NEWPORT BEACH, CA – Bain Capital Real Estate and Cherry Tree Capital Partners announced the formation of BCT Development, a strategic joint venture focused on the ground-up development of premier rental townhome communities throughout Southern California. The joint venture launches with the objective of deploying several hundred million dollars of gross capital over the next several years.
BCT Development will initially focus on acquiring, entitling, and developing land in Southern California s highest-growth suburban markets with the goal of providing differentiated rental product by way of elevated townhome communities. The partnership plans to target developments in growing neighborhoods, ensuring that residents have access to the best-in-class amenities, schools, and entertainment options.
Chris Marsh and Tim Stanley, who together previously oversaw an aggressive 22,000+ unit multifamily development pipeline as executives of Irvine Company, launched Cherry Tree Capital Partners in 2021 and will lead the new BCT Development venture.
Aging millennials are the fastest-growing demographic in Southern California. As individuals and families continue to migrate to the suburbs, they re faced with a lack of attainable for-sale housing, and quality alternatives. That s where BCT comes in — meeting this deep need of elevated rental living through our premier townhome communities, all while prioritizing affordability by design, Mr. Stanley said. Bain Capital Real Estate has a long-standing reputation as a thoughtful, thematic investor who shares our conviction in the multifamily housing space. We are thrilled to partner with their team to launch this differentiated and well-capitalized platform to execute on our investment strategy and provide new housing solutions to California residents, added Mr. Marsh.
Our multifamily strategy is closely aligned with our thematic investment approach. In a supply constrained market with growing consumer demand, we believe there is a significant opportunity to develop premier townhome communities for the high concentration of households in Southern California that have been priced out of homeownership, said Martha Kelley, a Managing Director at Bain Capital Real Estate. We look forward to a successful partnership with the Cherry Tree Capital Partners team and leveraging the combination of our deep industry expertise to provide renters with high-quality, affordable housing options.
Cherry Tree Capital Partners recently appointed Josh Wheeler as Head of Land Acquisitions. Mr. Wheeler brings over a decade of California land acquisitions experience to the company, and most recently served as Vice President of Land Acquisition at KB Home for over a decade. The Cherry Tree Capital Partners team also includes Principals Austin Maleki, Mike Wu, and John Bosco.

ROCKVILLE, MD – Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced the acquisition of a five-property portfolio spanning 1140 units across the D.C. metropolitan area and North Carolina.
The deal, with total project costs of $208 million, transfers ownership of four properties in Prince George’s County and Montgomery County, Maryland, and one property in Gastonia, North Carolina, to HVPG. The properties are as follows: Village Square, Gastonia, NC, 150 units; Central Gardens, Capitol Heights, MD, 96 units; Millwood Townhomes, Capitol Heights, MD, 77 units; Pleasant Homes, Seat Pleasant, MD, 287 units; Rock Creek Terrace, Rockville, MD, 528 units.
The acquisition marks the next step of HVPG’s growth in the Mid-Atlantic and Southeast regions. While the firm has previously undertaken rehabilitation projects in Maryland, the acquisition also represents HVPG’s first project in North Carolina.
“The acquisition of these properties marks an exciting milestone for our firm, as we have increased our current portfolio of affordable housing to 65 communities with more than 10,650 units throughout the Northeast, Midwest and Mid-Atlantic and Southeast regions of the United States,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “The continued growth of our holdings since our founding is a testament to our continued commitment to preserving quality affordable housing that benefits both our residents and the communities they call home. We thank our partners for their ongoing collaboration and look forward to upgrading these properties in line with our proven investment strategy.”
As part of its acquisition strategy, HVPG will improve and preserve each of the 1140 units of affordable housing included in the portfolio, while furthering its goal of uplifting and revitalizing communities through HVPG’s investments in high-quality, sustainable neighborhood assets. HVPG is planning approximately $13M of initial renovations across the 5 properties that will encompass a variety of holistic improvements, including site infrastructure upgrades and a number of in-unit bathroom, kitchen and apartment safety improvements as needed to ensure adherence to HVPG’s community standards.
To ensure long-term affordability for its residents, HVPG secured new or assumed existing governing regulatory agreements for each of the properties with agencies inclusive of U.S Housing Urban & Development (HUD), Prince George’s County and Fannie Mae extending affordability by an average of 29.5 years across the portfolio.
The acquisition and property rehabilitations are financed from Hudson Valley Property Group’s latest fund, as well as debt financing from Fannie Mae arranged through JLL.

TAMPA, FL – Thompson Thrift, a full-service nationally recognized real estate company, announced the development of The Stadler, a 279-unit multifamily community in the Tampa suburb of Bradenton. Thompson Thrift plans to welcome new residents beginning in summer 2025.
“The Sarasota-Bradenton metro has seen significant household growth in recent years and Thompson Thrift looks forward to providing residents with an upscale rental living option with views of Sarasota Bay,” said Josh Purvis, managing partner for Thompson Thrift Residential.
Located off El Conquistador Parkway, the nine-acre site will offer one-, two- and three-bedroom apartment homes with up to 1,445 square feet. Its location near Sarasota Bay will provide ocean views from a number of apartment homes as well as an array of in-demand amenities including stainless-steel appliances, timeless tile backsplashes, designer fixtures and finishes, hardwood-style flooring, patio and balcony options, a full-size washer and dryer, detached garage option, as well as a suite of Alexa-compatible smart home technology. Community amenities will include a fully equipped 24-hour fitness center, bike storage, pickleball court, dog park with pet spa and grooming station, a covered sky deck and Thompson Thrift’s first ever lazy river-style swimming pool.
Brian Timberman, president of Thompson Thrift Construction, added, “Our team puts their hearts into each of our communities, but this one holds a very special place for us as it has been named in honor of Henry Stadler, late senior vice president and chief operating officer of Thompson Thrift Construction. We are forever grateful for his 27 years of service, friendship and dedication to our organization.”
The Stadler is located on the southern border of the Lake Flores master planned community, a mixed-use development that will encompass nearly 1,300 acres and feature 6,500 homes, 2 million square feet of retail, 1 million square feet of office space, 500 hotel rooms and a beautiful 19-acre man-made lake. Residents of The Stadler will also enjoy easy access to the Sarasota-Bradenton Airport, downtown Sarasota, downtown St. Petersburg and downtown Tampa.
The Sarasota-Bradenton MSA has soared to the top of many charts in recent years, including #1 Best Places to Live on the Coast, #1 Best Quality of Life in America, #1 Beach in America and #2 Most Entrepreneurial Area among midsize metros in the U.S.
Thompson Thrift is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. The company continues to expand its footprint with eight new residential developments targeted for 2024, including new markets in Georgia, Utah and Idaho. The Stadler marks Thompson Thrift’s 15th multifamily community in Florida.

KILLEEN, TX -The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with The City of Killeen Public Facility Corporation (PFC), J.P. Morgan, and Texas Capital Bank, celebrated the grand opening of Station42, a 368-unit mixed-income multifamily project in Killeen, Texas.
Station42 showcases NRP’s dedication to offering quality housing for Central Texas residents at all income levels, with a focus on the “missing middle” who face challenges affording market-rate rents amid the region’s rapid population growth. To meet this demand, more than half of the property s units are reserved for residents earning less than 80 percent of the area median income (AMI).
“It’s an honor to play a role in the revitalization of North Killeen while providing high-quality housing for members of the military, young professionals, and working families,” said Parker White, Vice President of Development at the NRP Group. Collaborating with the City of Killeen is a privilege, and we look forward to contributing to the city’s continued growth and prosperity.”
Located near the corner of W.S. Young Drive and East Veterans Memorial Boulevard, adjacent to Conder Park, Station42 boasts a robust onsite amenities package. Residents will have access to a 24-hour fitness center, club room, gaming area, kitchen and dining space, and a coworking lounge space complete with two tech-enabled conference rooms. The development s outdoor amenities include a dog park and entertainment area with dining space, a resort-style pool and a grilling deck. A package concierge and private, detached parking garages with EV charging stations are also available. The property is in proximity to Killeen s historic downtown.
In-unit finishes include keyless fob entry, in-suite washers and dryers, LED backlit mirrors, built-in USB ports, and, in select units, balconies are available. Kitchens feature stainless steel appliances, maple white quartz countertops, white brick kitchen backsplashes, undermount sinks and under-cabinet kitchen lighting.
We are thrilled to celebrate Station42 which brings a new dimension to our community but also presents a unique affordability opportunity for our constituents, said Jessica Gonzalez, Killeen City Council Member District #1. Station42 stands as a robust economic driver, and I believe it will significantly enhance the well-being of our residents while concurrently diversifying the range of housing options in Killeen. It s beautiful to have the finished product here in our neighborhood.
Killeen has a population of nearly 160,000, making it the 19th-most populous city in Texas and the largest of the three principal cities of Bell County. Due to the city s proximity to Fort Cavazos, Killeen s local economy is interconnected with the activities of the post, and the soldiers and their families stationed there.
Station 42 signifies growth, revitalization and progress, said Kent Cagle, Killeen City Manager. It will also help reinforce our Killeen 2040 Comprehensive Plan, with its proximity to our Historic Downtown, as the goal is to continue to build up the downtown district and the surrounding neighborhoods, which is critical to the city s fiscal health. We ve made investing into the north side neighborhoods a priority.
J.P. Morgan partnered with The NRP Group to provide equity investment in the project, while construction financing was provided by Texas Property Bank.

NORCROSS, GA – PruittHealth, a family-owned organization for more than 50 years, is expanding its senior living offerings in Georgia with the acquisition of Brighton Gardens of Buckhead. The Norcross-based company is renaming the assisted living community PruittPlace-Buckhead and plans future renovations for the prime Lenox Road location.
“We are excited to grow our ability to provide more active senior living options, especially here in the metro Atlanta area,” said Neil L. Pruitt, Jr., chairman and CEO of PruittHealth. “Georgia is our home, and we intend to make sure that PruittPlace-Buckhead is a vibrant community and a flagship of exceptional service for seniors.”
The beautiful Buckhead campus features a carefree lifestyle with fine dining, a casual bistro, and personal housekeeping and laundry services. The pet-friendly community also includes lush gardens and relaxing outdoor porches, patios, and a sunroom, as well as activity rooms, social spaces, a library, and a private dining room that can be reserved for family gatherings. PruittPlace-Buckhead has room for 112 residents to call home with a choice of floor plans and suites to appeal to different needs. The center also accommodates short-term rehabilitative care and memory care, providing comfortable and safe surroundings when needed.
“For more than 50 years, we’ve had the privilege of caring for loved ones,” continued Pruitt. “At PruittHealth, family is the centerpiece of everything we do, and we’re excited to create lasting relationships with the residents, staff, and families of PruittPlace-Buckhead.”
With the addition of PruittPlace-Buckhead, the organization operates 108 senior communities and health care centers in five states.

MIDLOTHIAN, VA – Middleburg Communities announced it has secured financing from Simmons Bank to begin construction of Hamlet Falling Creek, a 260-unit build-to-rent community to be developed along Genito Road in Midlothian, Virginia about 20 minutes southwest of Downtown Richmond. The project marks Middleburg s second build-to-rent community in Midlothian, joining Hamlet Watkins Centre, which is currently under construction.
We are excited to develop Hamlet Falling Creek, which, together with Hamlet Watkins Centre, will set the standard for what build-to-rent living in Richmond is all about, said Robin Bettarel, Managing Director of Development for Middleburg s Mid-Atlantic Region. This type of community is highly appealing to all types of lifestyles – families, individuals, empty nesters – as it provides the opportunity to reside in a high-quality, meticulously maintained neighborhood without the burden of property upkeep or maintenance.
Part of an approximately 100-acre master plan including for-sale homes and townhomes, retail, and preserved wetlands, Hamlet Falling Creek will offer one-, two- and three-bedroom cottages, duplexes and townhomes for rent. Like Hamlet Watkins Centre, the community will provide a truly differentiated living experience, with luxury finishes in every home, a best-in-class amenity package and a pedestrian-friendly neighborhood design. Situated between Route-288, Powhite Parkway, and Hull Street Road, the property s location offers easy access to Downtown Richmond and 530,000 jobs within a 30-minute drive. The site is located in the highly-rated Chesterfield County school district and is part of the Genito Road/288 Corridor improvement plan, which includes landmark projects such as the recent expansion of the RiverCity sportsplex and The Lake, a massive surf-park anchored development currently under construction.
Selim Tay-Agbozo, President of Middleburg Development, stated, The Richmond MSA possesses many of the fundamentals that drive our investment decisions. It continues to benefit from strong population growth as a result of its robust business climate, top-tier school and health systems, and desirable quality of life. On top of that, the availability of single-family homes available for purchase or rent in the area is at historic lows, and we look forward to helping fill that gap with the development of these two communities.
Hamlet Falling Creek will offer renters a new rental experience blending the amenities and professional management of a Class-A apartment community with the welcoming feel of a neighborhood. All residences will feature stainless steel Energy Star appliances, quartz countertops, luxury vinyl plank flooring, 9 ceilings, private patios with yard space, and more. Shared amenities include a resort-style pool, fitness center, dog park, several pocket parks and shared green spaces, co-working booths, EV charging stations and extensive pedestrian walkways.
Middleburg expects the first units at Hamlet Falling Creek to be completed in late-2025. Middleburg currently has six built-to-rent communities under construction in Richmond, Charlotte, Charleston, Jacksonville, Huntsville, and Wilmington.

HOUSTON, TX – Sunstone Two Tree, a developer and operator of rental housing communities in high-growth markets throughout the United States, announced that it has acquired a 384-unit multifamily apartment property in Houston, Texas, with plans to fully renovate the community. The company purchased the property, located on Elmside Dr. in the Westchase neighborhood of Houston, Texas for $28.9M and will spend $10.5 million on upgrades. Sunstone Two Tree is handling the construction, which has already started, with an anticipated completion date in 2025.
“Houston continues to experience strong job and population growth as evidenced by ranking fifth in the nation in terms of relocations from other cities. Despite construction in recent years, demand has kept vacancies below ten percent in the market,” said Scott Maddux, President of Sunstone Two Tree. “Workforce rental housing appeals to the largest segment of today’s renter market and has proven to be extremely resilient, even during periods of economic uncertainty. We’re pleased to continue our work in Houston to bring high-quality, comfortable, safe and attainable housing to the area.”
The Villas Del Paseo community was built in 1978 and has received few improvements over the years. Sunstone Two Tree will manage a top-to-bottom upgrade of the asset, renovating the interiors of all 384 units with high-quality flooring, hard-surface counters, updated lighting, stainless steel appliances and new cabinetry. On the exterior, it will invest in new paint, do a full roof replacement, add/enhance exterior lighting, improve the landscaping and signage, and repair the balconies and parking lot. It will also update the clubhouse and pool and add dog parks and barbeque areas. The renovations will take place in two phases. The first will include the 144 units east of Elmside Drive, with the remaining 240 being completed in phase two.
Villas Del Paseo is well-positioned to serve the workforce housing community in Houston. It is conveniently located in Westchase, 13 miles from Downton Houston and 20 miles from the William P. Hobby Airport. It is 9 miles from the Energy Corridor, 4 miles from the Memorial City Mall and 3.5 Miles from the Memorial Hermann Hospital. It is also close to the headquarters of several major employers in the area.
Sunstone Two Tree purchased Villas Del Paseo from Comunidad Partners, which has managed the property since 2019. Matt Saunders with Newmark represented the seller. In addition to the Villas del Paseo community, Sunstone Two Tree owns Commons at Westchase, a 282-unit property located 1.3 miles west of Villas Del Paseo, on which it executed a value-add business plan. The company also acquired Village at Westchase, a 462-unit value-add property in 2016, which it sold in April 2022.
Sunstone Two Tree is an acquirer, developer and operator of attainable rental housing communities in high growth markets across the United States. Since its inception in 2012, it has acquired or developed thousands of rental units across the country.

NEW ORLEANS, LA – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, announced that it has acquired Tivoli Place and will carry out an extensive rehabilitation of the property. This a milestone transaction for the company, as it is LAC’s first rehabilitation using Historic Tax Credits and its first within the state of Louisiana. As a part of the renovation, LAC will invest more than $35 million to upgrade the century-old building, preserving its historic structure and ensuring it remains designated senior affordable housing.
Built in 1917, Tivoli Place sits on historic St. Charles Avenue within the Warehouse District. The neighborhood is home to landmarks including the former city hall, the world’s oldest continually operating streetcar line, the Mississippi River and Caesar’s Superdome.
“LAC is honored to grow our affordable housing portfolio through the acquisition of such a historically significant property,” said LAC CEO Jeremy Bronfman. “As rent pressure remains high in New Orleans, this historic rehabilitation will preserve access to affordable senior housing while enhancing the Tivoli Place community and providing important new services for residents.”
Tivoli Place provides 163 units of affordable housing for seniors earning no more than 20-60% of the Area Media Income. Further, the property’s 8 total 20% AMI units are set aside for Special Needs Households. The development is further covered by a federally subsidized Housing Assistance Payment contract that has been renewed for an additional 20 years in conjunction with the rehabilitation, further preserving the project’s affordability. This transaction will protect the much-needed affordable apartments in the Warehouse District, which is part of the City’s Inclusionary Housing Zone designated as a high-cost-of-living area.
LAC will install new central heating and cooling, replace old plumbing, upgrade finishes, and raise ceiling heights in each unit. New community amenities will include a media room, library, fitness center, dining room, bike storage, security upgrades, and health care exam room. LAC will also improve the property’s sustainability and resilience by installing new fixtures to reduce the property’s water and power consumption as well as rooftop solar panels and structured solar in the parking lots to offset electricity usage.
Residents will have on-site access to preventative health care screenings, exercise classes, mentoring programs, transportation, disability counseling, and other social programs.
“LAC is proud to close on our first Historic Tax Credit rehabilitation and to help preserve and enhance this historic property,” said David Garcia, LAC Vice President & Project Partner. “Our renovations will ensure that Tivoli Place provides high-quality, attainable, and resilient homes for generations of New Orleans residents.”
The deal was financed through Low Income Housing Tax Credit equity from Boston Financial syndicating to Capital One; federal and state Historic Tax Credits, in partnership with JP Morgan Chase and Stonehenge, respectively; tax-exempt bonds by the Louisiana Housing Corporation; a HUD 221(d)4 loan serviced by Capital One; an equity bridge loan from Huntington National Bank; a PILOT agreement with Finance New Orleans; and solar tax credit equity being syndicated by Boston Financial.
“Boston Financial is proud to have partnered with Lincoln Avenue Communities, Capital One, Huntington Bank, Finance New Orleans, and the Louisiana Housing Corporation on Tivoli Place,” said Roy Faerber, Senior Managing Director at Boston Financial. “We are excited to see the impact this project will make to the community, helping to preserve 163 affordable homes as well as rehabilitate a remarkable historic building in the heart of the New Orleans’ Lafayette Square Historic District. Boston Financial’s vision is to create a future where everyone has a home, one investment at a time, and Tivoli Place is a shining example of that belief in action.”
“Affordable housing preservation and creation is greatly needed in New Orleans and across Louisiana, and the rehabilitation of Tivoli Place underscores Capital One’s commitment to helping solve the affordable housing gap at scale,” said Dan Miller, Capital Officer for Community Finance at Capital One. “We are proud to work alongside Lincoln Avenue Communities as the low income housing tax credit equity investor and originator of the HUD 221(d)(4) mortgage that will finance unit upgrades and add resident amenities, including digital and healthcare access.”

ATLANTA, GA – ECI Group (ECI), with joint venture partner, The Griffin Fund, has started construction on The Averly Collins Hill, a $76 million, eight-building, 300-unit, Class A apartment development on 22 acres at 700 Collins Road in Lawrenceville, GA. ECI Construction is the general contractor and construction financing was provided by Synovus.
The three-story, garden-style residences will complement a planned 55+ active adult housing and a commercial component to be developed by others in the Lawrenceville Gateway development. The Averly Collins Hill will deliver concurrently with the nearby 15-story Northside Hospital Gwinnett tower that is bringing 3,000-5,000 jobs to its location.
“ECI is excited to partner once again with The Griffin Fund to build premier housing near downtown Lawrenceville,” said ECI Vice President of Development, Stephen Stover. “We very much appreciate the collaboration and support we received from the City of Lawrenceville, particularly Mayor David Still, City Manager Chuck Warbington, and Planning and Development Director, Todd Hargrave. With their perspective and vision, The Averly Collins Hill will provide residents coming to the City for its jobs, amenities, schools, and resources with convenient and quality housing in a mixed-use neighborhood.”
The $46 million construction loan provided by Synovus comes amidst a challenging financing environment. Seth Greenberg, ECI Group CEO, added, “We are particularly appreciative of the confidence that Synovus demonstrated in this well-located and thoughtfully conceived development, providing ECI with the construction financing needed to start this project immediately and in the best window for delivery.”
The Averly Collins Hill is located adjacent to University Parkway (SR-316) and Collins Hill Road and within walking distance of an existing Walmart Supercenter-anchored shopping center. Major local employers include Northside Hospital Gwinnett, Georgia Gwinnett College, and the 2,000-acre Rowan technology and research project.

HOUSTON, TX – Venterra Realty recently acquired the Cendana District West community located in Richmond, Texas. The 349-unit four-story mid-rise multifamily community was built in 2023 and offers modern one, two, and three-bedroom residences that range from 592 – 1542 square feet in 11 unique floor plans.
The apartments feature high-end interior finishes, like Granite Countertops, Stainless Steel Appliances, Garden Tubs, Walk-In Showers, Washers and Dryers, and Oversized Closets. Some apartments offer a kitchen island and double-sink vanities.
The property provides renters with the largest pool in the area, two resident lounges, co-working and or micro office spaces, 24/7 fitness center and yoga studio, media room, dog park and pet spa.
Well located in the fast-growing Richmond area of Fort Bend County in southwest Houston, just a short distance from the Westpark Tollway and the Grand Parkway, the area offers easy access to many of the major employers in Houston. Venterra also currently owns The Retreat, in the same neighborhood about 2 miles from Cendana.
Venterra will implement its resident-focused programs such as the Live it. Love it. Guarantee., the 48-Hour Maintenance Guarantee, and SMARTLEASING.
“We have seen excellent growth in the Houston area and are excited to expand our Texas portfolio with the addition of the amenity-rich luxury property Cendana District West,” said John Foresi, CEO of Venterra Realty. “Venterra has become known as a company that is committed to providing a market-leading living experience, and we look forward to identifying opportunities to further enhance the standard of living at Cendana District West by implementing Venterra’s customer-focused management platform,” added Venterra Chairman, Andrew Stewart.