JACKSONVILLE, FL – Thompson Thrift, a full-service, nationally recognized real estate company and one of the nation’s leading multifamily developers, announced that it will develop Velara, a 312-unit Class A multifamily community in Ponte Vedra’s Nocatee master planned community. Construction will begin mid-February, with the first residents expected to move in during summer 2026.
“Nocatee has been one of the country’s fastest-selling master planned communities and there is significant demand for luxury multifamily living options,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are excited that Velara will provide residents with a high-quality multifamily community that seamlessly integrates with the unique Nocatee lifestyle.”
Sitting on just over 12.5 acres along Burbank Avenue near Nocatee’s western interchange, the community will feature 3-story buildings offering one-, two-, and three-bedroom configurations. Thompson Thrift is known for curating amenities and finishes that are on par with for-sale homes and Velara will offer gourmet kitchens with elegant quartz countertops, stainless-steel appliances and glass-top ranges; hardwood-style flooring; quartz vanity tops and undermount sinks; full-size washers and dryers; multiple smart home capabilities and many other designer touches. Additionally, select homes will be enhanced with cabinetry with soft-close doors, a deluxe closet system with shelving, walk-in showers with full tile surround and advanced smart home capabilities. Patio, balcony, private yard and detached garage options will also be available.
Velara sits within the Nocatee master planned community, which in recent years has been ranked as Florida’s best place to live and the best place to raise a family. Thompson Thrift will include several resort-style amenities specifically catered to the Nocatee lifestyle such as a covered pool-deck patio, a poolside sunken fire pit and private golf cart garages. Additionally, Velara will provide many more high-end features that Thompson Thrift communities are known for, including a fully equipped 24-hour fitness center, thoughtfully designed courtyards, a billiards area, an outdoor gaming area, a pickleball court, a dog park and a pet spa with a grooming station.
In addition to the on-site amenities, residents will also have access to the world-class amenities of Nocatee, such as a kayak launch, two waterparks, a 75-acre community park, various fitness trails, and Nocatee Town Center’s charming restaurants and stores, including the largest Publix in Northeast Florida.
Positioned off US-1 and I-95, the Ponte Vedra area offers quick access to local beaches and over 5,000 acres of parks, preserves, and trails in the area, as well as an easy commute to Jacksonville, one of five “Supernova Cities,” and the Wall Street Journal’s 2023 second hottest job market in the U.S. Currently, there are more than 150 corporate, regional and divisional headquarters operating in the Jacksonville market, and the city had more corporate relocation activity in 2023 than any other major U.S. city.
The land purchase was brokered by Tyler Nilsson, senior managing director of investments and Erik Bjornson, senior managing director of investments with IPA.
Thompson Thrift is a full-service real estate development company focused on multifamily, ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. For nearly 40 years, Thompson Thrift has invested more than $6 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive multifamily, commercial and industrial projects.
The company continues to expand its footprint with several new residential developments targeted for 2025 in key markets across the United States. Velara will be the company’s 18th multifamily development in Florida. Thompson Thrift 2025 Multifamily Development, LP will provide equity capital for the development.

ORLANDO, FL – FCP closed on a $16.7 million preferred equity investment through its Structured Investments platform to finance Royal Palm at Nona, a 320-unit, Class A multifamily development adjacent to Lake Nona in Orlando, FL. The project, located at 14630 New Creek Avenue, is being developed by Royal Palm Companies, a leading institutional-quality sponsor with a track record of delivering best-in-class residential communities.
“FCP is actively deploying capital to support high-quality developments in growth-oriented markets and Lake Nona is a prime example of the type of submarket where we see long-term opportunity,” said Bruce Gago, who leads FCP’s Florida office. “This transaction underscores our ability to provide flexible, strategic capital to experienced sponsors like Royal Palm Companies, who are developing in-demand housing in supply-constrained markets.”
Billy Herbert, a leader on FCP’s development team, added, “Royal Palm at Nona will deliver a highly amenitized, modern residential community in one of Orlando’s most dynamic submarkets. With proximity to the Central Florida Greenway, Florida’s Turnpike, and Orlando International Airport, the project will benefit from sustained demand fueled by the area’s booming health and life sciences industry, anchored by the renowned Medical City master-planned district.”
“With Royal Palm at Nona, we are setting a new standard for luxury living in one of Orlando’s most dynamic and innovative communities,” said Dan Kodsi, CEO of Royal Palm Companies. Kodsi continued, “This project represents our commitment to creating high-quality, thoughtfully designed spaces that elevate the lifestyle of our residents while fostering community growth and enhancing the surrounding area. By integrating modern design with sustainable and luxurious amenities, we aim to deliver an exceptional living experience that benefits our residents, partners, and the Lake Nona region as a whole. This development will set a new benchmark for elevated living in the Orlando area.”

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.”