ORLANDO, FL – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Campus Living student housing rental division, and Boston-based real estate investment, development and management firm The Davis Companies, announced a new joint venture to develop Aperture, a 680-bed (204-unit), two-building, five-story multifamily rental community in Orlando, Florida adjacent to the University of Central Florida (UCF).
The project is being financed through a $50 million construction loan facility from TD Bank, N.A. The equity and debt were arranged by Toll Brothers in-house Finance Department.
Aperture is located at 12727 East Colonial Drive in Orlando on 8.2 acres in proximity to UCF. The community will consist of 204 rental apartments and will feature a state-of-the-art fitness center, an e-sports gaming center, computer lounge with printing, content creation studio, LuxerOne Package Locker System, courtyard with cabanas, grills and firepits, and a resort style pool with sunshelf. Residents will have access to a private five-minute shuttle to campus, as well as a parking garage that will include EV (electric vehicle) charging stations.
UCF has the second largest on-campus enrollment of any public university in the U.S. with almost 70,000 students enrolled in the 2022 – 2023 academic year. The university has consistently grown over the past 10 years, supported by strong population growth in Florida and increased recognition of its academic and athletic programs. It is ranked 64thamong the Top Public Universities and 14th for Most Innovative Schools in the nation according to U.S. News & World Report.
Toll Brothers Campus Living develops communities that combine modern amenities and strategic community design to fit the needs and lifestyle of students. Toll Brothers Campus Living will manage the property s development, construction, and asset management, as well as handle marketing and leasing in partnership with Davis.
John McCullough, President of Toll Brothers Apartment Living, said, We are excited to expand our student housing presence in Florida with the development of Aperture near the University of Central Florida. Ideally situated near one of the largest public universities in the country, Aperture will help meet the growing need for high quality student housing options at UCF. We look forward to welcoming students to this incredible community in the fall of 2025.
Demand for elevated student housing continues to rise across the country as highly-amenitized offerings gain prevalence in the market, especially in the Sun Belt region, said Jerry Murphy, Managing Director, Investments at Davis. We are confident that our expanding portfolio of student housing developments will provide key value for our investors and are glad to continue our long-term partnership with Toll Brothers through the delivery of this best-in-class student residence.
Aperture is the second Toll Brothers multifamily project in Florida and joins the growing Toll Brothers Campus Living student housing portfolio nationwide. Previous developments include Lapis at Florida International University (FIU), which opened in 2023, The Yards at Old State at The Pennsylvania State University, which opened in 2020, Canvas at Arizona State University, which opened in 2021 and was sold in 2023, and Terrapin Row at the University of Maryland, which opened in 2016 and was sold in 2017. In 2024, Toll Brothers Campus Living anticipates the opening of The 87 at the University of Notre Dame and Kinetic at the Georgia Institute of Technology.
This joint venture represents the latest project in Davis growing student housing portfolio as colleges and universities seek to meet the demand of increased student populations. Other student housing projects in Davis portfolio include The Lex at the University of Kentucky and William at the University of Georgia.
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, We are thrilled to launch our eighth development joint venture with Davis consisting of projects totaling over $625 million in total capitalization located in urban and suburban markets across the U.S. We are also excited to have the support of TD Bank, with whom we have had a multi-faceted relationship for many years.

SANTA ROSA BEACH, FL – Olympus Property, a leading real estate investment and property management company, announced the successful acquisition of Primrose, located in Santa Rosa Beach, FL. This prestigious residential community is comprised of 288 units in one of the most affluent areas in the Florida Panhandle. Built in 2022, Primrose is a welcome addition to Olympus Property’s growing portfolio, further solidifying the company’s presence in this highly sought after submarket.
Olympus Property brings extensive industry expertise to the table, boasting a current portfolio of more than 31,000 units across 14 states. This acquisition is a testament to the company’s proven success, building upon the outstanding performance of Olympus Emerald Coast, a nearby property acquired in June 2021, which continues to deliver strong results. “We are grateful for the opportunity to welcome Primrose into the Olympus portfolio as we consistently seek out outstanding assets in the most coveted locations,” says Wade Madden, Chief Operating Officer at Olympus Property. “This strategic acquisition reflects our unwavering dedication to providing unparalleled living experiences while simultaneously elevating our regional influence.”
Primrose is conveniently located just a few blocks away from the pristine, sandy white beaches of Northwest Florida’s renowned Emerald Coast, famous for its luxury, exclusivity, and exceptional quality of life. The property is surrounded by the region’s finest amenities and key attractions including Grand Boulevard at Sandestin, 30A, Sacred Heart Hospital, and Sandestin Golf & Beach Resort. Its appealing location and charming ambiance have earned it a place on Conde Nast Traveler’s esteemed list of the Top 10 Best Small Towns in the U.S., further emphasizing its prestigious status.
The Class A community offers an impressive array of top-tier luxury amenities including two saltwater pools, private poolside cabanas, a poolside entertainment deck with an outdoor grilling kitchen and fire pits, a gaming lawn, a fully equipped cardio and flex gym, and a resident lounge. Primrose’s unit mix offers a number of options, including a blend of four-story apartments, two-story townhome units, and carriage units that are in high demand within the market. Units are well-appointed with high-end finishes including chef-inspired designer kitchens with expansive prep islands, quartz counters, artisanal tile backsplashes, wood-style flooring, and full-size washers & dryers.

PHOENIX, AZ – Thompson Thrift, a full-service nationally recognized real estate company, announced the development of Refinery at Pointe17, a 224-unit Class A multifamily community near the $40+ billion Taiwan Semiconductor Plant (TSMC) in northern Phoenix. Construction is set to begin this month and Thompson Thrift plans to welcome new residents starting in the latter half of 2025.
“We had a distinct vision for this unique property and are pleased to have the opportunity to collaborate with Thompson Thrift’s residential, commercial and construction teams on this mixed-use development,” said Josh Purvis, managing partner for Thompson Thrift Residential. “Refinery at Pointe17’s balance of style, convenience and amenities will make it a standout addition to the Phoenix metro.”
Located just off Interstate 17 at the southwest corner of Dove Valley and the newly approved 29th Avenue intersection, Refinery at Pointe17 will offer one-, two- and three-bedroom apartment homes that average 1,000 square feet. Residents will enjoy luxury amenities including 9′ ceilings, stainless-steel appliances, tile backsplashes, designer fixtures and finishes, hardwood-style flooring, large walk-in closets, patio and balcony options, a full-size washer and dryer, as well as a suite of Alexa-compatible smart home technology.
Luxury living will continue throughout the community with a fully equipped 24-hour fitness center, yoga and spin studio, bike storage, resort-style heated swimming pool, firepits with seating area, community grilling areas, pickleball court, 24-hour business center, private focus rooms and offices for rent, rooftop deck, event lounge, over 80 on-site electric vehicle charging spaces, dog park and pet spa and billiards and shuffleboard.
Refinery is the multifamily portion of Pointe17, Thompson Thrift’s mixed-use development that will put Refinery’s residents within walking distance of various retail and dining options. Oregano’s, a local, family-owned restaurant; Twisted Sugar, a gourmet cookie shop; Over Easy, a breakfast and brunch restaurant and Foothills Grille, a new restaurant concept from the operators of Pinnacle Grill, have already committed to the site.
Additionally, Heartland Dental, Yoga Six, BFT fitness studio, The Bar, and a nail spa have also signed leases to open at the center.
Residents will also be a few miles from the Shops at Norterra, an upscale north Phoenix lifestyle center with 354,000 square feet of specialty retailers, restaurant and large national tenants including Walmart, TJ Maxx/HomeGoods, Dicks Sporting Goods, Best Buy, PetSmart, World Market, Barnes & Noble, Lowes and 14 screen Harkins Theater.
Alongside the property is Skunk Creek Wash natural preserve, which will feature pedestrian amenities and running paths from Dove Valley south to Sonoran Desert Parkway. Thompson Thrift’s design plan features seamless pedestrian connection to the preserve’s trail as well as complementary community amenities like volleyball courts, green space for yard games and ramadas.
Refinery is within one of the best school systems in North Phoenix. The high performing Deer Valley Unified School District holds a 95% graduation rate and was recently ranked the #8 best school district in the state of Arizona.
The nearby Interstate 17 interchange will serve as the main entrance to TSMC, the first phase of which is currently under construction. At full build out, the semiconductor plant is projected to add an additional 80,000 jobs by companies interested in working alongside TSMC.
Phoenix is the fifth largest city in the nation and has experienced double-digit growth in recent years thanks to large companies like TSMC, Amex, USAA, Discover, and Honeywell expanding their presence in the market.

TAMPA, FL – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera Encore, a contemporary mixed-use apartment community in Downtown Tampa.
Modera Encore, which will feature 304 apartment homes and 8,000 square feet of ground-floor retail, boasts a dynamic metropolitan location amidst one of the nation’s most rapidly emerging downtown corridors. First move-ins are anticipated for spring 2025.
“We are fans of the Tampa market, and we believe Modera Encore is positioned to benefit from the city’s continued growth and ongoing development of the urban core,” said Damon Kolb, senior managing director of development in North Florida for Mill Creek Residential. “Transformational projects such as the Water Street, Gas Worx and the anticipated Brightline Station will continue to add convenience and vibrancy to the area, and we’re excited to be a part of it. We look forward to getting started on Modera Encore and offering a top-of-market experience.”
Situated at 1211 Ray Charles Boulevard, Modera Encore is located moments southwest of Interstate 275, which provides quick access to Tampa International Airport and the thriving employment sectors of Westshore Business District, the Gateway office market and Downtown St. Petersburg.
The midrise community is also surrounded by an abundance of dining, shopping and lifestyle destinations contained within nearby Tampa Heights, Midtown Tampa, Hyde Park and the popular Ybor City Entertainment District. Additionally, Curtis Hixon Waterfront Park, the Tampa Riverwalk and Amalie Arena (home of the NHL’s Tampa Bay Lightning) are all easily accessible from the community.
Modera Encore will offer one-, two- and three-bedroom homes with den layouts available and select penthouse homes. Modera Encore will be built to, and is pursuing, a NGBS Silver Certification. Community amenities will include an outdoor swimming pool, grilling area, fire pit, outdoor dining, resident clubhouse, game room, pool table, landscaped courtyards, onsite pet spa, conference rooms, co-working space, private workstations, cybercafé, coffee bar and a club-quality fitness center with cardio equipment, yoga/Pilates studio and group fitness area. The community will also offer controlled access garage parking, bike lockers and additional storage space.
Home interiors will be delivered with nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, custom cabinetry, under-cabinet lighting, moveable kitchen islands, built-in desks, walk-in closets, in-home washers and dryers, smart thermostats, controlled-access guest technology and bulk WiFi. Bathrooms will include tile shower surrounds, double vanities and linen closets.

NORTH PORT, 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 Hadley, a new 268-unit luxury for-rent villa community in North Port, a booming city located on Florida’s west coast between Tampa and Fort Meyers. Thompson Thrift plans to begin construction this month and welcome new residents in late 2024.
“North Port and the surrounding area added nearly 90,000 jobs during the past 10 years, which has really fueled housing demand,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are excited to bring a new luxury living rental option that will provide a single-family living feel with a full complement of multifamily amenities.”
Located at 3000 S Sumter Blvd. near Interstate 75 and U.S. Highway 41, the approximately 25-acre property will offer one-, two- and three-bedroom villas with luxury amenities, including 10′ ceilings, stainless-steel appliances, timeless tile backsplash, designer fixtures and finishes, hardwood-style flooring, large walk-in closets, undermount sinks, private yards, detached garages, full-size washer and dryer, high-speed internet access and smart thermostat.
Community amenities at The Hadley will also include a fully equipped 24-hour fitness center, resort-style swimming pool, community grilling areas, pickleball court, one dog park, pet spa with grooming station, billiards and shuffleboard, Starbucks™ coffee bar, 24-hour emergency service response and user-friendly resident mobile app for rent payment, submitting service requests, community feed and more.
The development is adjacent to Heron Creek Towne Center, which is home to Publix, Walmart, and a handful of other retail and food options. Close proximity to I-75 and U.S. Highway 41 will provide residents with easy access to additional retail and dining options in nearby Sarasota and Fort Myers, as well as major employers such as Sarasota Memorial Health Care, Sarasota County School District, ShorePoint Health Port Charlotte and PGT Innovations.
The North Port-Sarasota-Bradenton MSA experienced rapid population and job growth over the past decade and has earned top spots on numerous lists, 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 U.S. Metros.
During the past 30 years Thompson Thrift has developed more than $4 billion of ground-up development projects across the Midwest, Southeast and Southwest. The company made a name for itself by being one of the few developers to build high-quality, attractive Class A residential communities with a variety of conventional, luxury leased villa and townhome-style communities. In 2021, the company earned the distinction of being named one of GlobeSt. Real Estate Forum’s Influencers of Multifamily Real Estate.
The Hadley is the third apartment community in the North Port-Sarasota-Bradenton MSA, and the 13th in the state for the company.

PHOENIX, 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 City North Residential Phase II.
“We are excited for our partnership with SofMac Partners and Security Benefit Life Insurance Company on the second phase of the City North project,” said Billy Cundiff, Managing Director, Development, Greystar. “City North allows us to deliver a world-class residential development that is adjacent to office space, dining, entertainment and shopping options, which stimulates the local economy and helps Phoenix continue to grow as a desirable destination.”
City North Residential Phase II will add 348 residences to the 272 that are currently underway in Phase I. Floorplans will be available in one- and two-bedroom layouts that range from 621 sq. ft. to 1,439 sq. ft. The seven-story building will have five residential stories as well as a parking garage, a rooftop amenity deck, relaxing landscaping, and breathtaking mountain views.
The second phase will feature refined boutique hotel-inspired in-home finishes like two toned cabinetry, quartz countertops and designer tile backsplashes. The community will boast a seven-story rooftop amenity deck that features a state-of-the-art fitness center, resort style pool and spa, outdoor cabanas and more. The ground-floor clubhouse and coworking spaces will feature two-story volume and storefront glass that bathes the space in natural light. The surrounding desertscape inspired the design of the exterior architecture and landscaping.
City North Residential Phase II, which is situated within the City North master plan, includes walking access to retail, restaurants, coffee shops, fitness studios and more along High Street with additional retail and restaurants. The community is also in close proximity to major existing and future employment uses including Mayo Clinic, Discount Tire, Republic Services and American Express.
Preleasing for the community is slated to begin in late 2025 with final completion planned for the second quarter of 2026. Lawrence Lake Interiors is overseeing the interior design, the architecture firm is Architects Orange and ABLA is the landscape architect. City North Residential Phase II is developed together with our equity partner SofMac Partners and lender Security Benefit Life Insurance Company.

NEW YORK, NY – A joint venture between affiliates of Cantor Fitzgerald, a globally recognized financial services and real estate investment company, and Harbor Group International, a privately owned international real estate investment and management firm announced the acquisition of Avalon Mamaroneck, a 229-unit Class A multifamily community in the Westchester County suburb of Mamaroneck, New York.
“Avalon Mamaroneck offers an attractive, well-located housing option situated in the affluent area of Westchester County’s Gold Coast,” said Yisroel Berg, Chief Investment Officer – Multifamily at HGI. “We are thrilled once again to partner with Cantor Fitzgerald to acquire a high-quality asset.”
“Mamaroneck has many of the desirable attributes we target when acquiring multifamily properties, including a well-educated and high-earning workforce, supply constraints for new construction, and an imbalance between the cost of renting an apartment and home ownership,” shared Matthew Keefer, Head of Multifamily Acquisitions at Cantor Fitzgerald Asset Management.
Avalon Mamaroneck was built in 1999 and renovated in 2018; the property is a premier community offering luxury in unity amenities, including washers and dryers, stainless steel appliances, walk-in closets, and balconies. Avalon’s property amenities include a pool, BBQ stations, resident lounges, a fitness center, and package assistance.
Located approximately 20 miles north of Manhattan, Avalon Mamaroneck is situated within a five-minute walk to the Metro-North Train Station and 0.3 miles from Interstate 95, offering residents unique access to the major employment and cultural hub of New York City. Mamaroneck is located in the prestigious Westchester County, which features some of the top public schools in the country, as well as an amenity-rich downtown area featuring dining, shopping and entertainment.
“With the acquisitions of Avalon Mamaroneck and The Archer in Acworth, located in the greater Atlanta area, along with HGI assuming property management at Summerfield at Morgan Metro in the greater Washington D.C. area, our relationship with HGI continues to grow. We are thrilled to add HGI to our group of first-class operating partners who share our commitment to creating shareholder value,” added Chris Milner, Chief Investment Officer – Real Assets at Cantor Fitzgerald Asset Management.
Newmark’s Bill Weber and Henry Stimler introduced Cantor Fitzgerald and HGI and secured the financing for the acquisition. CBRE represented the seller, AvalonBay Communities, with Jeff Dunne brokering the sale.

RENO, NV – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground this week on the future site of Pinyon Apartments, a development that will provide 252 units of affordable housing for lower-income families in ;Reno.
“Lincoln Avenue Communities is committed to building high-quality, affordable homes in cities like Reno that are experiencing an acute housing crisis,” said LAC CEO Jeremy Bronfman. “We’re proud to begin construction of our first ground-up development in Nevada and to help bolster the state’s affordable housing supply.”
Construction of Pinyon Apartments is expected to finish in 2025. Upon completion, LAC will restrict 244 units for households earning no more than 60 percent of the area median income (AMI) and 8 units for those earning no more than 50 percent of AMI.
“LAC’s investment in downtown Reno will add hundreds of units of sustainable, affordable housing for families and individuals who face elevated housing costs in their community,” said LAC Senior Associate Brian Moloney. “We’re grateful to our financing partners and the state and local leaders who helped make Pinyon Apartments a reality.”
Pinyon Apartments was financed through a combination of Tax Exempt Bonds, 4 percent Low Income Housing Tax Credits (“LIHTC”) and State Tax Credits from the Nevada Housing Division. The LIHTCs were purchased by the National Equity Fund, and the State Tax Credits were syndicated by Stonehenge. Additional financing included construction and permanent loans from Citibank, HOME Funds from the Washoe County HOME Consortium, and a gap loan from the Home Means Nevada Initiative, which was serviced by the Nevada Housing Division and allowed this project to become a reality.

INDIANAPOLIS, IN – Morgan Properties, one of the nation s top three multifamily owners, announced it has acquired Astoria Park Apartments, a 470-unit apartment community located in Indianapolis, IN. With the addition of this community, Morgan Properties expands its Indianapolis portfolio to over 2,500 units.
This strategic addition is a testament to Morgan Properties ongoing commitment to enhancing our portfolio through thoughtful acquisition, said Jonathan Morgan, President of Morgan Properties JV. By investing in newer properties in growing markets, we are not only bolstering our presence but also delivering unparalleled value to our residents. This aligns with our vision to set new standards of excellence through customer service, innovation, operational efficiencies, and capital improvements.
The community is located within the fast-growing and high-income Hendricks County and is proximate to significant high-wage employers and universities. Situated on the west side of Indianapolis near the scenic Eagle Creek Park and Reservoir, Astoria Park Apartments is adjacent to various outdoor activity spaces for sports, cross-country skiing, hiking trails, and more.
The Midwest continues to be one of the most stable and attractive markets for multifamily investment, with steady population growth, affordable cost of living, and business-friendly policies, said Jason Morgan, President of Morgan Properties Special Situations and Principal. Astoria Park Apartments is a strong addition to our rapidly growing Indianapolis portfolio as we remain confident in the long-term outlook across the Midwest region.”
Situated beside beautiful lakes and lush landscaping, Astoria Park Apartments features community amenities such as an outdoor pool and poolside patio, fitness center, tennis courts, a fenced-in playground, dog park and pet washing station, and more. In-unit features include upgraded kitchens and appliances, large closets, and private patios or balconies. To further elevate the living experience for residents, Morgan Properties plans to invest nearly $4 million into renovations, including upgrading unit interiors, expanding amenities, and integrating smart home technology.

DENVER, CO – MG Properties, a leading real estate investment and management firm, recently acquired 4400 Syracuse Apartments, a newly built luxury midrise community located in one of Denver’s most desirable, dynamic, and growing submarkets. This acquisition underscores MG Properties’ commitment to providing top-tier living experiences and expanding its operational presence in the Denver market.
This newly constructed 316-unit property offers modern finishes, functional floorplans, and best-in-class amenity spaces designed to enhance the lifestyle of its residents. Situated in the thriving Denver Tech Center/Southeast Business Corridor, 4400 Syracuse Apartments offers residents access to Colorado’s largest employment hub which supports over 240,000 jobs. The property is strategically accessible to public transportation and major regional thoroughfares, including the adjacent I-25 and I-225 interstates.
“4400 Syracuse Apartments represents an exceptional investment opportunity, priced below its current replacement cost basis,” said Jeff Gleiberman, President of MG Properties. “MG’s long-term investment strategy allows us to continue to acquire high quality assets at an attractive basis, despite today’s challenging capital markets environment.”
The sellers, Morgan Group and LaSalle Investment Management, were represented by Jordan Robbins and Alex Possick with JLL Capital Markets. Financing for the transaction was provided by Freddie Mac and arranged by Charles Halladay, Rick Salinas, Brandon Smith, and Annie Rice with JLL Capital Markets.