SAN MATEO, CA – In a landmark move that promises to advance affordable housing efforts in high-cost markets, The Vistria Group and Ethos Real Estate announced the conversion of nearly 700 market-rate apartments to long-term affordable housing in San Mateo County, the wealthiest county in the United States by median incomes, home values, and investment income.
This transaction represents one of the largest market-rate to affordable housing conversions in California’s history. Conversion work at the project, known as Hillsdale Garden Apartments, is set to begin this month.
The partnership demonstrates an innovative approach to affordable housing, leveraging private capital with public and non-profit expertise to create sustainable, community-focused solutions. San Mateo County Supervisor Noelia Corzo remarked, “Our working-class neighbors deserve a stable home, dignified conditions, and responsive management. This project is an excellent example of how revitalizing existing homes and preserving their affordability can allow residents to stay in their communities with dignity.”
“This investment isn’t just about real estate; it’s about how private investment, local government and non-profits can partner to create scalable and efficient models for addressing the housing crisis across the country,” said Margaret Anadu, Senior Partner and Head of Real Estate at The Vistria Group. “Everyone deserves an affordable home, and we take particular pride in creating that opportunity in communities with strong public schools and diverse job opportunities.”
The initiative stands out not only for its scale but also for its leadership. Spearheaded by two prominent Black women in real estate, Margaret Anadu of The Vistria Group and ennifer Keith of Ethos Real Estate, this project marks a significant step towards diversity in major real estate transactions.
Jennifer Keith, Managing Partner and Co-Founder at Ethos Real Estate, emphasized the broader impact, “We are honored to be partnered with Vistria on preserving affordable housing at community scale. Our collective efforts will reduce displacement, improve existing housing conditions, and provide a range of social services for the residents of Hillsdale Gardens.”
The project benefits from exceptional walkability and access to transit, retail, healthcare, high-quality schools and parks. Key features of the affordable housing conversion include:

Transformation of 697 market-rate units to affordable housing, targeting households earning up to 80% of Area Median Income;
Significant capital allocated for interior and exterior upgrades to foster higher quality living standards; and
Implementation of comprehensive resident services in partnership with Pacific Housing, ranging from after school programs to skill building classes.

The project marks The Vistria Group’s third real estate investment in California and tenth real estate investment overall bringing the portfolio to over 6,000 units and a gross asset value in excess of $1.8 billion. Yusef Freeman, Partner for Real Estate at The Vistria Group said, “The Hillsdale Garden acquisition continues our commitment to the long-term creation of affordable housing at scale throughout California and within its most expensive communities.”

FREDERICKSBURG, VA – The Milestone Group announced the acquisition of two Fredericksburg, VA apartment communities, Kensington Crossing with 476 units, and Magnolia Falls with 200 units. The purchase prices were not disclosed.
“These two assets are very well positioned in a highly sought-after submarket near abundant retail and dining options, and their proximate locations allow for meaningful operating efficiencies,” said Milestone Vice President of Acquisitions, Jason Wise. “Our plans for the assets include enhancement of all common areas and amenities that will immediately boost the resident experience. Furthermore, Milestone assumed the existing loans on both, allowing for a quick and seamless transaction.”
The properties, located in rapidly growing Stafford County, are conveniently located on US-17 near the I-95 interchange. Immediate retail options include Target, Walmart, Giant Food, Lowe’s, Starbucks, and Chick-fil-A. A myriad of options located at nearby Central Park, Spotsylvania Town Centre, and Downtown Fredericksburg are all within 15 minutes.
Kensington Crossing has 476 fully-renovated one-, two- and three-bedroom units that feature stainless steel appliances, granite countertops, and faux-wood flooring throughout the units. Residents enjoy amenities including two swimming pools, tennis and sports courts, two fitness centers, a cabana lounge, and covered parking.
Magnolia Falls features 200 fully-renovated one- and two-bedroom units also including stainless appliances, granite countertops, and faux-wood flooring throughout. Residents have access to a swimming pool with sundeck, playground, dog park, sport court, and fitness center.

DALLAS, TX – National multifamily developer Wood Partners continues to expand in Texas with Altera Rayzor Ranch, a 192-unit multifamily community in Denton, a suburb outside of Dallas. The project recently broke ground and is expected to deliver to the community in the third quarter of 2025.
Altera Rayzor Ranch is centrally located within the Rayzor Ranch master-planned development and sits just off I-35, offering easy, direct access to the Dallas-Fort Worth metroplex. The 182,000-square-foot garden-style development features a mix of one-, two- and three-bedroom layouts and offers residents attainable, Class-A accommodations without sacrificing convenient access to major employment and entertainment centers. Altera Rayzor Ranch is ideally situated within walking or biking distance via the Heritage Trail, connecting residents to a diverse array of restaurants and retail options, including Target, WinCo Foods, In-N-Out, Alamo Drafthouse Cinema and more.
The apartment is part of the Wood Partners’ Altera brand, a new attainable housing initiative offering upscale living at cost-effective rates. Residents can benefit from a resort-style pool, a modern fitness facility, outdoor socializing spaces with fire pits and gas grills, programmed green space and multiple coworking and meeting spaces.
“Denton has experienced explosive growth in the past few years which will only continue to increase due to its educated workforce, lower cost of living and access to plenty of open spaces,” said Ryan Miller managing director at Wood Partners. “Altera Rayzor Ranch’spremier location provides a community feel with best-in-class shopping and dining opportunities just footsteps away from your door. We are devoted to assisting the city’s positive growth by developing new, attainable multifamily apartments designed with the community needs in mind.”
Denton County exceeded one million residents last summer, making it the seventh-largest county in Texas. According to Colliers’ 2024 Q2 Dallas Fort Worth Multifamily Report, the area again led the nation in apartment completions over the past 12 months, delivering 39,140 units.
Wood Partners continues to be active across the Lone Star State with numerous groundbreaking projects in several active markets. In June, Wood Partners and partner EIG EuroInvestor GmbH broke ground on Alta Westover Hills in San Antonio, its twelfth community in the region. Additionally, Wood Partners delivered The Albright, a brand new 261-unit luxury apartment to the Austin community in June.

AUBURN, AL – Muinzer, a leading private equity firm specializing in student housing, announced the off-market acquisition of Samford Square near Auburn University. Samford Square consists of 752 student housing beds that are 100% leased for the August 2024 school year.
Muinzer’s purchase of Samford Square follows its acquisition of Evergreen Auburn in May 2024.
“The combination of our access to capital and our veteran student housing management team gives us a significant runway to continue acquiring. I’m very proud of the Muinzer team for executing on yet another off-market acquisition,” said Marc Muinzer, Founder and CEO of his namesake firm.
Muinzer began investing in student housing in 2002 and is one of the largest owners and operators in the Big Ten and SEC Conferences.
“We have long-term conviction in student housing and are actively deploying capital towards our goal of acquiring an additional $2 billion of student housing communities near high-growth universities,” added Michael Snyder, COO of Muinzer.

SOUTH BEND, IN – Toll Brothers Campus Living®, a division of Toll Brothers (NYSE: TOL), the nation s leading builder of luxury homes, and joint venture partner HSRE, announce the opening of The 87 in South Bend, Indiana. The 87 is a new off-campus apartment community, featuring 335 apartments and townhomes with 810 beds. The community is located near the campuses of the University of Notre Dame, Holy Cross College, and St. Mary s College and was financed with a $91 million construction loan from Centier Bank. Construction commenced in September 2022 and first occupancy began in August 2024.
The 87 offers today s students a living experience that blends upscale design, luxury amenities, and modern conveniences, said Richard Keyser, Vice President of Acquisitions and Development for Toll Brothers Campus Living. We re delighted to open The 87, which represents our continued commitment to developing student communities that combine the flexibility of off-campus living with proximity to campus life at growing and prestigious colleges and universities.
Designed by KTGY, The 87 features a mix of studio through four-bedroom apartments, along with townhomes. Each residence is fully furnished with modern furniture, 55 smart TVs, and en-suite private bathrooms for every bedroom. The upscale features include stainless steel appliances, in-residence washers and dryers, modern cabinetry, quartz countertops, and keyless entry. Select residences also feature oversized closets and kitchen islands. Garage parking is also available.
Rooted in tradition but dedicated to engaging today s forward-thinking students, The 87 s amenities are designed to nurture academic success and foster connections. Students can work in tech-enabled study lounges with private seating options, meet with friends at the social lounge and coffee bar, and flex their creative muscles in the content creation studio. Sports enthusiasts can catch a game in the All Pro Lounge, with four large-screen TVs, and then hone their skills in the golf and sports simulator. The 2,300 square-foot double-height fitness center features strength and cardio equipment. Outside, residents can enjoy multiple courtyards with grills, fire pits, yard games, and hammocks. The community honors the legacy of the nearby University of Notre Dame by incorporating vintage photos and memorabilia throughout the interiors.
Toll Brothers Campus Living brings the signature quality of design, luxury, and service that Toll Brothers is known for to modern student communities, said John McCullough, President of Toll Brothers Apartment Living, the multifamily division of Toll Brothers which oversees its Campus Living division. The 87 brings an elevated approach to student life to South Bend, supporting a well-rounded collegiate lifestyle with the spaces and amenities needed to thrive socially and academically.

CHICAGO, IL – Virtú Investments, a multifamily real estate investment firm primarily engaged in the acquisition and management of apartment properties in the western United States, announced it has acquired Marlowe, a 176-unit multifamily property in Chicago, IL.
Marlowe is Virtú s first acquisition in Chicago and marks the firm s expansion into key cities beyond its traditional focus of western US markets. Virtú believes Chicago represents significant investment potential based on the city s near-term scarcity of new apartment supply and steady renter demand. The Marlowe acquisition is part of Virtú s broader strategy to capitalize on attractive cyclical pricing in key submarkets with low to no near-term supply.
Marlowe matches our investment strategy of identifying institutional-quality assets in locations with limited residential supply and high demand, said Michael Green, CEO and Founding Partner of Virtú Investments. This acquisition is the result of months of analyzing property trends and market dynamics, and our ability to select properties that take advantage of attractive pricing and significant discounts today s replacement costs, as well as near-term scarcity across key regions of the country.
Marlowe is located in Chicago s premier River North neighborhood, providing residents with easy access to top-rated dining, retail, and entertainment options, as well as nearby major employers. The luxury property offers extensive amenities including a rooftop lap pool, private garage with electric vehicle charging stations, a fitness studio with yoga space, and community lounge with gaming tables and bar.
Virtú acquired Marlowe through co-ownership by the Evergreen Fund, the firm s closed-end Opportunity Fund (JVOF), and a single-asset syndication. The Virtú Evergreen Fund is an open-end fund launched in 2015 for generational ownership, long-term compounding, extreme tax efficiency and flexible liquidity, and is designed to take advantage of 1031 Exchanges within the Fund to perpetually defer taxes on gains and cashflow.
Continued Green, The Evergreen Fund provides Virtú with the necessary flexibility to move in and out of markets as cycles shift, allowing us to acquire assets like Marlowe in Chicago and reinforcing our ability to invest in new geographies that ultimately align with our long-term investment thesis. We continually review existing and new-to-us regions that show strength across our key underwriting metrics, and the flexibility of the Evergreen Fund allows us to be nimble and take advantage of opportunities nationally across the multifamily space.

SEATTLE, WA – Greystar, a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, in partnership with GMC Projects, a Canadian-based real estate developer, announced the groundbreaking Birchway Angle Lake, a new apartment community at 19825 International Boulevard in SeaTac, WA, which Greystar will be the lead developer and builder. The project represents the second transaction capitalized in a strategic venture with Whitman Peterson.
Birchway by Greystar invites residents to enjoy comfort in suburban garden-style communities, providing practicality, tranquility, and convenience. Rooted in community, the Birchway brand offers the conveniences of the city without city prices.
“We are extremely proud to bring Birchway Angle Lake to Washington state and SeaTac,” said Aaron Keeler, Managing Director of Development at Greystar. “Focusing on providing new apartments at attainable rent levels, we worked with Whitman Peterson to secure equity financing. We’d also like to thank GMC Projects for their partnership and help in finding a creative deal structure that worked for all partners.”
Birchway Angle Lake will offer 289 apartments in studio, one- and two-bedroom layouts. It will also feature top-notch amenities like a large rooftop deck with views of Puget Sound and Mt. Rainier, a well-equipped gym, coworking areas, creative space, private work pods and a TV lounge.
The community is close to hundreds of thousands of jobs at the expanding SeaTac airport and thriving industrial hubs. The site is conveniently located across the street from the Angle Lake light rail station, connecting the community to cultural, employment, shopping and higher education options in Seattle, Bellevue, and Tacoma. The community also offers easy accessibility to all parts of the region with nearby access to I-5, I-99 and I-90.
Birchway Angle Lake design team included Weinstein A+U Architects, CT Engineers for structural engineering, Karen Kiest for landscape architecture and Lair Design for interior design. GMC Projects acquired the site in 2019 and secured the entitlements. Greystar is the project’s vertical venture developer, general contractor and property manager.
Pre-leasing for Birchway Angle Lake is expected to begin in early 2026, with the community scheduled for completion in mid-2026.

FORT WORTH, TX -The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership JPS Health Network, announced the financial closing of a 67-unit mixed-income multifamily development in Fort Worth, Texas. Sixty of the units will be reserved for residents earning 30, 50 and 60 percent of the Area Median Income (AMI), with the remaining seven set aside as market-rate. The development will also include 2,200 square feet of commercial space leased to JPS Health Network to service residents and the surrounding community.
Thrive on Crawford exemplifies The NRP Group s commitment to providing more than just housing to our residents through nontraditional partnerships with organizations like JPS, said Max Whipple, Vice President of Development at The NRP Group. This project is a testament to how hospitals can play a transformative role in their communities, setting a new benchmark for development that mitigates social determinants of health throughout Texas. Thrive on Crawford is the culmination of years of collaboration with local organizations and financial partners, including Red Stone Equity Partners and CVS Health, to create an amenity-rich, wellness-focused multifamily community in a prime, high-opportunity location.”
Positioned next to a key site in JPS Health Network s $2.1 billion bond program expansion, Thrive on Crawford is part of a broader vision to enhance healthcare services across Tarrant County. The new community will provide essential housing options for healthcare workers, young professionals, and families, offering an urban lifestyle close to boutique shops, restaurants and entertainment venues.
Thrive on Crawford marks a pivotal moment in our commitment to providing affordable housing solutions to the residents of Tarrant County, said Karen Duncan, MD, MBA, President and Chief Executive Officer at JPS Health Network. This development is dedicated to fostering a vibrant community that prioritizes wellness and the stability of those who live and work in the area. We are pleased to partner with The NRP Group on this essential project, which is a core component of JPS Health Network s strategy to build a more resilient community where every individual can thrive.
The project will feature a variety of one-, two-, and three-bedroom apartments with high-end finishes. Amenities will include a business center, community kitchen and lounge, fitness center, children s playroom, and an outdoor playscape. Thrive on Crawford will also offer a comprehensive resident services program, including adult literacy workshops, financial training and youth afterschool and summer programs.
As JPS embarks on its major facility expansion project, we’re proud to contribute to this transformative moment with Thrive on Crawford, said Trent Petty, Board Chair of the Tarrant County Hospital District Public Facility Corporation. It’s about more than just homes—it’s about enhancing the health and wellbeing of our community as part of JPS’ ongoing commitment to serving Tarrant County and the JPS Board s commitment to revenue diversification to protect our ability to continue providing uninterrupted outstanding care to our patients.
Project financing was provided by JPMorgan Chase and Berkadia, with tax credit equity investment from CVS Health through an investment fund managed by Red Stone Equity Partners. Additional funding was provided by the Near Southside Financing Zone TIF and Texas Department of Housing and Community Affairs. Wynne Jackson and Servitas helped co-develop the community.
We are incredibly proud to support the NRP Group in developing a project that not only provides housing but also delivers essential health, wellness, social, recreational, youth and financial services to the community, said Annette Reschke, Executive Director of Chase Community Development Banking. Housing with access to vital services ensures residents have the resources they need to thrive.
We are grateful and proud to have partnered with NRP, JPS, CVS Health, and all of the project participants to provide high-quality, safe, healthy, and affordable housing for 67 families here in Tarrant County, said Darren Swanson, Managing Director of Red Stone Equity Partners. This cutting edge investment sits at the intersection of health and housing, and was made possible by the Low Income Housing Tax Credit, our nation s most successful housing program with a 38-year track record of success and a model of what public-private partnerships are all about.
CVS Health s investment in Thrive on Crawford is a local demonstration of the company s mission to improve the health of individuals across the country. This health and housing collaborative not only allows JPS essential and other local employees the opportunity to live in affording housing in the community in which they work but also provides all residents immediate access to important healthcare services including primary care, pediatric, behavioral health, orthopedics, cardiology, and oncology.
Our commitment to affordable housing is a key part of our mission to improve community health and address housing insecurity, said Stephanie Rogers, Chief Executive Officer, Aetna Better Health of Texas. Our investment in this new health focused development in Tarrant County is another step in our long-standing effort to support communities by providing not just housing, but also essential services that ensure residents flourish and have the tools they need for healthier, more secure lives.
Thrive on Crawford marks The NRP Group s fourth Health and Housing development, and the company s first in the State of Texas. The Dallas metro area remains a priority market for The NRP Group. The firm has developed over 6,000 units across 27 properties in the region, and recently broke ground on a new affordable housing development, The Fielder, in Mesquite.
Construction of Thrive on Crawford is already underway, with completion slated for early 2026.

GREELEY, CO – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, hosted a ribbon cutting for Premier at West Park, a 336-unit Class A multifamily community 50 miles from Denver in Greeley. The first residents began moving in during early summer of 2024 and the community is nearly 30% leased.
“Our communities are thoughtfully designed to create the perfect living environment for our residents to call home,” said Angie Atkins, senior vice president of community management for Thompson Thrift. “From the moment residents step into Premier at West Park, they are met with details specifically designed with their experience in mind, from signature scents to luxury amenities and community events.”
Located at 3800 Centerplace Drive, Premier at West Park spans approximately 21 acres and consists of 10 three-story garden-style buildings, plus an additional 133 detached garages. The one-, two- and three-bedroom apartment homes include many of the luxury finishes that Thompson Thrift communities are known for including, gourmet bar-kitchens with elegant quartz countertops, timeless tile backsplash, stainless steel appliances, an Alexa-compatible smart hub to integrate all smart devices, walk-in closets, full-size washers and dryers, as well as patio, balcony and private yard options.
At the ribbon cutting, visitors were able to view model tours and preview the community amenities including a professionally decorated clubhouse, resort-style heated swimming pool, 24-hour fitness center, outdoor game area, gas firepits with seating area, a dog park, pet spa with grooming station and pickleball court, to name a few.
Thompson Thrift expects construction to conclude in early 2025. Additionally, in support of Thompson Thrift’s commitment to community outreach, they presented a check to local non-profit Weld Food Bank. Thompson Thrift’s donation will provide 6,000 meals to aid Weld Food Bank’s efforts in addressing food insecurity in Weld County.
Premier at West Park is just three miles from downtown Greeley and offers residents convenient access to U.S. Highway 34 with an easy commute to several of the area’s major employers. Directly adjacent to the community is Centerplace of Greeley, a major retail and dining destination which consists of national and local retailers such as Target, Safeway, Best Buy and T.J. Maxx.

AUSTELL, GA – Greystar, a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, announced that Marlowe Brookwood, the latest Marlowe-branded apartment community, is now pre-leasing and will welcome its first move-ins this fall.
Marlowe by Greystar provides suburban luxury living with quality brand new finishes, spacious amenities and modern design with easy access to urban conveniences.
“We are pleased to bring our Marlowe brand to west Cobb County,” Craig Gearhart, Sr. Director of Development at Greystar, said. “Marlowe Brookwood has remarkable amenities and high-level finishes in a suburban setting. It is our second community in the area, with Elan Brookwood located right next door.”
Marlowe Brookwood has 340 residences that come in one-, two- and three-bedroom floorplans ranging from 770 sq. ft. to 1,503 sq. ft. Two of the community’s five buildings are four-stories with an elevator. The other three are garden style.
Residences will have upscale finishes that include gourmet kitchens with an island or peninsula, stainless steel appliances, quartz countertops, wood plank-style flooring, plush carpeted bedrooms, ensuite wardrobe closets, tile backsplashes and showers, designer lighting and in-home washer and dryers. Some homes will have private balconies or terraces.
Community amenities include property-wide Wi-Fi for seamless connectivity, co-working spaces and conference rooms, a 24-hour wellness studio with cardio and free weights, bike storage room, gated dog park and dog spa, gaming lawn with ping pong and cornhole, a pool with ledge and chaise loungers. Residents can mingle in the fireside lounge, the clubroom with bar and great room or the elevated wine room and gathering lounge.