BAKERSFIELD, CA – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, in partnership with Bettencourt Properties and The Beneficial Housing Foundation, announced the acquisition and planned renovation of Sundance Apartments, an affordable housing complex in Bakersfield, Calif. This is the first community in Bakersfield for CPP.
Sundance Apartments is located at 6000 White Lane in the Spice Tract neighborhood of Bakersfield. The convenient location allows residents easy access to multiple bus stops, as well as a nearby grocery store, shopping center and restaurants. Originally built in 1981, the property has not received any substantial rehabilitations. The property is comprised of 10, two-story buildings and an additional single-story building which contains the community room, laundry room, and leasing office. Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP s total development investment is approximately $32.5M, which includes the purchase price of $20M and estimated renovation costs of approximately $80,000 per unit.
Bakersfield, like many cities in California, is experiencing an affordable housing crisis. In fact, studies indicate that nearly one-third of Bakersfield residents are spending more than 30% of their income on housing, said Belinda Lee, Director of Development at CPP. The preservation of Sundance Apartments 60 affordable units will play a part in helping to ensure that the Bakersfield affordable housing supply is maintained for years to come.
Sundance Apartments will receive significant renovations aimed at improving the property s energy efficiency and modernization. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades include the modernization of bath and kitchen surrounds and fixtures, and replacement of unit flooring. Exterior improvements include roofing replacement, repairs to the property s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property s community room.
By preserving 60 affordable units and investing in significant upgrades, we aim to ensure that these homes remain safe, energy-efficient, and sustainable for years to come. Our partnership with Bettencourt Properties and The Beneficial Housing Foundation underscores our shared commitment to providing quality, affordable housing to the communities that need it most, said Alexis Castillo, Assistant Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property s affordability was set to expire in 2027, but with CPP s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. Additionally, the property will encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 55 years. All units will be income restricted to family households at 60% or below Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. Banner Bank is providing construction financing, while Key Bank serves as the permanent lender, using a Freddie Mac product.

DALLAS, TX – Knightvest Capital, a vertically integrated multifamily investment firm, announced the acquisition of the SKYE of Turtle Creek apartment community in Dallas, Texas. This successful acquisition represents the sixth investment in Knightvest’s Fund II.
Built in 1998, the 331-unit high-rise is located in the prolific submarket of Uptown Dallas, an area where Knightvest has direct experience. Knightvest will leverage its construction, management, and operational experience to seamlessly integrate the community into its portfolio. With the property largely in its original condition, Knightvest plans to renovate a considerable portion of the units and make significant updates to the exterior and common areas. These improvements will position Skye to compete with new luxury developments in the area while maintaining a compelling price advantage. As part of the renovation efforts, Knightvest has renamed the community to Remi.
“Given our knowledge and success in the submarket, we have a clear path to enhanced performance and revenue, leading to significant value creation potential with the acquisition of Skye,” said David Moore, Knightvest founder and CEO. “With a purchase price significantly below replacement cost, this acquisition perfectly aligns with our strategy, and we’re excited about our momentum in Fund II.”
With direct access to the Katy Trail, a walkable neighborhood boasting over 200 restaurants, and close proximity to vibrant areas like Victory Park, Downtown Dallas, and the Harwood District, the apartment community offers the best of urban living. Following Knightvest’s planned renovations, the modernized interiors and enhanced common areas will position the community as a top-tier living destination in the area.

VANCOUVER, WA – Hamilton Zanze, a leading San Francisco-based multifamily real estate investment firm, announced it has sponsored the purchase of Arnada Pointe, a 200-home garden-style apartment community in Vancouver, Wash.
Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property, which is situated 11 miles north of Portland, Ore., on the north bank of the Columbia River. The river treads the Washington and Oregon state lines and is the largest in the Pacific Northwest.
“We are excited about the sponsored acquisition of Arnada Pointe, as it represents an opportunity to acquire an asset at a significant discount to replacement costs with long-term upside potential,” said David Nelson, president and chief investment officer at Hamilton Zanze. “Vancouver has been the fastest-growing city in the Pacific Northwest, with strong population growth and apartment demand. We believe Arnada Pointe is well-positioned to capture future rent growth as supply slows down over the next 12 to 18 months.”
Located at 4820 Hazel Dell Avenue, Arnada Pointe was built in 2005 and offers one-, two- and three-bedroom apartment homes. Homes range in size from 700 to 1,188 square feet and include in-home washers and dryers, spacious closets, vinyl flooring and private patios or balconies. Common-area amenities at the pet-friendly community include a resident clubhouse, outdoor swimming pool, playground, barbecue/picnic areas and a 24-hour fitness center.
Located just west of key thoroughfare Interstate 5 and adjacent to a local bus line, Arnada Pointe enables residents to easily connect to the thriving employment markets of Fruit Valley and the greater Portland area. Residents are also within a quick commute to Downtown Vancouver and its variety of dining, retail and entertainment options. Additionally, the community is surrounded by an array of recreational outlets, including Vancouver Lake, Leverich Park and Kiggins Bowl.

DENVER, CO – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced that it will develop Stack at Wheat Ridge, a 255-unit Class A multifamily community in the Denver suburb of Wheat Ridge. Construction is expected to be completed in winter 2026.
“Wheat Ridge stands out as the location provides convenient access to the city’s top employers and shopping venues, as well as numerous outdoor activities,” said Josh Purvis, managing partner for Thompson Thrift Residential. “Similarly, we believe that our latest Thompson Thrift community, Stack at Wheat Ridge, will deliver a unique blend of exceptional living for our residents and an attractive investment opportunity for our partners.”
Nestled in the foothills of the Rocky Mountains, Stack at Wheat Ridge will sit on just over seven acres at the corner of Kipling Street and 44th Avenue. The community will feature 255 apartment homes in one-, two-, and three-bedroom configurations.
Each apartment home will also offer luxury amenities including elegant quartz countertops, stainless-steel appliances, glass-top ranges, hardwood-style flooring, granite vanity tops and undermount sinks, a walk-in shower, full-size washers and dryers, multiple smart home capabilities and many other designer fixtures and finishes. Select signature units may also feature premium stainless-steel appliances and cabinetry with soft-close doors, a deluxe closet system with shelving, premium lighting, premium kitchen hardware and countertop colors, a dry bar and advanced smart home capabilities. Patio and balcony and detached garage options are also available.
Community amenities will also feature many of the high-end features that Thompson Thrift communities are known for, including a fully equipped 24-hour fitness center, a yoga and spin studio with on-demand fitness classes, a resort-style heated swimming pool, electric firepits with seating areas, a billiards area, a dog park and a pet spa with grooming station, just to name a few. Residents may also take advantage of the event suite with a full kitchen and resident conference room. An on-site service team, valet trash service and a user-friendly mobile app will also be available.
Along with Stack at Wheat Ridge’s many amenities, the community also offers excellent connectivity to I-70, which provides easy access to Denver’s Central Business District. Denver Federal Center, home to approximately 28 different federal agencies, CoorsTek, a privately owned company focused on exploration technology, and Home Advisor, a digital marketplace leader, are among the major employers in the area. Nearby retail centers, such as Kipling Ridge and Arvada Ridge Marketplace, offer residents access to many shopping and dining options, including Costco, Starbucks, Chipotle and more.
Wheat Ridge is located on the west side of the Denver metropolitan statistical area, providing access to both the city of Denver and short drive to the recreational activities in the Rocky Mountains. Denver’s west side is also home to many of the city’s most desirable neighborhoods, including Sloan’s Lake, which borders Wheat Ridge. Within five miles of Stack at Wheat Ridge, the average home value exceeds $552,000.
The company continues to expand its footprint with 11 new residential developments targeted for 2025. Stack at Wheat Ridge will be the company’s 20th Colorado location, further expanding Thompson Thrift’s presence in the area. Thompson Thrift 2024 Multifamily Development, LP will provide equity for Stack at Wheat Ridge.
Thompson Thrift is a full-service real estate development company focused on multifamily, ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. For nearly 40 years, Thompson Thrift has invested more than $6 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive multifamily, commercial and industrial projects.

BURLESON, TX – Elevate Commercial Investment Group announced the acquisition of Camden Crossings, a premier 144-unit multifamily community located just 15 minutes south of Fort Worth in Burleson, Texas. This strategic acquisition aligns with Elevate’s commitment to providing high-quality, cash-flowing real estate opportunities while delivering strong, risk-adjusted returns to investors.
Built in 2023, Camden Crossings is a Class A garden-style apartment community featuring modern amenities such as a resort-style swimming pool, a pickleball court, a dog park, and stylish unit finishes including granite countertops, stainless steel appliances, and private balconies. The property benefits from a prime location in Burleson, a rapidly growing submarket with strong demographics, highly rated schools, and easy access to major employment hubs in the Dallas-Fort Worth metroplex.
This acquisition represents a compelling investment opportunity, with Elevate purchasing the asset at a highly favorable cost basis of $160,000 per unit and purchasing from the original developer. The property benefits from an innovative financing structure.
“Our acquisition of Camden Crossings underscores our disciplined approach to identifying high-quality assets with strong upside potential,” said Jorge Abreu, Co-Founder and CEO of Elevate Commercial Investment Group. “With a stabilized cap rate of 7.6% and projected investor returns exceeding 17% IRR, we believe this asset will generate long-term value for our investors while enhancing the residential experience in Burleson. Although it was tempting to do more deals in 2024 we stayed disciplined and positioned ourselves and our investors for a strong 2025 and beyond.”
The five-year business plan for Camden Crossings focuses on optimizing operational efficiencies through Elevate’s vertically integrated management platform. Elevate’s in-house construction and property management teams will work to streamline expenses, drive rent growth, and maximize NOI to ensure sustained asset appreciation.
With over $650 million in assets under management and a track record of successfully executing value-add strategies, Elevate Commercial Investment Group continues to strategically expand its presence in target markets including Dallas and its submarkets.

DALLAS, TX – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of Livano Canyon Falls, a newly constructed multifamily property comprised of 300 units in Northlake, Texas. Built in 2024, the property is part of the larger Canyon Falls master-planned community, which covers 1,199 acres across Northlake, Argyle, and Flower Mound.
“We view this as an exceptional opportunity to acquire a newly developed asset in a dynamic and highly desirable submarket of the Dallas-Fort Worth area,” said Yisroel Berg, Chief Investment Officer of Multifamily at HGI. “Leveraging our extensive management expertise in Texas, we are confident in our ability to drive a successful lease-up and fully capitalize on potential for revenue growth as the property reaches stabilization.”
The property’s Northwest Dallas location has experienced rapid growth, experiencing a 513% increase in population since 2010. As the area continues to expand, new multifamily development remains constrained, with only one project currently under construction. Livano Canyon Falls benefits from direct access to AllianceTexas, a 27,000-acre master-planned community that serves as one of the region’s largest economic catalysts. Spanning 58 million feet, AllianceTexas offers Livano Canyon Falls residents proximity to the area’s major employers, including Deloitte, Charles Schwab, Fidelity, Amazon and Facebook.
Livano Canyon Falls features a mix of one-bedroom, two-bedroom, and three-bedroom floor plans, with an average floor plan of 1,015 square feet. Unit interiors include high ceilings, stainless steel appliances, private balconies or patios, and private backyards in select units. Community amenities include a designer clubhouse, an entertainment kitchen, private offices, a business center with conference rooms, a resort-style pool with a sun deck and electric vehicle charging stations, among other features.
The investment adds to HGI’s deep footprint in the Dallas-Fort Worth MSA, owning nearly 40 properties in this submarket throughout its history.

LAKE NONA, FL – Flournoy Development Group and JR West announced the groundbreaking of Ellison Nona, the newest addition to Ellison, Flournoy’s premier multifamily brand. Located in the thriving Lake Nona submarket of Orlando, Florida, the development spans approximately 14.2 acres and features 377 thoughtfully designed one-, two-, and three-bedroom residences tailored to a variety of lifestyle needs.
The “Class A” community embodies luxury, convenience, and connectivity, offering a distinguished living experience with a range of premium amenities. The free-standing clubhouse will include a state-of-the-art fitness center, a yoga and spin studio, a virtual golf simulator, and a resort-style pool overlooking Lake Whippoorwill. Outdoor amenities include a dog park, pickleball court, grilling pavilion, and multiple lakefront docks. The community incorporates modern work-from-home conveniences, including coworking spaces and dedicated conference rooms. An integrated leasing and mailroom facility with a grab-and-go mini-market adds further convenience. Secure, gated access, tuck-under garages, and surface parking for 593 vehicles round out the thoughtful design.
“We are thrilled to commence construction on Ellison Nona, a transformative project that reflects our commitment to creating vibrant, elevated communities,” said Blake Breimann, President and CEO for Flournoy Development Group. “This unique location in Lake Nona provides unparalleled access to major employment centers, world-class healthcare, and exceptional lifestyle amenities.”
Situated along the dynamic Narcoossee Road corridor, Ellison Nona offers residents immediate access to FL-417, the Lake Nona Town Center, and Orlando International Airport (MCO). The site features stunning views and direct access to Lake Whippoorwill, including a public walking trail connecting adjacent properties and a two-story clubhouse with lakefront amenities. Key transportation options include proximity to major highways and the recently expanded Brightline high-speed rail system at MCO, enhancing connectivity to Miami, West Palm Beach, and future destinations such as Tampa and Walt Disney World.
Lake Nona’s vibrant economy, driven by healthcare, corporate campuses, and educational institutions, supports a rapidly growing employment base. The project is only 20 miles from Walt Disney World Resort, the state’s largest employer, and 7 miles from Orlando International Airport (MCO). Other major employers near the community include Lake Nona Medical City, which houses Nemours Children’s Hospital, the VA Medical Center, and the UCF College of Medicine. Corporate campuses for industry leaders such as KPMG, Amazon Robotics Distribution Center, and Verizon further bolster the local job market.
This project represents a highly competitive addition to the market, with its proximity to FL-417 making it the most accessible apartment community on Narcoossee Road. The luxury development also offers conditioned corridors, expansive lake views, and a public walking trail, providing an elevated living experience unmatched by other properties in the area.
The Ellison Nona project team includes architect Forum Architecture & Interior Design, contractor FaverGray, Civil Engineer Kimley-Horn, and the community will be managed by Flournoy Properties Group.

JACKSONVILLE, FL – Thompson Thrift, a full-service, nationally recognized real estate company and one of the nation’s leading multifamily developers, announced that it will develop Velara, a 312-unit Class A multifamily community in Ponte Vedra’s Nocatee master planned community. Construction will begin mid-February, with the first residents expected to move in during summer 2026.
“Nocatee has been one of the country’s fastest-selling master planned communities and there is significant demand for luxury multifamily living options,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are excited that Velara will provide residents with a high-quality multifamily community that seamlessly integrates with the unique Nocatee lifestyle.”
Sitting on just over 12.5 acres along Burbank Avenue near Nocatee’s western interchange, the community will feature 3-story buildings offering one-, two-, and three-bedroom configurations. Thompson Thrift is known for curating amenities and finishes that are on par with for-sale homes and Velara will offer gourmet kitchens with elegant quartz countertops, stainless-steel appliances and glass-top ranges; hardwood-style flooring; quartz vanity tops and undermount sinks; full-size washers and dryers; multiple smart home capabilities and many other designer touches. Additionally, select homes will be enhanced with cabinetry with soft-close doors, a deluxe closet system with shelving, walk-in showers with full tile surround and advanced smart home capabilities. Patio, balcony, private yard and detached garage options will also be available.
Velara sits within the Nocatee master planned community, which in recent years has been ranked as Florida’s best place to live and the best place to raise a family. Thompson Thrift will include several resort-style amenities specifically catered to the Nocatee lifestyle such as a covered pool-deck patio, a poolside sunken fire pit and private golf cart garages. Additionally, Velara will provide many more high-end features that Thompson Thrift communities are known for, including a fully equipped 24-hour fitness center, thoughtfully designed courtyards, a billiards area, an outdoor gaming area, a pickleball court, a dog park and a pet spa with a grooming station.
In addition to the on-site amenities, residents will also have access to the world-class amenities of Nocatee, such as a kayak launch, two waterparks, a 75-acre community park, various fitness trails, and Nocatee Town Center’s charming restaurants and stores, including the largest Publix in Northeast Florida.
Positioned off US-1 and I-95, the Ponte Vedra area offers quick access to local beaches and over 5,000 acres of parks, preserves, and trails in the area, as well as an easy commute to Jacksonville, one of five “Supernova Cities,” and the Wall Street Journal’s 2023 second hottest job market in the U.S. Currently, there are more than 150 corporate, regional and divisional headquarters operating in the Jacksonville market, and the city had more corporate relocation activity in 2023 than any other major U.S. city.
The land purchase was brokered by Tyler Nilsson, senior managing director of investments and Erik Bjornson, senior managing director of investments with IPA.
Thompson Thrift is a full-service real estate development company focused on multifamily, ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. For nearly 40 years, Thompson Thrift has invested more than $6 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive multifamily, commercial and industrial projects.
The company continues to expand its footprint with several new residential developments targeted for 2025 in key markets across the United States. Velara will be the company’s 18th multifamily development in Florida. Thompson Thrift 2025 Multifamily Development, LP will provide equity capital for the development.

ORLANDO, FL – FCP closed on a $16.7 million preferred equity investment through its Structured Investments platform to finance Royal Palm at Nona, a 320-unit, Class A multifamily development adjacent to Lake Nona in Orlando, FL. The project, located at 14630 New Creek Avenue, is being developed by Royal Palm Companies, a leading institutional-quality sponsor with a track record of delivering best-in-class residential communities.
“FCP is actively deploying capital to support high-quality developments in growth-oriented markets and Lake Nona is a prime example of the type of submarket where we see long-term opportunity,” said Bruce Gago, who leads FCP’s Florida office. “This transaction underscores our ability to provide flexible, strategic capital to experienced sponsors like Royal Palm Companies, who are developing in-demand housing in supply-constrained markets.”
Billy Herbert, a leader on FCP’s development team, added, “Royal Palm at Nona will deliver a highly amenitized, modern residential community in one of Orlando’s most dynamic submarkets. With proximity to the Central Florida Greenway, Florida’s Turnpike, and Orlando International Airport, the project will benefit from sustained demand fueled by the area’s booming health and life sciences industry, anchored by the renowned Medical City master-planned district.”
“With Royal Palm at Nona, we are setting a new standard for luxury living in one of Orlando’s most dynamic and innovative communities,” said Dan Kodsi, CEO of Royal Palm Companies. Kodsi continued, “This project represents our commitment to creating high-quality, thoughtfully designed spaces that elevate the lifestyle of our residents while fostering community growth and enhancing the surrounding area. By integrating modern design with sustainable and luxurious amenities, we aim to deliver an exceptional living experience that benefits our residents, partners, and the Lake Nona region as a whole. This development will set a new benchmark for elevated living in the Orlando area.”

OCEANSIDE, CA – 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 Melrose, a mixed-use, garden-style apartment community located on the border of Oceanside and Vista in San Diego’s North County.
The community, which will feature 323 apartment homes and 2,100 square feet of retail space, sits eight miles east of Oceanside’s retail-lined downtown area and the city’s several beaches. Additionally, sitting 1.5 miles south of the community is the revitalized historic district of Vista and its multitude of authentic restaurants. First move-ins at Modera Melrose are anticipated for late summer 2026.
“We’ve always admired the North San Diego County area, which is one of the greatest places to live in the country with its proximity to premier southern California beaches and year-round outdoor amenities,” said John Colletti, senior managing director of development in Southern California for Mill Creek. “We’re eager to get started on Modera Melrose, which will put residents within reach of everything the area has to offer. Our team is prepared to deliver a modern living experience with one of the most refined amenity packages in the submarket.”
Situated at 5011-5061 Oceanside Boulevard at the intersection of Melrose Drive, Modera Melrose is located along the Inland Rail Trail, a 21-mile Class I bikeway that stretches through Oceanside, Vista, San Marcos, Escondido and a portion of the unincorporated County of San Diego. The community also sits adjacent to the Melrose Drive station, which provides quick connectivity to the surrounding locales and the area’s prominent biomedical and pharmaceutical employers.
Modera Melrose, which will be built to and is pursuing an NGBS Silver certification, will offer one-, two- and three-bedroom homes with select den layouts and an average size of 958 square feet. Community amenities will include a resort-style swimming pool, hot tub, grilling areas, fire pits, outdoor kitchen, resident clubhouse, landscaped courtyards, pool table, shuffleboard, conference room, coworking spaces, private workstations and a club-quality fitness center with cardio equipment and TRX system. Residents will also have access to digital package lockers, controlled-access garage parking, private EV charging stations, bike storage, cold storage and additional storage space.
Homes will include a variety of refined features, including nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, soft-close cabinets, movable kitchen islands, pass-through closets, in-home washers and dryers, smart thermostats, keyless entry, controlled-access guest technology and private patios or balconies. Bathrooms will include quartz countertops and backlit mirrors.