AUSTIN, TX – Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of The Warner, a 336-unit luxury multifamily community in Round Rock, Texas, a suburb of North Austin. The acquisition marks HGI’s reentry into the Austin Market and expands the firm’s Texas multifamily portfolio, which is comprised of 8,647 apartment units.
The property is 98% leased as of July 2023, demonstrating strong performance and demand for high-quality apartment housing in the Austin market, the country’s fastest-growing city and the tenth-largest city in the United States1.
“Austin has been a priority market for HGI in recent years as the city’s strong business environment has supported healthy long-term multifamily supply and demand fundamentals,” said Yisroel Berg, Chief Investment Officer – Multifamily at HGI. “As an active credit investor in major Texas markets, we were able to leverage our investment expertise and experience. We look forward to continuing to leverage the breadth of our local and national operating platform and investment capabilities to meet the ongoing demand for high-quality housing in the area.”
The Warner is a newly built luxury multifamily community, offering best-in-class in-unit amenities, including stainless steel appliances, walk-in closets, Smart Home keyless entry systems and Smart thermostats. Community amenities include a 24-hour fitness center, resort-style pool and outdoor kitchens, residential lounge, dog park, and a two-story parking garage equipped with electric vehicle charging stations. Newmark’s Patton Jones facilitated the transaction.
Situated in close proximity to the Texas State Highway 45 and Insterstate-35, The Warner offers residents accessibility to major community and employment hubs. The community is conveniently located near leading technology companies and job opportunities in the area, including Dell’s corporate headquarters, Apple’s expanding Austin campus and Samsung’s semiconductor manufacturing facility, which is scheduled for completion in 2024.

ORLANDO, FL – Blaze Capital Partners announced the acquisition of Integra Lakes, a 203-unit value-add apartment community in Casselberry, Florida, located fifteen minutes northeast of downtown Orlando. Following the acquisition, Blaze plans to invest additional capital as part of its strategic renovation plan aimed at improving the community’s interior units and common areas.
“In the midst of a challenging transaction environment, Blaze has managed to stay active and find attractive opportunities that align with our long-term goals of making calculated housing bets that we believe offer superior risk-adjusted returns,” said Chris Riley, co-founder and managing partner of Blaze. “The acquisition of Integra Lakes is a prime example of our team being dynamic and adapting to this difficult capital markets environment.”
Integra Lakes consists of four, 3- and 4-story buildings surrounding a series of ponds and walking trails. The community features studio, one-bedroom, two-bedroom, and three-bedroom apartments ranging from 532 square feet to 1,298 square feet. The 2017-built community features various amenities for residents such as a saltwater swimming pool, outdoor cabana area with a fire pit, poolside gas grilling stations and TVs. The units themselves include stainless steel appliances, granite countertops, full sized washers and dryers, and vinyl plank flooring in select areas.
Casselberry is a high-growth suburb of Orlando attracting both young professionals and growing families due to its proximity to major employment hubs, access to strong schools, and its relative affordability. Integra Lakes is located just off Highway 17 providing transportation ease to various major employers such as Advent Health and Orlando International Airport in addition to the office markets in Maitland, Winter Park, and downtown Orlando. The community is located within the sought-after Seminole County School District and offers residents a variety of high-end restaurants, entertainment, outdoor activities, and daily amenities.
“We continue to see outsized rental demand for quality apartment communities throughout the Orlando market, and Casselberry has emerged as a thriving submarket having drafted off of the growth in Maitland and other adjacent pockets,” said Eddy O’Brien, co-founder and managing partner of Blaze. “We look forward to executing on our improvement plan and delivering an exceptional housing experience to our residents.”
Blaze has continued to opportunistically grow its Sunbelt rental housing portfolio throughout 2023 with a selective, long-term approach amidst the backdrop of a challenging capital market landscape. This transaction marks Blaze’s second acquisition in Orlando this year having recently closed on The Pointe at Siena Ridge, an active adult community in the Davenport submarket of Metro Orlando. Blaze will continue to selectively deploy capital throughout the balance of the year across its various rental housing segments.

CORAOPOLIS, PA – Greystar Real Estate Partners, a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, announced the groundbreaking of Ltd. Spring Run, the first property made up entirely of units created in the Modern Living Solutions (“MLS”) factory – Greystar’s modular construction business focused on building off-site, prefabricated modular apartments sustainably and at an attainable price point under Greystar’s dedicated impact housing brand, Ltd. by Greystar.
MLS is currently hiring for several positions at the factory in Knox, Pennsylvania. Production at the factory is ramping up at an unprecedented pace, and this increased delivery drives the need for new team members. MLS is currently seeking enthusiastic candidates with no specific experience necessary, offering a sign-on bonus along with competitive wages and access to state-of-the-art facilities.
“We are excited about the increase in production, and as this growth continues, we are looking for best-in-class talent to join our growing team here at the factory in Knox,” said Andy Mest, Managing Director of Modern Living Solutions. “With the groundbreaking of Spring Run, we are eager to witness the realization of our first MLS-built community and actively seeking suitable land to bring more Ltd.-branded communities to life.”
This 312-unit project is the first of many in the pipeline for Greystar’s dedicated brand for impact housing, Ltd. by Greystar, which focuses on delivering more attainable housing opportunities for key populations affected by the lack of rental options in the United States. Unique to the Ltd. brand, Greystar will create certainty of housing for existing renters by capping rent increases at the greater of CPI or 3%.
“At Greystar, we are very aware of the acute undersupply of housing in markets like Pittsburgh,” said Scott Berka, Senior Managing Director, Brand and Customer Experience. “Ltd. Spring Run is the first of many communities under Greystar’s Ltd. brand that will provide high-quality housing at an attainable price point to critical workers like the teachers, nurses, and firefighters who are integral to our communities.”
The project site for Ltd. Spring Run is approximately 24 gross acres in Coraopolis, Pennsylvania, in the Pittsburgh metropolitan area, and delivery of the first units is expected in June 2024. The site is a convenient 7-minute drive from the Pittsburgh International Airport and retail along University Blvd, and a 25-minute drive to downtown Pittsburgh.

FLAGSTAFF, AZ – Olympus Property, a leading real estate investment and property management company, recently completed the strategic acquisition of Trailside Apartments. This vibrant 111-unit apartment community was built in 2020 and is situated in the heart of Flagstaff, Arizona. Olympus currently owns and operates Mountain Trail Apartments, also built by Chason Affinity Companies, less than 1 mile from Trailside. Olympus’s success at Mountain Trail paved the way for the recent acquisition of Trailside as Olympus continues to expand its portfolio in the Southwest.
Apartment fundamentals in Flagstaff remain robust as strong in-migration converges with a lack of supply. This imbalance has led to higher-than-expected rent growth and demand for rental housing. “Trailside is an opportunity for Olympus to expand our footprint in an extremely supply-constrained market with exceptional fundamentals,” notes Executive Managing Director, Chase Bennett. “As owners of Trailside’s sister property, Mountain Trail, Olympus is confident that our team will enhance the Property’s operations upon takeover and achieve the same operational success as seen at Mountain Trail.”
Trailside Apartments benefits from its desirable location, situated near the I-40 / Route 66, which provides residents seamless access to crucial economic centers within the city. The area boasts a thriving network of over 1,000 businesses and a workforce of 42,900 predominantly within the government, healthcare, and education sectors. Most notably, Trailside is less than a mile away from Northern Arizona University (NAU), a prominent institution and the largest employer in the region. With an enrollment of 21,000 students and a faculty-staff cohort of 4,000, NAU significantly contributes to the local economy’s vibrancy. In addition, the community offers access to the Flagstaff Regional Medical Center, another premier local employment hub. This medical facility employs over 2,200 professionals and serves a staggering 700,000 patients each year. The medical center’s recent announcement of a $750M expansion underscores the city’s steadfast dedication to fostering job growth and retaining top-tier local talent.
Trailside Apartments offers a selection of inviting studio, one-, and two-bedroom floor plans, ranging from 463 sq. ft. to 951 sq. ft. Apartment amenities combine quality and comfort including 9-foot ceilings, hardwood floors, stainless steel appliances, private balconies and patios, in-unit washer and dryers, scenic views, and detached garages in select units. Residents at the property also have access to a selection of top tier community amenities, including a clubhouse, business center, fitness center, steam room, and an outdoor fireplace.

SAN ANTONIO, TX – The Milestone Group announced its acquisition of Archer Stone Canyon Apartments, a 228-unit value add multifamily community in San Antonio, Texas. The purchase price was not disclosed.
Located at 21302 Encino Commons in San Antonio, Archer Stone Apartments feature a location that includes canyon views and botanical gardens along with resort-styled amenities, while providing exceptional access to Highway 281 and major employment centers and retail destinations in the Far North Central neighborhood.
Community amenities include a resort-styled pool, 24-hour fitness center, resident clubhouse, and a playground within a controlled access, on-site managed property. The spacious, high-ceilinged units include washers and dryers, gourmet kitchens, detached garages, computer nooks, wood-style flooring, and sunrooms, patios, and balconies in certain units.
“Archer Stone Canyon is well-located, proximate to a number of employment centers and situated within San Antonio’s top rated school district,” said Milestone Vice President of Acquisitions, Jim Duey. “Residents at Archer Stone Canyon enjoy the largest and most functional family-friendly units. We look forward to implementing capital enhancements to the property’s amenities and unit interiors, improving its market position, livability and appeal as a family-friendly community.”
Milestone acquired the property through an assumption of the existing Freddie Mac loan. Milestone’s focuses on moderate leveraged and fixed interest rate financing, which aligns well with loan assumptions as a compelling financing option.
“By assuming the existing financing, we were able to save the seller from a significant prepayment penalty while offering us a more favorable interest rate than is currently available in the market, benefitting both parties,” said Chris Bartlett, Milestone’s Chief Operating Officer. “We have acquired nearly $1 billion of assets through loan assumptions in the past two years, demonstrating our ability to ensure a seamless transaction for sellers.”

RALEIGH, NC – Bell Partners, one of the nation’s leading apartment investment and management companies, announced it has acquired Vintage Jones Franklin, a 277-unit apartment community located in Raleigh, North Carolina. The community was acquired on behalf of Bell Core Fund I investors and will be renamed Bell Jones Franklin.
Completed in 2022, Bell Jones Franklin is located between suburban Cary and downtown Raleigh at the intersection of I-40, I-440 and U.S. 1, offering access to major retail and employment centers including Weston Parkway Office Park and Research Triangle Park. The Raleigh-Durham-Chapel Hill metro area is home to 14 Fortune 500 companies and three nationally recognized doctoral research universities, providing a large pool of highly skilled workers.
“The acquisition of Vintage Jones Franklin was a result of Bell’s deep local knowledge in the Raleigh metro area and a strong relationship with the developer,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “This investment reflects our conviction in the long-term growth and stability of the Raleigh market, improving immediate location and exceptional product that should suit the needs of current and future residents.”
Completed in 2022, Bell Jones Franklin offers modern apartments in studio, one-, two- and three-bedroom floor plans. Amenities include a 24-hour fitness center, pet park, clubhouse and a resort-style pool with cabanas. Residents enjoy easy access to entertainment, retail and lifestyle amenities with over 280 stores located in a three-mile radius.
With the addition of Bell Jones Franklin, Bell Partners now owns and/or manages 40 communities containing over 12,000 apartment homes in the Raleigh metropolitan area. Bell Partners is actively investing in 14 target markets located in the Northeast, Mid-Atlantic, Southeast, Texas and West Coast. The company broadened its footprint into the western U.S. in recent years and has added over 10,400 apartment homes to its management portfolio over the last 12 months.

ATLANTA, GA – Capital City Real Estate announced the opening of “The Indie”, a brand-new boutique apartment community consisting of only 83 one, two and three bedroom apartments and eight stunning Penthouses, many which offer unobstructed views through 11 foot floor to ceiling glass windows of Downtown, Midtown, Buckhead, Ponce City Market and even Kennesaw and Stone Mountain.
With one of the most unique design aesthetics in the city, The Indie was inspired by the grit and arts culture of the now developing Krog District which is at the intersection of Old Fourth Ward, Inman Parkand the Sweet Auburn district. This site also hugs one of Atlanta’s most valuable assets – The BeltLine and more specifically – the Eastside Trail.
The historically inspired brick base was created to mirror the warehouses and buildings characteristic of Edgewood Avenue, the original route of the Atlanta Streetcar. The mural on the building “Atlanta and Edgewood Street R.R.” pays homage to the name of the original line and the large brick arches on the facade were designed with a scale that could have welcomed those early streetcars. The top of the building is a more modern structure meant to disappear into the sky while providing residents with some of the best views the city has to offer.
The atrium entrance and interiors of the building were modeled after the effortless style of boutique Indie theaters and SoHo houses around the country, giving visitors unexpected motifs and quirky winks that all seamlessly converge to create a space that encourages creativity and artistic expression. The Indie will appeal to those that want to embrace a lifestyle that celebrates individuality and originality.
With only 91 residences to provide a truly boutique experience, the Indie offers all the amenities you would expect from a new residential building including a state-of-the-art fitness center, inspiring lobby, shared workspaces and a creativity fueled communal clubroom that spills out onto a resort-style pool deck with fire pits, grilling area and a skyline view that is beyond compare. Each residence has been thoughtfully designed to blend livability, functionality and modern design including stunning kitchens, large walk-in closets and private outdoor space for every unit.
With a 93 Walk Score, 91 Bike Score and over 150 restaurants within a half mile, residents can easily explore the city and all it has to offer. You can truly live, work, eat, and play without compromise. Ultimately, The Indie is more than just an apartment community, it is a lifestyle designed for those who want to be original, inspired and embrace the eclectic and vibrant culture of Intown Atlanta.

MINNEAPOLIS, MN – Adolfson & Peterson Construction (AP), a national, family-owned construction management and contracting company, recently broke ground on Artessa Mound Harbor, a cooperative living community for people 62 years and better in Mound, Minnesota. Located on Auditors Road less than a mile from Lake Minnetonka, Artessa Mound Harbor will include 125,000 square feet of living and community spaces at completion in August 2024. Artessa Development, an affiliate of Lifestyle Communities, is the experienced developer of the co-op community; AP is constructing the building and installing tenant finishes in partnership with Kaas Wilson Architects.
“The West Metro continues to see demand for high-quality amenities and buildings among potential community members,” said Blake Invie, Project Manager at AP. “We’re proud to support the redevelopment with a state-of-the-art living facility in the heart of the walkable Mound community. This is a great opportunity for AP to build upon our expertise in senior living and establish a partnership with Artessa Development and Lifestyle Communities that will extend to communities around the country.”
Artessa Mound Harbor is comprised of 52 high-end senior co-op residences with 11 unique floor plans ranging from 1,006-1,905 square feet. One element that sets the co-op style apart from other senior housing options is the wide array of resident personalization options offered in each unit. Members choose a home plan situated across four floors of cooperative living. The main floor boasts roughly 6,150 square feet of indoor amenities and nearly 2,000 square feet of outdoor living spaces that act as an extension to a member’s private residence. Some of the many amenities include pickleball courts, fitness areas, lounges, a woodshop, a coffee bar, liquor lockers, a community kitchen and a theater. Exterior features include gathering areas, firepits, grill stations and a terrace.
“Artessa Mound Harbor provides members with an alternative to owning a single-family home or a townhome,” said Dena Meyer, President of Lifestyle Communities, Artessa Development. “It’s an appealing option for people looking to enjoy a home where they can collectively own and control the cooperative community in which they reside.”
In Artessa communities, members buy a share in the cooperative corporation, which owns the land, building and common areas. This type of residential housing provides for steady annual growth of members’ equity at a fixed rate of return of the initial share payment. This ensures that homes remain affordable and marketable long-term.”
AP prioritizes fostering engagement with the community, city officials and local neighbors and business owners throughout the entirety of the project. Moreover, AP has directly collaborated with neighboring businesses to ensure their continuous operation during the construction phase. Additionally, the project team has diligently implemented an especially strict stormwater management plan to protect Lake Minnetonka.

PHOENIX, AZ – Toll Brothers Apartment Living, the rental division of Toll Brothers (NYSE: TOL), the nation s leading builder of luxury homes, and EJF Capital have announced a joint venture to develop Henri in downtown Phoenix, Ariz. The project is being financed through a $65 million construction loan facility. Henri will be a seven-story, 313-unit luxury mid-rise rental community. Construction on Henri began in July 2023 and is anticipated to be completed with first residency in 2025.
We are delighted to once again partner with EJF Capital to develop a spectacular luxury apartment community in vibrant downtown Phoenix, said John McCullough, President of Toll Brothers Apartment Living. This collaboration underscores our commitment to delivering exceptional apartment living experiences. Together, we will create an unparalleled residential haven in the heart of Phoenix with the same quality, luxury, and service for which Toll Brothers is already known in this market.
Henri will offer a mix of studio, one- and two-bedroom floor plans. The luxury residences will feature spacious open floor plans and intuitive design, with custom kitchen cabinets, stainless steel appliances, Moen® plumbing finishes, quartz kitchen and bathroom counters, wood-style flooring, and innovative smart home features including keyless locks.
The community will include more than 36,000 square feet of indoor and outdoor amenities space including a resident lounge, a chef demonstration kitchen and dining spaces, a state-of-the-art fitness center, collaborative coworking spaces, a club and game room with fireplace, listening lounge, studio-inspired creator booths, a library and study room, a resident bar, a resort-style pool and courtyard, a sun lounge, a rooftop deck, and pet-friendly amenities. The community will also include a 455-space structured parking garage featuring EV (electric vehicle) charging stations.
Downtown Phoenix has become a dynamic neighborhood replete with stunning architecture, a diverse range of dining, shopping and night life, as well as a thriving artistic community, which all serve to make it an exciting place to call home, said Todd Bowden, Managing Director for the southwest region of Toll Brothers Apartment Living. We are very excited to bring the Toll Brothers lifestyle to this area.
Located at 502 West Van Buren Street and situated on a 2.32-acre site, Henri will be constructed in a Qualified Opportunity Zone. Henri is centrally situated in a walkable neighborhood bordering the iconic Phoenix cultural arts district Roosevelt Row and is surrounded by restaurants, bars, cafes, shops, boutiques, art galleries, entertainment venues, and other neighborhood-serving retail opportunities. Perfect for those seeking luxury apartment living in the heart of downtown Phoenix, Henri will offer easy access to major roadways including I-10 and I-17, as well as convenient public transit opportunities with nearby stops for Valley Metro rail and bus routes.
We are pleased to be teaming with EJF Capital to develop our second apartment community together, said Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers. Henri also is the sixth Opportunity Zone project Toll Brothers Apartment Living is developing nationwide. We appreciate the support of City National Bank as agent and Banc of California for providing us with this $65 million construction loan.
We are thrilled to be working with Toll Brothers Apartment Living on this exciting project, which will fill a strong need for multifamily housing in this dynamic market, said Asheel Shah, Senior Managing Director and Head of Real Estate Development at EJF. Our lenders see the significant potential of downtown Phoenix, which is home to vibrant and walkable neighborhoods anchored by a robust retail, restaurant and entertainment hub.
Henri is the fourth multifamily community to be developed by Toll Brothers in the Phoenix market. It joins Callia, a four-story, 403-unit apartment community, and Haverly, a five-story, 323-unit apartment community, which both opened in Midtown Phoenix in 2022. Canvas, a Toll Brothers Campus Living® community in Tempe, opened to students in 2021 and was subsequently sold in 2023.

GREAT FALLS, MT – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has announced the acquisition and planned renovation of two developments in Great Falls: Sunshine Village and Broadview Manor East & West (MT2 Community Partners, LP). CPP partnered with The Hampstead Companies who will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area.
CPP and Hampstead s total development investment is approximately $23.1M, which includes the purchase price of $10.75M and an estimated per unit renovation cost of $72,850. The properties HUD subsidy was set to expire, but with CPP and Hampstead’s involvement the homes will now remain affordable and prevent displacement of residents earning 50% and 60% of AMI until 2074.
New affordable housing developments in the Great Falls area have significant waitlists, so the preservation and modernization of the existing affordable housing stock is important to the residents of this community, said Karen Buckland, Vice President at CPP.
Built in 1979 and located at 600 13th Avenue S., Sunshine Village is a senior community of 72 one- and two-bedroom units in a single three-story building. Amenities for senior residents include a community room, library, and outdoor lawn. Shared space renovations will include the replacement of one of the building s elevator cabs, a full upgrade of the community space, and expansion of the management office.
Also built in 1979, the Broadview Manor properties are in two different locations. Both communities are designed for families, offering three- and four-bedroom units, onsite laundry facilities and uncovered open parking. Broadview Manor East, located at 720 and 724 42A Street is a three-story, 12-unit project with an adjacent basketball court. As part of the renovation, Broadview Manor East will have new stairs installed. Broadview Manor West, located at 710 and 714 4th Avenue N.W., is a two-story 8-unit project.
Interior renovations will take place in all the units with a focus on sustainability, including installation of new low-VOC vinyl plank flooring, and formaldehyde-free cabinets and counters. Upon completion, the homes will include energy efficient upgrades, such as Energy Star rated appliances, LED lighting fixtures, low-VOC paint, and low flow plumbing fixtures. Sunshine Village will receive necessary ADA compliance upgrades.
As part of the improvements, the Great Falls communities will offer free Wi-Fi and provide residents with an on-demand library of classes, available 24/7 through Rainbow Housing Assistance Corporation. Live instruction will also be offered, Monday through Thursday, along with monthly calendared events coordinated by an on-site staff member. Rainbow Housing will conduct a survey and assessment of the residents to determine the needs of tenants and programing of the project to ensure that the appropriate resources are being provided.
Renovations are expected to be completed in May 2024. Partners on the project include Montana Board of Housing (who awarded tax exempt bonds and 4% low-income housing tax credits), WNC is the equity partner, and Glacier Bank provided the debt.