SEATTLE, WA – Bellwether Housing and the Evergreen Impact Housing Fund (EIHF) announced the opening of The Aries at Bitter Lake, bringing 200 affordable apartments to the North Seattle community.
The Aries is the first project funded by EIHF to open to residents, proving that innovative financing can boost the supply of much-needed housing. EIHF provided patient and low-cost catalytic capital for The Aries which, paired with more traditional financing sources, allowed the project to move forward on time and efficiently.
“We are delighted to see The Aries open to working families,” said Kris Hermanns, Fund Manager of EIHF for the Seattle Foundation. “This project is a testament to the power of collaboration in addressing our state’s affordable housing crisis. When public and private sectors work together, we can create positive, sustainable change in Washington State. It is an honor to celebrate this impactful addition to the community.”
“The investments in affordable housing made by this region’s business sector have been transformative,” said Susan Boyd, CEO of Bellwether Housing. “The Aries will be home to 200 families who previously had a tough time finding stable housing. They can now afford to live near transit, great schools and close to job centers. These homes and the stability they represent simply would not exist without the investments made by the EIHF.”
Large-scale affordable housing projects with family-size units often face financing constraints, especially in urban centers. The Washington State Housing Finance Commission (WSHFC) provided an allocation of bond cap and low-income housing tax credits (LIHTC) for The Aries. This public funding and EIHF’s private capital worked together to move the project forward. ;”Our state needs affordable housing at all income levels,” said Steve Walker, WSHFC executive director. “EIHF provides an important piece of the funding puzzle, filling critical gaps and stretching public funding to do more. Ultimately, that allows more working families to stay in Washington State and call this place home.”
Representatives from Bellwether, EIHF, and project supporters gathered for the grand opening of The Aries earlier today. The event featured remarks from Boyd Hermanns, Paul Buckland, Senior Vice President at Wells Fargo, and Selina Mendoza, Vice President at CitiBank. The morning culminated in a ribbon-cutting and guided tours of the building.
The Aries is located at 916 N 143rd St, situated near a community center, bike trails, the Bitter Lake Reservoir, as well as public transportation on Aurora Avenue. The Aries units cater to families of four earning up to $66,420 and individuals with an annual income of $46,500. Many of the apartment homes are two- and three-bedroom units that are well-suited for families.

ALBUQUERQUE, NM – The Bascom Group has acquired the Overlook Apartments, a 1988 built, 344-unit garden-style multifamily property located at 6200 Eubank Boulevard in Albuquerque, New Mexico. The property marks Bascom’s first multifamily acquisition in the state of New Mexico.
Brandon Harrington and Tyler Woodard of Northmarq arranged the debt financing for the acquisition with TPG Real Estate Finance Trust as the lender. The seller was represented by Northmarq’s investment sales team lead by Trevor Koskovich, Jesse Hudson, Cynthia Meister, Ryan Boyle, and Logan Baca. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.
The purchase of Overlook comes on the heels of the recent Bascom purchases including Avenida Lakewood, a 230-unit Active Adult (55+) apartment community in Lakewood, Colorado, and Texan26, a 204-bed student community in Austin, TX.
Vice President of Bascom, Tom Gilfillan, states “The Overlook adds another well-positioned asset to the Bascom portfolio, and the first in the state of New Mexico. The property is located within a desirable infill location with scarce new housing supply, and offers residents proximity to nearby employment centers, outstanding school choices, popular retail amenities, and numerous recreation options. The Albuquerque market continues to demonstrate attractive multifamily fundamentals, and we are excited to strengthen our footprint in this growing market.”
Located within the desirable Northeast Heights submarket of Albuquerque, The Overlook offers residents a low -density garden style community with an attractive unit mix of one- and two-bedroom units. Community amenities include two large swimming pools and spas, dog park, resident clubhouse, business center, fitness center, and barbecue areas. The property provides residents admission to outstanding nearby public schools with average ratings of 9/10, proximity to premier retailers like Whole Foods, Trader Joes, and Target, as well as accessibility to major employment drivers including Netflix Studios, Intel Corporation, Sandia National Labs, and the University of New Mexico.
Bascom’s, Paul Zakhary, Senior Vice President of Portfolio Operations, added, “The Overlook has been well-maintained while demonstrating consistent rental demand. As part of our strategic renovation program, Bascom intends to renovate unit interiors with new appliances, countertops, backsplash, cabinetry, as well as enhancing the property’s exteriors and community amenities. Most of the units remain in classic condition, giving our team room to add desirable elements while providing residents an affordable housing option.”

DALLAS, TX – Knightvest Capital, a vertically-integrated multifamily investment company, announced the successful acquisition of the Dorian Apartments, formerly known as the Tribeca Apartments. Situated in the coveted Legacy area of DFW, this 398-unit apartment community marks the latest strategic addition to the Knightvest portfolio.
The Dorian Apartment community was built in 2008 and features a mix of three and four-story structures across nine buildings, with units boasting an average of 910 square feet.
“With its strategic location, the Dorian Apartments fit seamlessly into our vision of acquiring institutional quality assets and transforming them into design-driven residential communities,” said David Moore, Knightvest Founder and CEO. “Our team is excited by this latest acquisition as we work to provide a high-quality alternative to new construction in this sought-after market.”
The community’s corridor spans Plano, Frisco, McKinney, and Allen cities experiencing an average population growth of over 50% in recent years. With Plano’s growth accompanied by the development of over 14.8 million square feet of Class A office space, the area has become a thriving live-work-play community.
Knightvest Capital closed the acquisition in December 2023 and plans to enhance the property by renovating unit interiors and property amenities, including the fitness center, pool area, and clubhouse.
“Our acquisition of the Dorian Apartments is another great example of how we’re executing our value-add strategy to deliver dependable results to investors, residents, and employees,” concluded David Moore.

PEORIA, AZ – 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 it has broken ground on Marlowe Peoria Place, the latest Marlowe-branded apartment community. Located west of Grand Ave. and south of Monroe St., this new community is part of Greystar’s master plan for Peoria Place, which will include more than 700 apartments, 255 build for rent homes and 400,000 sq. ft. of logistics.
“Marlowe Peoria Place is an important piece in the overall Peoria Place master plan,” Billy Cundiff, Greystar Managing Director, Development, said. “Marlowe Peoria Place will highlight the entrance to Old Town Peoria with a public art piece and bring 4,900 sq. ft. of retail space that will serve as an amenity to the entire area. This project is truly a partnership between the city and Greystar to get the master plan of the ground.”
“In Peoria, we realize that a diverse housing portfolio is key to attracting new business,” said Peoria Deputy City Manager Mike Faust. “Peoria Place is a wonderful addition to the community, bringing new retail businesses and connection to our P83 Entertainment District with easy access to the 101.”
As the first conventional multifamily community within the master plan, Marlowe Peoria Place is a three-story community with 370 apartment homes with one- and two-bedroom floorplans that range from 650 to 1,180 sq. ft. Marlowe Peoria Place Marlowe will balance comfort and luxury through their thoughtfully designed interiors including quartz countertops, stainless steel appliances, two bright color schemes, and abundance of community amenities. Community amenities will include a 1,200 sq. ft. fitness center, pickleball court, two dog parks, a coworking space in the clubhouse and a pool with cabanas and spa. The community’s architecture is Spanish desert which will have elements throughout the master plan as well.
The Peoria Place master plan is adjacent to the City of Peoria municipal offices and will bring restaurants, retail and lifestyle-related business to the Old Town area to complement the many events that the city hosts. The project is located half a mile south of Pioneer Community Park, an 83-acre public space with dog parks, an urban lake, public art and more than 10 lighted fields for various sports. Peoria Place is just a 10-minute drive from the Westgate entertainment district, State Farm Stadium, home of the Arizona Cardinals, and the Peoria Sports Complex where the Seattle Mariners and San Diego Padres play their spring training games.

ROCHESTER, NY – Conifer Realty, a nationally ranked, full-service real estate company specializing in the development, construction, management, and ownership of high-quality, affordable housing communities, and Community Preservation Partners, a mission-driven affordable housing preservation developer, have announced the planned renovation of Andrews Terrace, an iconic 526-apartment building complex on Rochester s waterfront for senior (62+) and disabled residents (and their families). This is the second joint community investment for Conifer and CPP in Rochester, following Keeler Park, which was purchased in October 2022.
Built in 1975, and located at 125 St. Paul Street, Andrews Terrace consists of two 19- to 22-story elevator-served residential buildings containing 526 studio, one-, and two-bedroom apartments. The buildings are connected fully on the first floor, with elevated outdoor walkways throughout. In recent years, the development has faced capital repair and maintenance challenges beyond what the operating budget could cover. In response to this, Andrews Terrace will receive extensive renovations estimated at $101 million, with a total project investment of approximately $335 million.
KeyBank Community Development Lending and Investment (CDLI) in partnership with the Urban Investment Group (UIG) within Goldman Sachs Asset Management, invested $135.6 million of 4% Federal LIHTC Equity and provided a $200 million construction loan. Additionally, KeyBank Commercial Mortgage Group closed $73.1 million Fannie MTEB and KeyBanc Capital Markets underwrote $163 million of tax-exempt bonds for this project. Federal and State Historic Tax Credit equity of $37.2 million will be provided by Chase Community Equity.
“We are excited to partner with Conifer Realty and Community Preservation Partners to revitalize Andrews Terrace, which provides a critical supply of affordable housing to Downtown Rochester. Our investment will help existing and new residents access safe, affordable housing and critical on-site services. We look forward to the lasting impact on the community of this next chapter in Andrews Terrace s nearly 50-year history, said Scott Maxfield, a Managing Director in the Urban Investment Group within Goldman Sachs Asset Management.
KeyBank has had a steadfast commitment helping the clients and communities we serve thrive, said Rob Likes, National Manager of KeyBank s CDLI team. We are deeply committed to helping underserved populations and are proud to partner with Conifer Realty and Community Preservation Partners to renovate, safe and decent affordable housing for seniors and disabled residents.
Preservation of this unique 557,602 square-foot downtown development, designed in the brutalist architectural style, will complement Rochester s ROC the Riverway Program, a unified plan which includes dozens of transformational projects along the Genesee River.
“We are thrilled to partner with Community Preservation Partners on the revitalization of Andrews Terrace, a cherished affordable housing community here in our hometown, said Jason Carroll, Senior Vice President of Acquisitions & Development at Conifer. This collaboration exemplifies our commitment to providing quality affordable housing and fostering sustainable neighborhoods that enhance the Rochester community. Together with CPP, we look forward to preserving the legacy of Andrews Terrace and creating an even brighter future for its residents.”
All apartments will receive considerable kitchen upgrades including new countertops, painting, new appliances, fixtures, and cabinets. Bathrooms will also be refurbished with the installation of new fixtures, vanity, and wainscotting. Once completed, 5% of the community s apartments will be brought into ADA compliance.
Common areas, including the lobby, community room, management office, maintenance shop, and parking garage, will be renovated with drywall repairs, painting, new flooring, and HVAC upgrades, as needed.
There will also be several new outdoor additions to the community including a community garden on the property s terrace, grandparents playground, a seating and grilling area, and bocce ball courts. Indoor amenities will include a fitness room, game room, reading nook, and two community rooms with serve-in kitchens. New mailboxes with parcel boxes will also be installed.
Additionally, elevators and electrical and plumbing systems will be upgraded. The building s signature cantilevered balconies and connecting outdoor breezeways will be fully restored and upgraded with new finish coating, bringing them back to their historical glory. Windows and select doors will be replaced, and the façade will receive concrete and masonry repairs.
Like many communities we serve across the nation, there is a significant need for affordable housing in Rochester, said Vice President of CPP East, John Fraser. So, it s incredibly satisfying to preserve this iconic affordable housing development for years to come. Andrews Terrace is a landmark and an important part of the community.
Under an existing Housing Assistance Payment (HAP) contract Andrews Terrace currently has 496 of its apartments reserved for residents earning an Average Medium Income (AMI) of 50% or less, with 30 apartments set at 60% or less of AMI.
The transaction, which closed on December 21, 2023, includes a 20-year renewal to the Project-Based Section-8 contract from HUD, as well as a new 4% Low Income Housing Tax Credits (LIHTC) from the New York State Division of Housing and Community Renewal (NYSHCR), federal Historic Tax Credits (HTC) from the National Park Service, tax-exempt bonds issued by COMIDA (the County of Monroe Industrial Development Agency), and New York State Historic Tax Credits from the New York State Historic Preservation Office (SHPO).
Renovations are scheduled to take 32 months to complete, with minimal impact to residents expected, said Ari Shachter, Director of Acquisitions and project lead for Conifer.

DALLAS, TX – Lion Real Estate Group, an investment firm focused on multifamily properties in the Sun Belt states, announced that it has acquired 240-unit District 2308, a Class B multifamily property located in Arlington, TX, approximately two miles north of AT&T Stadium, home of the Dallas Cowboys, and Texas Live!
Ben Kriegsman, Director of Acquisitions at Lion, said, District 2308 is our second acquisition in our third discretionary fund and represents an incredible opportunity for us to bring our proven, value-add program to another asset in the robust Dallas-Fort Worth (DFW) Metroplex. Lion now owns 2,226 units in DFW, and we are committed to growing our portfolio across the Sun Belt and Southeast by acquiring additional communities at an attractive basis.
To ensure that District 2308 meets Lion s high-quality standards and is in line with the rest of its Dallas-Worth Worth portfolio, the Firm plans to renovate 100% of the unit interiors with stainless steel appliances, quartz countertops, new flooring, refreshed paint, among other premium upgrades. Focusing on a niche sector allows for bulk pricing and reduced renovation costs per unit. Lion also intends to make improvements to amenities and common areas at the property.
Current market dynamics, our access to accretive fixed-rate financing, and our vertically integrated management platform separate Lion from many other real estate investment firms, allowing us to confidently deliver robust cash flows and risk adjusted returns to investors while providing quality housing to our communities, added Kriegsman.
The Firm recently onboarded a President of Operations and a Vice President of Marketing who will play an integral role in the Firm s rapidly expanding operations across the country.

DENVER, CO – Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and property manager, announced the start of leasing at Kindred Apartment Homes, joining Citizen West 10, as Quarterra’s second community in Denver’s historic Golden Triangle neighborhood.
Kindred is a 224-home high-rise community in the heart of one of Denver’s oldest and most refined neighborhoods, situated amid the city’s top museums, art galleries and civic institutions. Mirroring the local art-centric and eclectic vibe, the community’ design-forward vibe blends in among the casual cafés, upscale restaurants, vintage shops and public murals that define the city’s civic center. The property also features 3,800 square feet of retail space of its own, featuring Nanas Dumplings and Dim Sum and GoodVets. With unparalleled walkability and bike access, Kindred connects residents to neighborhood attractions, as well as Lower Downtown Denver.
“Kindred puts residents within walking distance of all the top cultural sites in Denver. The Golden Triangle is 45 square blocks of art, education, destination dining and unique bespoke shops,” said Chris Gillies, Quarterra City President. “Kindred establishes itself within the neighborhood due to its uncompromising design and living experience. Residents find themselves not only in an enviable location within the city, but surrounded by a modern and thoughtfully designed building that emphasizes comfort and convenience. We’re enlivened to deliver this exceptional lifestyle-focused opportunity and continue our leading role in energizing one of Denver’s most remarkable neighborhoods.”
Located at 180 W. 10th Ave., Kindred is surrounded by cultural institutions, including the Museum of Contemporary Art Denver, Colorado Convention Center, Denver Art Museum, History Colorado Center, Civic Center Park, the U.S. Mint and Denver Public Library. The community is also just a short distance from the city’s major sports and entertainment venues — Empower Field at Mile High, Ball Arena and Coors Field.
Quarterra is leading the re-emergence of Denver’s historic Golden Triangle neighborhood. A prominent resident neighborhood roughly a century ago, the Golden Triangle had been relegated to overflow parking for Downtown Denver, with little to no social or economic activity. Through Kindred and associated developments, Quarterra is rejuvenating the neighborhood and helping to reinstate its status in the city.
Ideal accessibility is facilitated by nearby major city routes, including Broadway and Speer Boulevard. These thoroughfares provide quick access to Denver’s Regional Transportation District (RTD) bus routes, FasTracks light rail line and Amtrak trains via Union Station. The community is also just minutes from Interstate Highways 25 and 70, leading to all ends of the city, state and beyond.
Kindred consists of studio, one- and two-bedroom apartment homes, ranging from 458 to 1,366 square feet. Modern in-home features include View smart windows (select homes) and smart thermostats. Spacious kitchens are appointed with stainless steel appliances, ceramic tile backsplashes, designer faucets and quartz countertops. Spa-style bathrooms include tile flooring and shower surrounds. Kitchens and living areas feature luxury vinyl plank flooring, while bedrooms are carpeted. Bedrooms also come equipped with expansive closet space. All homes include full-size in-home washers and dryers. Select homes are designed with kitchen islands, dedicated work-from-home spaces and mud rooms to accommodate the active Colorado lifestyle.
Community amenities include a sixth-floor spa and deck with outdoor fire pits and gaming areas. A 14th-floor view lounge offers exquisite panoramic views of the city and Front Range mountains, while a community lounge features billiards, shuffleboard and a catering kitchen. Residents also have access to a 24-hour fitness center, pet porch with dog run, bike storage area, resident storage spaces, and a five-floor parking garage with 13 electric vehicle charging stations. As part of Quarterra’s energy efficiency efforts, the property also includes solar panels and a green roof.
Kindred is Quarterra’s eleventh Denver Metro community, joining Parkhouse, Sync36, Strata, Canvas, Beacon 85, Camber, Citizen West 10, Emblem Gateway, Jayne, Malbec at Vallagio and Radiant.

DALLAS, TX – Noel Management, a leading multifamily housing operator focused on acquiring, managing, upgrading, and selling large-scale multifamily housing assets since 1985, announced today the launch on a new division to oversee all management functions for multifamily owners across select Texas markets.
Noel Management specializes in the full range of property management services, including acquisition, advisory, maintenance, lease-up, and marketing. With professional relationships spanning decades in the multifamily housing space, Noel Management offers apartment owners a competitive advantage through offering vertically integrated services designed to increase revenue and reduce operating costs.
The core leadership team at Noel Management consist of Lenny Licht, CEO and Stephanie Allen, Vice President of Operations, who together bring more than 75-years of industry experience to the table. Mr. Licht began his career with the Henry S. Miller Company, during his tenure as Assistant to the President, and Vice-President of the Multifamily Division for the Henry S. Miller Management, the division grew units under management seven-fold. Mr. Licht funneled this expertise into his own brainchild, Noel Management. Allen is an industry veteran with over three decades of experience in all aspects of property management, including acquisitions, dispositions, new construction, lease-ups, and value add opportunities.
The firm s success lies in its proficiency in anticipating market trends and developing a unique, aggressive strategy of capitalizing on growing in-place cash flows and optimizing expenses. Historically, the company has been successful in operating properties at approximately $300 per unit less than competitive management firms through a formula of reducing controllable expenses. Since its inception, Noel Management and its affiliates have owned, managed, brokered, and financed over 10,000 multifamily units, totaling over 1.1 billion dollars in value.
Noel Management is also leveraging the latest technology to transform cost structures, reduce human intervention and redundant tasks. The firm is deploying a leading edge AI-leasing platform by 365 Connect, which is designed to mitigate time on market for vacant units through automating the entire leasing process, giving the company the ability to deliver leases for signature and collect move-in fees within 60 seconds of an applicant s approval around the clock.
Lenny Licht, CEO of Noel Management, stated, “With our tract record of outperforming competitive properties in the markets we serve through focusing on maximizing revenues and prudently managing expenses, now is the perfect time to bring our services to market, especially with so many multifamily owners struggling to navigate today s changing economic headwinds. We look forward to executing our game plan and delivering exceptional returns for our managed portfolio clients.
Noel Management will begin onboarding managed communities starting in March. Management services will include operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing, and resident retention. More information is available at www.NoelManagement.com

WILMINGTON, NC – Middleburg Communities announced it has closed on an approximately 30-acre land parcel located at the intersection of S 17th Street and Independence Boulevard in the coastal city of Wilmington, where it will develop a dynamic build-to-rent community, Hamlet Barclay West. The 280-unit neighborhood development will be located across the street from The Pointe at Barclay, Midtown Wilmington s premier dining and entertainment destination, and will feature a mix of cottages, duplexes and townhomes.
Wilmington s explosive growth over the years has resulted in strong demand for high-quality, build-to-rent communities like Hamlet Barclay West, stated Alexi Papapieris, Senior Vice President of Development for Middleburg s Carolinas Region. We are excited to break ground on this project and deliver a product that meets the needs of the market and offers a lifestyle that is coveted by individuals and families alike.
Hamlet Barclay West, situated less than 20 minutes from nearly everything Wilmington has to offer, including Historic Downtown Wilmington, Wrightsville Beach, Carolina Beach, the University of North Carolina-Wilmington and all major employers, will offer the benefits of traditional single-family living without the requirement of a down payment or property maintenance. The community will feature a neighborhood-style design that is characterized by tree-lined streets, pocket parks and shared greenspaces, while all units will have spacious layouts, private entries and backyards.
The amenity-rich development will offer a variety of one-, two- and three-bedroom floorplans, with all units featuring high-quality interior finishes, such as quartz countertops, stainless steel appliances, shaker wood cabinets, tile backsplashes, and luxury vinyl plank flooring. What s more, the community will have numerous amenities throughout, including a clubhouse with a resort style pool and fitness center, electric vehicle charging stations, a dog park, a pet spa and more.
Wilmington s strong underlying fundamentals and rapid growth are illustrative of Middleburg s investment criteria and the cities it looks to invest in throughout the Sunbelt. Wilmington s economy is driven by industry leaders in healthcare, education and manufacturing including General Electric, Verizon, Duke Energy, Novant Health, Wilmington Health, UNC Wilmington, Cape Fear Community College, Pharmaceutical Products Development, Corning and The Port of Wilmington.
According to Austin Knapp, Partner and Senior Managing Director of Development, Wilmington is a city that we project will continue to experience robust population inflows and investment activity over the long-term as it offers the charm, quality of life and employment drivers that make it an ideal place to live, work and play.

DENVER, CO – April Housing, a Blackstone Real Estate portfolio company, and Dominium, a leading affordable housing owner, developer, and manager, announced plans to develop 222 age-restricted units of new affordable housing in Aurora, Colorado. In line with April s mission to preserve and create new affordable housing across the country, Blackstone is providing $37 million of tax credit equity to begin development of the community, which will be named Atria at Metro Center.
This builds on April Housing and Dominium s development of 568 low-income tax credit units to date, bringing the total to nearly 800 new, affordable units, made possible by the relationship with Dominium and Blackstone s cumulative $116 million investment.
Atria at Metro Center will be an age-restricted, seniors property, which will be available to those earning on average at or below 60 percent of the area median income. The property will be situated in Aurora near the light rail and several major highways, convenient shopping and medical centers, and Denver International Airport. Atria at Metro Center will feature several community amenities including a clubhouse, business center, exercise facility, library, and beauty salon. The development will also include a pocket park and public art.
Dominium is excited about the opportunity to be able to create 222 new affordable homes for Colorado seniors. It s taken a team of committed lenders along with April Housing as an equity partner to be able to start construction on these important homes, said Ron Mehl, Dominium s Senior Vice President & Project Partner in Colorado.
We are delighted to build our third affordable community in partnership with April Housing and Blackstone, said Mark Moorhouse, Managing Partner and Executive Vice President of Development at Dominium. Both April Housing and Blackstone have been tremendous partners, and we couldn t be more excited about what we can accomplish together for the residents and communities we serve.
Creating communities like this one adds to critically needed affordable housing supply while facilitating financially stable, independent lives for seniors, said Alice Carr, CEO of April Housing. We are proud to be part of this development project, are grateful for Blackstone s investment and look forward to continuing to grow our relationship with Dominium.