OCEANSIDE, CA – 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 Melrose, a mixed-use, garden-style apartment community located on the border of Oceanside and Vista in San Diego’s North County.
The community, which will feature 323 apartment homes and 2,100 square feet of retail space, sits eight miles east of Oceanside’s retail-lined downtown area and the city’s several beaches. Additionally, sitting 1.5 miles south of the community is the revitalized historic district of Vista and its multitude of authentic restaurants. First move-ins at Modera Melrose are anticipated for late summer 2026.
“We’ve always admired the North San Diego County area, which is one of the greatest places to live in the country with its proximity to premier southern California beaches and year-round outdoor amenities,” said John Colletti, senior managing director of development in Southern California for Mill Creek. “We’re eager to get started on Modera Melrose, which will put residents within reach of everything the area has to offer. Our team is prepared to deliver a modern living experience with one of the most refined amenity packages in the submarket.”
Situated at 5011-5061 Oceanside Boulevard at the intersection of Melrose Drive, Modera Melrose is located along the Inland Rail Trail, a 21-mile Class I bikeway that stretches through Oceanside, Vista, San Marcos, Escondido and a portion of the unincorporated County of San Diego. The community also sits adjacent to the Melrose Drive station, which provides quick connectivity to the surrounding locales and the area’s prominent biomedical and pharmaceutical employers.
Modera Melrose, which will be built to and is pursuing an NGBS Silver certification, will offer one-, two- and three-bedroom homes with select den layouts and an average size of 958 square feet. Community amenities will include a resort-style swimming pool, hot tub, grilling areas, fire pits, outdoor kitchen, resident clubhouse, landscaped courtyards, pool table, shuffleboard, conference room, coworking spaces, private workstations and a club-quality fitness center with cardio equipment and TRX system. Residents will also have access to digital package lockers, controlled-access garage parking, private EV charging stations, bike storage, cold storage and additional storage space.
Homes will include a variety of refined features, including nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, soft-close cabinets, movable kitchen islands, pass-through closets, in-home washers and dryers, smart thermostats, keyless entry, controlled-access guest technology and private patios or balconies. Bathrooms will include quartz countertops and backlit mirrors.

LAKE WORTH, FL – Greystar, a global leader in the investment, development, and management of real estate, announced that Elan Palm Reserve is now welcoming move-ins. Elan Palm Reserve has 384 apartments, 88 of which are workforce housing, in one-, two- and three-bedroom floorplans that range in size from 749 sq. ft. to 1,374 sq. ft.
All residences have stylish quartz countertops, pendant lighting, warm-toned hardwood-style flooring, in-home full-size washer and dryer, gourmet island or peninsula kitchens with GE stainless steel appliances, personal balcony or terrace and a spacious closet in the primary bedroom. Select apartments will also include dual vanity sinks, standalone showers, oversized soaking tubs and flex space that is perfect for working from home.
The community features several amenities that allow residents to relax, including a serenity pool with ledge chaise loungers, poolside kitchen with grills and outdoor dining, a fireside lounge for stargazing, hammocks for daydreaming, a lake with paved trails, a lakeside terrace with a fire table and gaming lawn, a second-story veranda with a summer kitchen and lounges, and a gated dog park with shade. Other amenities include co-working spaces and private studies, community-wide Wi-Fi, a 24-hour fitness center with cardio and free weights and on-site EV charging kiosks.
Elan Palm Reserve is in a great location close to retail and just minutes from the beach, shopping districts, creative scenes and entertainment options. Neighboring food options include Chick-fil-a and Panda Express. The community is close to I-95, which provides access to other Florida cities including Miami, Fort Lauderdale and West Palm Beach, as well as the West Palm Beach International Airport.
“We are extremely pleased to welcome residents and invite people to come tour Elan Palm Reserve,” Ana Pedrajo, Senior Director of Development, Greystar, said. “The community was designed to provide resort-style living and be a retreat for residents, so they feel that they are always in vacation mode.”

SAN DIEGO, CA – MG Properties, a leading real estate investment and management company, has completed the acquisition of Park 12 Apartments, a 35-story high-rise community in downtown San Diego with 43,000 sq.ft. of retail. MG purchased the property for $309 million, making it the largest apartment acquisition in San Diego since 2020, and the third largest apartment acquisition in San Diego history. With this acquisition, MG has added 18 properties to their portfolio over the past twelve months, totaling over $2.1 billion.
Built in 2018, Park 12 is located in the Ballpark Village masterplan adjacent to Petco Park, home of the San Diego Padres. The property features panoramic stadium, bay and city views of Downtown San Diego along with on-site restaurants, brewery, and café. With a 97/100 Walkscore, residents have access to The Gaslamp Quarter and the highest concentration of restaurants and retail in the city.
“As a San Diego based company, we are very familiar with the dynamics of the city and believe it has tremendous opportunity for growth in the coming years,” said Jeff Gleiberman, President of MG Properties. “We believe this is an exceptional opportunity to acquire one of San Diego’s most iconic properties. This investment is consistent with our strategy of making long-term investments in high quality properties.”
The seller, Greystar, was represented by Joseph Smolen and Geoff Boler with Eastdil Secured. Financing for the transaction was provided by Fannie Mae and arranged by Greg Stampley and Lee Redmond with Eastdil Secured.

KANSAS CITY, MO – PPR Capital Management (PPR), a private equity real estate investment firm, announced the acquisition of Infinity at Plaza West, a 224-unit garden-style multifamily community located in Kansas City, MO. Through strategic financing that includes a favorable 3.90% loan assumption, PPR has structured the $33.6 million acquisition to maximize value-add opportunities while maintaining efficient capital deployment.
The property is intentionally located in close proximity to the Country Club Plaza, Kansas City’s premier retail and lifestyle destination. This acquisition is PPR’s second investment in the Kansas City metropolitan area, following their December 2023 acquisition of a 200-unit townhome community in Overland Park, KS.
“This acquisition further demonstrates PPR’s ability to identify and secure properties with strong value-add potential in growing locations,” said Steve Meyer, CEO of PPR Capital Management. “By acquiring this asset below market basis with attractive financing terms, we are well-positioned to implement our capital improvement strategy and create additional value for our investors.”
The investment structure includes a total equity investment of $11.4 million, with PPR contributing $10.2 million as the primary equity partner. PPR worked alongside Aspen Funds as the General Partner and Petra as Co-GP and on-site property manager.
Chris Cordes, Director, Multifamily Investments at PPR Capital Management, added, “Following our recent success in the Kansas City market, we are excited to expand our presence with Infinity at Plaza West. The property’s historically strong occupancy and prime location, combined with our planned improvements, align perfectly with our deliberate investment strategy of acquiring well-located assets with significant upside potential.”

EVERETT, WA – CEP Multifamily announced their acquisition of the Nimbus Apartments, a 165-unit luxury midrise apartment community in Everett’s central business district. Nimbus is the 23rd acquisition in Washington for the vertically integrated Everett-based firm and grows their existing Pacific Northwest portfolio to 1,534 units. The acquisition price was $49 million ($296,970 per unit) and marks the second acquisition for CEP’s latest fund vehicle, CEP Multifamily Fund II, according to Josh Jansen, CEP’s CEO and Managing Partner.
Completed in 2022, Nimbus offers residents a mix of studios, one- and two-bedroom units. The community features luxury-grade finishes ranging from soft-close cabinets and stainless steel appliances to quartz countertops and 9-foot ceilings. Residents also enjoy an extensive amenity package including coworking space in the lobby, state-of-the-art fitness center, an arcade, and the 8th floor cloud room with an entertaining kitchen and a rooftop lounge with mountain views.
“Nimbus is a perfect fit for our strategy to provide desirable, attainable housing to the area’s workforce,” said Jansen. “Everett and Snohomish County boast strong employment fundamentals due to a mix of established blue-chip employers and a robust start-up ecosystem. Area residents enjoy a high quality of life and relative housing affordability, which have fostered a diverse, well-educated labor pool. These factors have supported long-term population and employment growth, trends we believe will accelerate in the coming years.”
David Young, Corey Marx, and Chris Ross of JLL Seattle brokered the transaction.
CEP Multifamily (CEP) is a vertically integrated real estate investment firm that offers accredited investors access to investment opportunities in institutional grade apartment communities across the Pacific Northwest, focusing on workforce housing in supply-constrained submarkets with strong economic fundamentals.

CHARLOTTE, NC – 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 Modera LoSo, a contemporary midrise apartment community in Lower South End.
The community, which features 351 luxury homes, is situated less than five miles south of Uptown Charlotte, adjacent to South End, and surrounded by a variety of retail, office and popular entertainment destinations. The community is also within walking distance of the LYNX Blue Line Scaleybark Station, which provides connectivity to the key attractions and employment centers throughout the city. First move-ins are anticipated for March.
“We’re eager to officially join the LoSo market, which continues to become a preferred living destination among discerning residents,” said Alex Eyssen, senior managing director for Mill Creek Residential. “We believe Modera LoSo will be distinctive in the market due to its unique design elements and refined amenity spaces. Our in-house team is fully prepared to deliver a top-of-market living experience. We look forward to welcoming our first residents to their new home.”
Situated at 3405 South Tryon Street near Clanton Road, the community offers prime connectivity to South End, Uptown and Interstate 77. Lower South End is home to an emerging contingent of craft breweries, eclectic coffee shops, live music venues and a wide variety of restaurants, all of which provide residents with a multitude of walkable options.
Modera LoSo, which is built to and pursuing an NGBS Green® Certification at the Silver level, offers studio, one-, two- and three-bedroom homes with den layouts available and a spacious average size of 946 square feet. Community amenities include an elevated resort-style pool with sundeck and cabanas, four distinct outdoor courtyards with grilling areas, fire pit and lounge seating, an eighth-floor indoor and outdoor sky lounge, fourth-floor clubroom with demonstration kitchen, hotel-inspired first-floor lobby with coffee station, onsite pet park and pet spa, game room, conference room, coworking spaces with private workstations, and dual club-quality fitness centers that include spin bikes and a yoga/Pilates studio. Residents will also have access to a secure package room, controlled-access garage parking, controlled guest access technology, EV charging stations, dedicated bike storage and additional resident storage.
Home interiors feature a choice of designer kitchen finishes, oversized windows, stainless steel appliances, quartz countertops, tile backsplashes, hardwood-inspired flooring, custom cabinetry, designer lighting, keyless entry system, spacious bedrooms with large closets and in-home washers and dryers.
Select homes include nine-foot ceilings, large chef’s islands with built-in storage, separate dining areas, dual-entrance bathrooms with pass-through closets, designer bathrooms with double vanities, quartz countertops and backlit mirrors, spa-like soaking tubs, frameless glass showers with tile surrounds, built-in storage and shelving and private patios or balconies.

CHARLOTTE, NC – Penzance, along with its partner TriWest Multifamily, announced the off-market acquisition of Stoney Trace Apartments, a 380-unit multifamily community in Charlotte, North Carolina. Penzance has been a leading owner, operator, developer and investor in the Mid-Atlantic region for more than a quarter of a century, and this acquisition adds to its robust Mid-Atlantic portfolio of residential, mixed-use, industrial and data center projects.
Stoney Trace is located at 4616 Stoney Trace Drive in the Mint Hill neighborhood. Designed to serve families as well as single individuals, the units feature fireplaces, walk-in closets, dishwashers and private patios or balconies. The recently renovated community amenities include a fitness facility, club room with business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.
We are excited to expand our investment in the Mid-Atlantic alongside TriWest Multifamily as a strategic partner. The region is full of opportunity and growth and this property within Charlotte presented an excellent opportunity to invest in a strong submarket that is insulated from new supply, said Jacob Rosenberg, Senior Vice President of Investments at Penzance. Stoney Trace is exactly the kind of well-located community that attracts residents and will provide for long-term value creation available by focusing on property operations and improvements.
Stoney Trace lies only a few miles from Uptown Charlotte, offering convenient access to major employers like Atrium Health, Bank of America, Duke Energy, Wells Fargo and Honeywell International Inc. The community is conveniently located a short drive from grocers Lidl and Harris Teeter and retail options along Route 74 including the Galleria Shopping Center, Cinemark Bistro, Food Lion and various coffee shops and restaurants.
Penzance and TriWest Multifamily are planning a variety of renovations and upgrades throughout the property. ZRS Management will serve as the property manager. Acquisition financing was arranged by Walker & Dunlop s Blake Hockenbury and Bryan Frazier.

SACRAMENTO, CA – The Bascom Group, in partnership with funds managed by Oaktree Capital Management, has acquired The Strand, a 408-unit newly built institutional quality multifamily community located in the highly desirable submarket of West Sacramento, California. The purchase price was $126,000,000 or $308,824 per unit. Louis Friedel, Clay Akiwenze, and Hank Workman of Berkadia arranged the debt financing for the acquisition. Luke Goodwin and Alex Porter of Walton Street Capital, LLC provided the acquisition loan. The seller was represented by Berkadia’s investment sales team led by Jason Parr and Scott MacDonald. Sares Regis will provide property management services.
Built in 2021 by MBK Rental Living, The Strand is a recently built garden-style community with exceptional connectivity to Sacramento’s major economic drivers. The property is ideally situated within The Rivers community, a prestigious pocket of West Sacramento with $1m+ homes, river adjacent walking trails, and nearby retail. The Strand residents benefit from a unique combination of suburban living and a short 10-minute commute to the downtown urban core. The Strand’s 408 units are complemented by ample surface parking which is extremely rare given the communities proximity to the urban core. The unit mix includes 7% junior one-bedroom, 34% one-bedroom, 51% two-bedroom, and 7% three-bedroom units. The property’s most notable amenity offerings include two pools and spas, indoor and outdoor fitness centers, a clubhouse, a dog park, and EV charging stations.
“The acquisition of The Strand is an excellent opportunity to acquire a new construction, low density multifamily asset in a durable market with limited future supply and recent major institutional investment at an attractive in-place yield,” said Jim Singleton, SVP/Principal – Acquisitions. “The Strand currently competes with recently constructed suburban multifamily assets due to its high-end finishes, low density, and superior location. Bascom plans to utilize third party professional property management and complete minor upgrades.”
The Strand is well positioned to capitalize on favorable market conditions throughout the hold period. New multifamily deliveries in the Sacramento market are projected to significantly decrease and population growth is projected to remain steady. With a durable employment base and relative affordability, the Sacramento MSA attracts companies and individuals seeking a recession resistant environment. In addition to such attractive market conditions, recent and future institutional investment in the area suggests the area is poised for future growth.
Paul Diamond, Senior Principal for Bascom, states, “One of the standout advantages of The Strand is its proximity to Sacramento’s key economic drivers. Recent institutional investments within a 1.5-mile radius include the Sacramento Kings’ Golden 1 Arena, the brand new CalSTRS building, the Sacramento Railyards, Sutter Health Park, and the I Street Bridge replacement project. The Sacramento market continues to demonstrate attractive multifamily fundamentals, and we are excited to strengthen our footprint in one of California’s most economically robust regions.”
Jared Lazarus, managing director in Oaktree’s Real Estate Group, added, “Oaktree is committed to identifying value opportunities and being a source of strategic liquidity to sellers and operators during this period of continued dislocation in the real estate cycle. The Strand acquisition enables Oaktree to leverage its existing vast multifamily platform and expertise to bridge a high-quality, newly delivered asset in a growing market to stabilization with a strong existing partner in Bascom.”
The Bascom and Oaktree partnership began in 2014 with the purchase of The Springs, a 320-unit apartment complex in Corona, CA. Over the last ten years, Bascom and Oaktree have acquired 31 multifamily assets totaling 10,118 units and $1.5 billion in project cost across the US. Joe Ferguson, Acquisitions Manager for Bascom added, “We are excited to close another transaction with Oaktree. We feel the timing is right as the rapid increases in interest rates and softening market has resulted in value declines of 20-30% on existing multifamily properties with supply of new construction of apartments dramatically reduced.”

NASHVILLE, TN – 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 Nations, a podium-style apartment community in The Nations neighborhood along the Cumberland River.
Modera Nations, which will feature 396 homes, will sit approximately three miles west of Downtown Nashville in one of the city’s fastest-emerging submarkets. The community is located on top of a prominent bluff adjacent to the Cumberland River and will offer expansive riverfront and skyline views. The community first broke ground in December 2023, with first move-ins anticipated for Fall 2025.
“Nashville continues to be an extremely attractive market due to its ongoing employment growth, thriving market fundamentals and overall recession resilience,” said Luca Barber, senior managing director of development in Nashville for Mill Creek Residential. “The city’s westside has transformed over the past decade, as vacant warehouses have been replaced by creative office space, coffee shops and eclectic retailers. Apartment demand has followed, and we look forward to offering a best-in-class living experience as the neighborhood continues to grow.”
Situated at 1650 54th Avenue N, Modera Nations sits at the brink of several industrial redevelopments and adaptive reuse projects, including Stocking 51, Stateline and Silo Studios, which combine for more than 320,000 square feet of mixed-use space for creative office, retail and entertainment. Additionally, the popular Nashville Greenway is projected to significantly expand with a planned access point at the north end of the community. The community will also offer easy access to Interstate 40 and is a five-minute drive from Downtown Nashville.
Modera Nations will offer studio, one-, two- and three-bedroom homes with select den layouts. The community will feature a sophisticated modern design, private patios and balconies and will be home to the only bowling alley lounge in the city. Additional community amenities will include a contrast therapy spa with two saunas and a cold plunge, coworking lounge with private workstations and group meeting areas, club-quality gym with Peloton bikes and yoga/Pilates studio, four landscaped courtyards with outdoor dining and grilling areas, community garden, resort-style swimming pool, dog park with pet wash and a rooftop deck. The community will also include a mix of garage and surface parking with EV charging stations, bike lockers, cold storage delivery and additional private storage space options.
Home interiors will feature oversized floor-to-ceiling windows, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, soft-close cabinets with under-cabinet lighting, pendant lighting, moveable kitchen islands, in-home washers and dryers, smart thermostats, key fob access, controlled-access guest technology and pre-installed in-home WiFi. Bathrooms will include designer vanity mirrors, tiled showers, quartz countertops and custom cabinetry. Modera Nations will be built to, and is pursuing, an NGBS Silver Certification.

FORT WASHINGTON, PA – Jefferson Apartment Group JAG) and equity partner CP Capital announce the delivery of J Veridian at Upper Dublin, a 310-unit Class A community on 14 acres in Fort Washington, Pennsylvania, a Philadelphia suburb in Montgomery County.
The community, located at 1125 Virginia Drive, spans three 5-story buildings situated among 8 acres of open space. A pedestrian promenade creates a walking path that connects each building. It also connects to existing walking and biking trails in Fort Washington and provides access to adjacent retail.
Residents will enjoy 12,000 square feet of indoor amenities anchored by a grand clubroom and bar. Other features include a game area with billiards, shuffleboard and arcade gaming; a lounge with a double-sided fireplace; a poker room; leading-edge fitness center; resident movie theater; private dining room; and co-working area with soundproof office pods.
Outdoor amenities are just as extensive. Two pickleball courts, a dog park with separate areas for large and small dogs, and community garden plots are bonus features alongside a resort-style courtyard area with swimming pool, grilling stations, fire pits, abundant lounge areas, and multiple pocket parks.
J Veridian at Upper Dublin pulls out all the stops for resident life and is a wonderful addition to a sought-after suburb of Philadelphia, said Drew Chapman, JAG Senior Vice President and Development Partner. Our partners at CP Capital recognized the strength of this development opportunity, and we re excited to deliver on the vision for this fully-amenitized community with them.
Unit options range from 1- to 3-bedroom floorplans, with each reflecting JAG s luxury standard to include top-line quartz countertops, stainless steel appliances, tile backsplashes and plank flooring throughout.
The community also provides surface parking, private garage options, and EV charging stations.
JAG is a proven leader in East Coast multifamily, and we are happy to have forged a new partnership with them for J Veridian at Upper Dublin, said Jay Remillard, Co-Head at CP Capital. It s a standout development in a prime location with a formula for success – easy access to Philadelphia, exceptional schools, major employers, and abundant lifestyle and recreation offerings.
The community s location provides immediate access to the Pennsylvania Turnpike (I-276) and easy accessibility to major employment centers. It s a 20-minute drive to King of Prussia, 30 minutes to Center City, and is only 90 miles to New York City. Residents will also benefit from adjacent retail options including Wawa, LA Fitness, CVS, Walmart, Sam s Club, Sprouts, Lululemon, Chipotle, Chick-fil-A and Starbucks.
This initial delivery is one building, with final delivery expected this spring. Financing was provided by United Bank.
This is JAG s second major delivery in the Philadelphia area in the past year. Rivermark at Northern Liberties delivered this summer on the city s Delaware River waterfront. The long-awaiting community features 470 luxury units across two mid-rise buildings, 45,000 square feet of retail anchored by a 24,000-square-foot Sprouts Farmers Market, and 4 acres of public-use space.
JAG has developed four other multifamily communities in the Philadelphia region: 230 units in West Chester, 250 units in Wynnewood, and 291 units in Exton in Pennsylvania, and 490 units in Mount Laurel, New Jersey. JAG s fifth community in the region broke ground early this year Burlington, New Jersey.