ALPHARETTA, GA – Phorcys Capital Partners announced its recent acquisition of a seniors housing property located in Greensboro, Georgia. PCP was previously the supermajority creditor on the municipal bonds issued to finance the construction of the project.
The facility, known as The Glen at Lake Oconee Village, consists of 114 units, providing independent living, assisted living, and memory care services. The Glen was acquired for $26.45 million in August 2023. The facility will continue to be operated by SRI Management.
PCP s strategy largely focuses on seeking distressed and/or overleveraged senior living properties financed by municipal bonds located throughout the United States. Acquisition targets are typically newer vintage assets that require limited rehabilitation costs. PCP focuses on markets with attractive demographics and properties with significant value-add potential.
After years of involvement on the creditor side, we are excited to announce the acquisition of The Glen to our growing seniors housing portfolio, said Vasileios Sfyris, a Managing Partner with PCP. The Glen is located in a unique market near Reynolds Lake Oconee, a desirable area between Atlanta and Augusta.
The acquisition of The Glen expands PCP s presence as a growing player in the senior living sector.
The Glen consists of 114 units in Greensboro, Georgia, a growing exurban area halfway between Atlanta and Augusta. The area benefits from Reynolds Lake Oconee, a master-planned community anchored by The Ritz-Carlton Reynolds, Lake Oconee. The Glen is also located on Lake Oconee, Georgia s second-largest lake. The ample recreational opportunities and location have made the area a popular retirement destination.

CHESHIRE, CT – Blue Vista Capital Management announced the close of its acquisition of a 300-unit Class-A multifamily development in Cheshire, Connecticut. The acquisition was made in partnership with Eastpointe LLC.
The newly acquired development project will be comprised of eight 3-story and one 4-story garden style apartment buildings. The buildings will offer a range of studio, one, two and three-bedroom options to prospective residents. In addition to the living spaces, the development will feature a 7,500 sf clubhouse with a fitness center, seasonal swimming pool, co-working spaces, an outdoor dog park and a guest suite.
Moreover, the location of the development provides easy commuting between New Haven, Hartford and Fairfield Counties. The development is part of Stone Bridge Crossing, a new master-planned community which will include for sale townhomes, a retail center hosting national and local retailers, senior housing, restaurants, a hotel, and a gas station.
This acquisition reflects Blue Vista s proven strategy of developing high-quality multifamily in undersupplied markets backed by strong demand drivers, said Brandon Goetzman, Managing Principal and Co-Head of Equity Group at Blue Vista. We are pleased to further our partnership with Eastpointe to deliver modern, large-scale apartments to Cheshire s growing and highly affluent population.
We are pleased to partner with Eastpointe for the third time to deliver a top-tier residential option in Chesire and look forward to continuing to identify value-add multifamily opportunities across the Connecticut market and beyond, said Alexa Weston-Shanahan, Vice President at Blue Vista.
The acquisition represents Blue Vista and Eastpointe s third multifamily investment in Connecticut following the development of The Pointe at Dorset Crossing in Simsbury and The Preserve at Great Pond in Windsor.

GILBERT, AZ – Olympus Property, a renowned real estate investment and property management company, announced the successful acquisition of Aiya, a 360-unit garden-style community nestled in the heart of Gilbert, AZ. Crafted in the image of a high-end resort, this Class A newly developed property is widely regarded as Gilbert’s top retreat and has earned recognition by the National Association of Home Builders as the ‘Best in American Living – Top Multifamily Communities’ (2021).
Olympus Property currently oversees a portfolio comprising approximately 5,000 units spread across 16 Class A properties in the Phoenix metro area. Of these, five are strategically situated in Gilbert, totaling 1,525 units. “Aiya will be an excellent addition to our existing footprint in one of the best-performing submarkets in Phoenix,” notes Chase Bennett, Olympus Property’s Executive Managing Director. “Our robust presence and extensive experience in the area uniquely positions us to effectively manage the asset in this thriving market and will undoubtedly contribute to the Property’s ongoing success,” adds John Vu, Associate Director of Acquisitions at the company.
Aiya is situated in the heart of the rapidly expanding Southeast Valley, surrounded by both established and emerging economic centers. Within a ±30-minute drive, the Property has access to ±19,000 businesses and ±490,500 employees led by Gilbert’sGateway Employment Area, Elliot Road Technology Corridor, and Central Business District, as well as Chandler’s Airpark and Price Corridor, the state’s leading high-tech corridor. Collectively, this represents the highest compilation of high-tech, finance, and business services employers in Arizona, backed by industry leading companies such as Northrop Grumman, Deloitte, Morgan Stanley, Honeywell, Bank of America, Boeing, Intel (Ocotillo Campus), Wells Fargo, and Liberty Mutual Insurance.
Residents at the community have access to premier lifestyle amenities, including an esteemed school district and proximity to 3.2 million sq. ft. of shops, restaurants, and entertainment, highlighted by the bustling SanTan Village mall.
As a best-in-class community, Aiya pairs clean contemporary aesthetics with environmentally conscious appointments. Common area offerings emphasize luxury and a sustainable lifestyle and include an expansive swimming pool and spa, oversized cabanas, firepit, and a centerpiece water feature. Additional amenities include a spacious covered patio, barbecue grilling stations, open-air social lawn, dog park, and premium fitness center. Units are well-appointed and feature 9′ ceilings, stainless steel appliances, quartz countertops, subway tile backsplashes, wood-style vinyl plank flooring, in addition to full-size washers and dryers.

LOS ANGELES, CA – Cityview, a premier multifamily investment management and development firm, and Stockbridge, a private equity real estate investment management firm, have commenced construction on Apollo, a 265-unit multifamily development in Los Angeles South Bay. Slated to complete in 2025, the LEED Silver, transit-oriented development is located in a high-growth area of the South Bay near major tech, automotive and aerospace employers, including SpaceX, the Tesla Design Center and Ring.
Los Angeles South Bay is quickly becoming one of the most desirable areas in Southern California, and we are looking forward to working with Stockbridge to deliver much-needed residential offerings that will help support the area s rapid population growth and revitalization, said Sean Burton, CEO of Cityview. Apollo will offer highly amenitized residences tailored to the surrounding community.
Located at 12888 Crenshaw Boulevard, Apollo is within five miles of more than 260,000 jobs, two blocks from the Metro Green Line and close to Los Angeles International Airport (LAX), SoFi Stadium, extensive dining and entertainment offerings and some of Southern California s most popular beaches.
Residents will have the option of studio, one-bedroom and two-bedroom floorplans that feature stainless steel appliances, quartz countertops, luxury vinyl plank flooring, smart thermostats, keyless entry and smart home systems. Turnkey fiber optic internet and Wi-Fi will create strong connectivity throughout the community.
Apollo s comprehensive set of amenities will include a resort-style pool and spa deck featuring loungers, daybeds and sweeping views of the South Bay. For those who work remotely and need a space to collaborate, work and focus, a large CV Works coworking center will offer community workspace, private offices, a conference room and privacy booths for calls. Catering to the area s engineering and aerospace demographic, a maker space will feature a podcast room, 3D printer and other technology-focused amenities.
A state-of-the-art indoor fitness center will be connected to the outdoor strength and stretching area with large folding doors, while an indoor-outdoor community room will feature a custom commercial grade kitchen for community-hosted cooking classes and private as well as semi-private events.
Three lush open-air courtyards will provide everything residents need to connect and unwind, including an entertainment lounge, a pool table, Korean BBQ grills, fire pits, lounge seating, gathering tables and a variety of dining areas.
Apollo will feature a retro futuristic design aesthetic that is inspired by a mix of nostalgic coastal style, laid-back Los Angeles living and bold ideas for a better future. The largest digital display in the South Bay, a joint public/private partnership with the city, will deliver a mix of advertising and community programming to the neighborhood.
The transit-oriented project will feature ample secure bike lockers and storage, as well as a transit kiosk that facilitates the usage of public transportation by providing information for residents and the surrounding community about the rail and bus schedule. A walk and bike path located directly behind the community further facilitates an easy commute for residents.
Planned to achieve LEED Silver and FitWel certification, Apollo will be 20-30% more efficient than similar non-green buildings, which will reduce building operating expenses and utility costs for tenants. Its host of sustainable features will include high efficiency windows and HVAC, Energy Star certified appliances, a solar thermal water system that relies on renewable energy, ultra-efficient low flow water fixtures and enhanced indoor air quality.
Construction financing for the project was provided by two long-term lenders of Cityview, City National Bank and Banc of California. Cityview and Stockbridge are partnering with WPIC Construction, AC Martin, Nadia Geller Designs and MJS Landscape Architecture on the project, which is expected to create more than 1,000 jobs.
In addition to Apollo, Cityview s other LA-based developments include The Parker, a 123-unit multifamily development in the heart of Los Angeles, and Belle on Bev, a 243-unit multifamily project in Los Angeles Historic Filipinotown (HiFi), both slated to deliver this year. The firm also recently completed Jasper, a 296-unit opportunity zone project located near Downtown Los Angeles.

BOERNE, TX – Morningside at Menger Springs is expanding its senior living campus with 86 new independent living terrace homes, an amphitheater, a dining venue, a fitness center, pickleball court and a covered pool.
Owned and operated by Morningside Ministries, Menger Springs is the area’s only life plan community to offer higher levels of care on the same campus. The upcoming expansion will incorporate an additional eight acres adjacent to the community’s 34-acre property near Menger Creek. Construction is slated to start in November, with occupancy planned for summer 2025.
Project leaders took a hybrid approach to developing the terrace homes by blending concepts from the community’s existing independent living offerings. The plan features four two-story residential buildings with one and two-bedroom floor plans ranging from 946 to 1,751 square feet.
“Menger Springs currently has cottages and apartments, so we wanted to introduce a unique residential option for active older adults that’s walkable, pet-friendly and stands apart from conventional apartment-style or high-rise living,” said Brooks Powell, executive director.
Plans include manicured and natural outdoor spaces, lush courtyards, pocket parks, front sidewalks and paved walking trails connecting the new development with the rest of the Menger Springs campus and amenities.
Within each of the four residential buildings is an activity room where residents can gather for happy hours, card games or other social activities. All terrace homes will boast elevated finishes, walk-in closets, a washer and dryer, a walk-out patio (first-floor) or balcony (second-floor), and a sunroom.
“The sunrooms are a special feature because they’ll be fully climate-controlled and seamlessly blend with the living area space,” said Brooke Craig, marketing director. “With windows on three sides, they’ll also provide plenty of natural bright light, which we know from our focus groups that residents love.”
While the terrace home expansion is for active older adults who live independently, anyone who moves into the community will have priority access to higher levels of health care if they ever need it, including assisted living, long-term care or short-term rehabilitation.
Complementing the terrace homes are common areas where residents can relax, dine, stay active, socialize and soak up the scenery. Plans include a residential clubhouse with a dining and bar area, commercial kitchen and 120-seat community room.
Other new amenities – accessible to residents campus-wide – include a fitness center, pickleball court, heated covered swimming pool and an amphitheater. The versatile space will provide a backdrop for outdoor programs — from concerts and plays to movies and worship services.
Architectural design elements include metal, wood, stone and stucco – exterior materials consistent with the region’s Texas Hill Country aesthetic. ;San Antonio-based Metropolitan Contracting Company is the general contractor for the project. Global firm HKS is the design architect.

SAN DIEGO, CA – MG Properties, a leading real estate investment and management company, announced its recent acquisition of Artist Walk Apartments, located in Fremont, California.
Artist Walk is a 185-unit mixed-use community with 30,000 sq. ft. of ground floor retail, completed in 2017. Strategically situated in the heart of Fremont, the dynamic mix of popular local retail tenants has created a vibrant mixed-use community, supporting a sense of community, and providing onsite amenities for residents.
“We are thrilled to welcome Artist Walk Apartments to the MG Properties portfolio,” said Jeff Gleiberman, President of MG Properties. “We continue to believe in the long-term economic potential of the Bay Area and are pleased to add another high-quality property to our portfolio there.”
The seller, Clarion Partners, was represented by Jason Parr, Seth Siegel, and Scott MacDonald of Cushman and Wakefield. Financing for the transaction was provided by Freddie Mac and arranged by CBRE Capital Markets’ Andrew Behrens, Jesse Weber, and Stephen Baird.

TAMPA, FL – 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 Marlowe South Tampa, the latest Marlowe-branded apartment community, has begun pre-leasing.
“Marlowe South Tampa is a unique community, featuring an expansive amenity courtyard with a resort-style pool, private cabanas and relaxing outdoor lounge spaces, as well as more than 12 acres of protected ponds and wetlands surrounded by natural vegetation and inhabited by local wildlife,” Alexandra Kozak-Mehta, Director, Development, Greystar, said. “We know outdoor space is more important than ever for our residents, which is why we designed so many outdoor amenity options and have private screened in balconies in nearly every unit. We have built a sophisticated community with high quality finishes inside and out that we know residents will love, and we can’t wait to start welcoming them home.”
Marlowe South Tampa will offer studio, one-, two- and three-bedroom floorplans as well as two- and three-bedroom townhomes. Apartment homes will feature outdoor spaces, quartz countertops, luxury vinyl tile flooring, Nest thermostats, smart locks and keyless entry as well as keyless guest access. Screened-in porches are available in some residences. Some apartment homes feature views of the nature preserve.
The community is just minutes from Bayshore Blvd., the longest continuous sidewalk in the United States, where residents can take in views of the city skyline, the water and enjoy a variety of recreational activities. Hyde Park Village provides high-end specialty shops, restaurants and entertainment just a short drive away and nightlife is just minutes away in SoHo.

REDMOND, WA – Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and property manager, in joint venture with QuadReal Property Group, announced key milestones at two luxury communities in the Marymoor submarket of Redmond.
Spectra, a luxury mixed-use community at 17620 Northeast 69th Court, the first apartment community to open in the core of the emerging Marymoor Village, opened its third and final phase with delivery of the 187-home West Building.
Less than a mile away, The Piper, a 284-home luxury community directly fronting renowned Marymoor Park at 17305 NE 67th Court, reached the topping out point in its continued construction. The community is due to complete in H1 2024, with first residents welcomed shortly afterwards.
“Quarterra and QuadReal are excited to lead delivery of high-quality housing for people looking to relocate to the burgeoning Marymoor Village,” said Brad Reisinger, Regional President for Quarterra. “Between Spectra and The Piper, we are introducing more than 730 apartment homes to the neighborhood, including 74 affordable homes for low and moderate-income households. We are committed to creating a sense of place in Marymoor Village that integrates great housing with investment in public infrastructure, prioritizes local small business retail and showcases public art.”
Daniel Gliksman, Managing Director, Americas-East at QuadReal, added: “The multifamily sector has been, and remains one of our strongest convictions, underpinned by favorable demographic trends. We continue to look for opportunities to work alongside best-in-class developers and deliver high quality residential real estate in fast growing and desirable neighborhoods.”
Marymoor Village was rezoned in anticipation of a nearby Link Light Rail Station, which will provide unprecedented connectivity with the surrounding region. Spectra, comprising of 450 apartment homes and 37,259 square feet of retail space, offers the modern conveniences and amenities of living found in urban podiums with the openness and outdoor features provided in suburban garden communities. Onsite amenities include an outdoor pool, multiple playgrounds, fitness center, pea patches, dog run, several club rooms, a rooftop lounge, and an expansive co-working area.
The apartment homes include new concept designs while offering interior finishes that rival those in downtown towers. Additionally, residents and the public alike can enjoy an extensive public art offering including multiple murals, an interactive light sculpture and bespoke art balconies.
Located at the neighborhood’s front door and directly across the street from the under-construction light rail station, Spectra offers a curated retail mix that includes BrightHorizons daycare, Stone Korean Restaurant, Sasquatch Strength and Phenix Salon Suites, with two additional retail spaces available to lease. Spectra residents also enjoy direct pedestrian access to Whole Foods Market, as well as Downtown Redmond and the Redmond Town Center via the East Lake Sammamish Trail.
“Quarterra and our partners could not be more proud of how Spectra came together and its positive reception from our residents, the neighborhood, and the City of Redmond,” said Reisinger. “We wanted Spectra to play an integral role in Marymoor’s evolution, and we’re excited for the community and its residents to help shape and influence the direction of this incredible locale.”
The Piper, which directly fronts the 640-acre Marymoor Park and its sports facilities, trail system, dog park and concert venue, will similarly beckon residents to engage with their surroundings. The Piper’s amenities will virtually cascade into the park, with an emphasis on open-air experiences including an outdoor plaza and resort-style pool and spa overlooking the park.
The Piper’s 284-homes trend larger than those at Spectra and many are designed to cater towards those needing more space. The community is divided between two five-story mid-rise buildings separated by a pedestrian art walk, highlighted by murals, sculptures and other works from eleven different artists. The community will also house an artists in residence program in a dedicated space along the art walk.
Spectra is currently open and available to lease, while The Piper will complete construction next year and welcome its first residents in mid-2024.

FAIRFAX, VA – GID, a real estate owner and fiduciary that invests in multiple asset classes, has announced the acquisition of Arbors at Fair Lakes, a 282-unit, community located in Fairfax, VA, which will be rebranded as Windsor Fair Oaks.
The garden-style community has a rich assortment of lively amenities, such as a clubhouse, pool and sundeck, 24-hour fitness center, dog park, tennis court, two outdoor grilling stations, a complimentary shuttle to the Vienna Metro and a half-mile nature trail.
Conveniently located just outside of Washington, D.C., Windsor Fair Oaks provides easy access to major employers in Tyson’s Corner, Reston/Herndon, the Rosslyn-Ballston corridor, and National Landing/Pentagon City through major interstates I-395, I-95, and the Capital Beltway. With Whole Foods anchored directly across the street and four additional retail centers with 5.3MM sq ft within two miles of the community, residents are able to enjoy a wide variety of entertainment, dining, fitness, and shopping options.
This acquisition enhances GID’s portfolio within the bustling DMV submarket of Fair Lakes, a masterfully planned community with over 2.5MM+ sq ft of office/hotel space, 1MM+ sq ft of retail, and over 3,000 multifamily and condominium residences. According to Niche’s suburb rankings, Fair Lakes has an A+ rating and is ranked within the top 15% of suburbs in Virginia, helping to create a deeper sense of home for future residents.

PHOENIX, AZ – Locale, the upscale apartment-style hotel brand and management company, and The Dinerstein Companies (TDC), a national real estate and development company, announced the expansion of their partnership with the launch of Locale Midtown Phoenix, offering upscale furnished apartments for short and extended stays within the Aspire Park Central residential community.
Locale Midtown offers 27 upscale furnished apartments within walking distance of Creighton University and St Joseph’s Hospital and Medical Center and is now accepting reservations for guest stays. Blending the comfort of home and convenience of a hotel, Locale’s apartment-style accommodations feature fully-equipped kitchens, in-unit washer-dryers, self check-in, modern design, and premium amenities. The luxury property includes a resort-style pool and fitness center plus a Sky Deck with expansive views of Downtown Phoenix.
This launch comes on the heels of the partnership’s latest project in Nashville, Locale The Gulch, that converted the fifth floor of Aspire Gulch, Dinerstein’s luxury residential building into upscale apartment-style rentals.
Dinerstein and Locale first established a partnership in 2016 and have successfully launched furnished, apartment-style accommodations at eight properties, with more locations to come in 2024.
“Our goal is to always partner with best-in-class companies for all our assets. Since our initial rollout with Locale seven years ago, they have continued to show a similar mindset as us by approaching everything with the customer experience at the forefront within our buildings”, said Clay Hicks, Partner and President of TDC Management. “We continue to keep our pulse on the short-term rental business within the national markets we are in and believe Locale is the company best suited for us to meet our shared goals.”
Locale’s apartment-style accommodations respond to rapidly growing consumer demand for more space, privacy, and comfort while traveling, especially for work trips that stretch into leisure vacations. The furnished apartments perform well in newly constructed buildings as well as stabilized multifamily assets, boosting occupancy and delivering premiums to conventional rents.
“We’re excited to expand our exclusive short-term rental relationship with Dinerstein. The trust and respect we’ve built over the years has been enhanced by the superior returns we’ve generated for their assets and capital partners – it’s been a winning combination,” said Nitesh Gandhi, Founder and CEO of Locale. “We share a vision that high-quality furnished apartments enhance the value of multifamily assets and it’s our pleasure to work with Dinerstein’s exceptional team to bring these accommodations to life within their communities.”