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.
Category Archives: Hard Money Loans
Capital Square Living Expands Multifamily Management Portfolio with Addition of Four Properties Across Multiple Georgia Markets
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.”
Mill Creek to Deliver 408 Attainable Apartment Homes to North Houston Market with Beckett West Fork Groundbreaking in Conroe
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.
Venterra Realty Adds to Florida Portfolio with Acquisition of 288-Unit The Grove at Clermont Apartment Community in Orlando Submarket
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.
Lincoln Avenue Communities Breaks Ground on 308-Unit Leon Creek Flats Affordable Housing Development in San Antonio, Texas
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.
Greystar Expands Rental Housing Options with Four Dynamic Apartment Communities Nearing Completion Across The Atlanta Metro Area
ATLANTA, GA – 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 is now leasing 1,378 new residential units in Metro Atlanta.
“Atlanta has been a resilient market over the past decade that continues to drive capital investment and new job creation,” John Roberson, Managing Director of Development, said. “We have quite a bit of activity in Metro Atlanta with four brand new projects in the final stages of development ready to open this year. We are excited to continue developing new housing options that meet the growing demand well into the future”.
Greystar is proud to introduce the following communities:
Elan Sweetwater Creek opened in May 2023, showcasing 360 modern new residences in a garden-style community. Floorplans include one-, two- and three-bedroom layouts.
Elan Brookwood, opened in July 2023, debuting brand new, modern one-three bedroom apartment and townhome residences in Cobb County, GA. The design details and finishes at the property have been curated to balance upscale modern living with the classic comforts of home. Steps from the Silver Comet Trail, residents at Elan Brookwood will have direct access to all of the great amenities Cobb County has to offer.
Bellamy Executive Park, is situated within Emory’s Executive Park campus in Brookhaven. This mid-rise complex offers a variety of floorplans including studio, one-, two-, and three-bedroom options. The community boasts a range of luxurious amenities, such as a work-from-home space designed like a library and a lounge with a speak-easy theme, providing a perfect place to unwind after a busy day. Bellamy is scheduled to open in October.
Nomia, the much-anticipated dawn of Midtown’s next grandiose residence overlooking the Eastern Continental Divide, is coming to 1382 Peachtree Street. The 32-story high-rise will house 281 residences curated with nuanced details for those accustomed to living well. The first phase of residences will be available in the fourth quarter.
TWO Capital and RAM Partners Forge Strategic Partnership to Deliver Over 2,300 Build-to-Rent Homes Across Multiple Southeast Markets
ATLANTA, GA – TWO Capital Partners, a leading real estate investment and development firm, and RAM Partners, an award-winning property management company, have joined forces to revolutionize the Build-to-Rent sector with the launch of a groundbreaking partnership.
Together, they are set to deliver more than a dozen Build-to-Rent single-family communities across the Southeastern United States over the next two years, totaling over 2,300 homes.
“TWO Capital Partners has strategically acquired development sites close to major thoroughfares, providing convenient access to interstates and key employment centers for our Tessa single-family rental communities,” said co-founder and Managing Partner Ralph B. Wilson III. “By partnering with RAM Partners, we offer our residents first-rate, maintenance-free living with resort-level amenities and services. It’s a perfect match for our brand and our residents.”
Tessa Barrow Crossing, the inaugural community, has welcomed its first residents. Located at 116 Dolcetto Drive in Winder, Ga., Tessa Barrow Crossing is a 235-unit townhome community with concierge services, a pet park & dog spa, a sparkling pool, co-working space, a state-of-the-art fitness center and ample greenspace with outdoor gathering places.
Each home features luxury finishes, Latch Smart Home technology, private garages and private outdoor spaces.
RAM Partners is one of the largest residential management companies in the country, managing over 70,000 units across 21 states.
“As longstanding partners with TWO Capital, our collaboration has been instrumental in developing the exceptional amenity set for Tessa communities and establishing a resident-first culture for our guests,” said Brenda Lindner, Executive Vice President and Managing Partner, RAM Partners. “We are thrilled to serve the Build-to-Rent demographic, many of whom are our former apartment renters ready for the next stage of their lives.”
TWO Capital has a proven track record of developing, acquiring, leasing, managing and financing real estate assets exceeding $1 billion across the Southeastern United States.
The firm currently has five Build-To-Rent communities under construction, totaling 947 units across North Carolina, Tennessee, and Georgia, alongside a pipeline of six additional Tessa-branded communities throughout the Southeastern United States.
Mill Creek Residential Announces Construction Underway at 399-Unit Modera Shoreline Apartment Community in Seattle Submarket
SHORELINE, WA – 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 Modera Shoreline, a contemporary apartment community 12 miles north of Downtown Seattle.
The podium-style community, which will feature 399 apartment homes and first broke ground in June, will boast a quiet, comfortable locale less than two miles east of the picturesque Puget Sound. Future residents will be surrounded by Shoreline’s 25 parks and recreational outlets, which include Richmond Beach Park, Boeing Creek Park and the 14-mile Interurban Trail. First move-ins are anticipated for fall 2025.
“We’re excited to join the Shoreline submarket, which is ideal for residents who want to take advantage of the intimate and vibrant suburban feel at a much more reasonable price point than in-town Seattle neighborhoods,” said Steve Yoon, senior managing director of development in Seattle for Mill Creek Residential. “We believe Modera Shoreline will quickly rise to a top-of-market option among new builds in the area due to the quality of finishes in the amenities and its location in a charming residential neighborhood off busy thoroughfares.”
Situated at 17888 Linden Avenue N, Modera Shoreline sits in an emerging Shoreline neighborhood anchored by a Trader Joe’s and a Fred Meyer grocery store, along with the newly built Shorewood High School. Residents will have prime access to key artery Aurora Avenue, but will be far enough removed from the bustling thoroughfare that they won’t experience noise-related disruptions.
The community also sits within one mile of Interstate 5 and within close proximity to several high-speed transit options, including a light rail station that will open in 2024. This will enable residents to quickly connect to the thriving employment sectors contained within Downtown, the Eastside and the greater Seattle area.
Modera Shoreline will offer studio, one- and two-bedroom homes with select den layouts and private patios or balconies. Community amenities will include a two-story club lounge with TouchTunes™ music system, two roof terraces with panoramic views, theater area, expansive co-working space, grilling area, fire pit, landscaped courtyards, game room, pool table, coffee bar, demonstration kitchen, dedicated dog run, and a 24-hour, club-quality fitness center with cardio equipment, individual TVs, personal training and yoga/Pilates studio. Residents will also have access to package lockers, secure overflow package room, controlled-access garage parking, EV charging stations, a bike repair station, bike storage and additional storage space.
Home interiors will feature wood plank-style flooring, stainless-steel appliances, quartz countertops, tile backsplashes, pull-down faucets, moveable kitchen islands, 42-inch custom cabinetry, walk-in closets, built-in shelves and in-home washers and dryers. Bathrooms will be equipped with soaking tubs, backlit mirrors and linen closets. Smart features will include a key fob system, mobile-app entry, controlled guest-access technology, programmable thermostats and bulk WiFi.
Wood Partners Elevates Luxury Living in Dallas Submarket with The Grand Opening of 325-Unit Alta at The Farm Apartment Community
DALLAS, TX – Leading national multifamily real estate developer Wood Partners announced the grand opening of its newest high-end residential community, Alta at The Farm, situated in the Dallas region.
Alta at The Farm is located in the heart of The Farm, a 135-acre mixed-use development in the prominent Dallas suburb of Allen, and adjacent to The HUB, a multifaceted outdoor entertainment and retail venue. Alta at The Farm is also within walking distance of The Farm’s Central District, which includes High 5 Entertainment and Chicken and Pickle, both of which will start construction this month. With FarmWorks One, a 102,000-sqaure-foot Class A office building, also under construction just two blocks away, The Farm will include a dynamic blend of office spaces, retail boutiques, entertainment venues, and residential offerings. Some standout features of The Farm include a sprawling 16-acre greenbelt and expansive open spaces that stretch the entire length of the development, a picturesque 2.5-acre lake and a diverse selection of dining options, multiple inviting pocket parks, and a 2.5-mile network of versatile multi-use trails seamlessly connecting to the broader Allen trail system.
“We’re thrilled to expand our presence in the Dallas/Fort Worth region and extend a warm welcome to residents at Alta at The Farm,” said Ryan Miller, Managing Director at Wood Partners. “With nearby parks, hiking and biking trails, a serene lake, and an array of shopping and dining opportunities, residents at Alta at The Farm will have the privilege of enjoying the ultimate live-work-play lifestyle.”
“From the beginning, we designed The Farm in Allen to be a premier place to live, work, and play. Serving Allen and the surrounding areas, the grand opening of Alta at The Farm officially takes us another step closer to fulfilling that vision,” said Bruce Heller, President of JaRyCo and Developer of The Farm. “It has been a pleasure working with Woods Partners to bring this high quality urban residential project to The Farm.”
Alta at The Farm offers 325 apartment homes offering residents a range of choices among studio, one-bedroom, and two-bedroom floorplan layouts. Each apartment comes equipped with premium finishes, including luxurious kitchens featuring granite countertops, stainless steel appliances, high-end fixtures, and chic tile backsplashes. Furthermore, these homes will include state-of-the-art technology, keyless entry systems, wood plank flooring, and the added convenience of in-home washer and dryer sets.
Throughout the community, residents have access to an impressive array of amenities you won’t find in other Allenapartments in Texas, including a resort-style pool with tanning ledges, a second courtyard with grilling areas and fire pits, a community clubhouse featuring a state-of-the-art fitness facility, private fitness micro-studios, and a Sky Lounge deck overlooking West Lake Park and The HUB. Additionally, residents also have access to remote working areas, social gathering spaces, and enhanced Wi-Fi throughout the common areas.
Gardner Capital to Provide High Quality Affordable Housing Options for Seniors with Development of Bethel Village in Harrisburg
HARRISBURG, PA – Gardner Capital, a Dallas based private equity firm and alternative investment platform specializing in multifamily housing and renewable energy development and investment, announced its new senior housing development in Harrisburg, Pennsylvania, Bethel Village.
Construction for Bethel Village began in August and is expected to be completed in 2024. Bethel Village represents the first new affordable housing development for Gardner Capital in the state of Pennsylvania, a key long term strategic market for the Company.
Located in the central business district of Harrisburg, Bethel Village will bring 49 units of high quality affordable housing for Seniors in the Harrisburg area. Gardner Capital expects to secure additional funding to support EV charging stations and provide free EV charging for future tenants through the GCRE Upward Mobility Fund. Just two blocks from the state capital complex, the area has already seen signs of new investment, including the $192-million-dollar Federal Courthouse on 6th Street. The complex will consist of one, energy-efficient, four-story building featuring one and two-bedroom units.
“We couldn’t be more excited to begin construction on Bethel Village Apartments, our first Development in Pennsylvania – with another development closing this year in Philadelphia,” said Amy Dosen, Managing Partner, Gardner Capital, adding “we have been dedicated to the Pennsylvania market for quite a few years, and it is only through our truly amazing local partners that we have been able to close our first of many future developments in a state that represents one of our core long term strategic markets.”
When completed, Bethel Village Apartments will be the latest addition to Gardner Capital’s growing affordable housing portfolio of more than 4,500 units – a part of Gardner Capital’s national multifamily portfolio within Gardner Capital’s Portfolio Management Group which oversees Gardner Capital’s long-term development and investment assets.