NEW YORK, NY – Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, and LIHC Investment Group, one of the nation’s largest owners of affordable housing, announced the acquisition of Forest Hill House, a 100-unit senior-occupied apartment complex in Newark, NJ. The joint venture will immediately begin redeveloping the property to encourage aging in place and enhance energy-efficiency by investing upwards of $20 million in improvements and upgrades.
As a result of the acquisition, the affordability agreement governing the property will be extended for another 30 years, at an income limit of 60 percent of area median income (AMI).
“We are excited to embark on this ambitious redevelopment which will protect and improve homes at Forest Hill House for lower income seniors, while keeping affordability intact,” said Will Blodgett, CEO & Founder of Tredway. “Not only does this project allow for the preservation of an important source of affordable housing for the City of Newark, it also provides an opportunity for seniors to live their lives and age independently in a home they can be proud of.”
“A project of this magnitude requires public-private collaboration and we are grateful for the support of HUD, NJHMFA, NJEDA, the City of Newark, Mayor Ras Baraka and Council Member Anibal Ramos Jr. and commend their commitment to uplifting longtime, elderly residents of Newark,” he added.
“There is a vital need for affordable, high-quality homes for seniors across New Jersey and we are proud to provide state-of-the art housing solutions that take into account the specific needs of older adults,” said Andrew Gendron, Principal, LIHC Investment Group. “The rehabilitation of the property, along with new amenities and comprehensive services for residents, underscores our commitment to helping vulnerable seniors access the types of homes and support they need to live comfortably and with dignity.”
The rehabilitation of the property includes new windows, air conditioning units and Energy Star appliances for all apartments. Kitchens and bathrooms will be fully renovated and upgraded for ADA accessibility. To maximize energy efficiency, the building’s roof and boilers will be replaced, an emergency generator installed and lighting will be converted to LED.
Residents will benefit from new amenities including an on-site doctor’s office, a beauty salon and barbershop, an age-appropriate fitness and mobility room, free Wi-Fi and an upgraded security system. Additional services will be implemented based on resident feedback in cooperation with Rainbow Housing Assistance Corporation.
The project is being financed with an FHA-insured Section 221d (4) permanent loan from Rockport Mortgage Corporation through NJHMFA conduit bond issuance, 4% Low-Income Housing Tax Credit (LIHTC) equity provided by Regions Affordable Housing and Bank of New York Mellon, Aspire tax credits and owner equity. Affordable Housing Institute, Inc. is the not-for-profit partner.

ATLANTA, GA – National multifamily developer Wood Partners announced the start of construction of Altera Union City near Atlanta and Altera Land O’ Lakes near Tampa, Florida. The multifamily communities are part of the firm’s Altera brand, a new attainable housing initiative offering upscale living at cost-effective rates.
Altera communities are built with upscale finishes such as granite countertops and stainless-steel appliances and top-of-the line amenities. The developer saves on costs by selecting well-located suburban sites rather than more expensive urban locations, executing an efficient and consistent design and embracing minimal, yet well-done, landscaping. These savings allow for a lower price point for the renter.
“There continues to be a shortage of reasonably priced rental options in this country,” said Joe Keough, Chairman and CEO at Wood Partners. “As a responsible member of the housing industry, we believe it is our obligation to offer a solution to this problem by creating a product that falls within our high standards of excellence at an attainable price. We look forward to expanding our Altera product offering across the country.”
Altera Union City: Altera Union City is located at 7105 Hall Road in Union City, Georgia, outside of Atlanta. The 320-unit apartments will feature an expansive ground floor amenity level with resort-style pool, fully equipped gym and yoga studio. However, its greatest amenity is its location. Altera Union City is walkable to Starbucks, Dunkin’ Donuts and the Publix Super Market at Parkway Village. Bennett Sands, Managing Director of Wood Partners’ Atlanta office, is the development lead for the project.
Altera Land O’Lakes: Located at 18722 Grand Live Oak Boulevard in Land O’ Lakes, FL, Altera Land O’ Lakes encompasses five 4-story buildings and one 3-story building totaling 305 apartment units with one-, two- and three-bedroom options. The site fronts US-41 and has excellent access offering convenient commutes throughout the Tampa MSA. The community is located in Pasco County, which is ranked as one of Florida’s fastest growing submarkets.
Amenities at Altera Land O’ Lakes will include an attractive leasing, fitness and clubhouse building with co-working space, day office and package room. The community will also feature a resort-style pool, sundeck with shade sails, grilling areas, fire pits, outdoor gaming, dog park and pet wash.
The project is estimated to be completed by December 2025. Tyler Hurd, Managing Director of Wood Partners’ Tampa office, is the development lead for the project.

MIAMI, FL – Related Group, one of the country s premier developers of sophisticated metropolitan living, and W5 Group, a leader in innovative residential investments in Europe and the US, have officially kicked off leasing and move-ins for i5 Wynwood, the district s first co-living community. Envisioned to offer Miami s definitive communal living experience, i5 Wynwood features 217 fully furnished, curated private suites with top-tier amenities starting in the $1,500s roughly 45% less than the cost of leasing a comparable, unfurnished studio apartment in the Wynwood, Downtown, and Brickell neighborhoods.
“i5 Wynwood exemplifies Related s commitment to continuously reimagining what housing can be, said Jon Paul Perez, President at Related Group. “In collaboration with W5 Group, we ve created a residential community that shows the full potential of the co-living sector, while catering to a diverse range of residents, from young professionals drawn to the neighborhood s growing tech scene to individuals seeking a more accessible, community-focused lifestyle.”
Each of i5 Wynwood s suites provides each resident with a private bedroom and private bathroom, as well as a spacious shared living room, dining room, and chef-inspired kitchen. Tenants have a choice of 3- or 4-bedroom apartments—all fully furnished with queen beds, writing desks, multiple shelving units, sleek lighting, dining tables and chairs, leather sofas, coffee tables, entertainment consoles, wall-mounted flat-screen TVs, dining and cutlery sets, wall art, Latch electronic locks in all suites, and Nest Smart Thermostats by Google. Rental rates begin at $1,580 per private bedroom suite and include the use of all communal spaces.
“In vibrant urban hubs like Wynwood, access to premier living often comes with a hefty price tag. However, co-living communities are revolutionizing the landscape, making this coveted neighborhood accessible to a diverse spectrum of tenants,” shared Ralph Winter founder and principal of W5 Group. “While boasting unparalleled aesthetics and amenities, our development, i5, stands out by offering affordability without compromising on quality. It’s poised to redefine the Wynwood experience.”
Interiors by Michael Wolk, also of the acclaimed St. Regis Resort Bal Harbour and Porsche Design Tower, embrace the artistic spirit of the Wynwood neighborhood with a fresh, colorful take on mid-century modern style, and simple, clean-lined design, enriched by artist Jing Wei s striking murals across the building s exterior facade.
i5 Wynwood amenities are designed to surpass those of existing co-living communities, featuring a rooftop pool oasis with sweeping skyline views, cabanas, picnic tables, a state-of-the-art grilling station, state-of-the-art fitness center outdoor yoga lawn, an expansive entertainment space with a premium sound system, game room with ping pong and lounge seating, and versatile co-working spaces equipped with sleek Poppin work pods, and meeting rooms.
A dedicated 24-7 lobby concierge, property-wide security system, and designated parking promise incomparable ease, security, and convenience for the i5 community.
Located at 51 NW 28th Street, the nine-story i5 Wynwood places residents at the heart of Miami s most exciting neighborhood with unmatched access to Michelin-star restaurants, award-winning bars, and trendy boutiques as well as the rich assortment of art galleries, studios, and exhibition spaces for which the area is known. Built to extend the neighborhood s art-driven, pedestrian-centric lifestyle, i5 Wynwood features over 3,900 sq. ft. of ground-floor retail space surrounding a 6,600 sq. ft. shaded central courtyard.

ALEXANDRIA, VA – Bonaventure, an integrated alternative asset manager focused on the investment, development, construction and management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, announced the sale of a roughly $18 million interest in Attain Downtown, a 156-unit Class-A multifamily community in downtown Norfolk, Va. and the acquisition of Cavalier Crossing, a 144-unit apartment community in Charlottesville, Va. The transactions were completed on behalf of Bonaventure Multifamily Income Trust, its perpetual life multifamily investment fund.
As part of the transaction, BMIT will retain a majority stake in Attain Downtown and continue to oversee its operations. The company used the proceeds from the sale to acquire Cavalier Crossing, a 144-unit garden-style apartment community in Charlottesville, Va., through a tax efficient 1031 exchange. The combined transaction is representative of one of Bonaventure s current investment tactics of extracting capital from stable core assets and redeploying it into undervalued or mismanaged value add opportunities with the potential for higher returns on a risk-adjusted basis.
Specifically, Bonaventure sold fractional ownership of Attain Downtown as a custom solution for an investor seeking to utilize the 1031 exchange. The sale was structured as a Tenancy-in-Common (TIC) transaction, which allows multiple investors to own undivided interests in a single property and defer capital gains taxes through a 1031 exchange.
This transaction represents one of the many customized solutions we can offer our clients to solve their 1031 exchange needs, while also helping us grow strategic new partnerships, said Bonaventure CEO and Founder Dwight Dunton. The 1031 transaction type allows for all involved parties to benefit. BMIT retained an ownership stake in Attain Downtown and continues to manage the property, and the new co-owner enjoys the potential for risk-adjusted returns without having to actively manage the property.
Bonaventure s private transaction partner added: The Bonaventure team was most helpful and professional in getting our 1031 with multiple Tenants in Common over the finish line as new co-owners in a great apartment community. This was a complex and tedious transaction and we could not have completed it without their help and experience. We are looking forward to much prosperity and profit in our growing business relationship.
Attain Downtown, ideally located in the heart of Downtown Norfolk, offers studio, one-, two-, and three-bedroom units with luxury finishes, walk-in closets, stainless steel appliances and energy-efficient designs. Amenities include a saltwater pool, 24-hour fitness center, gas grills, fire pits, and EV charging stations. Its prime location provides residents with easy access to dining and convenience options along Granby Street and proximity to the Historic Freemason District.
Bonaventure used the proceeds from the fractional sale of Attain Downtown to acquire Cavalier Crossing. Constructed in 2003 and strategically located near the University of Virginia and a Wegmans-anchored retail center, Cavalier Crossing will undergo a comprehensive renovation to upgrade unit interiors, amenities, and curb appeal. Bonaventure will enhance the existing amenity package which already includes a swimming pool, fitness center, basketball court, and volleyball court, to deliver an upscale community in a market where demand significantly outpaces supply.
Dunton continued, The acquisition of Cavalier Crossing aligns perfectly with our current acquisition strategy of identifying undervalued assets in growth markets that offer significant potential for value creation. By leveraging our nearly 25 years of success in multifamily development, we plan to reposition this well-located property into a thriving multifamily community.
The Charlottesville rental housing market is marked by high occupancy rates and limited new supply in the development pipeline. Charlottesville’s vibrant economy, driven by its status as a hub for education, healthcare, and technology, makes it an ideal location for multifamily investment. The University of Virginia not only contributes to a stable demand for housing but also anchors the community with its medical center, the largest employer in the area. This dual influence of UVA s educational and healthcare institutions further drives the demand for quality housing.
Cavalier Crossing is the latest addition to BMIT s 20-property portfolio, which consists of high-quality multifamily properties in strong markets across the Mid-Atlantic and Southeast regions. Since its inception in 2021, BMIT has acquired properties, many of which have used custom-built 1031 or 721 exchange programs under the Internal Revenue Code. Many of these solutions cater to investors seeking stable cash flow from multifamily properties without direct ownership and active management.

BOULDER, CO – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, hosted a ribbon cutting for Notch66, a 336-unit multifamily community in the Boulder suburb of Longmont. The first residents began moving in during winter of 2023 and the community is already over 30% leased.
“Notch66 provides an appealing rental option for residents desiring the style, luxury and convenience that Thompson Thrift communities feature,” said Angie Atkins, senior vice president of community management for Thompson Thrift. “We are thrilled with the warm welcome we have received so far and look forward to creating a community that residents are proud to call home.”
Sitting on 18.4 acres at 2514 Main Street and Ute Highway, Notch66 offers 336 one-, two- and three-bedroom garden style apartment homes. Each apartment home includes many in-demand features including elegant quartz countertops, stainless steel appliances, tile backsplashes, large walk-in closets, hardwood-style flooring, full-size washers and dryers, and more. Some apartments also include detached garages and private yards.
Conveniently located on Longmont’s north side, Notch66 is located minutes from downtown Longmont and provides residents with an easy commute to both Boulder and Denver.
Thompson Thrift expects construction for Notch66 to conclude later this summer. At the ribbon-cutting, visitors were able to view model tours as well as see the professionally decorated clubhouse, 24-hour fitness center, resort style swimming pool and dog park. Additionally, in support of Thompson Thrift’s commitment to community outreach, they presented a check to The Learning Center, an early childhood education center for infants, toddlers and preschool children with an on-site pediatric therapy center.

WASHINGTON, DC – CIM Group announced the sale of The Argonne, a 276-unit, eight-story apartment building that was acquired in 2013.
Built in 1923, the Argonne is a handsome brick building offering historic charm with residences designed in studio to three-bedroom floorplans. Residents have access to many amenities including a swimming pool, fitness center, conference center, yoga room and dog park.
Under CIM Group s management, The Argonne has undergone a program of upgrades and modernization including to the building s lobby, common areas, corridors and façade.
Located at 1629 Columbia Rd. NW at the corner of Columbia Road and 16th Street NW, residents are walking distance to the Columbia Heights Metro station providing regional connectivity. The Argonne skirts the Columbia Heights neighborhood and is convenient to Washington DC s many historic neighborhoods, cultural attractions, hubs of business and government, as well as parks, shopping, dining and entertainment.
For 30 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout the Americas.

REVERE, MA – Redgate announced Gibson Point, 291 apartment homes located in Revere, MA that offer residents a holistic wellness experience unlike any other. Nestled alongside the shimmering waters of the North Shore, Gibson Point provides opportunities for spa-like living in relaxed luxury apartments with breathtaking water views and seamless connectivity to Greater Boston.
An on-site restaurant is planned to provide residents with healthy, flexible dining options from breakfast to dinner and beyond, allowing residents and neighbors to enjoy a holistic experience that nourishes their body, mind and soul from dawn to dusk.
Gibson Point contains a variety of studio, 1-bedroom, 2-bedroom and 3-bedroom units that combine a blend of luxury and modern convenience. In-unit amenities include stainless steel appliances, private terraces and balconies, high ceilings and work-from-home nooks. The property’s opportune location provides residents with seamless connectivity to both Boston and Route 1A, including an in-house electric shuttle that will offer frequent and convenient rides for residents to-and-from the Wonderland T stop and other key locations, including Revere Beach.
Wellness-focused amenities are infused throughout Gibson Point, beginning with the on-site restaurant that will offer residents a wide array of chef-driven, healthy food options to enjoy throughout the day. A state-of-the-art fitness studio containing an array of top-line strength and cardio equipment, provides opportunities for both individual and group training sessions and includes an indoor/outdoor multipurpose studio designed for yoga or barre workouts. The on-site sauna and cold plunge pools will allow residents to engage in “thermal cycling” a process known to optimize the body’s recovery processes.
Residents can cool down and unwind from a workout in the Recovery Room, which contains equipment such as Normatec leg compression boots, Therabody foam rollers and massage guns/loungers. Gibson Point’s unparalleled digital spa platform makes signing up for on-site spa treatments, including massages and facials, a seamless experience and allows residents to continue their recovery and rejuvenation throughout the day.
Gibson Point will offer a unique combination of 11 private coworking areas, both indoors and outdoors, tailored to meet the needs of modern residents seeking flexible work from home solutions. Standing treadmill desks and walking pads will provide the perfect solution for residents who want to continue their wellness experience and stay active while working. An outdoor terrace space will extend off the co-working space and allow residents to soak up sunshine and waterfront views throughout their workday.
Gibson Point’s immediate access to Gibson Park allows residents opportunities to practice golf and play tennis, pickleball, basketball, soccer, or whatever recreational activities they enjoy. Residents will also benefit from the kayak and rowing launch and soon-to-come community boating center. With nearby tennis, pickleball and basketball courts at Gibson Park, and easy access to a multi-purpose grass sports field, residents will have space for all their favorite activities. Residents are also encouraged to take advantage of the outdoor community garden space and grow fresh and healthy produce for themselves, family and neighbors.
At the end of a long day, Gibson Point’s upper-level Sunset Lounge showcases waterfront views overlooking Gibson Park to support relaxation and community gatherings. The Sunset Lounge is equipped with an indoor/outdoor bar, deck outfitted with comfortable seating, and a fully equipped kitchen. With panoramic views of the ocean and the Boston skyline, the Sunset Lounge will be a panoramic viewpoint, offering residents a breath of fresh air to close out their day.
“From our state-of-the-art cold plunge pool to serene onsite spa experiences, every amenity at Gibson Point is meticulously curated to nurture mind, body, and soul,” said Damian Szary, Principal of Redgate. “Paired with its commuter convenient location, on-site dining options, and picturesque vistas, Gibson Point will provide an unparalleled resident experience that serves as a gateway to a vibrant, balanced lifestyle.”

REVERE, MA – Redgate announced Gibson Point, 291 apartment homes located in Revere, MA that offer residents a holistic wellness experience unlike any other. Nestled alongside the shimmering waters of the North Shore, Gibson Point provides opportunities for spa-like living in relaxed luxury apartments with breathtaking water views and seamless connectivity to Greater Boston.
An on-site restaurant is planned to provide residents with healthy, flexible dining options from breakfast to dinner and beyond, allowing residents and neighbors to enjoy a holistic experience that nourishes their body, mind and soul from dawn to dusk.
Gibson Point contains a variety of studio, 1-bedroom, 2-bedroom and 3-bedroom units that combine a blend of luxury and modern convenience. In-unit amenities include stainless steel appliances, private terraces and balconies, high ceilings and work-from-home nooks. The property’s opportune location provides residents with seamless connectivity to both Boston and Route 1A, including an in-house electric shuttle that will offer frequent and convenient rides for residents to-and-from the Wonderland T stop and other key locations, including Revere Beach.
Wellness-focused amenities are infused throughout Gibson Point, beginning with the on-site restaurant that will offer residents a wide array of chef-driven, healthy food options to enjoy throughout the day. A state-of-the-art fitness studio containing an array of top-line strength and cardio equipment, provides opportunities for both individual and group training sessions and includes an indoor/outdoor multipurpose studio designed for yoga or barre workouts. The on-site sauna and cold plunge pools will allow residents to engage in “thermal cycling” a process known to optimize the body’s recovery processes.
Residents can cool down and unwind from a workout in the Recovery Room, which contains equipment such as Normatec leg compression boots, Therabody foam rollers and massage guns/loungers. Gibson Point’s unparalleled digital spa platform makes signing up for on-site spa treatments, including massages and facials, a seamless experience and allows residents to continue their recovery and rejuvenation throughout the day.
Gibson Point will offer a unique combination of 11 private coworking areas, both indoors and outdoors, tailored to meet the needs of modern residents seeking flexible work from home solutions. Standing treadmill desks and walking pads will provide the perfect solution for residents who want to continue their wellness experience and stay active while working. An outdoor terrace space will extend off the co-working space and allow residents to soak up sunshine and waterfront views throughout their workday.
Gibson Point’s immediate access to Gibson Park allows residents opportunities to practice golf and play tennis, pickleball, basketball, soccer, or whatever recreational activities they enjoy. Residents will also benefit from the kayak and rowing launch and soon-to-come community boating center. With nearby tennis, pickleball and basketball courts at Gibson Park, and easy access to a multi-purpose grass sports field, residents will have space for all their favorite activities. Residents are also encouraged to take advantage of the outdoor community garden space and grow fresh and healthy produce for themselves, family and neighbors.
At the end of a long day, Gibson Point’s upper-level Sunset Lounge showcases waterfront views overlooking Gibson Park to support relaxation and community gatherings. The Sunset Lounge is equipped with an indoor/outdoor bar, deck outfitted with comfortable seating, and a fully equipped kitchen. With panoramic views of the ocean and the Boston skyline, the Sunset Lounge will be a panoramic viewpoint, offering residents a breath of fresh air to close out their day.
“From our state-of-the-art cold plunge pool to serene onsite spa experiences, every amenity at Gibson Point is meticulously curated to nurture mind, body, and soul,” said Damian Szary, Principal of Redgate. “Paired with its commuter convenient location, on-site dining options, and picturesque vistas, Gibson Point will provide an unparalleled resident experience that serves as a gateway to a vibrant, balanced lifestyle.”

AUSTIN, TX – Greystar Real Estate Partners, a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, announced that The Prado has begun accepting pre-leases with first units available for move-ins this summer.
“The Prado is a uniquely sophisticated community located in a growing area of East Austin,” Alex Perkins, Director, Development, Greystar, said. “Designed in the style of a Texas ranch house, the community offers a sanctuary away from the hustle and bustle, while still being convenient to east Austin and downtown. The Prado will be the marquee apartment community circa the Tesla Gigafactory, offering an unmatched living experience for anyone looking to live in the growing Del Valle neighborhood.”
The community will have 396 units upon final completion with first units delivering in summer 2024. Floorplans will be available in studio, one-, two- and three-bedroom layouts. Residences will include warm oak-style flooring, designer lighting and quartz countertops. Select homes will have an individual yard or balcony to extend the living space outdoors.
The Prado was thoughtfully designed by Meeks + Partners, with the Michael Hsu Office of Architecture designing the interiors and TBG Partners creating a landscape that blends in with southeast Austin’s natural beauty. The community amenities are functional and inventive. The library-adorned clubhouse has ample co-working space. A pickleball court headlines the outdoor amenities that also include a resort-style pool, outdoor grills, an outdoor pizza oven, a dog park and an expansive picnic area.
The community’s location is not only convenient to downtown but is less than two miles from Tesla’s Gigafactory. The Prado is close to a variety of dining options that include Radio Coffee, Veracruz Tacos, Pinthouse Pizza and more. Recreational opportunities abound with the Hornsby Bend Bird Observatory, Colorado River Park Wildlife Sanctuary, McKinney Falls State Park, Southern Walnut Creek Trail, Ladybird Lake and The Circuit of the Americas. Plans for an HEB less than a mile away have been announced and Uncommon Objects and Music Lane are two shopping options.

CASA GRANDE, AZ – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on the future site of Cottonwood Ranch during a ceremony with LAC leaders, local policymakers and partners. Cottonwood Ranch will provide 300 affordable housing units to individuals and families in Pinal County earning less than 50% and 60% of the Area Median Income.
“Lincoln Avenue Communities is proud to begin construction on our first ground-up development in Arizona,” said Jeremy Bronfman, founder and CEO of LAC. “Once completed, Cottonwood Ranch will provide affordable, high-quality housing to renters facing increasing costs in the rapidly growing Phoenix metropolitan area.”
The property will include 2, 3, and 4-bedroom layouts, with all units expected to be completed in late 2025. LAC and its partner Fairview Housing Partners will provide resident services at the property, helping families connect with local organizations and access supportive resources in their community.
“The city of Casa Grande is excited to partner with Lincoln Avenue Communities to bring much-needed housing to our growing community,” said Casa Grande Mayor Craig McFarland. “These apartments will provide safe, quality housing for our young families, schoolteachers, police officers, firefighters, and the workforce of our new industries.”
Cottonwood Ranch will offer amenities including a fitness center, pool, yoga studio, clubhouse and dog park. The property will also include a rooftop and carport solar system that will offset 70% of the community’s electricity usage.
“LAC is committed to creating innovative housing solutions for residents that ensure the resiliency of the communities they live in,” said Ben Taylor, LAC vice president and project partner. “We’re especially excited that Cottonwood Ranch will feature an innovative solar energy system that will benefit generations of Arizonan families.”
The project was financed through Multifamily Housing Revenue Bonds from The Arizona Industrial Development Authority; a HOME loan from the Arizona Department of Housing; Federal Low-Income Housing Tax Credits, provided by the Arizona Department of Housing, along with Solar Tax Credits, which were purchased by Bank of America; a tax-exempt loan from Freddie Mac serviced by Greystone; land acquisition financing by NewWest Capital; and construction financing also provided by Bank of America.