JERSEY CITY, NJ – Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced that it has completed a $71 million acquisition, preservation and renovation project at Grandview Terrace Apartments, a 283-unit senior housing complex located in the Journal Square Neighborhood of Jersey City, New Jersey.
The upgrades to Grandview Terrace encompass a variety of holistic improvements including building modernization, energy efficiency upgrades, unit renovations and the addition of an enhanced, high-definition monitoring system providing site wide security coverage and ensuring adherence to HVPG’s community standards.
“We’re elated to unveil the revitalized Grandview Terrace, a collaborative effort with the Jersey City Housing Authority (JCHA) and HUD that will ensure long-term affordability for local seniors that were previously at-risk of losing access to this affordable housing and possibly being displaced,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “From the comprehensive modernization to the installation of advanced security measures, every aspect of this project reflects our commitment to creating secure, inviting places for our residents to call home.”
The renovations within the 283-unit complex totaled $15.2 million (~$53,500 per unit) and include new kitchen cabinetry and countertops; new high-efficiency, stainless steel appliances; high output lighting and water conserving fixtures; and the creation of fully compliant ADA and H/V units. Interior upgrades also included new flooring with subfloor repairs; wall patching and painting; and a new sky lounge for residents with a stretching room, community room, library and computer center with views of New York City.
The initial acquisition and substantial rehabilitation of the Grandview Terrace Apartments was financed with equity from HVPG’s second affordable housing fund (HVPF II) and a construction loan from Key Bank. Upon completion of the 16-month construction and preservation project in February 2024, the loan was refinanced under the HUD Section 223(f) program with KeyBank.
To ensure the long-term affordability of the property, HVPG secured a new, 20-year HUD Regulatory Agreement. Additionally, HVPG was able to unlock new rental subsidy for tenants as a result of the previously existing expired HUD 202 restrictions through both project-based and tenant-based Section 8 vouchers. The Jersey City Housing Authority played a critical role in this project and serves as the new contract administrator for all of the HUD Section 8 voucher units. HVPG and JCHA worked in partnership to secure new Section 8 subsidy for 267 low-income households that did not previously receive any rental assistance. This will ensure that income-qualified tenants are protected and will pay no more than 30% of their income in rent. No residents were displaced because of this transaction.
“The JCHA appreciates the opportunity to partner with Hudson Valley Property Group, HUD, the City and the County to preserve and provide quality, safe affordable housing to the senior citizens of Jersey City and Hudson County at Grandview Terrace”, said Patricia Ramirez, Director of the Housing Choice Voucher Program of the Jersey City Housing Authority.
The project follows Hudson Valley Property Group’s recent acquisition of a 1140-unit affordable housing portfolio across Maryland and North Carolina, and Northgate One Apartments in Camden, NJ. As the demand for affordable housing continues to rise, HVPG intends to further expand its portfolio and offer additional high-quality affordable housing options throughout the United States. HVPG currently owns over 10,650 units of affordable housing across 65 properties throughout the Northeast, Midwest, Mid-Atlantic and Southeast regions.

WASHINGTON, DC – TM Associates, United Planning Organization (UPO), and Gilbane Building Company were joined by the Department of Housing and Community development (DHCD), Department of Human Services (DHS), DC Housing Finance Agency (DCHFA), partners, and community members to announce the grand opening of MDXL Flats Apartments, a highly anticipated affordable residential community offering 101 affordable apartments in the heart of Washington, DC’s Buzzards Point neighborhood.
MDXL Flats Apartments joins sister community, MDL Flats, in setting a new standard for affordable luxury housing that blends seamlessly into the city’s sleek skyline adorned with glass-clad architecture.
From modern interiors, vibrant community space, and views overlooking Nationals Park and the Capitol Building, MDXL Flats Apartments caters to the distinct needs and preferences of its residents.
Key highlights of MDXL Flats Apartments include: Spacious and thoughtfully designed one-bedroom, two-bedroom, three-bedroom and even four-bedroom apartments, affordable to households earning between 30% and 50% of the average local median income. High-end finishes and panoramic views of the city. Convenient access to a wide array of dining, shopping, and entertainment options, including Audi Field, with ground-level retail. Dedicated resident services and on-site management and maintenance, ensuring residents receive prompt assistance and personalized attention. Access to quality schools, transit, and arts & culture in Ward 6.
“The delivery and grand opening of MDXL Flats completes TM’s $110m investment into the transformation of this corner in DC”, said Bob Margolis, Owner/Chief Executive Officer of TM Associates. “This milestone not only marks the completion of a remarkable project but also reflects TM’s steadfast dedication to enhancing vibrant communities. Through the introduction of high-quality, affordable rental homes, we are committed to driving lasting positive change.”
MDXL Flats, and its sister community, MDL Flats – who opened their doors in 2021, make up 177 affordable residential units, contributing to Mayor Bowser’s goal of creating 12,000 affordable homes by the end of 2025. More than 220 DC residents contributed to the construction of MDXL Flats. The project exceeded its goal of 35% certified business enterprises (CBE).
“We know that to achieve the Mayor’s bold housing goals, we have to be even bolder with our actions. MDXL Flats is an example of how we can use targeted investments and intentional planning to deliver affordable housing in more parts of our city. We thank all of the partners who made this project a reality for the residents who will call this building home,” said Deputy Mayor for Planning and Economic Development Nina Albert.”
UPO President and CEO Andrea Thomas said, “Housing is a persistent concern for DC residents, so UPO is proud to be a partner in providing housing stability to people with low incomes and supportive services to those who were unhoused. Most importantly, we are excited to hear the new residents declare, ‘I’m home.'”
“Gilbane Building Company is very proud of this project for not only the impact that more affordable housing options will have on the community but also the positive impact the project had throughout construction,” said Tyler Swartzwelder, business leader for Gilbane’s Washington, DC office. “Fifty percent of construction contracts, totaling more than $14 million, were awarded to diverse-owned and small businesses. Thanks to clients like TM Associates, who share our commitment to advancing diversity, equity, and inclusion, Gilbane is more than halfway towards our goal of generating $4 billion in awards to MWBE+ businesses by 2027.”

CHANDLER, AZ – Olympus Property announced the acquisition of Alta Chandler at the Park, a prominent residential community situated in Chandler, Arizona. As a premier community, Alta Chandler at the Park offers residents access to luxury living and unparalleled career opportunities. With 291 units, this four-story, mid-rise community represents a significant addition to Olympus Property’s portfolio, furthering the company’s mission to invest in top-tier properties in thriving markets.
Olympus Property currently oversees a portfolio of approximately 31,000 units across various markets. This acquisition further strengthens the company’s multifamily portfolio of approximately 5,500 Class A units in the Phoenix metropolitan statistical area (MSA) and aligns with Olympus Property’s commitment to providing residents with high-quality living experiences in attractive submarkets.
“Alta Chandler at the Park offers a generational opportunity to acquire high quality real estate in one of Arizona’s most dynamic submarkets. This addition underscores our commitment to investing in newly constructed high-quality assets located in submarkets with strong employment and economic tailwinds. We look forward to leveraging our experience and resources to enhance the resident experience and contribute to the continued growth of the Chandler community,” notes Wade Madden, Chief Executive Officer at Olympus Property.
Alta Chandler at the Park is situated adjacent to the area’s premier economic hub, the Price Corridor. In turn, the property benefits from its proximity to robust industries such as high-tech manufacturing, aerospace, information technology, finance, and advanced business services. With over 44,400 jobs and industry leaders like Wells Fargo, Bank of America, Dignity Health, and Northrop Grumman, the Price Corridor serves as the focal point for high-profile business operations in Chandler. Moreover, the property is strategically positioned to capitalize on Chandler’s ongoing economic growth, illustrated by significant investments from blue-chip companies like Intel. Intel’s recent $20 billion expansion of their Ocotillo campus, the largest private-sector investment in Arizona’s history, is expected to generate thousands of tech and construction jobs, solidifying the city’s status as a thriving economic hub.
Alta Chandler at the Park sets the standard for refined living with a range of top-tier amenities. From the convenience of the UrBo! Bodega Convenience market to the modern fitness center, speakeasy lounge, open concept club room, micro-offices, and rooftop lounge, the property caters to modern lifestyle needs. Additionally, the apartment interiors feature nine-foot ceilings, spacious kitchen islands, stainless steel appliances with gas cooktop ranges, and illuminated bathroom mirrors, ensuring a comfortable and stylish residential experience.

PITTSBURGH, PA – BAM Capital, alongside development partner Milhaus, proudly introduces Nox, a transformative Class A+ multifamily community project set in the burgeoning area of Robinson Township, Pittsburgh, PA. This strategic collaboration marks a significant milestone in offering sophisticated living spaces and investment opportunities in one of the most dynamic and economically vibrant regions of the United States.
BAM Capital has a legacy of excellence in real estate investment. Founded on a commitment to integrity, innovation, and excellence, BAM Capital has established itself as a leader in the multifamily real estate sector. With a keen eye for emerging market trends and an unyielding dedication to maximizing investor returns, BAM Capital has successfully managed properties that resonate with the modern resident while offering substantial value to its investment partners.
Milhaus, a premier real estate development and management company, brings its expertise in creating high-quality, sustainable urban housing solutions. Known for its innovative approach to design and community building, Milhaus has been instrumental in transforming neighborhoods into vibrant, desirable places to live. Their partnership with BAM Capital in developing Nox underscores a shared vision for excellence and a commitment to positively impacting the communities they serve.
Introducing Nox, a new standard of living. Nox represents the pinnacle of urban living, offering residents a unique blend of luxury, convenience, and connectivity. Situated in Robinson Township, an area known for its robust retail environment and close proximity to downtown Pittsburgh, Nox promises an unmatched living experience. The development is designed to meet the needs of a diverse demographic, from young professionals to families, offering a mix of studio, one, and two-bedroom units, each outfitted with high-end finishes and state-of-the-art amenities.
The Nox development project, a strategic investment initiative by BAM Capital, is poised for a significant impact on the Robinson Township, Pittsburgh, PA, landscape over a concise investment horizon of 3 years. The development is scheduled to commence construction in July 2024, with the first units earmarked for delivery by October 2025 and completion anticipated by November 2026.
This strategic venture not only highlights BAM Capital’s commitment to delivering superior risk-adjusted returns but also underscores the firm’s adeptness at navigating the multifamily community development landscape.
“BAM Capital remains highly selective and opportunistic in its ongoing endeavor to be the most trusted steward of investor capital,” notes Ivan Barratt, Founder and CEO of BAM Capital. “The Nox project is another great example of how, through key relationships and a disciplined approach, we are able to democratize access to institutional-quality assets for our valued partners,” adds Barratt.

PORTLAND, OR – JLL Income Property Trust, an institutionally-managed daily NAV REIT with approximately $7 billion in portfolio equity and debt investment, announced the acquisition of Creekview Crossing, a class-A 183-unit apartment community located in the suburban Portland market of Sherwood, OR. The purchase price was approximately $61 million and includes the assumption of an in-place $26 million mortgage loan, which has an attractive below-market interest rate of 3.09%.
“Supported by strong fundamentals and demographic tailwinds, the residential sector is one of our highest conviction property sectors, producing inflation-hedging rental growth that we believe will be a stable and growing source of income for our stockholders,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “Creekview Crossing’s desirable location in an affluent suburban area with high barriers to entry make this acquisition an outstanding addition to our already substantial residential portfolio allocation of more than $2.7 billion of apartment communities and single-family rentals.”
“This is an extremely attractive investing environment,” continued Swaringen. “While property fundamentals in real estate remain strong, valuations are at a more attractive entry point that should produce long-term value for our portfolio, as signs are pointing to the start of a new market cycle.”
Constructed in 2009, Creekview Crossing offers spacious garden-style and townhome features with outstanding amenities designed to appeal to residents of the upscale suburban area of Sherwood. Located approximately 12 miles from downtown Portland, Sherwood is home to a diverse base of economic drivers, including advanced manufacturing, healthcare and business services. Sherwood has also seen strong population growth, attributable to its connectivity to the greater Portland metro area, proximity to the region’s employer base, and limited rental alternatives. In fact, there has only been one apartment community built in the area since 2010, creating strong demand for existing rental options like Creekview Crossing. The highly regarded Sherwood School District also attracts many residents, with a ranking of fourth out of 160 school districts in Oregon.
For these reasons, suburban Portland is considered an overweight apartment market by LaSalle Research & Strategy’s target market analysis. Additionally, Oregon’s Urban Growth Boundary restricts urban sprawl and limits new competitive development – an advantage to existing owners of properties.
“Our unique UPREIT structure along with our diversified portfolio and daily valuation were attractive to a portion of the selling group who chose to contribute this property in exchange for interests in our operating partnership rather than selling for cash,” said Swaringen. “This provided half of the ownership group a tax efficient sale with the benefit of long-term estate planning while allowing JLL Income Property Trust to make a strategic acquisition with a significantly reduced cash outlay.”
Swaringen added: “Our ability to provide customized outcomes for property sellers gives us a strong advantage as buyers in the current marketplace. Further, as an attractive borrower in this challenged lending environment, working through the assumption of this below-market loan should benefit our stockholders for the remaining 31-year life of the loan.”
This investment brings JLL Income Property Trust’s aggregate residential allocation to more than $2.7 billion, or 42 percent of the portfolio, comprised of 28 apartment communities and more than 4,400 single-family rental homes.

SAN ANTONIO, TX – Wood Partners, a national multifamily real estate development leader, unveiled the grand opening of Alta Rolling Oaks, its latest luxury residential community in San Antonio.
Located at 6710 N. Loop 1604 E. in North Central San Antonio, Alta Rolling Oaks promises convenient access to a myriad of shopping, dining, and entertainment options across the city. From The Forum at Olympia to Bulverde Marketplace and the renowned Shops at La Cantera, residents can indulge in a vibrant lifestyle. Additionally, the prime location opens doors to numerous job opportunities with top employers such as Amazon, H-E-B, USAA, Joint Base San Antonio (JBSA), and thriving healthcare and cybersecurity sectors.
“Wood Partners is thrilled to officially unveil Alta Rolling Oaks, our latest luxury property in the vibrant city of San Antonio,” said Bart Barrett, Managing Director for Wood Partners. “Bringing our unique blend of comfort and sophisticated living to San Antonio has been a journey filled with anticipation, and we are genuinely excited to welcome residents to experience the exceptional lifestyle Alta Rolling Oaks has to offer.”
The property features 366 apartment homes with a mix of one-, two- and three-bedroom custom-designed floorplans. Infused with modern, urban design accents, each residence is adorned with premium finishes, including stainless steel appliances, granite countertops, 42″ cabinets, and tile backsplashes. The interiors include wood-style plank flooring and in-home washers and dryers, ensuring a luxurious living experience.
Alta Rolling Oaks is not just a place to live; it’s a community that goes beyond, providing residents with top-tier amenities. Enjoy the pleasures of a resort-style swimming pool, on-site walking trail, outdoor kitchen, and a dedicated dog park. The community clubroom is a focal point, featuring a state-of-the-art fitness center, conference and entertainment spaces, a business center, and more. Residents at Alta Rolling Oaks can explore the abundant attractions that contribute to San Antonio’s status as a premier tourist destination in the country. Immerse yourself in the rich history and culture of the San Antonio River Walk, remember The Alamo or indulge in thrilling experiences at Six Flags Fiesta Texas and SeaWorld San Antonio.

HOUSTON, TX – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Modera Waugh, an elegant apartment community located just south of popular Buffalo Bayou Park near Downtown Houston.
The 17-story community, which features 392 apartment homes, sits moments south of Allen Parkway and adjacent to the picturesque River Oaks neighborhood. The amenity-rich community features a rooftop deck with panoramic views of the city, a variety of high-end apartment finishes and a multitude of co-working spaces for the ever-increasing remote worker. First move-ins are anticipated for April 11.
“Modera Waugh features a prime location that will put residents within reach of virtually everything Houston has to offer,” said Jeb Cox, senior managing director of development in Houston for Mill Creek Residential. “Whether it’s the city’s employment centers, arts-centric locales or sizable selection of nightlife and entertainment options, it’s all within a quick walk, bike ride or commute. We look forward to welcoming our initial residents and are eager to offer a top-tier living experience.”
Situated at 716 Waugh Drive, the community provides near-immediate access to Buffalo Bayou Park, the city’s premier 160-acre greenbelt, and more than 20 miles of extensive hiking and biking trails. Modera Waugh also is positioned within two miles of Downtown Houston and its thriving employment sector and within a short walk of Stages, a recently unveiled theater for performing arts. The community has a Walk Score of 83 and Bike Score of 86, indicating most daily tasks can be accomplished without the need for a vehicle.
Modera Waugh offers one-, two- and three-bedroom apartment homes and an average size of 1,017 square feet. Additional community amenities include an expansive clubroom, club-quality fitness center, private conference room and co-working spaces, outdoor pool, grilling area, fire pit, outdoor kitchen and dining area, game room, landscaped courtyards, concierge services, storage spaces, bike storage and a secured parking garage with EV charging stations.
Apartment interiors include wood plank-style flooring, quartz countertops, tile backsplashes, pendant and under-cabinet lighting, Energy Star stainless steel appliances, upgraded fixtures and cabinet pulls, built-in shelves, smart thermostats with central heating and air, large closets and in-home washers and dryers. Select homes include private balconies. Bathrooms feature tile surrounds, frameless glass showers, double vanities and linen closets.

DENVER, CO – An affiliate of Oberndorf Real Estate Management (OBREM) and The Bascom Group, announced they have closed on the acquisition of the 360-unit Hearthstone at City Center, located at 932 South Helena Way in vibrant Aurora, Colorado, for $74 million.
Hearthstone marks Bascom’s fourth acquisition of 2024 and comes shortly after the recent acquisitions of The Overlook, a 344-unit garden style multifamily property located in Albuquerque, New Mexico and Texan26, a 204-bed student housing community in Austin, Texas. Once the largest multifamily owners in the state of Colorado, Hearthstone is Bascom’s 37th acquisition in the state and 10th acquisition in the city of Aurora.
Constructed in 1984 as a low-density community comprised of forty-one buildings across 18.25 acres, Hearthstone features ample onsite outdoor space and a diverse mix of one-, two- and three-bedroom floor plans. The community is conveniently located southeast of Aurora City Center, a midway point between Downtown Denver and Denver International Airport, just minutes from the I-225 highway, the Aurora Metro Center Station RTD Line, and a 20-minute drive to Downtown Denver.
Residents at Hearthstone can access hundreds of thousands of employment opportunities within a 20-minute commute from the property. Nearby employment hubs include Fitzsimons Medical Campus, Buckley Space Force Base, Denver International Airport, Denver CBD, Denver Tech Center and Cherry Creek. Hearthstone’s location offers superb access to key quality of life attractions and recreation given a diverse selection of shopping, dining and retail in the vicinity, and outdoor activities in Aurora’s many parks, in-town trails and reservoirs, including the scenic 4,000-acre Cherry Creek State Park, and outdoor art and golf courses, all within the backdrop of the Rocky Mountains.
The community has been well-maintained over numerous renovation programs throughout the years and offers select units with contemporary appliances, in-home washers and dryers, hardwood-style flooring, walk-in closets, fireplaces and private patios and balconies. The highly amenitized property has a resort-style pool, outdoor grilling and picnic areas, fitness center and sauna, pet park, playground, basketball court and on-site laundry.
Renters enjoy a 50% discount relative to the costs of home ownership in the immediate area. The partnership believes it is acquiring this property at an attractive basis and yield resulting from the highly volatile economic environment over the last twenty-four months. Peter Oberndorf, Managing Director at Oberndorf Real Estate Management, said, “While there is some softness in rents due to elevated supply deliveries, the partnership is positive on the long-term trajectory of the Aurora submarket and greater Denver MSA as new supply becomes harder to build given the higher interest rate environment and recent development restrictions, which will stagnate supply for the foreseeable future.”
The partnership’s business plan includes an extensive value-add renovation program that includes upgraded appliances, countertops and lighting; additional in-unit washers and dryers; added kitchen backsplashes; new cabinets and fixtures; and wood plank flooring. Common area improvements are planned for the fitness center, leasing center and pool, as well as a completely redesigned multipurpose activity area, façade enhancements and revamped landscaping.
Jim Singleton, Bascom’s Senior Vice President & Principal of Acquisitions, shared, “We are thrilled to make yet another multifamily investment in the city of Aurora and state of Colorado. Despite a challenging transaction market, we are finding select opportunities that we anticipate will be strong investments for our company and our highly valued partners such as OBREM.”
Bascom’s Senior Vice President of Portfolio Operations, Paul Zakhary, added, “Bascom plans to further elevate the Property by strategically repositioning and improving operations that will make Hearthstone a top choice among multifamily product in the immediate area.”
The partnership continues to focus on investments in the multifamily sector across the United States, with a focus on value-add opportunities that arise as pricing resets occur amid significant global macroeconomic pressures.

FORT WORTH, TX – Rise48 Equity, a leading multifamily investment group, announced the acquisition of Copperfield Apartments in Fort Worth, Texas. This 323-unit complex marks the company’s 49th acquisition since 2019 and its 9th in the Dallas market, further strengthening its Texas portfolio.
Rise48 Equity has plans to invest over $9 million in revitalizing Copperfield Apartments, which will soon be rebranded as Rise Spring Pointe. The property renovations include:
Platinum-level interior upgrades: White shaker doors, Quartz countertops, plumbing fixtures, stainless steel appliances, vinyl flooring, and updated lighting.
Transformative exterior: Fresh 3-tone paint, pool area improvements, a redesigned leasing office, landscaping enhancements, and a new LED-backlit monument sign.
Rise48 Equity CEO and Co-Founder, Zach Haptonstall, said “We’re excited to have acquired Copperfield Apartments off-market at a very low basis. It presents a great value-add opportunity for us in a strong submarket in Fort Worth with a lot of growth. We want to thank our investors for partnering with us on this deal, and our team is hungry to get to work and execute the plan for our investors.

PORTLAND, OR – CONAM Strategic Investments Fund IV LP, a discretionary fund sponsored by The CONAM Group (CONAM), announced the purchase of Skylar Grand, a 170-unit Class A multi-family community with 5,698 SF of retail in Portland, Oregon. This property adds to CONAM s portfolio within Portland and is the first deal in Fund IV.
Completed in 2022, Skylar Grand offers a variety of floorplans including studios, one-, two- and three-bedroom units with high-end finishes and features such as premium stainless-steel appliances, air conditioning, full wall tile backsplashes, quartz countertops and designer cabinetry. The property features a highly desirable community amenity package including a top-floor outdoor terrace with panoramic views, BBQ and fire table, social lounge with a full kitchen, large flatscreen TV and shuffleboard table. The community boasts ample bike storage, dog wash, residential lobby, coffee lounge, and a club quality fitness center. Skylar Grand achieved LEED Gold certification, the result of the quality construction and low impact materials used as well as the energy efficiency of the property.
CONAM has been focused on finding high quality assets at an attractive cost basis. We are pleased with the acquisition of Skylar Grand as the first deal in our Fund IV, it compliments our portfolio well as we own two assets within 1-mile of Skylar Grand, says Robin Elihu, CONAM s Western US Acquisitions Director. Skylar Grand is a stunning property with panoramic views of Portland and walkability to award winning restaurants, bars, cafes, and breweries. It offers residents a phenomenal live, work, play environment in an unmatched location.
Located within one of Inner Eastside s newest and most vibrant neighborhoods, Burnside Bridgehead, Skylar Grand is directly on the Portland Streetcar A and B loops while also earning a perfect 100 Bikers Paradise Bike Score, residents have easy access to the best of the Inner Eastside. The asset is minutes away from the Moda Center, home to the Portland Trailblazers and just three blocks away from the Willamette River and Eastbank Esplanade pedestrian and bicycle trail that offers quick entry to its 2.7-mile loop connecting to Willamette Greenway on both sides of the river.
Portland ranked as a top tech market in the nation, with over 20% of all new jobs created being in the tech industry. More than $800 million of technology related venture capital has been raised in Portland over the last 5 years. Per the Oregon Employment Department, software jobs are growing at a double-digit rate, placing Oregon third after Washington and Massachusetts for the highest concentration of software developers in the country. Tech companies are drawn to Portland s affordability, culture, and sustainable ethos, along with relatively affordable office lease rates when compared to San Francisco, Seattle, and Boston.
Looking forward, CONAM continues to evaluate opportunities that align with our investment strategy in Fund IV. We are active buyers within the market and are excited to continue to grow the portfolio nationally.