DALLAS, TX – Noel Management, a leading multifamily housing operator focused on acquiring, managing, upgrading, and selling large-scale multifamily housing assets since 1985, announced today the launch on a new division to oversee all management functions for multifamily owners across select Texas markets.
Noel Management specializes in the full range of property management services, including acquisition, advisory, maintenance, lease-up, and marketing. With professional relationships spanning decades in the multifamily housing space, Noel Management offers apartment owners a competitive advantage through offering vertically integrated services designed to increase revenue and reduce operating costs.
The core leadership team at Noel Management consist of Lenny Licht, CEO and Stephanie Allen, Vice President of Operations, who together bring more than 75-years of industry experience to the table. Mr. Licht began his career with the Henry S. Miller Company, during his tenure as Assistant to the President, and Vice-President of the Multifamily Division for the Henry S. Miller Management, the division grew units under management seven-fold. Mr. Licht funneled this expertise into his own brainchild, Noel Management. Allen is an industry veteran with over three decades of experience in all aspects of property management, including acquisitions, dispositions, new construction, lease-ups, and value add opportunities.
The firm s success lies in its proficiency in anticipating market trends and developing a unique, aggressive strategy of capitalizing on growing in-place cash flows and optimizing expenses. Historically, the company has been successful in operating properties at approximately $300 per unit less than competitive management firms through a formula of reducing controllable expenses. Since its inception, Noel Management and its affiliates have owned, managed, brokered, and financed over 10,000 multifamily units, totaling over 1.1 billion dollars in value.
Noel Management is also leveraging the latest technology to transform cost structures, reduce human intervention and redundant tasks. The firm is deploying a leading edge AI-leasing platform by 365 Connect, which is designed to mitigate time on market for vacant units through automating the entire leasing process, giving the company the ability to deliver leases for signature and collect move-in fees within 60 seconds of an applicant s approval around the clock.
Lenny Licht, CEO of Noel Management, stated, “With our tract record of outperforming competitive properties in the markets we serve through focusing on maximizing revenues and prudently managing expenses, now is the perfect time to bring our services to market, especially with so many multifamily owners struggling to navigate today s changing economic headwinds. We look forward to executing our game plan and delivering exceptional returns for our managed portfolio clients.
Noel Management will begin onboarding managed communities starting in March. Management services will include operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing, and resident retention. More information is available at www.NoelManagement.com

WILMINGTON, NC – Middleburg Communities announced it has closed on an approximately 30-acre land parcel located at the intersection of S 17th Street and Independence Boulevard in the coastal city of Wilmington, where it will develop a dynamic build-to-rent community, Hamlet Barclay West. The 280-unit neighborhood development will be located across the street from The Pointe at Barclay, Midtown Wilmington s premier dining and entertainment destination, and will feature a mix of cottages, duplexes and townhomes.
Wilmington s explosive growth over the years has resulted in strong demand for high-quality, build-to-rent communities like Hamlet Barclay West, stated Alexi Papapieris, Senior Vice President of Development for Middleburg s Carolinas Region. We are excited to break ground on this project and deliver a product that meets the needs of the market and offers a lifestyle that is coveted by individuals and families alike.
Hamlet Barclay West, situated less than 20 minutes from nearly everything Wilmington has to offer, including Historic Downtown Wilmington, Wrightsville Beach, Carolina Beach, the University of North Carolina-Wilmington and all major employers, will offer the benefits of traditional single-family living without the requirement of a down payment or property maintenance. The community will feature a neighborhood-style design that is characterized by tree-lined streets, pocket parks and shared greenspaces, while all units will have spacious layouts, private entries and backyards.
The amenity-rich development will offer a variety of one-, two- and three-bedroom floorplans, with all units featuring high-quality interior finishes, such as quartz countertops, stainless steel appliances, shaker wood cabinets, tile backsplashes, and luxury vinyl plank flooring. What s more, the community will have numerous amenities throughout, including a clubhouse with a resort style pool and fitness center, electric vehicle charging stations, a dog park, a pet spa and more.
Wilmington s strong underlying fundamentals and rapid growth are illustrative of Middleburg s investment criteria and the cities it looks to invest in throughout the Sunbelt. Wilmington s economy is driven by industry leaders in healthcare, education and manufacturing including General Electric, Verizon, Duke Energy, Novant Health, Wilmington Health, UNC Wilmington, Cape Fear Community College, Pharmaceutical Products Development, Corning and The Port of Wilmington.
According to Austin Knapp, Partner and Senior Managing Director of Development, Wilmington is a city that we project will continue to experience robust population inflows and investment activity over the long-term as it offers the charm, quality of life and employment drivers that make it an ideal place to live, work and play.

DENVER, CO – April Housing, a Blackstone Real Estate portfolio company, and Dominium, a leading affordable housing owner, developer, and manager, announced plans to develop 222 age-restricted units of new affordable housing in Aurora, Colorado. In line with April s mission to preserve and create new affordable housing across the country, Blackstone is providing $37 million of tax credit equity to begin development of the community, which will be named Atria at Metro Center.
This builds on April Housing and Dominium s development of 568 low-income tax credit units to date, bringing the total to nearly 800 new, affordable units, made possible by the relationship with Dominium and Blackstone s cumulative $116 million investment.
Atria at Metro Center will be an age-restricted, seniors property, which will be available to those earning on average at or below 60 percent of the area median income. The property will be situated in Aurora near the light rail and several major highways, convenient shopping and medical centers, and Denver International Airport. Atria at Metro Center will feature several community amenities including a clubhouse, business center, exercise facility, library, and beauty salon. The development will also include a pocket park and public art.
Dominium is excited about the opportunity to be able to create 222 new affordable homes for Colorado seniors. It s taken a team of committed lenders along with April Housing as an equity partner to be able to start construction on these important homes, said Ron Mehl, Dominium s Senior Vice President & Project Partner in Colorado.
We are delighted to build our third affordable community in partnership with April Housing and Blackstone, said Mark Moorhouse, Managing Partner and Executive Vice President of Development at Dominium. Both April Housing and Blackstone have been tremendous partners, and we couldn t be more excited about what we can accomplish together for the residents and communities we serve.
Creating communities like this one adds to critically needed affordable housing supply while facilitating financially stable, independent lives for seniors, said Alice Carr, CEO of April Housing. We are proud to be part of this development project, are grateful for Blackstone s investment and look forward to continuing to grow our relationship with Dominium.

PEABODY, MA – Trammell Crow Residential (TCR), the multifamily development platform of Crow Holdings, announced construction has commenced on its latest Alexan community, a 180-unit, luxury multifamily residence in Peabody, Massachusetts. TCR will serve as both the developer and general contractor on the project.
Alexan Peabody, a four-story, luxury multifamily development, will be located at 128 Newbury Street along Route 1. Construction completion is anticipated for Q4 2025. Alexan Peabody will offer both market-rate and affordable studio, one-bedroom, two-bedroom, and three-bedroom units. Permitted as a 40B development, 25% of the units will be allotted as affordable housing at 80% of Area Median Income.
Each unit will be equipped with stainless steel appliances, wood-style plank flooring, in-unit washers and dryers, and spacious walk-in closets. Additional first-class amenities include a resort-style pool, outdoor courtyards, grilling stations, a state-of-the-art fitness facility, a business center, and a resident event room complete with a gourmet kitchen, gaming room, and library.
Ideally situated along Route 1 just one mile north from I-95/Route 128, Alexan Peabody will provide residents convenient commutes to the region s largest employment corridors in Boston, Cambridge, Burlington, and Waltham. Nearby lifestyle centers including MarketStreet Lynnfield and Northshore Mall which will provide plentiful dining and entertainment options for residents after work and on weekends.
Alexan Peabody provides much-needed market-rate and affordable housing to Boston s North Shore. The development of the site will beautify a previously clear-cut parcel of land, and we re appreciative of the cooperative working relationship with the neighbors and the City of Peabody that helped make this project possible, said Andy Huntoon, Managing Director, Northeast Division of Trammell Crow Residential. We believe there is an incredible opportunity to continue to meet Greater Boston s housing demand while creating jobs and providing solid risk-adjusted returns for our financial partners.
Last year, TCR announced the groundbreaking of Alexan Waltham, a 210-unit luxury multifamily community in Waltham, Massachusetts, slated to be completed in Summer 2025. With the addition of Alexan Peabody, TCR s Northeast apartment portfolio has more than 1,600 apartment units in various stages of development.

FRAMINGHAM, MA – The historic Bancroft building, which dates back to the early 1900s, has been preserved and given a new purpose by Washington Square Ventures, which has transformed the former factory into 258 apartment homes that are professionally managed by Greystar. The project was awarded a 2023 Preservation Massachusetts Mayor Thomas M. Menino Legacy Award, which recognizes excellence in historic preservation statewide.
The Lofts building is an old mill building that has served as a car manufacturing plant as well as other crated goods throughout the 20th century and was previously home to artists at the Fountain Street Gallery. Some of the industrial components, like raised beams and factory-style windows, have been restored and remain in the Loft building.
“The Bancroft Building is a key piece of Framingham’s economic history, having served several purposes throughout its life, and we wanted to make sure it endured for another purpose,” said Matt Faris, Co-Founder and Managing Partner of Washington Square Ventures. “It began its life as a shoe factory, served as a military supply factory as Bancroft Cap Company, and even saw Bay State Autos manufacture automobiles.”
A brand-new building on the property, The Vista, is a ground-up traditional apartment building and features sweeping views of Farm Pond, while the site’s former power station has been transformed into a 4,500 sq. ft. amenities hub highlighted by a resort-style swimming pool, lounge with TVs, fire pits and turf, outdoor grilling stations, and a top-notch fitness center inside. Washington Square Ventures is also working on a second phase of Bancroft Lofts with an expansion that would add 300 more apartment homes to the community.
Washington Square Ventures spent the time lovingly restoring the Bancroft Building, using sustainable building practices, and now Bancroft Lofts is a great example of Framingham’s reinvention. The vibrant downtown is close to transit, restaurants, many with Brazilian cuisine, and local businesses like Jack’s Abby Craft Lagers, a local favorite and official beer of the Boston Celtics. Bancroft Lofts partnered with Jack’s Abby to design a special pint glass used as a move-in gift for residents.

CHARLESTON, SC – Argyle Real Estate Partners (Argyle), a real estate investment firm focused on multifamily acquisitions in the Southeast and Texas, announced the closing of Newbrook Point Hope, a 264-unit community located in Charleston, SC, an extension of the affluent and highly desirable Daniel Island submarket. The acquisition marks the Company’s first in the Charleston market.
“Argyle is pleased to tap into unchartered territory and close out the year with the acquisition of Newbrook,” said Ryan Reyes, CEO for Argyle Real Estate Partners. “Given its location and accessibility, the mint condition of the asset, and the development planned for the area, which we believe will help spur future growth, we’re confident that Newbrook will be one of our standout properties.”
Newbrook is at the epicenter of the ‘Point Hope’ Masterplan Development; a master development plan that contains single-family residential homes from many of the nation’s top builders, multifamily housing, retail and office space, and brand-new A-rated public schools.
The 2021-vintage Newbrook offers studios, and 1, 2 and 3-bedroom apartments with unique and spacious floorplans averaging over 1,000 sf ft. Apartments feature stainless-steel appliances, quartz countertops, walk-in closets, modern fixtures, and full-size washers and dryers; while the property’s amenity suite, which draws its design and inspiration from the area’s coastal surroundings, includes a full-service clubhouse, a resort-style saltwater pool, a pickleball court, fitness center, an impressive dog park known as the “Doggy Paddle”, and ample green space with community trails for walking, biking, and running that also provide access to other neighboring attractions. Greystar will oversee operations onsite.
Newbrook is 25 minutes from Downtown Charleston, the main manufacturing (Boeing and Mercedes) and healthcare hub in Charleston; and Daniel Island is home to major employers such as: Benefitfocus (county’s largest employer), Booz Allen Hamilton and Gildan.
“Newbrook fits our investment criteria of buying well located assets for below replacement cost in strong and desirable submarkets,” said Mike Cacciatore, Principal for Argyle Real Estate Partners. “By being within walking distance to Publix,30K SF of quality retail, and A-rated public schools, Newbrook offers access to an unparalleled, walkable community that is and will remain desirable to prospective tenants over the long term.”

KNOXVILLE, TN – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of multifamily communities, announced the acquisition of Summit Townhomes, a newly constructed 120-unit build-for-rent (BFR) housing community in Knoxville, Tennessee. The community was acquired on behalf of CS1031 Summit Place BFR Housing, DST, which seeks to raise $18 million in equity from accredited investors and has a minimum investment of $50,000.
Capital Square formed the Private Equity Group managed by experienced real estate executives, Dave Platter and Jon Trott, as managing directors and co-heads, to profit from opportunities in the housing market, including a dedicated build-for-rent strategy in high growth sunbelt markets. This represents Capital Square’s fourth BFR offering for the Section 1031/DST program, and the seventh BFR project for the private equity group.
“Capital Square’s private equity group is a high-performing team with top-tier executives who are focused on housing strategies, including BFR,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “This will be one of the largest BFR platforms in the nation. We have previously reported that Capital Square has secured its first institutional partner for the BFR strategy and has now closed on the seventh BFR community, Summit Townhomes, for the DST program.”
Located at 100 Lisa’s Way, construction of Summit Townhomes was completed in 2022. The mix of three- and four-bedroom townhomes average over 1,400 square feet with open floor plans, marble countertops, stainless steel appliances, full size washer and dryers, walk-in closets, smart home integration and extra storage space. Community amenities include a firepit, picnic and barbecue area, private and overflow parking, covered gazebo and bark park.
The property is in close proximity to State Route 62, providing residents with easy access to top employers, such as Oak Ridge National Laboratory, Y-12 National Security Complex, UT-Battelle, Methodist Medical Center of Oak Ridge and Oak Ridge Schools. Summit Townhomes is served by Woodland Elementary School, Robertsville Middle School and Oak Ridge High School, all within a two-mile radius of the property.
Summit Townhomes is under a 30-minute drive from downtown Knoxville. The Knoxville MSA has a population of 747,185 and is projected to increase by 3.6% over the next five years. The University of Tennessee plays a significant role in Knoxville’s economy. With iconic landmarks like Neyland Stadium, with a seating capacity of 100,000+, university sports events generate meaningful revenue for local businesses. Moreover, the university employs more than 11,700 people who focus on research, educational programs and partnerships that contribute to the city’s overall economic growth.
“Knoxville is an attractive and promising real estate market, offering a combination of affordability, a stable rental market driven by universities and government employment, steady economic growth and a favorable income tax policy,” said Whitson Huffman, co-chief executive officer. “The property has already seen strong performance, accomplishing full lease-up in nine months with 98% current physical occupancy.”

HOUSTON, TX – Buchanan Capital Partners, an Austin, Texas performance-based commercial real estate investment firm, announced the recent off-market multifamily acquisition of Dakota at Bingle. Built in 2021, Dakota at Bingle is a 5-story midrise apartment community consisting of 258 units in the rapidly growing submarket of Spring Branch in Houston, TX.
“We are thrilled to add Dakota at Bingle to our portfolio,” said Keith Buchanan, Founder of Buchanan Capital Partners. “This acquisition aligns with our strategy of investing in high-quality properties with an acquisition basis below replacement cost. We are focused on investing in submarkets with limited new supply pipelines and proximity to main employment corridors, and Spring Branch checks both of those boxes.”
Currently, many buyers are sidelined due to aggressive acquisition strategies executed at the peak of the market. This was fueled by a historically low interest rate and cap rate environment and was compounded by highly leveraged capital structures. As a value investor who only receives compensation upon investor performance, BCP’s business model forced them to be defensive over the last few years. BCP is now actively seeking to acquire stabilized assets at a significant discount to replacement cost. Their goal is to be the preferred buyer for sellers who want a smooth execution without re-trading or concern about the buyer’s legacy portfolio condition.
Buchanan concluded, “Supported by BCP’s performance-based structure, our value investing philosophy requires patience and has resulted in consistent returns. We have been in a long bull market, and track records will be challenged. We have never lost investor principal or made additional capital calls, and do not foresee this changing. To capitalize on this market opportunity, we are actively expanding our investor base for the first time and encourage interested investors to contact us.”
Since the acquisition, Dakota at Bingle has been rebranded as Belle Spring Branch and is now managed by Valiant Residential, a top nationwide property management firm with over 35,000 units under management.

SAN ANTONIO, TX – NRP Group leadership, Community Housing Resource Partners and City of San Antonio (COSA) officials gathered at the future site of San Antonio s newest affordable housing community, Nova Lofts, to kick off construction of the 65-unit community on the city s Northeast side. Nova Lofts is The NRP Group s third affordable housing community in San Antonio to break ground this year, and second supported by the COSA Neighborhood and Housing Services department s 2022 Affordable Housing Bond Program (Bond).
As the City of San Antonio continues to grow, our focus on addressing housing needs remains paramount, said Mayor Ron Nirenberg. We are dedicated to ensuring all individuals and families have access to safe, affordable housing options across the entire city.
Located at 127 Rainbow Drive, Nova Lofts is a 65-unit development strategically placed near Alamo Heights, a multitude of essential businesses and employers, and public transit to ensure access to convenient, wraparound services and employers for residents. One to three-bedroom floorplans will serve residents earning 30-60% of the Area Median Income (AMI) and amenities within the four-story complex include a playground, fitness center, community clubhouse and more.
Developments like Nova Lofts are an essential investment in the wellbeing of our entire community–now and for generations to come, said Councilman Marc Whyte, COSA District 10. The reinvestment along Austin Highway is an important initiative to spur economic development along this major thoroughfare in the city of San Antonio.
In collaboration with Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T, The NRP Group has dedicated a portion of the development budget toward the commission of a site-specific mural by San Antonio artists, Hailey Marmolejo, Danielle Edwards and Ashleigh Valentine Garza. The addition of the mural, which will be inspired by the celestial theme of the property, will also extend the momentum of the Downtown arts and culture movement and the Broadway Cultural Corridor further north along Austin Highway. This expansion will provide the community the opportunity to engage with public art right in their own backyard.
Public art not only beautifies our spaces but ensures that the soul of the city thrives with the unique voices and visionaries who call it home,” said Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T. We are committed to building community through art across the city of San Antonio.
The $24 million development was made possible through innovative funding partnerships, including a $2.7 million allocation from the Bond, and the State of Texas highly competitive 9% low-income housing federal tax credits. Additional funding partners include U.S. Bank.
“Nova Lofts is the third development to break ground with funds from the City s Affordable Housing Bond, continuing the City s initiative of providing quality home options for families, said Veronica Garcia, COSA Deputy Director of Neighborhood and Housing Services. We are thrilled to continue delivering on the Bond promise of building affordable rental options for San Antonio residents across all walks of life to enjoy.
Development partner and local nonprofit, Community Housing Resource Partners, will provide and organize life-affirming resident services including after-school nutritional snacks, ESL assistance, healthcare screenings, financial literacy programming, job readiness and career preparation.
“When deciding where to place this much-needed housing resource, we brought partners together from across the city, county, and state to ensure the specific needs of the community were being met across the board,” said Jason Arechiga, NRP Group Senior Vice President of Development. “Thanks to an incredible level of collaboration across all stakeholders, we are able to bring high-quality, affordable housing to communities that need them most.
The first Nova Loft units will be ready for leasing January 2025 and the entire development is slated for completion by April 2025.

RALEIGH, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced the topping out of a 20-story Class A multifamily tower at 320 W. South Street in the Warehouse District of Raleigh, North Carolina within a qualified opportunity zone.
“This 20-story, trophy multifamily tower is Capital Square’s crowning achievement in Raleigh,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Capital Square is pleased to be a part of something bigger than ourselves the transformation of downtown Raleigh.”
Located at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh, 320 W. South Street will be one of only a select few luxury rental housing communities in the downtown submarket. The project includes 297 apartment homes, consisting of studios and one-, two- and three-bedroom units, along with 10,500+ square feet of ground-floor retail space and an adjacent, standalone parking structure with over 400 spaces. Onsite amenities will include a resort-style swimming pool, rooftop lounge, coworking space and state-of-the-art fitness center.
The apartment community is within easy walking distance of multiple downtown entertainment, bars and restaurant options, as well as the Red Hat Amphitheater and Raleigh Convention Center. Meanwhile, the property’s location, adjacent to U.S. 70, offers outstanding access to the Research Triangle and North Carolina’s well-known educational institutions.
“Capital Square is proud to mark this important milestone in the development of 320 West South Street, where residents of this elegant property will enjoy the finest amenities and spectacular views of the downtown Raleigh skyline and Red Hat Amphitheater,” said Whit Huffman, co-chief executive officer. “Perhaps more importantly, this is an important step in the continuing transformation of the Raleigh Warehouse District into a vital and thriving 24-hour neighborhood, which will be accelerated by the arrival of hundreds of families who will make 320 West South Street and the surrounding neighborhood their home.”
Capital Square has partnered with JDAVIS Architects as building architect, W. M. Jordan Company as general contractor and York Properties as the retail leasing agent for the property. The design team also includes Architecture Firm as interiors designer and EDSA as landscape designer.
Development of 320 West South Street has been funded by Capital Square’s sixth qualified opportunity zone fund, CSRA Opportunity Zone Fund VI, LLC. More recently, Capital Square launched CSRA Opportunity Zone Fund VII, LLC to fund the development of a luxury multifamily development in the Scott’s Addition neighborhood of Richmond, Virginia, and CSRA Opportunity Zone Fund VIII, LLC to help finance the construction of a Class A apartment community adjacent to the University of Tennessee in Knoxville.
Capital Square’s opportunity zone funds have initiated in excess of $590 million in development value to-date.