MESA, AZ – Toll Brothers the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and real estate investment firm Canyon Partners Real Estate, have announced the formation of a new joint venture to develop Navona, a garden-style, 400-unit luxury multifamily rental community in the Phoenix suburb of Mesa, Arizona. The joint venture has secured a $78 million construction loan from Bank OZK. The equity and debt were arranged by Toll Brothers in-house Finance Department. Toll Brothers Apartment Living will manage the development of Navona.
Navona is adjacent to the SR-24 expansion in Mesa, one of the fastest growing submarkets in the Phoenix metro area providing convenient access to main employment corridors. Recent expansions to the area include Intel s Chandler Campus, bringing an estimated 18,000 jobs to the local community. Meta, Amazon, and Apple have also grown their presence in Phoenix, bringing additional job opportunities to the surrounding areas. The community is also well-positioned to benefit from the 400-acre Phoenix Mesa Gateway terminal expansion which includes SkyBridge Arizona.
The garden-style community will offer 400 rental apartments with various floor plan styles across a mix of one-, two- and three-bedroom apartments as well as over 800 parking spaces. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including pickleball courts, a clubhouse, expansive outdoor space, and an entertainment pavilion with a resort-style pool.
John McCullough, President of Toll Brothers Apartment Living, said, Navona represents Toll Brothers sixth multifamily community development in Arizona, and we look forward to another successful project in the fast-growing Phoenix submarket of Mesa.
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, We are thrilled to once again be working with Canyon Partners as our joint venture partner. This is our fourth joint venture with Canyon in projects with total capitalization of nearly $500 million across a variety of markets. It also represents another exciting project that Bank OZK is financing for Toll Brothers-led joint ventures across our condo and rental platforms, and we appreciate their continued partnership.
Canyon has been an active provider of debt and equity in multifamily and continues to invest in real estate projects in primary and secondary markets across the United States. Since its inception, Canyon has invested approximately $2.7 billion in debt and equity to capitalize ~$13.0 billion of total projects across multifamily investments.
Bank OZK is pleased to provide construction financing to Toll Brothers and its joint venture partners on another highly desirable project, said Jason Choulochas, Managing Director, Originations at Bank OZK. Navona offers an unmatched residential living experience that blends outstanding design, contemporary conveniences, and a vibrant sense of community.

ORLANDO, FL – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of Standard441, a new 300-unit multifamily community in the Orlando suburb of Lady Lake. Thompson Thrift plans to begin construction this month and welcome new residents beginning in late 2024.
“Lady Lake is a fast-growing area that shows no signs of slowing down,” said Josh Purvis, managing partner for Thompson Thrift Residential. “The area is expected to nearly double in size by 2040, providing Thompson Thrift the perfect opportunity to develop a high-end multifamily community that will offer residents the ability to live close to work and enjoy the benefits of nearby retail, entertainment and recreation.”
Located off Highway 441 on the northeast side of The Villages master-planned community, the 15.26-acre community will offer one-, two- and three-bedroom apartment homes in three-story buildings. The apartment homes will feature hardwood-style flooring, stainless steel appliances, patio and balcony options, private yard options, upgraded unit options, detached garages and a full-size washer and dryer. Each home will also feature Alexa-compatible smart home packages.
Luxury living will continue throughout the gated community, including a fully equipped fitness center with 24-hour access, resort-style heated swimming pool and outdoor spa, outdoor pool pavilion with a built-in fireplace and grills, pickleball court, dog park and pet spa, 24-hour social hub, work from home focus suites and electric vehicle charging.
The site is across the street from UF Health The Villages Hospital, which is the largest, most comprehensive provider of health care services in the region. Nearby Highway 441, which is the main thoroughfare for The Villages, will provide residents with convenient access to nearly 3 million square feet of retail, dining and entertainment options, as well as other major employers including Arcosa, Ash Grove, Advent Health Ocala and the U.S. Department of Justice.
The Villages MSA was the #1 fastest growing metropolitan area in the U.S. during the past decade and projections indicate that the area has the potential to double in total size in coming years.
This development marks Thompson Thrift’s 12th multifamily community in Florida and brings the company’s total number of multifamily units to 20,000.

FORT LEE, NJ – UNLMTD Real Estate, a leading regional real estate development, investment, and property management company, and FIAT, the iconic global automobile brand, jointly announced their groundbreaking partnership in the creation of FIAT House. FIAT House is an innovative residential property featuring over 300 rental residences with hospitality-driven amenities, tailored concierge services, and unique community events, set to open in early 2024.
FIAT House is situated at the foot of the George Washington Bridge in Fort Lee, New Jersey, just moments away from Manhattan. Nestled at the convergence of eight major highways and offering access to multiple mass-transit and alternative transportation options, FIAT House will provide residents with unmatched accessibility to New Jersey, New York, and the rest of the world. FIAT House will represent the next generation of mobility with an onsite car-sharing fleet of all-electric FIAT 500e vehicles that will provide residents with a fun-to-drive and sustainable mobility solution.
While UNLMTD Real Estate and FIAT are part of two distinct industries, they align on the common vision of the future of urban living, one that seamlessly integrates connectivity, community, sustainability, and style. Combining the global brand strength and mobility solutions of FIAT with UNLMTD’s development and management expertise, this alliance embodies the pursuit of a fulfilling life — La Dolce Vita.
“Collaborating with FIAT on this endeavor forges a unique opportunity to transcend traditional real estate development boundaries,” stated Gabriella LoConte, development lead of UNLMTD Real Estate. “We envision a future where people embrace mobility, live efficiently, and experience life to the fullest. We look forward to bringing that vision to life in a dynamic location, where in a few minutes of time, one can easily bike over the George Washington Bridge to Manhattan or just as easily access unparalleled hiking and walking trails on the Palisade cliffs.”
“FIAT is a love brand around the world and our partnership with UNLMTD has created a very unique opportunity to showcase what FIAT stands for: sustainable mobility with optimistic, forward-looking living,” said Olivier Francois, CEO of FIAT and Global Chief Marketing Officer of Stellantis. “We are thrilled to be at the forefront of this natural collaboration, which is bolstered by the simultaneous Grand Opening of FIAT House and launch of the new FIAT 500e for North America early next year.”
FIAT House will offer a collection of over 300 thoughtfully designed studios, one-bedroom, and two-bedroom rental residences, including a selection of furnished homes. The residences are inspired by the design ethos of the FIAT 500, reflecting its space efficiency and premium finishes. The vibrant FIAT brand will be artfully woven throughout the property, from the attended lobby to the expansive and activated array of amenities and social spaces spanning more than 30,000 square feet. This pioneering property represents the future of real estate, bringing lifestyle, efficiency, community, and mobility to the forefront of residential living.

DALLAS, TX – Alpine Start Development (ASD), a family-owned real estate development and investment firm, introduced Range West, a groundbreaking 261-unit garden-style apartment community located in Saginaw, Texas, on 11 acres, just a short drive North from downtown Fort Worth.
“We are excited to announce our second real estate development this year of Range West in Saginaw. This development will add much-needed density to the area and provide residents access to high-quality amenities and a convenient location. It will be the first of many “Range” branded projects coming to DFW in the coming years. We strive to deliver the best renter experience and pride ourselves on the thoughtful design of our apartments, curated amenity packages, attention to detail, and responsive management of our communities. We look forward to working with the city to bring this project to life,” said David Eitches, Managing Partner of Alpine Start Development.
The project boasts an impressive array of amenities, featuring a resort-style pool, a sprawling courtyard, a well-equipped fitness center, a pickleball court, a dog park, and inviting grilling stations, providing residents with a comprehensive and inviting living experience. Situated on approximately 11 acres in Saginaw, Range West takes advantage of the city’s impressive population and income growth. The development places residents within walking distance of essential amenities, including grocery stores, 20 restaurants, and several schools. Range West meets the surging demand for housing in this supply-constrained submarket, making it a valuable addition to the community.
“This project presented the exciting opportunity to develop rental housing within a fast-growing submarket that already includes the community infrastructure needed to provide a desirable suburban lifestyle,” added Zach Gensior, Managing Partner of Alpine Start Development. “We are proud to have partnered with housing agencies to allocate a portion of the property towards income-restricted rentals to supplement this growing neighborhood’s inventory of attainable housing. Our team’s thoughtful approach towards programming indoor and outdoor amenity spaces will bring a unique residential experience to this submarket.”
Range West offers a diverse range of floor plans, including 150 one-bedroom units, ranging from 637 to 712 square feet, 99 two-bedroom units ranging from 1,139 to 1,150 square feet, and 12 three-bedroom units at 1,349 square feet.
Alpine Start Development anticipates that Range West will be completed by Q2 2025 but will have its first units and the clubhouse available in Q4 of 2024. In the past 18 months, Alpine Start Development has initiated three apartment projects in Dallas-Fort Worth and Austin, totaling over 875 units. Several other land development sites are currently in predevelopment, with a pipeline of over 2,000 units.

BEAVERTON, OR – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced that construction is underway at Modera Beaverton, a mixed-use apartment community located in the heart of Downtown Beaverton on the western side of the Portland metropolitan area.
The wrap-style community will be built to and is pursuing LEED Gold certification standards and will feature 312 apartment homes, 4,145 square feet of retail space and boasts a walkable, bikeable location in the heart of downtown Beaverton. Modera Beaverton first broke ground in December and first move-ins are anticipated for summer 2025.
“Beaverton continues to emerge as a high-quality living destination removed from Portland but close enough to easily access all that the city has to offer,” said Sam Rodriguez, senior managing director of development in Portland for Mill Creek. “In addition to being amidst the local charm of Beaverton, future residents will be within a 15- to 20-minute drive of the Portland Central Business District and no longer than a 30-minute commute from any of the city’s key employment hubs.”
Located at 12230 SW Broadway Street, Modera Beaverton provides a Walk Score of 98 and Bike Score of 81, with several restaurants, brewpubs, nightlife opportunities and transit options easily accessible. That includes a stop on the MAX Light Rail that sits a half-mile from the community, and key artery Highway 217 is within a few blocks. Beaverton also is positioned nearby some of the most notable employers in the metropolitan area, including Nike World Headquarters, Columbia Sportswear, Tektronix, Intel and Kaiser Health.
Community amenities will include a resident clubhouse, landscaped courtyards, rooftop deck with grilling area and fire pit, outdoor dining, demonstration kitchen, coworking spaces, private workspaces, game room with pool table, coffee bar and pet spa. The 24-hour, club-quality fitness center will include a yoga studio, golf simulator, TRX system and cardio equipment. The community will also offer controlled-access garage parking with EV charging stations.
Modera Beaverton will feature studio, one-, two- and three-bedroom homes with private patios or balconies. Apartment interiors will be delivered with nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, pull-down faucets, tile backsplashes, soft-close cabinets, in-home washers and dryers and walk-in closets. Smart features include ButterflyMX™ guest-access technology, programmable thermostats and key fob entry system. The community will also include digital package lockers, bike repair station, dedicated bike storage and additional storage.

MIAMI, FL – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Campus Living division, and joint venture partner CanAm Capital Partners, announced the opening of Lapis in Miami, Florida. The brand-new luxury high-rise apartment community, designed exclusively for college students, spans more than 763,500 square feet, featuring 293 units and 1,086 beds within its 20 stories. Situated on a 1.73-acre site at 795 SW 110th Avenue, Lapis is adjacent to the Modesto A. Maidique Campus of Florida International University (FIU).
Financed with a $103 million construction loan facility from Ocean Bank, construction commenced in July 2021 and first residency was offered for the fall 2023 semester of FIU. Toll Brothers Campus Living is responsible for the development, construction, marketing, and asset management of Lapis.
We are delighted to welcome residents to our newest luxury student apartment community adjacent to the prestigious FIU in Miami, said Richard Keyser, Vice President of Acquisition and Development for Toll Brothers Campus Living. Lapis seamlessly integrates the flexibility of off-campus living with the proximity to the FIU campus. With well-appointed residences and resort-style amenities, Lapis offers students an unparalleled living experience.
The community was designed by Humphreys & Partners Architects, with interior design by Mary Cook Associates and branding by Streetsense. Lapis offers studio, one-, two-, three-, four-, and five-bedroom luxury rental apartments, allowing students to choose their preferred living arrangements. The community also boasts more than 5,800 square feet of ground-floor retail space, featuring Crema Gourmet Espresso Bar, Brooklyn Dumpling Shop, and Insomnia Cookies.
Lapis provides residents with an array of amenities within its 24,000 square feet of interior and exterior spaces. These include a 2-story state-of-the-art fitness center with outdoor turf area, an expansive deck with a Jumbotron, pool, and grilling areas, as well as private study and meeting rooms on each floor. Additionally, the community offers a computer lounge with complimentary printing services, complimentary coffee and cold brew, valet trash, self-serve package lockers, secured refrigeration for food delivery, a bicycle storage area, an indoor rideshare waiting area, and high-speed community-wide Wi-Fi. Residents also benefit from secured access control, 24-hour on-site security personnel, and a gated parking garage, which includes 8 electric vehicle charging stations.
Lapis exemplifies the quality and luxury living experience for which the Toll Brothers brand is already well known nationwide, and continues that legacy with our Campus Living division, said John McCullough, President of Toll Brothers Apartment Living, the multifamily division of Toll Brothers which oversees its Campus Living division. With exceptional materials, amenities, design, construction, and resident services, Lapis offers the finest living experience for the next generation of scholars at FIU.
We are thrilled to witness the successful opening of this impressive asset that sets a new standard in the FIU market, said John Reid, Director and head of Project Development with CanAm Capital Partners. Toll Brothers has been an outstanding partner and a pleasure to work with. The level of quality, on-time delivery, and full occupancy at the property proves their ability to deliver for us as a partner and our investors.
FIU has experienced significant growth, with a nearly 27% increase in enrollment over the past decade. According to the US News & World Report, FIU ranks as the nation’s 8th largest public university by enrollment with more than 55,000 students, and lists dozens of FIU programs among the best in the nation. FIU has been named an Emerging Preeminent State Research University and has been designated R1 by the Carnegie Classification of Institutions of Higher Education. Washington Monthly has also ranked FIU among the top 20 public universities contributing to the public good.
Lapis is the first Toll Brothers multifamily project in Florida and joins the growing Toll Brothers Campus Living student housing portfolio nationwide. Previous developments include 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.

RICHMOND, VA – Capital Square Living, the wholly owned property management subsidiary of Capital Square, announced the assumption of management of four multifamily communities across Georgia, bringing the total number of properties under its management to 24, comprised of 6,155 units. Capital Square is one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of multifamily communities.
The Georgia properties include High Ridge Apartments in Athens; Bedford Parke Apartments in Warner Robins; Promenade at Newnan Crossing in Newnan; and SouthLawn Lawrenceville Apartments in Lawrenceville. Capital Square Living is set to expand its presence further into Georgia with four additional properties in November: Residence at Riverwatch; The Quincy Apartments; Capstone at Banks Crossing; and Lakeside on Riverwatch. All properties are owned by Delaware statutory trusts sponsored by Capital Square.
This latest development is part of Capital Square Living’s ongoing plan to assume management of 44 multifamily communities, comprising approximately 11,000 units, owned by Capital Square’s affiliated apartment REIT, DST programs and opportunity zone funds.
“Assuming management of these four properties across Georgia demonstrates our commitment to providing excellent property management services while growing our portfolio,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Expanding our footprint from Virginia to Georgia and eventually across the Southeast underscores our dedication to continuously pursue growth opportunities that benefit both our investors and residents.”
Since March 31st, Capital Square Living has acquired a total of 24 properties located across Virginia and Georgia, consisting of 6,155 units. By summer 2024, Capital Square Living will manage 44 residential communities comprised of over 11,000 units. Their operational area will expand across six states in 18 markets, covering 25 cities in the Southeast region. The firm provides comprehensive, state-of-the-art management services, including operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing and resident retention.
“Not only is Capital Square’s vertically integrated business model creating value for our investors, it’s also improving the experience for our residents,” said Gus Remppies, president of Capital Square Living. “From first-class amenities to superior customer support, Capital Square Living is providing residents with an exceptional place to call home.”

CONROE, TX – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced construction is underway at Beckett West Fork, the latest apartment community representing the company’s new attainable housing brand.
Beckett West Fork, which will feature 408 apartment homes across 14 buildings, sits approximately 40 miles north of Houston’s central business district and 15 miles north of The Woodlands. The community is located only two miles from 21,000-acre Lake Conroe, which features 157 miles of shoreline and is among the most popular boating and fishing lakes in East Texas. First move-ins are anticipated for November 2024.
“Beckett West Fork will offer the best of both worlds in that residents will experience a small-town vibe while remaining within commuting distance of the area’s key employment and entertainment centers,” said Lucas Sandidge, vice president of development for Mill Creek Residential. “The community will provide a nature-centric living experience at a much more reasonable price point than many of the surrounding suburban locales. We’re eager to join the neighborhood.”
Situated at 10485 League Line Road and in close proximity to Interstate 45, Beckett West Fork provides residents excellent regional access to employment hubs such as The Woodlands and North Houston. Additionally, the community is within a 30-minute drive of City Place, a master-planned development home to 20,000 jobs and the new headquarters of ExxonMobil.
Beckett West Fork will offer one- and two-bedroom homes with an average size of 1,027 square feet. Community amenities will include a 5,000-square-foot resident clubhouse, swimming pool, grilling area, outdoor kitchen, fitness center, landscaped courtyards, onsite pet park and dog run and rentable private garages.
In-home features will include wood plank-style flooring, nine-foot ceilings, ceiling fans, stainless steel appliances, electric ranges, granite countertops, kitchen islands, custom cabinetry, central heating and air, spacious bedrooms, walk-in closets and full-sized in-home washers and dryers. Bathrooms will include tile shower surrounds and linen closets.

CLERMONT, FL – Venterra Realty recently acquired The Grove at Clermont community located in Orlando. The 288-unit, two-story multi-family community was built in 2023 and offers modern one, two, and three-bedroom garden-style residences that range from 731 – 1415 square feet in ten unique floor plans.
The apartments feature quartz countertops, stainless steel appliances, side-by-side refrigerators, washers and dryers, and ample closet space. Some apartments feature kitchen islands and double-sink vanities.
The property provides renters with access to a resort-style pool with gas grills, a 24-hour commercial caliber fitness center, a Pet Spa, a spacious clubhouse, and a bike storage facility with direct access to the South Lake Trail system.
Located in Clermont, the property is located just north of Highway 50, adjacent to a retail development that includes a Publix grocery store within walking distance. The property is bordered by the South Lake Trail, part of a 43-mile greenway corridor and recreational trail for walking, running and biking. Orlando Health South Lake Hospital and the National Training Grounds are major local employers.
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 Clermont area, and are excited to expand our Florida portfolio with the addition of the amenity-rich property, The Grove at Clermont,” 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 The Grove at Clermont by implementing Venterra’s customer-focused management platform,” added Venterra Chairman, Andrew Stewart.

SAN ANTONIO, TX – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, joins the City of San Antonio to break ground on Leon Creek Flats, a new affordable housing development supported by the City’s 2022 Affordable Housing Bond.
During a ceremony with San Antonio Mayor Ron Nirenberg, City Councilmember Dr. Adriana Rocha Garcia and other local leaders, LAC celebrates its development partnership with the San Antonio Housing Trust to provide 308 affordable homes for San Antonio families.
“Housing affordability has remained a key initiative for our city that started with the formation of the Housing Task Force,” said Mayor Ron Nirenberg. “Communities like the one celebrated today represent the collective efforts to produce housing affordability for San Antonio renters.”
Leon Creek Flats is Lincoln Avenue’s first ground-up affordable housing development in Texas. More than $2.5 million in housing funding is supporting the development, which will create 261 homes for families earning at or below 60 percent of the Area Median Income (AMI) and 47 homes are deeply affordable for families earning at or below 30 percent AMI.
“By increasing affordable housing options and prioritizing families who need deeper affordability, we are creating thriving communities,” said District 4 Councilmember Dr. Adriana Rocha Garcia. “It’s an honor to celebrate opportunities for current and future residents of District 4.”
On-site services for the project will include after-school education, which will be free of charge for residents for a minimum of 15 hours per week.
“LAC is committed to building high-quality affordable homes in communities where residents are burdened by high housing costs,” said Blake Hopkins, LAC Vice President and Regional Project Partner. “This development will bring hundreds of affordable homes to San Antonio and help address the region’s affordable housing crisis.”
“Housing affordability options are needed throughout our city. Ensuring that there are quality and accessible homes with supportive services for families in San Antonio is our department’s priority,” said Veronica Garcia, Director of the Neighborhood and Housing Services Department.
The development is made possible by a soft loan from the City of San Antonio’s 2022-2023 Housing Bond Program, along with other financing. Following remarks, LAC and City leaders formally broke ground on a section of the property to mark the beginning of construction, which will be complete in 2025.