Multifamilybiz-com News

PHOENIX, AZ - The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, in partnership with the city of Phoenix, announced the financial closing and groundbreaking of Desert Sky, a 288-unit affordable housing community in West Phoenix. Half of the units are reserved for families earning up to 80% of the area median income, providing thoughtfully designed housing in one of the fastest-growing cities in the U.S. Phoenix continues to rank among the fastest-growing metro areas in the country, with strong population growth and a thriving job market driving demand for quality rental housing, said Chris O Neill, Executive Vice President of Development at The NRP Group. Desert Sky reflects our commitment to this market and provides […]

IRVINE, CA - Advanced Real Estate has acquired the Newhope Village apartments, adding to its more than 12,000-unit portfolio in Southern California. The gated, podium-style property features a host of amenities, including a pool, fitness center and tot-lot. Advanced retired a $9.5 million HUD loan and ultimately plans to place debt on the property, providing even more capital to its $100 million+ fund. "Newhope Village fits perfectly with our surrounding properties. We now have over 1,750 units in the city of Santa Ana," said Rick Julian, CEO of Advanced. "This creates even more efficiencies with management and renovations." Advanced plans for significant renovations and upgrades to the property, including the addition of in-unit washer and dryers, new cabinetry, flooring, fixtures, […]

NASHVILLE, TN - Sherman Residential acquired 909 Flats, a Class A multifamily property in Nashville, TN. 909 Flats is a 232-unit luxury apartment community situated on the edge of Germantown, one of Nashville's most sought-after neighborhoods. The property is across the street from the year-round Nashville Farmer's Market and in between the Tennessee State Museum and State Capitol building. Residents will also benefit from the urban Greenway expansion initiative that plans to add greenspace and recreation areas directly next to the property. The intersection of the Germantown and Capitol Hill neighborhoods provides a rich landscape for the 909 resident. Top employers, like Amazon, Pinnacle, and UBS, are within walking distance. New retail and restaurants are booming half a mile away at […]

NEW YORK, NY - Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, announced the acquisition of a portfolio of three purpose-built student housing assets with approximately 2,300 beds in partnership with Cardinal Group. The portfolio s assets are located on average 0.1 miles from campus at leading four-year public universities across the Sunbelt with an average enrollment of approximately 40,000 students. The Class A properties feature a wide range of best-in-class amenities and were built on average in 2020. This acquisition reflects our conviction in the resilience and long-term fundamentals of well-located student housing, and we are excited to add these assets to our portfolio, said Phill Solomond, Senior Managing Director and Head of […]

KANSAS CITY, KS - Thompson Thrift, a full-service real estate company and one of the nation's leading multifamily developers, announced the start of construction on Canopy Flats, a Class A multifamily community located along Metcalf Avenue in Overland Park. "We're proud to expand our presence in the Kansas City area with a community that reflects our commitment to thoughtful, high-quality development," said Josh Purvis, managing partner for Thompson Thrift Residential. "Canopy Flats is located in a thriving suburban market with strong demographics, award-winning schools, abundant parks, and vibrant local amenities that will further enhance the resident experience and the area as a whole." Situated on a prime 13-acre site at the southeast corner of Metcalf Avenue and W 95th Street, Canopy […]

MEDFORD, MA - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera Mystic, a contemporary mixed-use community in Medford, Mass., just north of Boston. The podium-style community, which will include 350 homes and 2,000 square feet of retail space, will be comprised of two buildings designed to offer an elevated yet distinct resident experience. The community sits less than a mile west of fellow Mill Creek community Modera Medford, which was developed and delivered in 2017. First move-ins at Modera Mystic are anticipated for 2027. "Medford continues to be a preferred living destination for those who crave immediate access to the city but also seek to escape the […]

SEATTLE, WA - GT Capital and Freestone Capital Management announced the acquisition of Lock Vista Apartments, a 192-unit multifamily community located in Seattle's historic Ballard neighborhood. Lock Vista marks the firms' second acquisition together, following their 2024 purchase of the iconic Smith Tower and Butler Garage in downtown Seattle. Both firms bring extensive experience investing across commercial and residential real estate in the Pacific Northwest and beyond. "We're thrilled to continue our partnership with GT Capital with Lock Vista. Lock Vista is a rare combination of character and location," said Jason Mann, Partner at Freestone. "Ballard continues to attract high-income renters seeking access to waterfront amenities and proximity to the city's major employers. This […]

TAMPA, FL - Carter, a leading Atlanta-based real estate development company, announced its role as co-developer for Prospect Highland Oaks, a new 324-unit luxury apartment community in Tampa, Florida. This garden-style project, being developed in partnership with Brook Farm Group, will address the growing demand for high-quality housing in the thriving Brandon submarket. "We are thrilled to bring Prospect Highland Oaks to the Tampa community," said Jerome Hagley, COO/CFO of Carter. "This project exemplifies our dedication to delivering thoughtfully designed developments that not only meet the needs of today s residents but also positively impact the neighborhoods we serve. Together with our partners at Brook Farm Group, we look forward to contributing to Tampa s remarkable growth and […]

DALLAS, TX - The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, today announced the financial closing and groundbreaking of Camp Wisdom, a 360-unit market-rate community in Southwest Dallas. Strategically located at the corner of W. Camp Wisdom Road and Clark Road, the development is designed to help address Dallas growing rental affordability crisis. The new community will serve the city s essential workforce, providing high-quality housing options for teachers, nurses, city employees and university staff, all within close proximity to major job centers, educational institutions and healthcare facilities. While Dallas is one of the fastest-growing cities in the country, its essential workers – the individuals keeping our […]

CONSHOHOCKEN, PA - Morgan Properties announced the landmark acquisition of Dream Residential Real Estate Investment Trust (REIT) for $354 million. This cross-border transaction resulted in a successful acquisition and privatization of a publicly-traded Canadian REIT, while adding 15 communities totaling 3,300 units across key MSAs in Texas, Ohio, Kentucky, and Oklahoma. Under the leadership of Co-Presidents, Jonathan and Jason Morgan, Morgan Properties is one of few organizations equipped to take a public company private. In pursuing the Dream transaction, Morgan Properties leveraged off of our strong balance sheet and our expertise in executing complex, structured transactions to accommodate the specific needs and timeframe of Dream Residential REIT's Unitholders and Board of Trustees, […]

WASHINGTON, DC - Broad Creek Capital ( BCC ), a private-markets investment firm focused on U.S. real assets, announced the first close of BCC Multifamily Advantage Fund I ( BCC MAF I ), its dedicated U.S. value-add multifamily vehicle. The fund is anchored by a select group of U.S. municipal institutions and family offices across the United States and Europe. The close of BCC MAF I represents a significant step in Broad Creek s continued growth as a transatlantic private-markets platform. Building on years of partnership with select family offices in the U.S. and Europe, the firm is now opening its proven investment strategy to a broader base of institutional and family office investors. The fund is targeting $150 million in total capital commitments, with a second close planned for early […]

LONG BEACH, CA - Linc Housing, a Long Beach-based nonprofit developer of affordable and supportive housing, joined Zephyr residents, officials from Los Angeles County and the City of Long Beach, as well as other development partners to celebrate the completed renovations of two California Project Homekey sites - Zephyr and Crescent. "I think the public appreciates that we are using existing buildings to create housing faster, smarter, more cost-effectively than ever before," said Los Angeles County Supervisor Janice Hahn. "The State's Project Homekey program has been a game changer for us. By partnering with Linc Housing and using state funding to convert these two buildings, we have 177 new apartments for the people who most need them in Long Beach. We need to address the homelessness […]

BUCHANAN, NY - AMS Acquisitions announced that Sylvan Woods Westchester, the latest luxury addition to Westchester County's Active Adult 55+ rental market, is now pre-leasing. "The arrival of Sylvan Woods to Upper Westchester County marks an exciting milestone for our brand," said Ari Mitnick, Director of Acquisitions. "Designed for those 55 and over, the community offers a simplified lifestyle with the comfort, connection, and vibrancy of a resort-style environment centered on wellness." Sylvan Woods Westchester is nestled within a serene, wooded landscape featuring natural rock formations, tranquil ponds, and lush greenery. The community's amenities are thoughtfully designed to foster connection, offering spaces where residents can gather, host events, and collaborate with onsite staff […]

INDIANAPOLIS, IN - Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced that it will develop Revere, a Class A multifamily community in the Indianapolis suburb of Westfield. The company expects to welcome its first residents in February 2027. "Westfield continues to stand out as one of the fastest growing and most desirable communities in the country," said Josh Purvis, managing partner for Thompson Thrift Residential. "With its strong demographics, high quality of life, and recognition as one of the best places to live, Westfield is an attractive place for new residents to call home, and we are excited to deliver a thoughtfully designed community that complements the city's momentum." Located at the […]

OKLAHOMA CITY, OK - Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on The Reserve at Chisholm Creek, a 267-unit affordable housing community for individuals and families in Oklahoma City, marking LAC's first ground-up construction project in the state of Oklahoma. "LAC is proud to bring high-quality housing to Oklahoma City, which will create long-term access to affordable housing in one of the city's most dynamic and growing areas," said David Garcia, LAC Vice President and Project Partner. "The Reserve at Chisholm Creek represents our continued commitment to building sustainable, inclusive communities, and we're grateful to our public and private partners who helped make this project possible." The Reserve at Chisholm Creek […]

LONG BEACH, CA - JPI, a leader in Class A multifamily development, in partnership with Tokyo Tatemono US Ltd. and BMO Bank, has closed on construction financing for Portico, a $150 million, mixed-use development in Long Beach, Calif. Located at 450 The Promenade North, Portico marks the first phase of the highly anticipated Mosaic redevelopment project, formerly known as City Place Long Beach. Slated for delivery in 2028, Portico will feature 272 multifamily units, including studio, one-bedroom, two-bedroom, and three-bedroom apartments – 16 of which will be designated as affordable housing units. The development will also include 18,841 square feet of ground-floor retail, offering direct access to the pedestrian promenade and enhancing the area s walkability and vibrancy This project […]

DALLAS, TX - Clover Capital Partners announced the successful acquisition of The Woodlands of Plano. Located in Northeast Plano, this well-positioned community represents a fully stabilized value-add opportunity with 232 units across a mix of one, two, and three-bedroom floor plans. The property includes assumable fixed-rate debt at 3.02% with a full 10 years remaining, providing exceptional long-term interest rate security, positive arbitrage and downside protection. Plano offers proximity to major employers like Toyota, Frito-Lay, and Texas Instruments, making it a prime location for residents. The property is close to attractions such as Downtown Plano, Legacy West, The Shops at Willow Bend, and Oak Point Park, providing a mix of urban convenience and outdoor recreation. A primary […]

COLUMBUS, OH - The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, announced the grand opening of The Lofton, a 245-unit family-focused housing community in Columbus s South High neighborhood. Developed in partnership with the City of Columbus and faith-based nonprofit Community Development for All People, the project features thoughtfully designed homes serving households earning between 30% and 80% of the Area Median Income (AMI). The Lofton represents a meaningful step forward for Columbus as the city grows in population and job opportunities, said Aaron Pechota, Executive Vice President of Development at The NRP Group. We and our partners designed these homes for the families that power the city, with spaces that foster […]

ORLANDO, FL - CIM Group, together with a joint venture partner, announced the acquisition of Overture Hamlin, a 180-unit, 55+ active adult multifamily community in Orlando, FL. Located at 5795 Citrus Village Blvd. in the Winter Garden submarket west of Downtown Orlando, Overture Hamlin is a 157,612-square-foot active adult community designed for residents aged 55 years and older. Built in 2021, the property offers stylish one- and two-bedroom residences with modern finishes and an extensive array of resort-inspired amenities, including a resort-style pool, fire pits, outdoor grills, fitness center, yoga studio, bocce ball court, resident lounge, gaming area, theater, arts and crafts room, demonstration kitchen and business center. Residents can enjoy a diverse range of fitness classes, […]

LOS ANGELES, CA - Eagle Partners announced the closing of a $107-million affordable housing preservation acquisition, The Hills at Hacienda Heights, a 350-unit apartment community in the San Gabriel Valley of Los Angeles. Eagle Partners' acquisition will create long-term affordability for the community and will enhance the quality of the asset through targeted capital reinvestment. Eagle Partners, a vertically-integrated multifamily real estate investor and operator, partnered with Red Stone Equity Partners, JPMorgan Chase, California Housing Finance Agency (CalHFA), and Affordable Housing Access to execute upon the market-to-affordable conversion. Eagle Partners will restrict up to 350 units to households earning up to 80% of Area Medium Income (AMI) with an emphasis on minimizing tenant […]