IRVINE, CA – The James of Irvine, a luxury senior living community, celebrated its groundbreaking, marking a major milestone for the area’s first upscale rental-based senior community. The event, held at the 3.03-acre site on Gates Avenue, drew more than 80 attendees, including city officials, developers and industry leaders.
“This project has been years in the making, with so many dedicated teams working together since 2017,” said Adam Arnold, Managing Director of Harbert South Bay Partners, who served as emcee. “But as they say, good things come to those who wait — and this is going to be something special, bringing over 200 full-time jobs to the Irvine area.”
Designed for baby boomer renters, The James will feature 350 studio, one- and two-bedroom residences for independent living, assisted living and memory care. The eight-story community, set to open in summer 2027, will offer modern amenities, holistic care and a vibrant, walkable lifestyle in the heart of Orange County, with convenient access to Santa Ana, Costa Mesa and Tustin.
Owned by the P3 Foundation, The James is being developed by Harbert South Bay Partners and will be managed by Momentum Senior Living. Additional project partners include Van Tilburg, Banvard & Soderbergh, Rodrigo Vargas Design and W.E. O’Neil Construction.
“The James will be fully integrated into the Irvine community so residents can truly experience everything it has to offer,” said Josh Johnson, CEO of Momentum Senior Living. “This will be a new class of senior living, where the goal is simple: helping people live longer and better. And with our corporate office just 2 miles away, we’re right here to make that vision a reality.”
City of Irvine Vice Mayor James Mai and Councilmembers Kathleen Treseder, Melinda Liu and William Go were also in attendance. “We’re proud to present a certificate of recognition for The James — arguably the best-named building in Irvine,” Mai joked. “From the renderings, it looks like a five-star resort, and it truly reflects what makes Irvine a premier place to live and retire.”
P3 Foundation Director Louise Waller emphasized the community’s impact. “P3 Foundation is all about supporting nonprofit developments that change lives. There is great demand for quality senior housing across the United States and we can’t wait to see this one come out of the ground to serve seniors right here in Irvine,” she said.
With construction now underway, Executive VP Mike Byrne of W.E. O’Neil Construction highlighted the scale of the project. “We’re digging 32 feet deep right now, and once the tower crane is erected, you’ll be able to see it from Disneyland. 5,000 ready-mix concrete trucks will be needed to complete the concrete structure — if you lined the trucks up bumper-to-bumper — that’s a stretch from Irvine to downtown L.A.,” he said.
“When the exterior goes up, there will be 1,250 windows, and inside, 400 skilled team members will be hard at work on everything from electrical to drywall. This is a massive project, and we’re thrilled to bring it to life.”
The James will redefine retirement living with luxury amenities and engaging programs. Residents will enjoy multiple dining venues, a bar/lounge, an indoor pool and spa, a wellness gym, a yoga studio, therapy rooms and a salon. Entertainment and enrichment spaces include two theaters, a media lounge, an art studio, a golf simulator and a dog park with a washroom. Outdoor courtyards will feature barbecue grills, fire pits, seating areas, a putting green and bocce courts.
Beyond amenities, The James will offer a dynamic lifestyle with educational workshops, spiritual gatherings and social events. Fresh, chef-prepared meals will be served in inviting dining venues. The community’s prime location provides walkable access to The District at Tustin Legacy and nearby medical providers, parks, trails, universities and country clubs.

PHOENIX, AZ – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, hosted a ribbon cutting for Stella, a 308-unit, Class A multifamily community in the Phoenix suburb of San Tan Valley. The first residents began moving in during winter of 2024, with construction completion expected at the end of this summer.
“With resort-style living and luxury conveniences at the forefront, Stella reflects Thompson Thrift’s commitment to creating exceptional rental communities that deliver both style and quality,” said Angie Atkins, senior vice president of community management for Thompson Thrift. “Our team is excited to deliver a community that residents are proud to call home.”
Located on a 20-acre site near North Gary Road and West Hunt Highway, Stella will consist of 12 two- and three-story buildings, a resort-style swimming pool with adjacent lawn and outdoor pavilion, pickleball courts, two dog parks and relaxing gardens with fruit trees and fountains. The community will offer one-, two-, and three-bedroom apartment homes and residents will be able to select from a variety of layouts and signature amenities including private enclosed yards or patio options and detached single-car garages. The apartment homes will be finished with elegant quartz countertops, hardwood style-flooring, stainless steel appliances, high-speed, instant-on internet access, ceiling fans, full-size washer and dryer, smart thermostat and a smart hub.
The pet-friendly luxury community will be close to multiple outdoor activities, including hiking, biking, or exploring the San Tan Mountain Regional Park, a national park that is located two miles west of the community. Residents will be living near an array of retail options. In addition, Hunt Highway provides future residents with ease of access to nearby Queen Creek, Mesa, Gilbert, Chandler and Loop 202.
The employment corridor along Loop 202 features high-paying jobs from companies such as Liberty Mutual, Deloitte, Dignity Health and Isagenix. Additionally, Arizona State University’s new Mesa City Center, a new state-of-the-art digital media learning center, is 10 minutes north. The area is also home to two airports – Phoenix Mesa Gateway Airport and the Chandler Municipal Airport.
At the ribbon cutting, visitors were able to tour the model, explore the professionally decorated clubhouse and community amenities. As part of Thompson Thrift’s ongoing commitment to community engagement, they presented a check to local non-profit Manes and Miracles to aid their efforts in providing adaptive or therapeutic riding, equine-assisted activities and equine-assisted physical therapy for those who have physical, mental and emotional disabilities.
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.

ATLANTA, GA – Atlanta Housing (AH) and its public-private partners broke ground on Bowen Homes Phase I, a $63.6 million redevelopment project set to revitalize the historic Bowen Homes site and the Carey Park neighborhood. Leaders from Invest Atlanta, the City of Atlanta, the Georgia Department of Community Affairs, the U.S. Department of Housing and Urban Development (HUD), Centene Foundation, Peach State Health Plan and development partners McCormack Baron Salazar and The Benoit Group joined in celebrating this milestone, marking the beginning of a transformative, multi-year effort.
The redevelopment of Bowen Homes will create a vibrant, mixed-income community and serve as a national model for equitable, community-focused revitalization. Located in the northwest area of Atlanta, Bowen Phase 1 will add 151 units to Atlanta’s housing inventory, with most of them reserved as affordable.
“Bowen is poised to be a national model for neighborhood transformation, an anchor for progress in Carey Park, and a testament to the power of community-focused redevelopment,” said Atlanta Housing President and CEO Terri Lee. “This project is about more than housing; it’s about empowering people, fostering economic self-sufficiency, and ensuring that families have the support they need to succeed for generations to come.”
This transformational investment is critical as development expands westward from Atlanta’s urban core. Supported in part by a $40 million HUD Choice Neighborhoods Implementation grant and backed by over $523 million in public and private commitments, the project is expected to catalyze broader revitalization along the Donald Lee Hollowell Parkway and James Jackson Parkway corridors.
“I am super excited! The redevelopment of Bowen Homes is delivering on our promise to invest in affordable housing and bringing a vibrant neighborhood back to a community who has long-deserved quality homes, access to fresh food and quality greenspace,” said Atlanta Mayor Andre Dickens. “This project represents not only new homes, but the preservation of a community’s history and a commitment to its future. Thank you to all of the partners involved who share our vision for an inclusive and thriving Atlanta.”
“As a national leader in community-focused development, we are honored to help bring the vision of Bowen Homes back to life,” said Vincent R. Bennett, CEO of MBA Properties, Inc. and President, McCormack Baron Salazar. “This mixed-income, sustainable development will not only provide high-quality housing but also create a thriving, connected community that reflects the resilience and aspirations of its residents.”
“The redevelopment of Bowen Homes is a testament to what is possible when the public and private sectors work together toward a shared vision,” said Eddy Benoit Jr., CEO of The Benoit Group. “This transformation will serve as a model for how we can create equitable, sustainable neighborhoods that honor the past while embracing the future.”
“Safe, affordable housing is a cornerstone of health and well-being,” said Wade A. Rakes, Chief Growth Officer, Centene Corporation and Chairman, Peach State Health Plan. “We are honored to partner with the Atlanta Housing, City of Atlanta, McCormack Baron Salazar, the Benoit Group, and the many local organizations and community members involved in the Bowen Homes project to create a sustainable, connected neighborhood that will improve the health of the community.”
Capstone Building Corporation, the general contractor for Phase 1, has already begun mobilizing. This early progress underscores the urgency driving this transformation, with completion of Phase 1 projected for mid-2026.

NASHVILLE, TN – Greystar, a global leader in the investment, development, and management of residential real estate, in partnership with Griffin Capital Company, announced that it is nearing completion on Station A, a new, sophisticated apartment living experience coming to Madison in early summer of 2025.
“We are proud to offer another much-needed housing option for this resilient and growing community here in Nashville, that has worked hard to rebound from the devastation of the December 2023 tornado” Andrew Cook, Director of Development, Greystar, said. “We’re making tremendous progress on construction and excited to welcome residents later this summer.”
Griffin Capital’s Chief Investment Officer, Paul DeMartin, added “We have been very active in the greater Nashville MSA based on our high level of conviction in the long-term outlook for the market and believe this location will be a terrific community for residents for years to come.”
The community’s name, Station A, derives from the historic Amqui Station, a railroad switching and passenger depot, which sat adjacent to the property before Johnny Cash purchased it and moved it to his home in Hendersonville. The station now sits a mile south of the original location.
Station A will offer a curated collection of studio, one, two and three-bedroom floorplans ranging from 576 sq.ft. to 1,375 sq.ft. Residents can choose from two unique finish schemes to find the home that perfectly complements their style. Apartment homes will feature thoughtful upgrades, like sleek matte black or gold hardware, elegant wood cabinetry in colors Onyx or Truwhite, wood-inspired plank flooring, and sound-proofing technology. The community will also boast over 19,000 square feet of indoor-outdoor amenity spaces including a stylish clubroom and lounge, fully equipped fitness center, expansive pool and courtyard, secured parking and dedicated work from home spaces.
From the branding to the interiors, Station A recognizes the storied history of its locale, while embracing the growth and innovation of the present.
The community is conveniently located along Gallatin Pike, which is a short drive to Hendersonville, East and North Nashville, Downtown and beyond. Future plans include the development of a transit line running adjacent to Station A.
Greystar and Griffin Capital are working with Meeks + Partners architects, Kimley Horn civil and landscape engineering and StudioSix5 interior designers.

SUNRISE, FL – FCP continues its expansion in Florida with the acquisition of ARIUM Sunrise, a 400-unit multifamily community in Sunrise, FL. The acquisition, completed in partnership with BMC Investments and The RMR Group, reinforces FCP’s commitment to investing in high-growth markets and unlocking value in well-located assets.
“We believe Broward County remains one of Florida’s fastest-growing regions, and our recent investments highlight our commitment to securing well-positioned assets in this key market,” said Bruce Gago, Senior Vice President at FCP and head of the company’s Florida investments. “We look forward to once again partnering with BMC and collaborating with RMR with the goal of enhancing ARIUM Sunrise Apartments and while providing residents with a quality living experience.”
Built in 1998, ARIUM Sunrise Apartments currently boasts a 94% occupancy rate and offers an array of amenities, including a swimming pool, clubhouse, and fitness center. FCP and its partners plan to upgrade approximately 8% (32 units) of the apartments that remain in their original condition, ensuring the community continues to meet evolving resident expectations. The property is situated near popular local attractions like Sawgrass Mills Mall and Amerant Bank Arena, providing convenient access to shopping, dining, and entertainment options.
FCP extends its appreciation to Robert Given and Zachary Sackley of CBRE, who represented the seller, and Charles Crapse and Denny St. Romain of CBRE, who sourced the acquisition loan. Wells Fargo provided financing for the acquisition.
“We believe FCP’s ability to close deals like ARIUM Sunrise in today’s market speaks to our depth of conviction and broad strategic partnerships,”Gago added. “We’re not just active—we’re growing, and we’re ready to deploy more capital into the right opportunities.”

IRVINE, CA – The Bascom Group has acquired Highridge Apartments, an irreplaceable 257-unit value-add apartment community in the highly desirable coastal community of Ranchos Palos Verdes, California. The purchase price was $127,000,000 or $494,163 per unit. Annie Rice and Jamie Kline of JLL Capital Markets arranged the debt financing for the acquisition, while AXA Investment Managers US Inc. provided the acquisition loan. The JLL Investment Sales team led by Blake Rogers and Kevin Sheehan represented the seller. AMC will provide property management services for the community and SD-Cap will manage the planned property renovations.
Highridge Apartments is an institutionally owned, 1972-vintage property that has undergone significant upgrades over the years, including new in-unit washers and dryers and enhanced amenities. Residents at Highridge Apartments enjoy a home-like living experience uncommon in the South Bay rental market. The spacious units average 1,157 square feet—21% larger than the submarket average—and include 28 loft-style residences with soaring ceilings. The community boasts an attractive unit mix, ample parking, and numerous amenities, including two pools and spas, two fitness centers, a tennis court, and a clubhouse. Located along Highridge Road, the community is just minutes from stunning ocean views and premier shopping and dining.
Bascom plans to further elevate the property by renovating unit interiors to a Class “A” standard and enhancing amenities to create a more resort-style living experience. Julie Schoenbachler, Senior Vice President of Operations for Bascom, states, “Our focus is on making smart, strategic upgrades that will improve the resident experience while increasing the property’s long-term value. With these targeted improvements, we are ensuring Highridge remains a top choice for residents who want space, convenience, and a modernized community.”
Highridge Apartments stands apart as one of only three multifamily communities with over 100 units in Rancho Palos Verdes, a highly sought-after coastal enclave known for its scenic beauty, tranquil atmosphere, and exceptional quality of life. The city boasts Los Angeles County’s #2 ranked school district and an average annual household income of $236,000, attracting a highly educated, high-income demographic. Surrounded by multimillion-dollar homes and facing significant housing supply constraints, Highridge presents a rare investment opportunity in a market with strong and sustained housing demand.
Chad Sanderson, Senior Principal at Bascom, added, “Highridge Apartments is located in a highly competitive market with one of the tightest vacancy rates in all of Los Angeles County. We are pleased to have brought this unique deal to a successful close.”
Bascom has been one of the most active apartment buyers in Southern California since its inception in 1996, partnering with institutional and private capital. To date, Bascom has acquired 96 multifamily properties and 15,948 units in Southern California, with 40 of those properties and 6,092 units located in Los Angeles County. Joe Ferguson, Acquisitions Manager for Bascom, added, “Few opportunities of scale ever arise in coastal Southern California, and nearly none in Rancho Palos Verdes. We are excited to convert on this truly generational opportunity.”

HUNTSVILLE, AL – Rockefeller Group and T2 Capital Management announced that leasing has commenced at Vista at Councill Square. The new six-story, 332-unit premium property is located in Downtown Huntsville, Ala., the city’s entertainment and lifestyle hub. Residents will have access to best-in-class social, wellness, and recreation experiences inside and out via Vista’s wealth of amenities.
In recent years, Downtown Huntsville has evolved into one of the city’s most sought-after neighborhoods. Its convenient proximity to cultural and lifestyle happenings makes it an ideal location for upscale apartment residences. Huntsville-based Matheny Goldmon Architecture + Interiors, which has designed some of the area’s most well-known and authentic properties—including the Mars Music Hall, Orion Ampitheatre, and the Guest Center at the Huntsville Botanical Garden—collaborated with OKW Architects to realize the striking, design-forward aesthetic of the exterior, as well as the building’s interiors and homes.
“We’re incredibly proud of the collaboration that brought our shared vision for Vista at Councill Square to life. The cutting-edge curved building design, top-tier finishes, and timeless finishing touches set a new standard for elevated living in Huntsville,” Paul Matheny, (Matheny Goldmon Architecture + Interiors). “This community will stand the test of time and marks a new era of future investment for our hometown.”
“Leasing commencement at Vista marks another step forward in the evolution of Downtown Huntsville,” stated John Petricola, Senior Managing Director and Head of Southeast Development, Rockefeller Group. “This joint venture with T2 is an investment that we hope will build a lasting legacy here. Vista is the only multifamily property in Huntsville offering a rooftop pool with sweeping views of the city and an outdoor kitchen – amenities that extend the curated apartment lifestyle experience to the open air above – fostering a sense of community and connection among residents.”
“The addition of Vista to downtown Huntsville is yet another step towards the expansion of this vibrant community. Together with our partners at Rockefeller Group, we are thrilled to see it open its doors,” said Jeff Brown, CEO and Co-Founder of T2. “We are proud to have led the development of this exceptional property for people to call home and look forward to bringing more quality housing to Huntsville in the future.”
Vista is outfitted with top-tier amenities including two dedicated coworking spaces on the first and sixth floors, a fitness center with a yoga and meditation room, a hospitality unit available for residents’ guests to rent nightly, EV charging stations in the garage, a game room and lounge, secure bike storage and a pet spa, in addition to in-unit smart devices. Vista also features a rooftop pool deck, boasting views of Monte Sano Mountain and the United States Space & Rocket Center.
The property features a mix of studio, one-, two-, and three-bedroom apartments, including a limited collection of townhomes, offering two levels of living space with interior staircases. Each unit has high-end finishes, including stainless steel appliances, an in-residence washer and dryer, quartz countertops, custom shaker-style cabinetry, oversized windows, backlit vanity mirrors and frameless glass shower enclosures.

PITTSBURGH, PA – Alpha Residential, a Pittsburgh-based multifamily developer, has announced plans for a 352-unit residential community in Moon Township’s emerging Diamond Ridge district. The development will feature 300 modern apartments and 52 built-to-rent townhomes, with initial townhome deliveries expected in Summer 2026 and full project completion in Spring 2027.
The new community will be located on Market Place Boulevard, strategically positioned just 6 miles from Pittsburgh International Airport and 13 miles from downtown Pittsburgh. The development will be part of the growing Diamond Ridge district, a dynamic mixed-use district that includes Class A office space, retail, and residential communities.
“This project represents a significant milestone in Alpha Residential’s growth and our continued commitment to the Pittsburgh market,” said Jide Famuagun, CEO of Alpha Residential. “As a Pittsburgh-based company, we’re particularly excited to contribute to the continued growth of Moon Township while exploring innovative design and sustainability features that will set new standards for residential development in the region.”
Apex Diamond Ridge will offer a mix of one- and two-bedroom apartments along with three-bedroom townhomes featuring attached garages. Residents will enjoy two floors of state-of-the-art amenities, including a swimming pool and comprehensive fitness center. Individual units will feature premium finishes including 9-foot ceilings, stainless steel appliances, and quartz countertops. As part of its commitment to innovative design, Alpha Residential is exploring the integration of geothermal energy technology within the development, which could enhance the project’s energy efficiency and environmental sustainability.
“The Diamond Ridge district represents the future of suburban Pittsburgh development, combining accessibility, amenities, and thoughtful design,” added Famuagun. “Our mix of apartments and townhomes will provide needed housing options for the growing Western Pittsburgh suburb and Pittsburgh International Airport corridor following the $1.5 Billion investment to expand the airport while complementing the area’s existing office and retail developments.”
The project marks Alpha Residential’s second multifamily development in the Pittsburgh area, following Apex Newbury in South Fayette, which is scheduled to open in August 2025. The new Apex Diamond Ridge community will be situated near key amenities including the Montour Trail and Robinson Town Centre.

ARLINGTON, TX – The Texas Rangers and The Cordish Companies celebrated the grand opening of One Rangers Way in the heart of the Arlington Entertainment District. With a blend of bespoke design, resort-inspired amenities, and a rich celebration of the Texas Rangers’ history, One Rangers Way has officially welcomed its first residents, offering an unmatched luxury living experience.
“The grand opening of One Rangers Way is monumental for both the Texas Rangers and our Arlington community that has long awaited a luxury residential option of this caliber,” said Jim Cochrane, Texas Rangers Executive Vice President & Chief Business Officer. “One Rangers Way embodies the spirit of the Rangers, blending modern luxury with the team’s history in an unmatched way. We are thrilled to offer residents a lifestyle that celebrates excellence, tradition, and the vibrant energy of Arlington’s Entertainment District.”
One Rangers Way is the first residential component of Arlington’s Entertainment District, setting a new standard for elevated living in the area. The upscale building will give an exclusive first opportunity to live within walking distance to some of country’s premier sports, entertainment, hospitality and cultural venues including Globe Life Field, Choctaw Stadium, AT&T Stadium, Texas Live!, Live! by Loews, Loews Arlington Hotel & Convention Center, Arlington Museum of Art, and forthcoming National Medal of Honor Museum.
“The Cordish Companies is incredibly honored to celebrate the opening of One Rangers Way,” said Blake Cordish, Principal of The Cordish Companies. “One Rangers Way is on par with any residential community in the country. With this building, we have delivered a truly exceptional community that offers an amenity-rich lifestyle and unique opportunity to live steps away from iconic venues and attractions. Today’s milestone is an important step in cementing Arlington as a world-class mixed-use destination for decades to come.”
One Rangers Way offers over 50 floor plan options across its 300-unit community, including studios, one- and two-bedroom apartments, and penthouses to appeal to all types of residents from young professionals and sports fans to families. Each residence features high-end finishes like quartz countertops, custom cabinetry, stainless steel appliances, floor-to-ceiling windows, and in-unit washers and dryers. Named after iconic Rangers players and moments, floor plans honor the team’s history in a deeply personal way that resonates with fans. Rents start at $1,400 for studios, with penthouse options beginning at $4,000.
With over 43,000 square feet of interior and exterior amenity space, One Rangers Way opens as one of the country’s most luxurious resort-style living experiences. Residents can also indulge in an extensive calendar of events organized by a dedicated Lifestyle Coordinator, creating opportunities to connect with neighbors and celebrate the spirit of One Rangers Way. The building provides amenities and services on par with the finest residential and condo buildings in the country.
“Congratulations to The Cordish Companies and the Texas Rangers for the opening of this beautiful residential development,” said Arlington Mayor Jim Ross. “One Rangers Way will truly deliver a one-of-a-kind living experience in the heart of our Entertainment District, and we are grateful for our partners continued investment in Arlington.”
The rich history of the Texas Rangers is showcased throughout the building by a curated collection of the team’s artifacts and player-inspired artwork, allowing fans to immerse themselves in the team’s legacy like never before. Rangers’ memorabilia incorporated into the building’s design includes dozens of artifacts on display, while the extensive art collection, tailored specifically for One Rangers Way, includes over 50 custom pieces featuring legendary Rangers players through the years, including artistic photographic prints, murals, sculptures, and incredible installations.
Each piece of art and memorabilia was hand selected to tell the story of the franchise and residents will truly be living like champions alongside some of the greatest moments in Rangers’ history. Highlights of the art and memorabilia collection include Iván “Pudge” Rodríguez’s bat, Corey Seager’s game-worn hat and positioning card, a game-used base from the Rangers AL West clinch game, a 2023 World Series celebration mural, a bat mixed media sculpture, and more. These elements transform One Rangers Way into an interactive celebration for every Rangers fan who calls it home.
The opening of One Rangers Way marks the culmination of years of planning and development, and pre-leasing has surpassed all expectations. With today’s opening, over 95% units are leased within the first phase of move-ins before Rangers’ Opening Day, with 60% of the entire building leased.
“The excitement surrounding One Rangers Way has been extraordinary,” added Emelyna Aurich, Director of Property Management for Cordish Living, The Cordish Companies’ multifamily division. “This community stands apart because it offers exceptional amenities, services, and proximity to some of the best entertainment and dining options in the region, while giving residents exclusive access to the Rangers clubhouse. With demand exceeding expectations, we encourage prospective residents to act quickly to secure their opportunity to be part of this exceptional experience.”

MELBOURNE, FL – Carter Multifamily announced the acquisition of Mode at Melbourne, a 166-unit garden-style multifamily community located in Melbourne, Florida. This latest addition to Carter Multifamily’s value-add portfolio will be managed by Allegiant-Carter Management, the in-house property management arm of Carter Funds. As an affiliated company under the Carter Funds umbrella, Allegiant-Carter Management will oversee the property’s day-to-day operations, ensuring seamless alignment with Carter Multifamily’s strategic vision and value-enhancement initiatives.
Mode at Melbourne is located in Melbourne, Florida, on the state’s rapidly growing Space Coast, southeast of Orlando. The property consists of 166 apartment homes featuring spacious one-, two-, and three-bedroom floorplans, with an average unit size of 1,707 square feet—approximately 500 square feet larger than the average of comparable units in the market. Built in 2020, the community spans approximately 218,592 rentable square feet and was 94.6% occupied at the time of acquisition, with an average monthly rent of $1,923.
Mode at Melbourne offers luxury-style amenities including a resort-style pool, fitness center, resident clubroom, EV charging station, dog park, and select units with water views. The property, formerly known as The Palm Bay Grand, will be rebranded to Mode at Melbourne, enhancing its market positioning.
Melbourne’s Space Coast is a rapidly expanding market fueled by strong population and job growth. Home to major employers like Northrop Grumman, L3Harris, SpaceX, and Blue Origin, the area continues to attract high-profile companies, including Boeing’s Space and Launch division. Ongoing tech sector expansion, such as L3Harris’ proposed 200-job campus growth, further drives housing demand, positioning Mode at Melbourne for long-term appreciation.
Carter Multifamily plans to enhance the property’s value through a targeted value-add strategy. This includes interior renovations, exterior upgrades, and operational efficiencies, as well as revitalizing the property’s branding.
Ray Hutchinson, Chief Executive Officer of Carter Funds, commented, “We’re excited to expand our multifamily portfolio into this dynamic, high-growth submarket along Florida’s Space Coast. Mode at Melbourne is well-positioned to capitalize on the region’s sustained population and job growth. With larger-than-average apartments, the property holds a unique competitive advantage and presents an excellent opportunity for value creation.”