SAN ANTONIO, TX – NRP Group leadership, Community Housing Resource Partners and City of San Antonio (COSA) officials gathered at the future site of San Antonio s newest affordable housing community, Nova Lofts, to kick off construction of the 65-unit community on the city s Northeast side. Nova Lofts is The NRP Group s third affordable housing community in San Antonio to break ground this year, and second supported by the COSA Neighborhood and Housing Services department s 2022 Affordable Housing Bond Program (Bond).
As the City of San Antonio continues to grow, our focus on addressing housing needs remains paramount, said Mayor Ron Nirenberg. We are dedicated to ensuring all individuals and families have access to safe, affordable housing options across the entire city.
Located at 127 Rainbow Drive, Nova Lofts is a 65-unit development strategically placed near Alamo Heights, a multitude of essential businesses and employers, and public transit to ensure access to convenient, wraparound services and employers for residents. One to three-bedroom floorplans will serve residents earning 30-60% of the Area Median Income (AMI) and amenities within the four-story complex include a playground, fitness center, community clubhouse and more.
Developments like Nova Lofts are an essential investment in the wellbeing of our entire community–now and for generations to come, said Councilman Marc Whyte, COSA District 10. The reinvestment along Austin Highway is an important initiative to spur economic development along this major thoroughfare in the city of San Antonio.
In collaboration with Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T, The NRP Group has dedicated a portion of the development budget toward the commission of a site-specific mural by San Antonio artists, Hailey Marmolejo, Danielle Edwards and Ashleigh Valentine Garza. The addition of the mural, which will be inspired by the celestial theme of the property, will also extend the momentum of the Downtown arts and culture movement and the Broadway Cultural Corridor further north along Austin Highway. This expansion will provide the community the opportunity to engage with public art right in their own backyard.
Public art not only beautifies our spaces but ensures that the soul of the city thrives with the unique voices and visionaries who call it home,” said Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T. We are committed to building community through art across the city of San Antonio.
The $24 million development was made possible through innovative funding partnerships, including a $2.7 million allocation from the Bond, and the State of Texas highly competitive 9% low-income housing federal tax credits. Additional funding partners include U.S. Bank.
“Nova Lofts is the third development to break ground with funds from the City s Affordable Housing Bond, continuing the City s initiative of providing quality home options for families, said Veronica Garcia, COSA Deputy Director of Neighborhood and Housing Services. We are thrilled to continue delivering on the Bond promise of building affordable rental options for San Antonio residents across all walks of life to enjoy.
Development partner and local nonprofit, Community Housing Resource Partners, will provide and organize life-affirming resident services including after-school nutritional snacks, ESL assistance, healthcare screenings, financial literacy programming, job readiness and career preparation.
“When deciding where to place this much-needed housing resource, we brought partners together from across the city, county, and state to ensure the specific needs of the community were being met across the board,” said Jason Arechiga, NRP Group Senior Vice President of Development. “Thanks to an incredible level of collaboration across all stakeholders, we are able to bring high-quality, affordable housing to communities that need them most.
The first Nova Loft units will be ready for leasing January 2025 and the entire development is slated for completion by April 2025.

RALEIGH, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced the topping out of a 20-story Class A multifamily tower at 320 W. South Street in the Warehouse District of Raleigh, North Carolina within a qualified opportunity zone.
“This 20-story, trophy multifamily tower is Capital Square’s crowning achievement in Raleigh,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Capital Square is pleased to be a part of something bigger than ourselves the transformation of downtown Raleigh.”
Located at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh, 320 W. South Street will be one of only a select few luxury rental housing communities in the downtown submarket. The project includes 297 apartment homes, consisting of studios and one-, two- and three-bedroom units, along with 10,500+ square feet of ground-floor retail space and an adjacent, standalone parking structure with over 400 spaces. Onsite amenities will include a resort-style swimming pool, rooftop lounge, coworking space and state-of-the-art fitness center.
The apartment community is within easy walking distance of multiple downtown entertainment, bars and restaurant options, as well as the Red Hat Amphitheater and Raleigh Convention Center. Meanwhile, the property’s location, adjacent to U.S. 70, offers outstanding access to the Research Triangle and North Carolina’s well-known educational institutions.
“Capital Square is proud to mark this important milestone in the development of 320 West South Street, where residents of this elegant property will enjoy the finest amenities and spectacular views of the downtown Raleigh skyline and Red Hat Amphitheater,” said Whit Huffman, co-chief executive officer. “Perhaps more importantly, this is an important step in the continuing transformation of the Raleigh Warehouse District into a vital and thriving 24-hour neighborhood, which will be accelerated by the arrival of hundreds of families who will make 320 West South Street and the surrounding neighborhood their home.”
Capital Square has partnered with JDAVIS Architects as building architect, W. M. Jordan Company as general contractor and York Properties as the retail leasing agent for the property. The design team also includes Architecture Firm as interiors designer and EDSA as landscape designer.
Development of 320 West South Street has been funded by Capital Square’s sixth qualified opportunity zone fund, CSRA Opportunity Zone Fund VI, LLC. More recently, Capital Square launched CSRA Opportunity Zone Fund VII, LLC to fund the development of a luxury multifamily development in the Scott’s Addition neighborhood of Richmond, Virginia, and CSRA Opportunity Zone Fund VIII, LLC to help finance the construction of a Class A apartment community adjacent to the University of Tennessee in Knoxville.
Capital Square’s opportunity zone funds have initiated in excess of $590 million in development value to-date.

GREENVILLE, NC – FCP announced $22 million in preferred equity has been invested through its Structured Investments platform to finance two multifamily transactions: the development of Arris NoDa, a 276-unit, four-story, garden-style property in Charlotte, NC with partner Arris, and a recapitalization with Grubb Properties of Link Apartments West End, a Class A, 215-unit, five-story midrise apartment community in Greenville, SC.
“FCP is pleased to provide financing through our Structured Investments platform for these transactions, each well-located in a dynamic Southeast market,” said Kevin Murphy. “We are fortunate to have a successful history with both investment partners and recognize their respective expertise in delivering and operating well-positioned apartment communities.”
FCP’s Structured Investments platform has invested approximately $676 million of capital to date, providing flexibility and creative capital solutions to owners and developers.
FCP is a privately held real estate investment company that has invested in or financed more than $12.4 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties.

CHARLOTTE, NC – S2 Capital, a vertically integrated multifamily investment manager, announced it has acquired Timber Creek, a 352-unit multifamily property located in Charlotte, North Carolina, and represents S2’s eighth property in the state. Financial terms of the transaction were not disclosed.
Davey Leach, Vice President of Acquisitions at S2, said, “S2’s multifamily investment approach targets high-growth markets across the U.S., and our team is always searching for attractive properties in flourishing cities like Charlotte. We’re pleased to be making our fifth acquisition in Charlotte with Timber Creek, and look forward to enhancing the property while growing our footprint in North Carolina.”
Located at 1100 Falls Creek Lane, Timber Creek sits within the Collingwood neighborhood, six miles southwest of downtown Charlotte. The attractive and expanding Charlotte market has a below-average cost of living, a thriving restaurant and entertainment scene and is a hub for financial services and banking. Charlotte continues to see strong employment growth across industries, with major employers including Amazon, Atrium Health and Bank of America, along with over twelve colleges and universities in and around the metropolitan area. These solid underlying fundamentals and growth trajectory contributed to S2’s acquisition of Timber Creek.
Timber Creek includes studio, one- and two-bedroom floorplans, with finishes such as stainless-steel appliances, large closets, smart thermostats and more. In the property’s community spaces, residents have access to desirable community amenities including an outdoor swimming pool, grilling station, clubhouse and equipped fitness center, a dog park and nature trail, as well as proximity to the Lynx Blue Line light rail system that runs throughout Charlotte.
Following its acquisition of Timber Creek, S2 plans to rebrand the property as The Marley. Additionally, S2 plans to make exterior renovations to the buildings and outdoor amenities, as well as upgrade unit interiors with a competitive set of modern finishes.

WASHINGTON, DC – The District of Columbia Housing Finance Agency (DCHFA) closed its first affordable housing investment of FY 2024 with the issuance of $59.6 million in tax exempt bonds and underwrote $44.8 million in federal and $8.8 million in D.C. Low Income Housing Tax Credit equity for the construction of Edgewood Commons V Apartments (435 Edgewood St NE). The new Ward 5 senior community will consist of 151 apartments.
DCHFA is proud to continue its partnership with Enterprise Community Development in expanding the Edgewood Commons campus and increasing the number of affordable rental housing units in Ward 5, specifically much needed apartments for seniors, stated Christopher E. Donald, Executive Director/CEO, DCHFA.
In August 2023 the Agency invested $54.7 million in tax exempt bonds for the rehabilitation of Edgewood 611 and Edgewood Gardens Apartments both of which are components of Edgewood Commons. Financing sources for Edgewood Commons V include a $26.5 million loan from the DC Department of Housing and Community Development s Housing Production Trust Fund.
Edgewood Commons V Apartments (ECVA) will be a nine-story $123 million high-rise with 11 efficiency, 135 one-bedroom, and five two-bedroom units. The building will be restricted to senior residents aged 62 and older, earning 30 percent and 50 percent of area median income (AMI) or less. Ninety-six of ECVA s units will be restricted to residents earning 30 percent AMI or less. Of the 96 units restricted to residents earning 30 percent AMI or less, 56 will be receiving Local Rent Supplemental Program project-based subsidy. Sixteen units out of the 56 units will also be permanent supportive housing units restricted to 30 percent AMI. The remaining 40 units at 30 percent of AMI will receive a rent subsidy through Rental Assistance Demonstrations (RAD) for Project Rental Assistance Contact (PRAC). Additionally, 10 units at 50 percent of AMI will benefit from RAD for PRAC rent subsidies. The remaining 44 units at 50 percent of AMI are unsubsidized.
The units will include universal design features to prevent falls and facilitate aging in place. All units will be fully accessible, and bathrooms will have direct access to bedrooms. In addition to accessible bathrooms, each unit will include pull-cords and grab bars. ECVA will also include a 6,500 square foot adult day care located on the ground floor operated by Easterseals. Easterseals provides daily clinical care, supervision, activities, and curb-to-curb transportation for adults, seniors, and veterans.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

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.