan, Clearwater Living's president and chief operating officer. "Our communities embody our commitment to providing residents with the ability to receive the emotional, physical and social experiences they need when living in an assisted living community and this Newport Beach location provides convenient access to an array of shopping, dining and sightseeing opportunities that further enhance its appeal." Located just off Route 73 at 101 Bayview Place, Clearwater Newport Beach offers 70 assisted living and 31 memory support apartments in a variety of sophisticated, contemporary finishes and floor plans including studio, and one- and two-bedroom options. The community boasts a large outdoor courtyard, offering residents an immersive indoor/outdoor living experience. Clearwater's five-star, resort-style living provides residents with a creative studio, club room, fitness and wellness center, theater, housekeeping and laundry, salons, transportation and concierge services. Clearwater's commitment to healthy living includes chef-driven cuisine that goes well beyond basic nutritional needs. Residents and their guests will be able to choose among a variety of options across multiple dining venues including an on-site Savor Restaurant, CDM Café, wine vault, outdoor bar and private dining. Clearwater provides residents with access to a licensed nurse onsite, 24-hour compassionate care partners, medication coordination, regular monitoring and other comprehensive care services as well as physical therapy, occupational therapy, and speech-language pathology through their collaboration with EmpowerMe Wellness company. These amenities and services all represent Clearwater's philosophy of Empowered Living through impactful emotional, physical and social experiences in a stimulating and comfortable environment. Clearwater Living actively acquires, develops and operates a full range of senior housing communities throughout the western United States. Clearwater Newport Beach will be the company's eleventh community in California, Nevada and Arizona, and they have additional developments in the pipeline. https://www.multifamilybiz.com/news/10803/clearwater_living_opens_new_assisted_living_and_me... Tue, 12 Mar 2024 10:19:00 GMT 8bb2a90d-9684-4840-837f-edbc0c972b09 Aptitude Development Bringing 485 Beds to Arizona State University with Groundbreaking on The Marshall Tempe Student Community TEMPE, AZ - Aptitude Development, a leading student housing developer with a decade of experience, announced the imminent groundbreaking of The Marshall Tempe, a transformative student housing project set to redefine student living near Arizona State University. Located at 1031 E Apache Blvd, The Marshall Tempe is poised to welcome Sun Devils for the Fall 2026 semester. As Aptitude's 11th ground-up development, The Marshall Tempe exemplifies the company's dedication to creating vibrant, enriching student living experiences. "Arizona State is at the forefront of educational excellence, and we're bringing a new wave of student housing to match. The Marshall Tempe is more than a residence; it's a revolution in student living," says Jared Hutter, Chief Snow Shoveler at Aptitude Development. Designed by BKV Associates (Architectural) and CHA Consulting (Engineering), this pioneering project features 485 beds, each thoughtfully designed to enhance student wellness. Residents will have access to unparalleled amenities, including: A stunning pool, perfect for unwinding and socializing; State-of-the-art study lounges, designed to inspire academic excellence; A luxurious cold plunge and sauna, offering a holistic approach to health; The market's most exceptional gym, tailored to empower fitness journeys. "We're not just building housing; we're crafting a lifestyle. The Marshall Tempe is creating an environment where students can thrive academically, physically, and mentally," adds Hutter. This groundbreaking reflects Aptitude's optimism in the evolving student housing market. "We're navigating through the economic challenges by focusing on the future. With over 10,000 beds planned, our vision is clear - to innovate and create student communities nationwide. While many are running scared, we believe that now is the perfect time to build!" states Hutter. https://www.multifamilybiz.com/news/10802/aptitude_development_bringing_485_beds_to_arizona_... Mon, 11 Mar 2024 10:09:00 GMT 6fd6400d-3d93-40f8-9cb7-167bed268a48 Aventon Companies Breaks Ground on 425-Unit Loudoun County Luxury Apartment Community Walkable to The Ashburn Metro Station ASHBURN, VA - Aventon Companies, a prominent multifamily developer and general contractor with active projects throughout the Mid-Atlantic and Southeast, announces that it has begun construction on a brand-new luxury apartment community located in Ashburn, Virginia. Aventon Moorefield will consist of 425 units in a mid-rise, six-story building located in convenient proximity to major transportation hubs including Ashburn Metro Station and Dulles International Airport. With floor plans ranging from studios to three-bedrooms, Aventon Moorefield will be the premier luxury asset in the Loudoun County submarket. Greeted by 20-foot lobby ceilings, residents will feel at home with amenities including ample on-site remote workspaces, a state-of-the-art clubroom and lounge, a 24/7 fitness center, and a pet spa within the pet-friendly community. Outside, a resort-style pool and picturesque garden courtyard await. Built for the modern era, 16 EV charging stations are offered within the property's secure parking garage. "Loudoun County continues to grow rapidly. Fueled by the expansion of major tech companies, Loudoun is one of the fastest recovering post-COVID economies in the country. We are thrilled to be able to provide much-needed housing for its exploding population," said Mark Coletta, Senior Managing Director for Aventon Companies. "Located in the prestigious Moorefield master planned community, steps from the Ashburn Metro Station, and surrounded by top-rated public schools and Fortune 500 companies, our residents will be in the heart of it all." Aventon Moorefield is located at 43601 Charitable Street in Ashburn and marks Aventon Companies' fourth project in the region. Architectural design was led by Dwell Design Studios with interior design curated by Carlyn & Company. The community is expected to open for leasing in early 2026. Since 2019, Aventon Companies has assembled an impressive $2 billion portfolio of ground-up developments bringing over 9,000 Aventon-branded apartment homes to Florida, Georgia, the Carolinas, and the Mid-Atlantic. https://www.multifamilybiz.com/news/10801/aventon_companies_breaks_ground_on_425unit_loudoun... Fri, 08 Mar 2024 11:31:00 GMT 0b5d72f4-4ce7-4754-9f61-0429fc4b1536 Greystar Begins Pre-Leasing at Marlowe Ridgeview Apartment Community in Orlando Submarket as Construction Completion Nears DAVENPORT, FL - Greystar Real Estate Partners, a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, announced that Marlowe Ridgeview, the latest Marlowe-branded apartment community, has begun pre-leasing. Marlowe by Greystar provides suburban luxury living with quality newer finishes, spacious and current amenities and modern design with easy access to urban conveniences. "We're excited to bring Marlowe Ridgeview to Davenport. It is a community that has all of the modern conveniences but what really sets it apart is its focus on outdoor relaxation," Parker LeCorgne, Sr. Director Development, Greystar, said. "The community offers amenities including two resort-style pools, outdoor kitchenettes and recreation spaces, encouraging residents to spend more time outside enjoying the Florida sunshine." Marlowe Ridgeview residences come in one-, two- and three-bedroom layouts that range from 807 to 1,261 sq. ft. The 288 apartments will have vinyl plank flooring throughout, energy efficient stainless steel appliances, quartz countertops, tile kitchen backsplash, private balconies and luxe bathrooms with soaking garden tubs. Private garages are also available. Marlowe Ridgeview is in a prime location with grocery stores like Publix and Aldi, as well as big box stores including Target and Walmart close by. There is a wide selection of dining and nightlife options, such as 4 Corners Tavern, Trevi's Restaurant, Blue Coast Asian Cuisine and more. Nearby attractions include Walt Disney World, Omni Orlando Golf Resort, Champions Gate Golf Club and Posner Park Mall, all of which are a short drive from the community. Nearby employers include Advent Heart Health of Florida Medical Center, Orlando Health Campus at Reunion Village and HCA Healthcare, all within a few minutes of Marlowe Ridgeview. Other noteworthy employers are FedEx, UPS, Amazon, Ford and Huttig. Marlowe Ridgeview is targeting a mid-2024 opening date with final completion slated for late 2024. https://www.multifamilybiz.com/news/10800/greystar_begins_preleasing_at_marlowe_ridgeview_ap... Thu, 07 Mar 2024 12:32:00 GMT bebd65e2-3c9e-4d80-ad36-61eef6a8b7d2 Knightvest Capital Continues North Texas Expansion with Acquisition of 276-Unit Cypress Apartment Community in Dallas Submarket DALLAS, TX - Knightvest Capital, a vertically-integrated multifamily investment company, announced the acquisition of the Cypress Apartments in McKinney, Texas, a fast-growing suburb of the Dallas-Fort Worth area. This represents Knightvest Capital's first closed acquisition of 2024, as the Company continues to expand its presence in North Texas and add to its portfolio of over 34,000 units across the United States. Built in 2007, Cypress Apartments is a three-story garden-style community where eighty-four percent of the floorplans contain two or three bedrooms. The community offers sought-after amenities, including a resort-style pool, fitness center, and media lounge. Knightvest plans to complete comprehensive property enhancements and modernize unit interiors to offer a high-quality alternative to new construction in the area. "Knightvest continues to be well-positioned in this environment, and we're thrilled to hit the ground running in 2024 with the Cypress acquisition that complements our expanding portfolio and supports our proven strategy to transform apartment communities," said David Moore, Knightvest Founder and CEO. "Modern renters seek high-quality housing at affordable prices, and we efficiently renovate properties in a way that delivers a better quality of life for our residents and exceptional returns for our investors." Knightvest Capital has a strong track record of successful acquisitions in the McKinney market, and the Cypress Apartments occupy a prime location in the fast-growing city, which has been ranked as the Best Place to Live in America by Money Magazine. https://www.multifamilybiz.com/news/10799/knightvest_capital_continues_north_texas_expansion... Wed, 06 Mar 2024 12:03:00 GMT fc10bc4c-570b-4d48-b1b5-cfd3f0bdf9cb Bain Capital Real Estate and Cherry Tree Capital Partners form Joint Venture to Develop Rental Townhome Communities in Southern California NEWPORT BEACH, CA - Bain Capital Real Estate and Cherry Tree Capital Partners announced the formation of BCT Development, a strategic joint venture focused on the ground-up development of premier rental townhome communities throughout Southern California. The joint venture launches with the objective of deploying several hundred million dollars of gross capital over the next several years. BCT Development will initially focus on acquiring, entitling, and developing land in Southern California s highest-growth suburban markets with the goal of providing differentiated rental product by way of elevated townhome communities. The partnership plans to target developments in growing neighborhoods, ensuring that residents have access to the best-in-class amenities, schools, and entertainment options. Chris Marsh and Tim Stanley, who together previously oversaw an aggressive 22,000+ unit multifamily development pipeline as executives of Irvine Company, launched Cherry Tree Capital Partners in 2021 and will lead the new BCT Development venture. Aging millennials are the fastest-growing demographic in Southern California. As individuals and families continue to migrate to the suburbs, they re faced with a lack of attainable for-sale housing, and quality alternatives. That s where BCT comes in — meeting this deep need of elevated rental living through our premier townhome communities, all while prioritizing affordability by design, Mr. Stanley said. Bain Capital Real Estate has a long-standing reputation as a thoughtful, thematic investor who shares our conviction in the multifamily housing space. We are thrilled to partner with their team to launch this differentiated and well-capitalized platform to execute on our investment strategy and provide new housing solutions to California residents, added Mr. Marsh. Our multifamily strategy is closely aligned with our thematic investment approach. In a supply constrained market with growing consumer demand, we believe there is a significant opportunity to develop premier townhome communities for the high concentration of households in Southern California that have been priced out of homeownership, said Martha Kelley, a Managing Director at Bain Capital Real Estate. We look forward to a successful partnership with the Cherry Tree Capital Partners team and leveraging the combination of our deep industry expertise to provide renters with high-quality, affordable housing options. Cherry Tree Capital Partners recently appointed Josh Wheeler as Head of Land Acquisitions. Mr. Wheeler brings over a decade of California land acquisitions experience to the company, and most recently served as Vice President of Land Acquisition at KB Home for over a decade. The Cherry Tree Capital Partners team also includes Principals Austin Maleki, Mike Wu, and John Bosco. https://www.multifamilybiz.com/news/10798/bain_capital_real_estate_and_cherry_tree_capital_p... Tue, 05 Mar 2024 11:27:00 GMT 64911834-7c32-4cff-bdac-297e21639efa Hudson Valley Property Group Acquires 1140-Unit Multifamily Affordable Housing Portfolio Across Maryland and North Carolina Markets ROCKVILLE, MD - Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced the acquisition of a five-property portfolio spanning 1140 units across the D.C. metropolitan area and North Carolina. The deal, with total project costs of $208 million, transfers ownership of four properties in Prince George's County and Montgomery County, Maryland, and one property in Gastonia, North Carolina, to HVPG. The properties are as follows: Village Square, Gastonia, NC, 150 units; Central Gardens, Capitol Heights, MD, 96 units; Millwood Townhomes, Capitol Heights, MD, 77 units; Pleasant Homes, Seat Pleasant, MD, 287 units; Rock Creek Terrace, Rockville, MD, 528 units. The acquisition marks the next step of HVPG's growth in the Mid-Atlantic and Southeast regions. While the firm has previously undertaken rehabilitation projects in Maryland, the acquisition also represents HVPG's first project in North Carolina. "The acquisition of these properties marks an exciting milestone for our firm, as we have increased our current portfolio of affordable housing to 65 communities with more than 10,650 units throughout the Northeast, Midwest and Mid-Atlantic and Southeast regions of the United States," said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. "The continued growth of our holdings since our founding is a testament to our continued commitment to preserving quality affordable housing that benefits both our residents and the communities they call home. We thank our partners for their ongoing collaboration and look forward to upgrading these properties in line with our proven investment strategy." As part of its acquisition strategy, HVPG will improve and preserve each of the 1140 units of affordable housing included in the portfolio, while furthering its goal of uplifting and revitalizing communities through HVPG's investments in high-quality, sustainable neighborhood assets. HVPG is planning approximately $13M of initial renovations across the 5 properties that will encompass a variety of holistic improvements, including site infrastructure upgrades and a number of in-unit bathroom, kitchen and apartment safety improvements as needed to ensure adherence to HVPG's community standards. To ensure long-term affordability for its residents, HVPG secured new or assumed existing governing regulatory agreements for each of the properties with agencies inclusive of U.S Housing Urban & Development (HUD), Prince George's County and Fannie Mae extending affordability by an average of 29.5 years across the portfolio. The acquisition and property rehabilitations are financed from Hudson Valley Property Group's latest fund, as well as debt financing from Fannie Mae arranged through JLL. https://www.multifamilybiz.com/news/10797/hudson_valley_property_group_acquires_1140unit_mul... Mon, 04 Mar 2024 11:57:00 GMT 5fad9f38-3ce8-4408-b37d-3bbf9438e3b2 Thompson Thrift to Develop 279-Unit The Stadler Luxury Apartment Community Located in Suburban Tampa Market of Bradenton TAMPA, FL - Thompson Thrift, a full-service nationally recognized real estate company, announced the development of The Stadler, a 279-unit multifamily community in the Tampa suburb of Bradenton. Thompson Thrift plans to welcome new residents beginning in summer 2025. "The Sarasota-Bradenton metro has seen significant household growth in recent years and Thompson Thrift looks forward to providing residents with an upscale rental living option with views of Sarasota Bay," said Josh Purvis, managing partner for Thompson Thrift Residential. Located off El Conquistador Parkway, the nine-acre site will offer one-, two- and three-bedroom apartment homes with up to 1,445 square feet. Its location near Sarasota Bay will provide ocean views from a number of apartment homes as well as an array of in-demand amenities including stainless-steel appliances, timeless tile backsplashes, designer fixtures and finishes, hardwood-style flooring, patio and balcony options, a full-size washer and dryer, detached garage option, as well as a suite of Alexa-compatible smart home technology. Community amenities will include a fully equipped 24-hour fitness center, bike storage, pickleball court, dog park with pet spa and grooming station, a covered sky deck and Thompson Thrift's first ever lazy river-style swimming pool. Brian Timberman, president of Thompson Thrift Construction, added, "Our team puts their hearts into each of our communities, but this one holds a very special place for us as it has been named in honor of Henry Stadler, late senior vice president and chief operating officer of Thompson Thrift Construction. We are forever grateful for his 27 years of service, friendship and dedication to our organization." The Stadler is located on the southern border of the Lake Flores master planned community, a mixed-use development that will encompass nearly 1,300 acres and feature 6,500 homes, 2 million square feet of retail, 1 million square feet of office space, 500 hotel rooms and a beautiful 19-acre man-made lake. Residents of The Stadler will also enjoy easy access to the Sarasota-Bradenton Airport, downtown Sarasota, downtown St. Petersburg and downtown Tampa. The Sarasota-Bradenton MSA has soared to the top of many charts in recent years, including #1 Best Places to Live on the Coast, #1 Best Quality of Life in America, #1 Beach in America and #2 Most Entrepreneurial Area among midsize metros in the U.S. Thompson Thrift is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. The company continues to expand its footprint with eight new residential developments targeted for 2024, including new markets in Georgia, Utah and Idaho. The Stadler marks Thompson Thrift's 15th multifamily community in Florida. https://www.multifamilybiz.com/news/10796/thompson_thrift_to_develop_279unit_the_stadler_lux... Fri, 01 Mar 2024 11:57:00 GMT 6fa1745c-d668-4615-90dd-3d5416c8f1f7 The NRP Group Celebrates Grand Opening of Upscale 368-Unit Station42 Mixed-Income Multifamily Community in Central Texas KILLEEN, TX -The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with The City of Killeen Public Facility Corporation (PFC), J.P. Morgan, and Texas Capital Bank, celebrated the grand opening of Station42, a 368-unit mixed-income multifamily project in Killeen, Texas. Station42 showcases NRP's dedication to offering quality housing for Central Texas residents at all income levels, with a focus on the "missing middle" who face challenges affording market-rate rents amid the region's rapid population growth. To meet this demand, more than half of the property s units are reserved for residents earning less than 80 percent of the area median income (AMI). "It's an honor to play a role in the revitalization of North Killeen while providing high-quality housing for members of the military, young professionals, and working families," said Parker White, Vice President of Development at the NRP Group. Collaborating with the City of Killeen is a privilege, and we look forward to contributing to the city's continued growth and prosperity." Located near the corner of W.S. Young Drive and East Veterans Memorial Boulevard, adjacent to Conder Park, Station42 boasts a robust onsite amenities package. Residents will have access to a 24-hour fitness center, club room, gaming area, kitchen and dining space, and a coworking lounge space complete with two tech-enabled conference rooms. The development s outdoor amenities include a dog park and entertainment area with dining space, a resort-style pool and a grilling deck. A package concierge and private, detached parking garages with EV charging stations are also available. The property is in proximity to Killeen s historic downtown. In-unit finishes include keyless fob entry, in-suite washers and dryers, LED backlit mirrors, built-in USB ports, and, in select units, balconies are available. Kitchens feature stainless steel appliances, maple white quartz countertops, white brick kitchen backsplashes, undermount sinks and under-cabinet kitchen lighting. We are thrilled to celebrate Station42 which brings a new dimension to our community but also presents a unique affordability opportunity for our constituents, said Jessica Gonzalez, Killeen City Council Member District #1. Station42 stands as a robust economic driver, and I believe it will significantly enhance the well-being of our residents while concurrently diversifying the range of housing options in Killeen. It s beautiful to have the finished product here in our neighborhood. Killeen has a population of nearly 160,000, making it the 19th-most populous city in Texas and the largest of the three principal cities of Bell County. Due to the city s proximity to Fort Cavazos, Killeen s local economy is interconnected with the activities of the post, and the soldiers and their families stationed there. Station 42 signifies growth, revitalization and progress, said Kent Cagle, Killeen City Manager. It will also help reinforce our Killeen 2040 Comprehensive Plan, with its proximity to our Historic Downtown, as the goal is to continue to build up the downtown district and the surrounding neighborhoods, which is critical to the city s fiscal health. We ve made investing into the north side neighborhoods a priority. J.P. Morgan partnered with The NRP Group to provide equity investment in the project, while construction financing was provided by Texas Property Bank. https://www.multifamilybiz.com/news/10795/the_nrp_group_celebrates_grand_opening_of_upscale_... Thu, 29 Feb 2024 11:31:00 GMT 3a081303-6b46-4349-99b6-4e5d33b3e559 PruittHealth Completes Acquisition of Brighton Gardens Assisted Living Community in Popular Atlanta Metropolitan Market of Buckhead NORCROSS, GA - PruittHealth, a family-owned organization for more than 50 years, is expanding its senior living offerings in Georgia with the acquisition of Brighton Gardens of Buckhead. The Norcross-based company is renaming the assisted living community PruittPlace-Buckhead and plans future renovations for the prime Lenox Road location. "We are excited to grow our ability to provide more active senior living options, especially here in the metro Atlanta area," said Neil L. Pruitt, Jr., chairman and CEO of PruittHealth. "Georgia is our home, and we intend to make sure that PruittPlace-Buckhead is a vibrant community and a flagship of exceptional service for seniors." The beautiful Buckhead campus features a carefree lifestyle with fine dining, a casual bistro, and personal housekeeping and laundry services. The pet-friendly community also includes lush gardens and relaxing outdoor porches, patios, and a sunroom, as well as activity rooms, social spaces, a library, and a private dining room that can be reserved for family gatherings. PruittPlace-Buckhead has room for 112 residents to call home with a choice of floor plans and suites to appeal to different needs. The center also accommodates short-term rehabilitative care and memory care, providing comfortable and safe surroundings when needed. "For more than 50 years, we've had the privilege of caring for loved ones," continued Pruitt. "At PruittHealth, family is the centerpiece of everything we do, and we're excited to create lasting relationships with the residents, staff, and families of PruittPlace-Buckhead." With the addition of PruittPlace-Buckhead, the organization operates 108 senior communities and health care centers in five states. https://www.multifamilybiz.com/news/10794/pruitthealth_completes_acquisition_of_brighton_gar... Wed, 28 Feb 2024 11:54:00 GMT 2be00d0e-4a7d-40ae-bd1c-246810db6ab7