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.”

SAN RAMON, CA – Belmont Village Senior Living, an award-winning developer, owner and operator of senior housing, announced the opening of Belmont Village San Ramon (1000 Walnut Drive), its fifth Bay Area development and 16th California community, developed in partnership with Sunset Development and located within the vibrant Bishop Ranch neighborhood that offers residents convenient access to premier retail, dining and entertainment.
Belmont Village San Ramon features 177 apartments, including studio, one- and two-bedroom options for Independent Living, Assisted Living and Memory Care. Residents will benefit from Belmont Village s proprietary, evidence-based approach to health and wellness, which includes its award-winning Circle of Friends® program designed to enhance cognitive strength and enrich daily life. The community is thoughtfully designed to provide the right balance of care and support tailored to all lifestyles, with well-trained staff and licensed nurses on-site 24/7.
The opening of Belmont Village San Ramon is a testament to our mission to create vibrant, supportive communities where seniors not only receive best-in-class care but truly feel at home, said Patricia Will, founder and CEO of Belmont Village Senior Living. We re excited to be part of the Bishop Ranch evolution through our collaboration with Sunset Development. Our residents will benefit from Belmont s thoughtful design and rich programs wrapped in beautiful outdoor spaces and steps from premier dining, entertainment and retail.
Set against the backdrop of Mount Diablo and the surrounding hills, Belmont Village residents will enjoy a prime location just steps away from City Center Bishop Ranch, a lively entertainment destination at the center of the evolving Bishop Ranch community. Residents can take advantage of walking paths for a short trek to engage in the array of meaningful social and cultural experiences City Center has to offer. Within Belmont Village San Ramon are state-of-the-art amenities including a fully equipped fitness center with professional trainers and group fitness classes, a screening room, a sports lounge, a creative arts studio, a library, and a full-service salon. Outdoors, the community offers a heated swimming pool, bocce ball and putting greens, a farm-to-table garden, a yoga lawn, rooftop terraces, and a dog park, creating a flourishing environment for relaxation, recreation and connection.
Welcoming Belmont Village San Ramon to Bishop Ranch represents a pivotal step in our continued growth as a dynamic, sought-after community, said Alex Mehran, Jr., president and chief executive officer of Sunset Development. This new development highlights the area’s increasing appeal as an ideal place to settle, with a diverse range of people choosing to make the city their home. The influx of new residents, including those at Belmont Village, underscores how San Ramon is evolving into a premier destination not only for families but also for seniors seeking a luxury living experience that offers both tranquility and easy access to the greater Bay Area.
Belmont Village San Ramon marks the second residential community to join Bishop Ranch and the only senior living community in the development. Owned and developed by the family-run Sunset Development, Bishop Ranch is a $5 billion mixed-use, walkable neighborhood and one of the largest privately owned, master-planned community projects in the U.S. Spanning nearly 600 acres in Northern California s San Ramon Valley, Bishop Ranch seamlessly integrates office spaces, residential living, hotel amenities, retail, restaurants and entertainment.

GREENVILLE, SC – Flournoy Development Group, an industry leader in innovative, best-in-class multifamily developments throughout the sunbelt, announced the groundbreaking of District South, its newest luxury mixed-use community in Greenville, South Carolina. This highly anticipated project underscores the company’s ongoing dedication to expanding its premier multifamily portfolio.
Situated on a sprawling 21-acre site, District South will feature an impressive collection of 365 multifamily units, 90 for-rent townhomes, six carriage homes, and 13 retail spaces meticulously crafted to meet the lifestyle needs of today’s sophisticated residents. The vibrant community is composed of five four-story apartment buildings, 12 townhome buildings, and three carriage home buildings designed to enhance seamless connectivity within the community and surrounding area.
Strategically positioned near major interstates I-85 and I-385, District South offers convenient access to Greenville’s diverse economic hubs, including major employers such as BMW, GE, Michelin, Jacobs, and Fluor. The site is located just off the well-traveled Woodruff Road corridor, providing immediate proximity to a wide range of dining, entertainment, and retail options, including Whole Foods, Fresh Market, Publix, and Sprouts. With Downtown Greenville only a 15-minute drive away, this location is ideal for professionals balancing city and suburban lifestyles.
Residents of this distinguished community will enjoy premium amenities designed to foster wellness, relaxation, and social engagement. These amenities include a convenient grab-and-go market for everyday essentials, a stylish and inviting resident lounge, a state-of-the-art fitness and wellness center, and a resort-style swimming pool with an expansive pool courtyard. Additional outdoor grilling stations and entertainment areas provide ideal spaces for gathering with friends and neighbors, while pet owners will appreciate the dedicated dog park and an indoor pet spa. The community also features thoughtfully planned sidewalks and vehicular connectivity, which provide easy access and convenient options for pedestrians, cyclists, and drivers alike.
Each apartment home will feature spacious one- and two-bedroom layouts with upscale finishes, including quartz countertops, stainless steel appliances, luxury vinyl plank flooring, and full-size washers and dryers, offering both style and functionality for future residents.
“We are thrilled to bring another meticulously designed, high-quality community to the Greenville market,” said Ryan Foster, Senior Vice President of Flournoy Development Group. “With a strong track record in Greenville with successful developments like District West and District Midtown, this project further reflects our commitment to delivering best-in-class communities that combine modern elegance, careful and thorough attention to detail, and a distinct sense of community.”
The project team includes architect Dynamik Design, general contractor McShane Construction, and local civil engineering firm Gray Engineering. The community will be expertly managed by Flournoy Properties Group.

HOUMA, LA – ECI Group (ECI) announced the sale of Houma Highlands apartments at 461 S. Hollywood Road in Houma, Louisiana to Oakwood Capital Oakwood) for an undisclosed price. The 16-building, 378-unit community was built in phases, with Phase 1 completed in 2004 by another developer and then it was acquired by ECI and Phase II was developed and completed in 2012.
“ECI is proud of our execution at Houma Highlands and the positive contributions we have made in the Houma community over more than a decade,” said Scott Levitt, Chief Acquisitions Officer at ECI Group. “We provided a continuum of integrated services at Houma Highlands, from development and construction management to property and asset management, and our team positioned it into the successful apartment community it is today. We know Oakwood will be excellent stewards going forward.”
In October 2024, ECI received a $350 million infusion of equity from Almanac Realty Investors and continues to pursue acquisition and development opportunities in major markets in the Southeast and Texas.
Houma Highlands offers pet-friendly one-, two-, and three-bedroom homes with sophisticated finishes, including upgraded countertops, stainless steel appliances, and stylish flooring. Residents enjoy an array of high-end amenities such as a resort-style pool, a fully equipped fitness center, and beautifully maintained green spaces.
For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, investment, and property management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,000 units located throughout the Southeast and Texas, ECI is strategically positioned to continue to be a leader in the multifamily industry.

FORT MYERS, FL – CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has acquired Coastal Village, a 200-home, 800-bed student housing community in south Fort Myers.
Situated at 19401 Skidmore Way, Coastal Village sits within a quick commute of Florida Gulf Coast University, a Division I college attended by approximately 16,000 students. CAPREIT’s acquisition of the off-campus community represents the company’s entry into the student housing sector.
“Residents of student housing want all the same things that traditional apartment residents want—namely, superior property management and white-glove service,” said Andrew Kadish, CEO of CAPREIT. “It’s that kind of touch that CAPREIT can bring to Coastal Village and the student housing industry. The relatively consistent and reliable demand in the student housing sector, combined with our desire to secure steady returns and significant capital appreciation for our investors, gives CAPREIT the perfect opportunity to enter student housing.”
With a portfolio mostly composed of market-rate and workforce apartments, CAPREIT has recently expanded into new verticals. Prior to joining the student space, the company entered the single-family, build-to-rent sector with the 2024 acquisition of Baldwin Chase in Greenville, S.C.
Coastal Village, originally built in 2004, is a pet-friendly community and offers fully furnished homes—each with four private bedrooms. Community amenities include an outdoor swimming pool, fire pit, resident lounge, coffee bar, private study spaces and an onsite fitness center. Apartment homes include upgraded kitchens with granite countertops and center islands, built-in desks in each room, full-size washers and dryers, central air conditioning and private patios or balconies.
In addition to the Florida Gulf Coast University campus, the community offers quick connectivity to the multitude of shopping options at Three Oaks Town Center and the vast recreational opportunities at Bonita Nature Place. Additionally, Florida SouthWestern State College is located 12 miles northwest of the community.

KINGSTON, RI – Gilbane announced its collaboration with the University of Rhode Island (URI) to develop and construct up to 1,100 additional on-campus beds through a new, innovative public-private partnership. This initiative will address growing student demand for on-campus housing and underscores both URI’s and Gilbane’s commitment to enhancing the student experience at the state’s flagship research university.
Selected through a competitive proposal process, Gilbane will lease University-owned land to plan, finance, design, construct, and manage the new residence halls on URI’s Kingston Campus. With a legacy spanning 150 years, Providence-based Gilbane has a proven track record of delivering innovative housing solutions in collaboration with higher education institutions nationwide. This latest project highlights the company’s commitment to creating resource-efficient, student-focused communities that meet the evolving needs of universities and their students.
Gilbane is pleased to partner with URI on this significant project, which reflects our shared commitment to enhancing the student experience,” said Zach Tronti, development director of Gilbane Development. “This collaboration underscores our dedication to developing high-quality, accessible housing that supports academic success and fosters a vibrant campus community. It’s rewarding to be working towards a project that will have a lasting impact at URI and in our home state of Rhode Island.”
These modern apartment-style residential buildings will provide a vibrant, inclusive, and academically supportive environment for undergraduate and graduate students to thrive. Construction is expected to begin in fall 2025 following a feasibility and pre-development activity period, with the first occupancy planned for fall 2027.
“Gilbane is thrilled to continue our longstanding partnership with URI on this innovative project,” said Mike Busam, Gilbane Building’s Rhode Island Business Leader. “This is incredibly rewarding given our long history with the University, where Gilbane has contributed to enriching the campus over the past decades, constructing multiple facilities, including the Ryan Center and Center for Bio-Life Sciences, among others. We’re looking forward to returning to campus!”
The new project aligns with URI’s strategic plan, Focus URI, and builds on a decade of campus advancements, further cementing URI’s reputation as a top-tier institution that prioritizes student success.
“This public-private partnership offers many benefits to the University and our students,” said Abby Benson, vice president for administration and finance, University of Rhode Island. “The partnership enables us to address the growing demand for on-campus housing expressed by URI students. It also enables us to develop new housing on an accelerated timeline while ensuring fiscal responsibility.”
“CannonDesign is honored to be working with two clients with whom we have a rich history, URI and Gilbane Development, in support of URI’s mission to expand and elevate student experience on campus.” said Lynne Deninger, AIA, Principal of CannonDesign.

SCOTCH PLAINS, NJ – Benchmark Senior Living, the largest senior living provider in New England, is, once again, expanding its Northeast footprint. Last month, the company began construction on a new assisted living and memory care community located at 1814 Raritan Road in Scotch Plains, NJ.
Also under development is Benchmark at Mount Pleasant, in Thornwood, NY, Benchmark’s first Westchester County community. It will become the company’s third New York community when it opens this spring.
“We’re excited to bring the high-quality and compassionate care Benchmark has built its reputation on for almost 30 years to the residents of Scotch Plains and beyond,” said Tom Grape, founder, chairman and CEO of Benchmark. “Scotch Plains and the Mount Pleasant projects will be among several new communities to join the Benchmark family in the near future, as we concentrate on growing our footprint in the Boston-to-DC corridor.”
As the first assisted living community in Scotch Plains, which is located approximately 13 miles south of Morristown, NJ and 20 miles southwest of New York City, it will bring much-needed senior care to Western Union County.
Scotch Plains is known for its numerous recreational opportunities including the adjacent Ashbrook Reservation. The township is rich in history with many Revolutionary War sites and the first African-American Country Club in the country, which was founded in 1921 and played host to many famous Black musicians.
The location is ideally suited for seniors desiring a wide range of nearby activities as well as multi-generational families with many schools close by. Residents will be able to take in the surrounding area from a walking path that surrounds the community while visiting many neighboring sites, such as the Academy for Performing Arts, golf courses, a community pool, scenic walking trails and churches.
The community will offer residents and their loved ones 81,692 square feet of indoor and outdoor space spread out over three floors, including 86 studio and one-bedroom apartments with kitchenettes and handicap-adaptable bathrooms. On the first floor, off the grand staircase adorned lobby, a bistro, club room, dining rooms, recreational room and several outdoor patios and porches, some offering outdoor dining, will beckon residents to connect and engage. For those with dementia and Alzheimer’s, the secure Mind & Memory Care neighborhood will feature Benchmark’s signature programs administered by specially trained associates in a variety of spaces as well as amenities like a dedicated outdoor patio, dining room, hair salon and recreation room. Circadian rhythm lighting will automatically adjust throughout the day to help minimize “sundowning,” a common symptom of dementia, which causes a state of confusion and agitation in the late afternoon and evening.
On the second and third floors, residents will enjoy additional amenities, including a wellness center with fitness center and rehabilitation room, hair salon, library, lounge, movie theater and multipurpose room for events and other programs. A rooftop deck will host regular social hours and other events.
For those who need it, Benchmark will provide 24/7 personalized care, including assistance with daily living activities like bathing, getting dressed and medication management.
Benchmark in Scotch Plains is being developed in partnership with Newton, Mass.-based National Development. Capitol Seniors Housing of Washington, DC, whose work has been instrumental in bringing the project to life, will continue to provide some development services. Meyer Design of Ardmore, Penn., is providing architectural and interior design services for the project. Philadelphia based IMC Construction will serve as general contractor.

PHOENIX, AZ – Goodman Real Estate announces its latest milestone, the $131.1 million acquisition of Town Deer Valley Apartments, a premier 388-unit Class A property located in Phoenix, Arizona.
This latest acquisition reflects Goodman Real Estate’s continued efforts to expand its portfolio with premium residential properties in high-growth markets. Town Deer Valley Apartments, known for its modern amenities and prime location, is a testament to the company’s focus on creating well-built, sustainable, and thriving communities that elevate the resident experience.
“Town Deer Valley Apartments aligns with our purpose of building and investing in purposeful communities,” said John Goodman, Founder of Goodman Real Estate. “The property offers not only beautiful living spaces but also a strong foundation for enhancing the lives of our residents. We are excited to play an integral role in contributing to the ongoing growth and vibrancy of Phoenix.”
The sale was facilitated by Institutional Property Advisors (IPA) Phoenix, who served as the selling broker. Their expertise and industry insight were instrumental in achieving a seamless transaction. The deal was further supported by Walker & Dunlop, who provided financing solutions to bring the project to fruition. These partnerships underscore the collaborative efforts behind this significant milestone.
Located in a highly desirable area with convenient access to employment hubs, shopping, dining, and recreational options, Town Deer Valley offers residents a thoughtful balance of comfort and convenience. The property features luxurious amenities such as resort-style pools, state-of-the-art fitness facilities, and beautifully landscaped grounds. Each unit is designed with high-end finishes and spacious floor plans, catering to the needs of modern living.
Goodman Real Estate looks forward to integrating Town Deer Valley Apartments into its existing portfolio and leveraging its expertise to build stronger, healthier, and more connected communities.

BAKERSFIELD, CA – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, in partnership with Bettencourt Properties and The Beneficial Housing Foundation, announced the acquisition and planned renovation of Sundance Apartments, an affordable housing complex in Bakersfield, Calif. This is the first community in Bakersfield for CPP.
Sundance Apartments is located at 6000 White Lane in the Spice Tract neighborhood of Bakersfield. The convenient location allows residents easy access to multiple bus stops, as well as a nearby grocery store, shopping center and restaurants. Originally built in 1981, the property has not received any substantial rehabilitations. The property is comprised of 10, two-story buildings and an additional single-story building which contains the community room, laundry room, and leasing office. Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP s total development investment is approximately $32.5M, which includes the purchase price of $20M and estimated renovation costs of approximately $80,000 per unit.
Bakersfield, like many cities in California, is experiencing an affordable housing crisis. In fact, studies indicate that nearly one-third of Bakersfield residents are spending more than 30% of their income on housing, said Belinda Lee, Director of Development at CPP. The preservation of Sundance Apartments 60 affordable units will play a part in helping to ensure that the Bakersfield affordable housing supply is maintained for years to come.
Sundance Apartments will receive significant renovations aimed at improving the property s energy efficiency and modernization. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades include the modernization of bath and kitchen surrounds and fixtures, and replacement of unit flooring. Exterior improvements include roofing replacement, repairs to the property s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property s community room.
By preserving 60 affordable units and investing in significant upgrades, we aim to ensure that these homes remain safe, energy-efficient, and sustainable for years to come. Our partnership with Bettencourt Properties and The Beneficial Housing Foundation underscores our shared commitment to providing quality, affordable housing to the communities that need it most, said Alexis Castillo, Assistant Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property s affordability was set to expire in 2027, but with CPP s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. Additionally, the property will encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 55 years. All units will be income restricted to family households at 60% or below Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. Banner Bank is providing construction financing, while Key Bank serves as the permanent lender, using a Freddie Mac product.

DALLAS, TX – Knightvest Capital, a vertically integrated multifamily investment firm, announced the acquisition of the SKYE of Turtle Creek apartment community in Dallas, Texas. This successful acquisition represents the sixth investment in Knightvest’s Fund II.
Built in 1998, the 331-unit high-rise is located in the prolific submarket of Uptown Dallas, an area where Knightvest has direct experience. Knightvest will leverage its construction, management, and operational experience to seamlessly integrate the community into its portfolio. With the property largely in its original condition, Knightvest plans to renovate a considerable portion of the units and make significant updates to the exterior and common areas. These improvements will position Skye to compete with new luxury developments in the area while maintaining a compelling price advantage. As part of the renovation efforts, Knightvest has renamed the community to Remi.
“Given our knowledge and success in the submarket, we have a clear path to enhanced performance and revenue, leading to significant value creation potential with the acquisition of Skye,” said David Moore, Knightvest founder and CEO. “With a purchase price significantly below replacement cost, this acquisition perfectly aligns with our strategy, and we’re excited about our momentum in Fund II.”
With direct access to the Katy Trail, a walkable neighborhood boasting over 200 restaurants, and close proximity to vibrant areas like Victory Park, Downtown Dallas, and the Harwood District, the apartment community offers the best of urban living. Following Knightvest’s planned renovations, the modernized interiors and enhanced common areas will position the community as a top-tier living destination in the area.