TAMPA, FL – Suffolk, one of the largest and most innovative construction enterprises in the country, announced it is partnering with developer Darryl Shaw and KETTLER on the construction of Gasworx, a vibrant mixed-use development in Tampa s Ybor City that will build on Ybor s rich history to create a new urban neighborhood at the crossroads of culture, tradition and community.
The district, which will include up to 5,000 modern residences, 500,000-square-feet of cutting-edge office space and 140,000-square-feet of carefully curated retail space, promises to deliver sophisticated living and working spaces for Ybor City visitors and residents alike.
Suffolk is honored to work with Darryl Shaw and KETTLER on this incredible Gasworx project in Ybor City, a unique community driven by arts, culture and history, that continues to attract residents, businesses and visitors because of its high quality of life, said James Scarpace, General Manager of Suffolk in Tampa. Our wealth of experience and strong and diverse project portfolio in Tampa, appreciation and track record for delivering historic renovation projects, and use of sophisticated technologies and processes will allow us to deliver a seamless and successful project that will make Shaw, KETTLER and the Ybor City community proud.
Suffolk will deliver multiple projects within the Gasworx development; a newly constructed 100-000-square-foot office building, and a more than 500 space above-grade parking structure wrapped with a five-story residential building. Shaw, Suffolk and KETTLER are committed to meaningfully engaging with the local community throughout the duration of the project, aiming to honor the neighborhood s rich culture and history while providing a platform for the community to evolve into a sophisticated destination of the future. The project is set to break ground this summer.
Suffolk is an innovative industry leader well-established in its core competency of construction management while also providing vertical service lines such as real estate development funding, self-perform, technology R&D and investment, and design-assist. Gasworx will add to Suffolk s impressive portfolio in Florida, which includes signature projects such as The Residences at 400 Central in St. Petersburg, The Seminole Hard Rock Hotel & Casino in Hollywood, The Ritz-Carlton Residences in Naples, and 1991 Main Street in Sarasota. This diverse and impressive portfolio demonstrates Suffolk s expertise leveraging innovative technologies and sustainable solutions to deliver cutting-edge projects across every major industry sector.

AUBURN, AL – Muinzer, a leading real estate investment firm specializing in student housing, alongside capital partner T2 Capital Management, announced the acquisition of Evergreen Auburn near Auburn University. The property consists of 486 student housing beds that are 97% leased for the August 2023 school year and 88% pre-leased for the August 2024 school year.
Muinzer’s purchase of Evergreen Auburn marks its first acquisition in the Auburn University submarket. “We are investing capital into what we believe is a compelling environment to purchase quality student housing assets. Evergreen Auburn was a logical target for us as we continue the nationwide expansion of our student housing platform,” said Marc Muinzer, Founder and CEO of his namesake firm. “We will continue to scale and heavily concentrate our student housing investments near the largest, fastest growing four-year universities,” added Mr. Muinzer.
Muinzer began investing in student housing in 2002 and is one of the largest owners in the Big Ten and SEC Conferences. “We continue to have long-term conviction in student housing and are actively deploying capital towards our goal of acquiring an additional $1 billion of student housing assets near high-growth universities,” added Michael Snyder, COO of Muinzer.
Muinzer and its affiliate South Street Capital were founded by Marc Muinzer in 2002. With offices in Los Angeles, Knoxville, Auburn, West Lafayette, and Chicago, Muinzer is one of the largest owners and operators of student housing in the Big Ten and SEC Conferences.

SAN DIEGO, CA – Affirmed Housing, a leading provider of affordable, multifamily housing throughout California, and the Metropolitan Transit System (MTS) announced the completion of ShoreLINE, a new, 100% affordable, transit-oriented housing development for households earning between 30 and 60 percent of the area median income (AMI).
Transit-oriented developments are smart investments that help pave the way for healthy cities and citizens, and ShoreLINE goes above and beyond to demonstrate exactly that, said Jimmy Silverwood, president of Affirmed Housing. This project provides hard working families and individuals with more than just a roof over their head. It recognizes their contribution to society and gives them the access and resources to live their best lives. Affirmed Housing is proud to partner with MTS in developing impactful, forward-looking projects that help make San Diego one of the best places to live.
The new $62.6 million affordable housing community is located at the Grantville Transit Center on Alvarado Canyon Road. A grand opening celebration was held on April 30 with Mayor Todd Gloria, MTS Board Chair and San Diego City Councilmember Stephen Whitburn, Councilmember Raul Campillo and regional housing leaders in attendance.
ShoreLINE is another example of how MTS is repurposing park and ride locations to provide much-needed relief to our region s housing crisis, said Stephen Whitburn, MTS Board Chair and San Diego City Councilmember. This transit-oriented development has proven to be a successful opportunity for the public and private sectors to partner to offer affordable housing along with sustainable transit options for San Diegans.
ShoreLINE was developed to support residents holistic healthy living and wellbeing. The new, seven-story building features 126 studio, one-, two- and three-bedroom apartment homes and a wide array of amenities and services to foster community engagement and enhance quality of life goals.
I am proud to support ShoreLINE because it prioritizes hard-working, lower-income San Diegans and their families by delivering homes that they can afford along with the resources that will enhance their quality of life, said Mayor Todd Gloria. Being located directly at a trolley stop will provide residents with easy access to transit and help the City reach its climate goals. I appreciate the work Affirmed Housing and MTS are doing to bring ShoreLINE and other transit-oriented projects like it to fruition.
Shared indoor amenities include laundry facilities on every level, bike storage, a computer lab, kitchen and a community room with gathering space. ShoreLINE s outside space includes parking, an expansive courtyard, outdoor gardens and additional gathering spaces with built-in seating, an enclosed tot-lot play area and a barbecue station. A large paseo leading to the main entrance and several paths through and around the building connect to the transit station to encourage pedestrian and bike activity. Residents also have exclusive access to onsite supportive services, such as after-school programs for children and adult education programs that focus on health and wellness, skills and career building, human services and more.
ShoreLINE is part of a larger plan to redevelop MTS top-tier park and ride locations into transit-oriented developments. The site replaces an existing MTS parking lot, with the affordable development situated on the western half and a separate, neighboring, market-rate development for students, developed by Greystar, located on the eastern side of the lot. Affirmed Housing worked closely with the team at Greystar to master plan the overall site in a way that was most beneficial to MTS s goals as landowner. As part of ShoreLINE s development, Affirmed Housing leveraged various types of funding and tax credit resources, and although the project s plan adhered to the land use guidelines governing the site, the company engaged and worked closely with the San Diego Development Services Department to ensure a smooth process and engaged in community outreach to neighbors and planning groups.
ShoreLINE is one of four affordable housing projects that stem from an Affirmed Housing and MTS partnership. The team recently broke ground on SkyLINE, located at the Rancho Bernardo Transit Station, which will include 100 affordable apartment homes and roughly 14,000 square feet of commercial space that will be Affirmed Housing s new corporate headquarters. Other top-tier properties MTS is in the process of redeveloping include: Rancho Bernardo Transit Station, Palm Avenue Trolley Station, Spring Street Station, 12th & Imperial Transit Center, El Cajon Transit Center, E Street Transit Center, and Beyer Boulevard Transit Center.
Additionally, MTS has existing transit-oriented developments at the Morena Linda Vista Station, Grossmont Station, 62nd Street Station, 47th Street Station and Grantville Station, with 1,155 apartments homes completed and occupied, and an additional 100 currently under construction.
Affirmed Housing s development and design partners on ShoreLINE include MTS, San Diego Housing Commission, the California Department of Housing and Community Development (HCD), the City of San Diego, Boston Financial, Cal Bank & Trust, Banner Bank, Studio E Architects, HA Builder Group, Compass for Affordable Housing, CONAM Management Corporation and more.

PORTLAND, OR – Virtú Investments, a multifamily real estate investment firm primarily engaged in the acquisition and management of apartment properties in the western United States, announced the acquisition of Kearney Plaza, a 131-unit market rate multifamily property in the Pearl District of Portland, Oregon. The purchase price was approximately $33 Million, representing a discount of approximately 50% to today s estimated replacement cost, and a 10% discount to the seller s purchase price in 2011.
Portland’s continued economic growth and limited supply of high-quality multifamily properties make the Kearney Plaza acquisition a rare opportunity in Portland s competitive real estate landscape. While late to reemerge from Covid-19, Virtú Investments considers the Portland market to have immense potential for sustained rent growth in the years ahead. The market is entering a low-supply era for apartments, with no new multifamily projects breaking ground since Q4 2022 while demand continues to rise.
“We are confident in Portland’s long-term prospects and believe that Kearney Plaza will deliver strong returns for our investors while contributing positively to the community,” said Michael Green, CEO of Virtú Investments. We are entering an extremely attractive investing environment for multifamily in specific markets like Portland, where valuations are beginning to represent a once-in-a-decade entry point, particularly for credit-worthy borrowers with access to quality lenders. We believe this is the beginning of a new market cycle with significant potential for producing long-term value for our portfolio.

VANCOUVER, WA – A real estate fund managed by Kennedy Wilson has partnered with Haseko Corporation to acquire The Farmstead and Villas at 28th Street communities in Vancouver, Washington. The portfolio, which totals 350 multifamily units, was acquired for $90 million. The two newly constructed, amenity rich communities build on Kennedy Wilson s significant multifamily presence in the Pacific Northwest that is currently approaching 13,000 market rate and affordable apartment units.
This transaction furthers our corporate goal of growing our investment management platform alongside great strategic partners while leveraging our long-term experience of investing in multifamily across the Pacific Northwest, said William McMorrow, Chairman and CEO of Kennedy Wilson. Building on our 30-year history in Japan, we are thrilled to close our first joint venture with Haseko, an organization that shares our investment values as well as our focus on institutional asset management practices.
This is a landmark achievement in our growth strategy within the mainland U.S., solidified through our new partnership with Kennedy Wilson. While our presence in Hawaii has been longstanding, our renewed venture into the mainland U.S. began in 2019, primarily in collaboration with developers linked to Japan. To begin with, we are striving to reach $100 million in annual profit, it is imperative for us to collaborate with local investors like Kennedy Wilson. This strategic partnership not only expands our investment platform but also underscores our commitment to diversification, and sustainable growth,” said Kain Matsumoto, Chairman and President of Haseko North America, Inc.
Despite the volatile capital markets, we remain committed to investing in the U.S. multi-family sector. We would like to thank the team at Kennedy Wilson for a smooth closing and look forward to expanding our footprint of existing and ground-up projects across the U.S., said Laurie Mathers, Head of Investment and Asset Management of Haseko North America, Inc.
The recently completed communities feature diverse floor plans across three different product types as well as expansive amenities, including secure gated access, fitness centers, dog parks, a pickle ball court, pet wash stations, natural green space, and walking trails. Located off Interstate 205, the communities sit within five minutes of each other and within 10 minutes of Portland, Oregon, providing residents with connectivity and immediacy to the area s high-quality employers, sought-after recreation, and popular eateries.
Vancouver s strong market fundamentals and population growth of 21% since 2010 have been driven by the expanding of the Vancouver Waterfront, the revitalization of downtown, and a favorable business climate that includes zero corporate or personal income tax.

ARVADA, CO – CVS Health announced it has invested $19.2 million through Boston Financial to build 85 new affordable housing units in Arvada, Colorado. Made possible through the company’s collaboration with Family Tree and BlueLine Development, the investment demonstrates CVS Health’s commitment to improving the health of individuals across the country, which begins with providing access to quality, safe, affordable housing, especially in historically underserved communities.
“A critical component to improving an individual’s health and well-being is access to quality, safe, affordable housing,” said Frank J. Benedetto, Regional Director, Sales and Account Management at Aetna, a CVS Health company. “Through the development of Marshall Street Landing, unhoused residents will have supportive housing, that provides access to the important resources they need to maintain stability, create positive changes, and ultimately lead healthier lives.”
Construction of the development, known as Marshall Street Landing, is currently underway and will provide a permanent supportive housing community for families and individuals experiencing homelessness. All participants will receive Project Based vouchers and have access to robust supportive services dedicated to educating and assisting residents with ending the cycle of homelessness and helping them to remain in stabilized housing.
The Jefferson Center for Mental Health will offer mental health and substance use counseling, while Family Tree will provide trauma-informed case management, advocacy, information and referrals, crisis assistance and on-site life-skills educational programming.
“Marshall Street Landing is a testament to what we can achieve when we come together with a shared vision of compassion and inclusivity,” said Dontae Latson, CEO of Family Tree. “Permanent supportive housing is not merely a place to live; it is a foundation for life. It offers individuals and families who have faced homelessness or disabling conditions not just shelter, but a community and a sense of belonging.”
Following its completion in Summer 2025, each unit at Marshall Street Landing will be fully furnished and feature a range, refrigerator, air conditioning, luxury vinyl floor, window coverings, and carpeting. Additional property amenities will include a community kitchen, common and laundry rooms, on-site management, a picnic area, playground, community garden, parking, 24-hour front desk coverage, and controlled access to the property.
CVS Health’s investment in Marshall Street Landing is a local demonstration of the company’s longstanding commitment to advancing health equity by addressing housing insecurities in communities across the country. In the past five years, CVS Health has made investments nationally to create or preserve and renovate more than 22,600 affordable rental units, including 14,300 for families and 5,800 for seniors. In addition, these investments have helped create nearly 2,500 permanent supportive housing units for veterans, LGBTQ+ individuals in need of support, those experiencing homelessness, single-parent households, victims of domestic violence, youth aging out of foster care, those with physical, intellectual, and/or developmental disabilities, those in need of mental health or substance abuse support, Second Chance participants, victims of human trafficking, and other groups that may be facing challenges in their lives.
To date, CVS Health has invested over $43 million to create, preserve and renovate over 2,100 affordable and supportive housing units throughout Colorado. Through the company’s investments and collaborations with vision-aligned developers and service providers, CVS Health has been able to provide quality housing and increased access to health care services based on the unique needs of the regional population.

INDIANAPOLIS, IN – Gray Capital announced the acquisition of Regency Club Apartments, a 444-unit class B apartment community located in Evansville, IN. The property was built in two stages in the 1980s with additional townhomes built in 2006.
Gray Capital’s strategy with the property involves an immediate rebrand as River Club Apartments, with over $3 Million in exterior improvements and interior renovations to enhance the property and create an exceptional, elevated living experience that will continue to attract residents. Additionally, River Club will be managed by Gray Capital’s property management company, Gray Residential, with an experienced team ready to execute Gray Capital’s strategy for the asset on day one.
“This property was the ‘lifestyle’ apartment community—the place to be for young professionals —when it was first built. While the property has maintained a good reputation, we are excited to not only continue the legacy but to bring River Club to the next level for residents.”
River Club is Gray Capital’s fourth apartment asset in the Evansville area. With two full-cycle multifamily investment projects completed in the Evansville area that have delivered exceptional returns for investors as well as one active investment, Gray Capital’s experience and confidence in the Evansville market is a powerful driver of River Club’s success.
Gray Capital’s acquisition of River Club comes after a year of lower activity in the multifamily market as a whole and for Gray Capital specifically, but interest rate stability, investor interest, and the growing emergence of attractive apartment properties in the investment sales market has Gray Capital far more optimistic this year.
“River Club is easily the most attractive multifamily acquisition opportunity the firm has seen in over 2 years. We are buying the property at an incredible basis discounted over 30% from the market peak. This market has not been an easy one to navigate, but I give full credit to the Gray team for avoiding many potential pitfalls and excelling in a challenging environment.”

MARSHFIELD, MA – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera South Shore Marshfield, a contemporary garden-style community boasting a charming seaside-town locale.
The community, which will feature 270 apartment homes, is located approximately midway between Boston and Cape Cod and within a quick commute of Marshfield’s various beaches. First move-ins are anticipated for fall 2025.
“Marshfield features a prime coastal locale but a small inventory of Class A living options,” said Doug Arsham, senior managing director of development in Boston for Mill Creek Residential. “We’re eager to help address that demand and offer a product largely unique to the market. With an upgraded clubhouse, elevator access, spacious layouts and lofts in select units, we believe Modera South Shore Marshfield will quickly ascend to a best-in-class living option in the neighborhood.”
Located just south of Route 139 at 70 Commerce Way, Modera South Shore Marshfield features direct access to Route 3—which serves as the gateway to Boston to the north and Cape Cod to the south. Residents will also have access to the Greenbush MBTA commuter rail station in nearby Scituate, commuter boats in Hingham and Hull and multiple commuter bus options.
The community will sit within a 12-minute drive of Marshfield’s five beaches and within 15 minutes of the acclaimed Derby Street Shoppes, which feature a vast and eclectic array of restaurants and retailers. Additionally, a Roche Bros. supermarket is located less than a mile from the community along with several nearby breweries and dining options.
“Modera South Shore Marshfield will offer a refined coastal living experience with commuter-friendly access for those who work in the city or regularly travel up and down the coast,” said Anand Boscha, vice president of development in Boston for Mill Creek Residential. “We believe the spacious home sizes, thoughtful architectural design and state-of-the-art in-home features will be exclusive in the market and will provide an attractive option to discerning renters.”
Modera South Shore Marshfield will feature one-, two- and three-bedroom homes with a generous average size of 1,129 square feet. The community will feature various den, loft and townhome options, and homes will have private patios or balconies. Community amenities will include a resort-style swimming pool, state-of-the-art resident clubhouse, game room, grilling area, fire pit, coworking space, private workstations, coffee bar, dedicated dog run and a club-quality fitness center featuring cardio equipment and a yoga/Pilates studio. Residents will also have access to controlled-access garage parking, EV charging stations and additional storage options.
Home interiors will feature nine-foot ceilings, stainless steel appliances, wood plank-style flooring, quartz countertops, tile backsplashes, soft-close cabinets, moveable kitchen islands, smart thermostats, controlled guest-access technology, walk-in closets and in-home washers and dryers. Bathrooms will include double vanities, tile shower surrounds and linen closets. Modera South Shore Marshfield will be built to, and is pursuing, an NGBS Silver Certification.

ORLANDO, FL – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on the future site of 52 at Park during a ceremony with LAC leaders, local lawmakers and partners. 52 at Park will provide 300 affordable housing units to individuals and families in Orange County earning no more than 60% of the Area Median Income.
“Lincoln Avenue Communities is proud to grow our portfolio of affordable housing developments in Florida,” said Jordan Richter, LAC vice president and regional project partner. “Once completed, 52 at Park will provide hundreds of high-quality, affordable homes in one of the state’s fastest-growing metropolitan areas.”
The property will include eight residential buildings, with all units expected to be completed by the end of 2025.
“The City of Orlando remains committed to ensuring that everyone who wants to call Orlando home has access to quality housing that is safe and affordable,” said Orlando Mayor Buddy Dyer. “Through the power of partnership by working alongside Lincoln Avenue Communities, we look forward to welcoming the addition of 300 new affordable apartments and continue to leverage funding and offer incentives to make it easier for developers to build affordable housing in Orlando.”
52 at Park will offer amenities including a fitness center, pool, clubhouse, central laundry and a playground. The property will also include a sprawling solar installation that will offset 100% of the community’s electricity usage, making it one of the first affordable housing communities in Florida to provide full solar offsetting.
“LAC is committed to ensuring the long-term sustainability and resiliency of our developments,” said Cricket Cleary, LAC director of development. “52 at Park represents a major step toward a new generation of high-quality sustainable housing in Florida, and throughout the country.”
The project was financed through an issuance of tax-exempt bonds from the Orange County Housing Finance Authority; a Low-Income Housing Tax Credit equity investment from Freddie Mac, syndicated by Berkadia; a Construction Inflation Response Viability Funding loan from the Florida Housing Financing Corporation; construction and permanent loans from Deutsche Bank, serviced by Berkadia; and solar energy credit equity.

MIAMI, FL – Oak Row Equities, a vertically-integrated private equity and real estate development company with over $1.6 Billion of development in South Florida, announced the official groundbreaking of 2600 Biscayne Boulevard, a transformative Class AAA multifamily and office tower in the rapidly-maturing Edgewater neighborhood of Miami. Coastal Construction Group, one of the largest general contractors in the Southeast, is the general contractor.
Globally-renowned architecture firm Arquitectonica is responsible for the design of the luxurious 41-story building, which will be home to an original public art piece by acclaimed artist Derrick Adams. Vida, a Portland-based full service interior design and interior architecture firm, is designing the interiors. The commencement of construction follows the pre-leasing of 50% of the commercial space, and the closing of a $181M loan from Bank OZK – one of the largest multifamily construction loans to close in South Florida this year.
We are thrilled to be breaking ground at 2600 Biscayne. We are focused on delivering the highest quality multi-family and office product to the Edgewater submarket, said Erik Rutter, Managing Partner at Oak Row Equities. We believe by breaking ground we will deliver into a supply-constrained market and be well-positioned as the highest quality asset in Miami-Dade County.
2600 Biscayne comprises an entire city block and is conveniently located one block from the planned Northeast Corridor rail stop. The tower features 187,000 square feet of prime office and retail space and 399 luxurious studio to three-bedroom (plus den) rental residences. With exceptional design, ample private outdoor space, modern finishes, stunning views, and state-of-the-art amenities, these residences will rival new condo construction homes. An elaborate mural will be displayed on the western portion of the facade visible from multiple neighborhoods by celebrated artist Derrick Adams.
“2600 Biscayne will dramatically enhance the caliber of multifamily and office space in Edgewater and really create a new upper tier for these asset classes in South Florida,” says David Weitz, Managing Partner at Oak Row Equities. We are thrilled to be breaking ground on this exciting new project, and are proud to be working with such sophisticated financial institutions who are invested alongside us in South Florida s bright future.
“Coastal Construction Group is honored to join Oak Row Equities in breaking ground on 2600 Biscayne Boulevard, said Patrick Erin Murphy, Executive Vice President of Coastal Construction Group. We are excited to contribute to the transformation of the Edgewater neighborhood with esteemed partners and look forward to playing a part in delivering this building.
The residential portion of the tower will begin 135 feet above the ground, ideal for residents looking for the quintessential Miami view. Multiple levels of residential amenities include a pet spa, private lounge, yoga studio, and top-of-the-line fitness center. A wraparound 12th-floor amenity deck will have a lap pool, cold plunge, hot tub, well-appointed cabanas, and BBQ grills. The tower s 41st floor will feature a coworking lounge and rooftop deck with some of the best views in Miami.
Residents will enjoy a seamless arrival experience via a dedicated residential porte-cochére with lush, covered waiting areas for ride shares. 2600 Biscayne will have EV charging stations and over 600 parking spaces for added convenience.
2600 Biscayne will be Gold Certified National Green Building Standard. The tower s offices are almost 50% pre-leased and will be located on the first ten floors within a sculptural pyramid-like structure. Office tenants will have access to touchless entry points and elevators to easily divisible floor plates with 14 ceilings. There will be floor-to-ceiling glass throughout the spaces, private tenant balconies, and a wide range of indoor and outdoor wellness-focused amenities.
Outdoor amenities exclusive for the office tenants include a landscaped rooftop terrace, exclusive padel court, open-air seating, covered picnic areas, an outdoor wellness and yoga deck, and more. Inside, there is a dedicated business lounge, private meeting areas, conference rooms, and an entertainment room with a golf simulator.
Vehicular arrival for office tenants will be via a private porte-cochére and a designated lobby. Dedicated valet and tenant parking will be available along with 24/7 security and access.
Edgewater offers lifestyle amenities such as the lush eight-acre Margaret Pace Park, and robust retail and culinary options. Wynwood, Midtown, and the Design District are moments away. Whole Foods and a Northeast Corridor rail station will be within blocks upon completion. Miami International Airport, I-95, Miami Beach, and Brickell are easily accessible from Edgewater.