SAN DIEGO, CA – Affirmed Housing, a leading provider of affordable housing throughout California, in partnership on a long-term ground lease with HP Investors, a San Diego-based real estate investment and management company, announced that construction has commenced on Symphony at Del Sur, a new mixed-use, workforce housing community located in San Diego s Del Sur neighborhood and within the Poway Unified School District.
Once complete, Symphony at Del Sur will deliver more attainable housing options and seamless living opportunities for middle-income families and local workers who are otherwise commuting long distances to work. The complex will feature 171 apartments for households earning between 30 and 80 percent of the area median income (AMI), as well as 8,768 sq. ft. of commercial retail space for a future tenant, such as a restaurant, that will provide a gathering place for families and generate jobs in the area.
This project demonstrates what s possible when we come together to execute on a common goal – housing hardworking San Diegans, Mayor Todd Gloria said. I m proud that our Affordable Housing Permit Now program, which stemmed from my executive order to streamline permitting for affordable housing projects, has helped Affirmed Housing get these critically needed, rent-restricted new homes through the process so quickly.
Symphony at Del Sur s development uniquely leverages only federal and state tax credits, along with conventional permanent debt. Working alongside the City to secure necessary approvals, Affirmed Housing tapped Affordable Housing Permit Now, a program created this year by the City s Development Services Department in response to an executive order issued by Mayor Gloria directing City staff to streamline the ministerial permit process for affordable, workforce housing projects. The program s accelerated timeline benefits allowed Affirmed Housing to obtain building permits in roughly five months, rather than the more typical 9+-month timeline. The development, one of the first to use the new program, has been well received.
Ensuring safe, high-quality housing for citizens at all income levels is paramount for cities health and prosperity, and the City of San Diego has been a consistent, reliable partner providing the tools necessary to deliver urgently needed housing resources quickly and efficiently, said Affirmed Housing President Jimmy Silverwood. Symphony at Del Sur showcases what s possible under these policies, and it raises the bar on what it looks like to build sustainable and inclusive communities that everyone can enjoy.
Symphony at Del Sur is situated on an approximately 3.2-acre site, making use of creative layout strategies to maximize buildable space on the land s unique topography. With height sensitivities in mind, the project s structures are capped out at three stories and will contain 171 apartment homes in a mixture of one-, two-, three- and four-bedroom units, two of which are set aside for the onsite property managers. Each apartment will come with energy-efficient appliances and HVAC. Offsetting a large portion of the tenant electrical load, all available rooftop space will be utilized for solar PV. For added sustainability, water-saving measures will also be employed throughout the all-electric residential portion of the project.
Incorporated throughout the development are several shared amenities designed to foster community engagement. In addition to the shared laundry room, the first floor will house a community room, an activity-learning center for after-school programs, multiple recreation areas, and property management offices. Outdoor amenities, including play areas for children ages 2-12 and 13-17, will be provided in five main courtyards distributed across the site, and there will be a three-story garage structure for residential and commercial parking. Residents will also have complimentary access to onsite services and programs relating to financial literacy, health and wellness, resume building, parenting and computer training. An onsite service coordinator will plan community-building activities.
Further supporting Affirmed Housing s emphasis on seamless living, Symphony at Del Sur is located within a high-resource area, giving residents easy access to several off-site amenities. Conveniently located nearby are a public park, public library, grocery store, medical center and pharmacy.
Affirmed Housing s development partners for Symphony at Del Sur include: DAHLIN Architecture Planning, Project Design Consultants a Bowman Company, NOVA Engineering and Form/Work Landscape Architecture. HA Builder, an affiliate of Affirmed Housing, is the project s general contractor.

LOS ANGELES, CA – Thrive Living, with the support of JPMorgan Chase, is delivering a new 376-unit affordable and workforce housing community on the site of a former industrial storage facility north of Downtown Los Angeles.
Last year, Thrive Living secured entitlements for the site, located at 1457 North Main Street, and recently began construction of a contemporary six-story mixed-use apartment complex that will help meet the need for more affordable and workforce housing in Los Angeles.
JPMorgan Chase, through its Workforce Housing Solutions group (formerly Capital Solutions), is providing a $68.5 million construction loan to an entity controlled by Thrive Living, which anticipates completing the Main Street project by December 2024.
The rents for all of the building s 376 units are attainable for low- and moderate- income residents earning up to 80% Area Median Income (AMI). Some examples of moderate-income residents are teachers, nurses, and other essential workers for whom housing costs often exceed more than half of their income. The building will also welcome individuals with Housing Choice Vouchers.
This project aligns with Thrive Living s mission to acquire and redevelop strategically located sites in urban markets that are experiencing significant housing affordability gaps. Like other Thrive communities, the Main Street project is privately financed without the use of scarce public subsidies.
Our non-subsidized financing model enables us to make a bigger impact and move faster to build more affordably priced housing without concern for ceilings imposed by limited tax credits, said Zak Tendle, Principal, with Thrive Living s Los Angeles office. We are so appreciative of the opportunity to work with the team at JPMorgan Chase and bring this important housing project to life in Los Angeles, where quality housing that is affordable to residents is in such short supply.
JPMorgan Chase is a leader in providing debt for low-income housing tax credit (LIHTC) affordable housing projects. Our Workforce Housing Solutions group expands our financing offerings to include workforce and mixed-income projects with restricted rents, said Lionel Lynch, Director of the Community Development Banking Workforce Housing Solutions Group at JPMorgan Chase. This fully rent-restricted Main Street project fills a significant gap between affordable housing for low- income families funded with LIHTC and unrestricted market-rate housing, providing safe and stable housing with attainable rents in high quality new construction with vibrant community amenities.
This is JPMorgan Chase s first construction loan to a 100% rent- and income-restricted workforce housing multifamily community.
Thrive s Main Street property features a cost-effective, innovative design approach that drives down construction costs while maintaining quality. The company s goal is to build upwards of 5,000 units of affordable and workforce housing each year in California.
The 1457 Main Street project reflects Thrive Living s approach to create spaces for residents that enrich the living experience. The property will include resident amenities equal to or better than many market-rate developments. These include a landscaped roof deck, including a BBQ and dining area with seating, as well as a gym, recreation room, Amazon package room, and business center. The transit-oriented property is located near public transportation, and is a short walk from the Los Angeles Historic Park as well as dozens of shops, restaurants, and other community amenities. Parking will be located below the building and will include EV charging stations.

GEORGETOWN, 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 Georgetown, a garden-style community located in one of the fastest-growing cities in the U.S.
Situated approximately 25 miles north of downtown Austin, Modera Georgetown features 318 apartment homes and is part of Highland Village, a master-planned community that also includes single-family homes, commercial development, a three-acre park and a recreational trail system. First move-ins are anticipated for February.
“Georgetown continues to become one of the fastest growing and most desirable locales across the Austin region with its small-town vibe, charm and conveniences,” said Matthew Bunch, managing director of development in Austin for Mill Creek Residential. “As the area becomes a more popular living destination, demand for quality housing has followed suit. We’re eager to help address that demand by offering a refined living experience in a comfortable location not far removed from the thriving employment and entertainment districts of the city.”
Located at 29600 Ronald Reagan Boulevard, Modera Georgetown features a modern farmhouse architectural design, high-end interior finishes and deluxe amenities. Interstate 35, SH-130 and SH-195 are within a short drive of the community and provide connectivity to the greater Austin metro area to the south and the Killeen/Fort Cavazos (formerly Fort Hood) area to the north.
Residents also can easily access Georgetown’s historic town square and surrounding area, which is home to a bevy of restaurants, craft breweries, entertainment venues and cultural attractions. The community also sits within four miles of popular Lake Georgetown, within one mile of the emerging Parmer Ranch master-planned community and is part of the thriving Georgetown Independent School District.
Modera Georgetown offers one-, two- and three-bedroom homes with various layouts available and an average size of 914 square feet. Community amenities include a resort-style pool with tanning ledge, grilling area, resident clubhouse with work-from-home spaces and coffee bar, landscaped courtyards shaded by heritage oak trees, pickleball courts, onsite pet park and pet spa, playground, common-area WiFi and a club-quality fitness center with cardio equipment and a yoga/Pilates studio.
Apartment interiors feature nine-foot ceilings, wood plank-style flooring, stainless steel Energy Star appliances, granite countertops, pull-down faucets, tile backsplashes, under-cabinet lighting, in-home washers and dryers and walk-in closets. Bathrooms include soaking tubs and tile surrounds with double vanities in select homes.

ALEXANDRIA, VA – Bell Partners, one of the nation’s leading apartment investment and management companies, announced it has acquired The Thornton, a 439-unit apartment community located in Alexandria, VA. The community was acquired on behalf of the Company’s Value Add Fund VIII investors and will be renamed Bell Old Town.
“Bell Old Town is our second acquisition for Value-Add Fund VIII and is another example of our ability to leverage a broad presence in our target markets to acquire a well-located, quality asset with careful underwriting and a disciplined approach to risk management,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “The property provides a unique opportunity to create value and generate attractive returns to our investors by offering modern apartment floorplans with state-of-the-art amenities in a location within walking distance of the attractions of Old Town Alexandria.”
Completed in 2018, Bell Old Town offers studio-, one-, two-, and two-plus-den-bedroom floorplans. Amenities include a dog grooming spa, 24-hour fitness center, clubroom, game room and courtyard with a bocce court, fireplace, and grilling area. The property is located within walking distance of King Street, the commercial heart of historic Old Town Alexandria, known for its restaurants, shops, and galleries. The community has easy access to I-95 and Reagan National Airport, is situated one block from the Potomac River, and fronts the Mount Vernon bike trail.
With this acquisition, Bell Partners now owns and/or manages 22 apartment communities containing over 7,300 apartment homes in the DC-Maryland-Virginia region.

ROCKLEDGE, FL – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of The Junction at Rockledge, a 380-unit Class A multifamily community in Rockledge. Thompson Thrift expects to begin construction later this month and will welcome new residents early in 2025.
“The metro area surrounding Rockledge has added 45,000 jobs in recent years,” said Josh Purvis, managing partner for Thompson Thrift Residential. “Couple that with a shortfall of more than 2,800 apartment homes in the region, and we believe that The Junction at Rockledge will be a welcome addition for those looking for a superior living experience in a very compelling market.”
Located near the corner of major thoroughfares I-95 and Fiske Boulevard, The Junction at Rockledge will span 25 acres and offer one-, two- and three-bedroom apartment homes with up to 1,500 square feet in two-story buildings. The apartment homes will feature high-end finishes and amenities that Thompson Thrift communities are known for, including hardwood-style flooring, patio and balcony options, private yard options, detached garages and a full-size washer and dryer. Select homes will also feature stainless steel appliances, deluxe closet systems with shelving and smart thermostats to help residents enjoy energy savings.
Community amenities will include a fully equipped fitness center with 24-hour access, a resort-style swimming pool, an outdoor entertainment kitchen, thoughtfully designed courtyards with grills, a dog run and pet spa, pickleball courts, a Starbucks coffee bar, a 24-hour social hub and a convenient as well as a user-friendly app that supports payments, service requests and much more.
Additionally, The Junction at Rockledge is adjacent to a 30-acre lake and will feature beachfront amenities including a fire pit, seat walls, sand and lounge chairs.
The development sits on the northern outskirts of Viera, one of the most popular selling master-planned communities in the U.S. and in the heart of the Space Coast, an area surrounded by thousands of major aerospace and technology employers, including Lockheed Martin, SpaceX and NASA.
Residents will also enjoy easy access to Avenue at Viera, a 62-acre outdoor lifestyle center that includes a mix of national and local retail and dining options, as well as the USSSA Space Coast Complex, the world’s largest multi-sport athletic organization with a campus spanning 85 acres with 15-turf field complexes.
The Space Coast is rapidly becoming one of Florida’s premier markets. Last year, U.S. News & World Report ranked the region as the third-best place to live in Florida and the 12th fastest-growing area in the United States. Additionally, the Milken Institute reported that the Space Coast witnessed the third-best wage growth nationally in 2021.
With the development of The Junction at Rockledge, Thompson Thrift continues to expand its footprint across Florida. The property will be Thompson Thrift’s 14th residential community in the state.

DENVER, CO – MG Properties, a leading real estate investment and management company, has completed the acquisition of Bear Valley Park Apartments, a premier garden-style community located in Denver, Colorado for a total purchase price of $76 million. The closing marks MGP’s third multifamily acquisition of 2023 in the Denver area.
Situated in Southwest Denver on the border of Lakewood, the well-established residential community offers residents a high-quality suburban living experience with convenient access to employment centers throughout the metro area, including the Southeast Business Corridor and Downtown Denver, both within a 25-minute drive. Bear Valley Park boasts a desirable range of modern amenities and large renovated floorplans and is within walking distance to a variety of retailers, eateries, and outdoor recreation.
“This investment reflects our confidence in Denver’s economic growth potential and allows us to further leverage the efficiency of our regional operations there,” said Jeff Gleiberman, President of MG Properties. “As a stabilized property in a high-quality submarket, Bear Valley Park is an excellent fit for our long-term investment strategy.”
The seller, Jackson Square Properties, was represented by Jordan Robbins and Alex Possick with JLL Capital Markets. Financing for the transaction was provided by Fannie Mae and arranged by Charles Halladay, Rick Salinas, Brandon Smith, and Annie Rice with JLL Capital Markets.

DALLAS, TX – Stoneweg U.S, a real estate investment and development firm focused on ESG optimization in the workforce housing sector, and with a growing portfolio valued at $2.1 Billion AUM, announced the acquisition of Prose Frontier, soon to be rebranded as Prosper Crossings. This 324-unit core plus multifamily asset aligns perfectly with Stoneweg US’ commitment to driving impactful, responsible investments and fostering sustainable communities.
Developed by Alliance Residential and Carlyle, Prosper Crossings spans approximately 15 acres and features 10, three-story residential buildings alongside a state-of-the-art clubhouse and leasing office. The asset offers a balanced mix of 1- and 2-bedroom units, positioning it as an attainable living community that aligns with the workforce housing sector lifestyle.
“This development exemplifies Carlyle’s approach to the rental housing sector, focusing on demographically driven demand opportunities that offer an attractive value proposition relative to home ownership,” stated Ashley Fitzgerald, Principal at Carlyle.
Strategically situated in Collin County, Texas, a high-growth area within the Dallas MSA, Prosper Crossings serves a rapidly expanding population that has nearly doubled from 47,000 in 2020 to 85,000 in 2023. This demographic surge is accompanied by top-tier educational systems like the Prosper Independent School District and strong income levels, making it the ideal location for a responsible investment.
Garrett Pisarik, Director of Acquisitions at Stoneweg US, said, “Closing this acquisition, especially in these challenging times, is a testament to the hard work and commitment of our team and partners. Prosper Crossings not only offers excellent investment potential but also serves as a platform for our ongoing ESG initiatives.”
As part of Stoneweg US’ strategic commitment to ESG, Prosper Crossings will see the incorporation of several environmentally conscious improvements including the installation of EV charging stations, and a solar array panel on the leasing office/clubhouse, to minimize the property’s carbon footprint. Socially responsible amenities like expanded pool areas and updated dog parks also contribute to the overall well-being of the community.
“As we grow our portfolio, ESG considerations are at the forefront of every investment decision we make,” said Garrett Pisarik. “Prosper Crossings will serve as another example of how real estate investment and sustainability can—and should—go hand in hand.”

PHOENIX, AZ – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, and Sunstone Two Tree, a developer and operator of rental housing communities in high-growth markets throughout the United States, announced that they have broken ground on a new build-for-rent community in Glendale, Arizona.
The 29-acre lot in the Phoenix suburb will become Ironwood Homes at Rosefield and feature 320 single-family rental homes and plenty of amenities. The new build-for-rent community promises to combine many of the benefits of single-family living – larger units, dedicated parking and private yards – with the advantages and convenience of renting. The property is projected to open later summer 2025.
“Capital Square is pleased to break ground on the development of a single-family rental community in Glendale,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “This Southwestern market is a job engine with record-setting rent growth in recent years and a shortage of single-family homes.”
Development of the project is being primarily funded with proceeds from Capital Square Glendale BFR, LLC, a project-specific limited liability company that is currently raising approximately $49 million in equity from accredited investors.
The partnership closed on the lot at the southeast corner of Northern Parkway and N. Sarival Avenue in September 2023. The 320-unit community will include 102 detached single-family homes, averaging 1,655 square feet, and 218 townhomes averaging 1,257 square feet. Each home will be well-designed, with two stories, direct garage access and a private yard. The community will boast amenities including a pool, spa, fitness center, parks, BBQs, gated entry and sports courts. The lot is conveniently located, with easy access to downtown Phoenix, Sky Harbor Airport, freeways, shopping centers, schools and employers. It is also in close proximity to the dining, retail and entertainment options at The Village at Prasada, a recently opened outdoor shopping center, and Desert Diamond Casino, which is currently under construction.
“Given today’s challenging capital markets environment, we are especially pleased to close on this well-located property and begin construction within such a short amount of time,” said Scott Maddux, president of Sunstone Two Tree. “High interest rates are making it one of the worst times for consumers to buy a home, so we believe our unique rental product will provide an attractive value proposition to future tenants. With a proven track record in real estate ventures, Capital Square is an important partner of ours and we are pleased to collaborate with them to bring this much needed, best-in-class rental housing to Phoenix.”
“Greater Phoenix, the tenth largest metropolitan area in the nation, has experienced a shortage of high-quality single-family rental options due to significant population growth that has far exceeded the pace of housing development in recent years,” said Whitson Huffman, co-chief executive officer. “Glendale BFR provides investors an attractive opportunity to expand their portfolio into a high-growth Southwest market with an experienced team of developers, while also working to alleviate the single-family rental housing shortage.”

ST LOUIS, MO – In a significant move strengthening the thriving real estate landscape of St. Louis, Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S. has completed the acquisition of Cortona at Forest Park, a 278-unit Class-A apartment community. Positioned in the heart of St. Louis, this property boasts an unparalleled location adjacent to the iconic Forest Park, downtown Clayton, and the vibrant Central West End. This acquisition marks a significant milestone for both the local real estate market and the overall growth and development of St. Louis, further reinforcing its status as a dynamic city with abundant opportunities.
Cortona at Forest Park is a highly sought-after live/work/play destination, offering residents an enjoyable lifestyle that includes convenient access to the cultural and recreational treasures of Forest Park and the Central West End. This best-in-class development, known for its top-tier amenities, and has demonstrated remarkable property performance and development success, characterized by strong occupancy rates and resident retention. The property is at 93% occupancy.
Passco Companies navigated the acquisition successfully, adding Cortona at Forest Park as a strategic addition to its diverse portfolio. The seamless transition was facilitated by the seller, Invesco Real Estate, a global real estate investment manager, and brokered by Kevin Girard, Mark Stern, and Zach Kaufman of JLL Capital Markets. JLL’s industry expertise and deep roots in the St. Louis market played a pivotal role in ensuring the success of this transaction. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.
“Passco is thrilled to add another property in the Midwest to our portfolio. We’ve done well in St. Louis and look to continue that trend with Cortona at Forest Park and its exceptional submarket fundamentals. The property’s location at the southern edge of the city’s famed Forest Park, bookended by Barnes-Jewish Hospital and Washington University in St. Louis, is unmatched in the city.” Explains Gary Goodman, Senior Vice President of Acquisitions for Passco Companies. St. Louis is an economic powerhouse with a $173+ billion economy driven by major industries. These industries not only provide stability to the region but also create an array of employment opportunities.
Within the local submarket lies the Cortex Innovation Community, which is located within a 10-minute drive from Cortona at Forest Park. Positioned at the heart of St. Louis between the Central West End and the Forest Park Southeast Neighborhoods, the Cortex Innovation Community generates thousands of jobs and new tax revenue for the city. This community is poised to become a leading innovation district across the United States, fostering technology-related startups, corporate research and development teams, manufacturers, nonprofit organizations, and a rich ecosystem of innovators.
Located at 5800 Highlands Plaza Drive in St. Louis, Missouri, Cortona at Forest Park is a 278-unit mid-rise apartment building completed in 2014. The property is comprised of one 5-story residential building situated on approximately 4.79 acres, offering a diverse mix of studio, 1, and 2-bedroom units. Residents of Cortona will experience convenient and modern amenities, including a three-tiered courtyard pool with cabanas; 24-hour fully equipped fitness center with on-site fitness classes; and even an on-site dog park and self-service pet spa.

STEAMBOAT SPRINGS, CO – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of multifamily communities, announced the completion of construction of phase one for Steamboat Basecamp, a 75-unit mixed-use multifamily property in Steamboat Springs, Colorado. The project is being developed in conjunction with May Riegler Properties, a full-service real estate development and asset management firm.
Phase one consists of 75 for-rent apartment units and 8,343 square feet of leasable ground floor retail space, demised into four spaces. As of Nov. 13, 2023, 80% of the phase one apartment units have been leased, with initial move-ins scheduled to begin by the end of November. Leases for three of the retail spaces are anticipated to be signed shortly, bringing exciting resident amenities to the development.
“Capital Square is pleased to report this major milestone in the development of Steamboat Basecamp with the completion of phase one and the initial lease-up of apartments,” said Louis Rogers, founder and co-chief executive officer of Capital Square.
Located at 1901 and 1950 Curve Plaza in the rapidly growing neighborhood of West Steamboat, just off Highway 40 and less than two miles from downtown Steamboat Springs, Steamboat Basecamp will also ultimately include 27 townhomes available for purchase. The property includes numerous community amenities, such as a ground floor lobby with space for coworking, ski gear repair area, rooftop lounge, and outdoor rooftop area with grilling stations.
Nestled in the Rocky Mountains approximately 150 miles northwest of Denver, Steamboat Springs is a popular year-round tourist destination often referred to as “Ski Town USA” for its excellent skiing and snowboarding opportunities. This stunning area also has geothermal hot springs, zip lining, rafting, and many other outdoor activities enjoyed by residents and more than 500,000 visitors annually. The rustic city was founded in 1900, making it rich in history that focuses on miners, ranchers, and the Native American Ute tribe. The popular Steamboat Ski Resort, which is in the midst of a $200 million expansion that will make it the second largest ski resort in the state, is just four miles from the development.
“Steamboat Springs is an ideal area for those seeking a live-work-play lifestyle, yet it suffers from a chronic undersupply of quality housing, which Steamboat Basecamp will help alleviate,” said Whitson Huffman, co-chief executive officer. “Capital Square seeks to identify underserved locales like Steamboat Springs, where we can improve a community while providing a compelling opportunity for the investors and financial advisors we serve.”