BUFFALO, NY – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, announced the closing of Ellicott Park Townhomes. The 8.9-acre property consists of two non-contiguous parcels and is located at 10 Durham Court in downtown Buffalo, a few blocks from the main business district.
CPP s total development investment is expected to be approximately $54.7M, with a total investment in renovations of $14.2M. Renovations are expected to be completed in Spring 2023. CPP plans to ensure a minimal impact on residents during the renovations.
The restoration of Ellicott Park Townhomes will preserve 220 total family units encompassing 150 Section-8 units across 21 two-story townhouse-style buildings. Unit renovations will include ADA unit conversions, replacements, extensive kitchen and bathroom upgrades, and large building system replacements and upgrades.
Significant exterior upgrades will include window replacements, brick masonry repairs and roof repair. Residents will see numerous improvements made to shared community spaces. Site work will include repaving and restriping of the development s parking lot, with the addition of a new playground, gazebo, dog park, BBQ grills, bike racks, and an improvement to the paths of travel.
The renovation of Ellicott Townhomes will significantly extend the use of the property while enhancing the quality of life for its residents, said John Fraser, Development Director at CPP. Upstate New York has a strong demand and significant need for subsidized and affordable housing. CPP will transform the property into a safe, desirable and well-maintained property.
Development partners on the project include Rochester’s Cornerstone Group, PNC and Redstone.

METUCHEN, NJ – Klein Enterprises, a vertically integrated investor, developer, and operator of diversified real estate holdings, announced its plans to develop a multifamily apartment community in Middlesex County, New Jersey.
Located at 212 Durham Avenue in the Borough of Metuchen, the yet-to-be-named community is situated on a former industrial site that has undergone significant environmental remediation over the past several years in preparation for the new multifamily development. Demolition of the existing structures on the site took place in April of 2023 and construction of the property will take approximately 24 months with completion anticipated for Fall 2025.
The community will offer a total of 272 Class A studio, one-, two- and three-bedroom units, 15 percent of which will meet state affordable housing requirements, as well as six unique one-bedroom live /work homes. Located on the ground level of the community, these six homes offer residents their own office space that can be accessed via the home directly as well as a separate, private entrance for work purposes.
The interior design of the community will focus on a Modern Artistry concept in honor of the artists, literary figures and noted intellectuals who brought culture and the arts to Metuchen in the late 1800s. The design will feature modern elements grounded by warm woods and black accents while incorporating photography, music and classic printing techniques.
Klein will pursue various green initiatives within the building and plans to achieve National Green Building Standards (NGBS) through features like a partial green roof, a large solar array, electric car charging stations, Energy Star appliances, low-flow fixtures, LED lighting, a pollinator garden, and more. Additional community amenities include a community garden, dog park, and pool.
Over the past few years, we ve worked closely with both Mayor Jonathan M. Busch s team as well as Middlesex County officials to establish a redevelopment plan that meets two primary objectives, said Daniel Klein, president of Klein Enterprises. The first was to preserve a portion of the property as the gateway to a new county nature preserve and the second was to redevelop the balance of property with a state-of-the-art residential building that fits the character of the community and incorporates green building elements. Collectively, we believe that we have not only met but exceeded these objectives.
After the land was contributed into the partnership by Metuchen Realty Advisors (MRA), Klein and MRA worked closely with the Borough Council to execute a redevelopment agreement and qualify for a 30-year PILOT (payment in lieu of taxes) agreement, which will jointly benefit the project by tying tax obligations to project revenue while providing the Borough of Metuchen with the flexibility to invest revenue back into the borough where it is needed most.
This project will allow Metuchen to invest millions of dollars in major infrastructure projects throughout the Borough, promote environmental cleanup, and preserve approximately 20 acres of wetlands which will be part of the Borough s open space and recreation assets. The planned improvements include a network of trails, hiker/biker paths, and open space for public enjoyment, and will also provide access and parking facilities for a new county nature preserve. The project is adjacent to the planned expansion of the highly popular Middlesex County Greenway linear park.
The Borough of Metuchen has been discussing possibilities for this site for decades and now the transformation has begun, said Mayor of Metuchen Jonathan M. Busch. It is this very project that s enabling us to open the largest recreational space in Metuchen, fund a variety of important infrastructure projects throughout the Borough, and help protect our environment, all while providing our community with new housing options that will give many people the freedom to stay in the very community where they grew up and open doors for new neighbors. We are particularly grateful to have partners in Metuchen Realty Advisors and Klein Enterprises. This is an example of a public-private partnership that will be a true benefit to our community.
Sean Garland, chief investment officer of Klein Enterprises shared, Along with providing best-in-class housing to residents, the redevelopment plan and PILOT program provide us with the flexibility to completely transform a dilapidated site that will increase surrounding property value, pump revenue directly into the Metuchen community, and allow our company to expand our presence in the northern New Jersey market. This project is a testament to the overall value created when private developers work collaboratively with local governments to create spaces that benefit the overall community.
The multifamily project is also located in close proximity to the Metuchen NJ TRANSIT stop which offers a 45-minute train to Midtown in New York City, and walking distance to the Borough s historic and vibrant downtown that recently received the 2023 Great American Main Street Award.

ATLANTA, GA – Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation s leading builder of luxury homes, and joint venture partner PGIM Real Estate, celebrated the topping-out of Momentum Midtown, a new 36-story, 376-unit luxury high-rise rental apartment community in the heart of Atlanta s vibrant Midtown neighborhood. Momentum Midtown is located on a 0.83-acre site at 1018 W Peachtree Street NW.
Constructed on the location that was once Ted Turner s original broadcasting studio and the birthplace of WTBS, the topping-out celebration at the new apartment community was attended by development partners, local officials, and more than 700 of the project s construction workers. Financed with a construction loan facility from Wells Fargo Bank N.A, construction commenced in 2021 and resident occupancy is anticipated in early 2024.
This was an exciting day for all members of the team as we celebrated this huge construction milestone for Momentum, said John McCullough, President of Toll Brothers Apartment Living. This is our fourth luxury multifamily community in the rapidly growing Atlanta market and we re looking forward to bringing new opportunities for the highly skilled workforce of the area to live in an unparalleled location offering a unique and quality lifestyle.
Featuring studio, one-, two-, and three-bedroom floor plans, residences at Momentum Midtown will include quartz countertops with tile backsplash, stainless steel appliances, designer custom cabinetry, wood-style LVT flooring, oversized closets, entry nooks, and smart home features. Private balconies and terraces, as well as private yards, will be available in select residences. Momentum Midtown s rooftop offers unimpeded views of both the Midtown and Downtown Atlanta skylines.
Momentum Midtown will feature a resort-style rooftop pool and lounge with cabanas, outdoor bar, dining room, exhibition kitchen, theater, indoor/outdoor game room, and a sky lounge. Other amenities will include a state-of-the-art fitness center, a co-working space, a club room with coffee bar, beer and wine taps, a dog park and pet spa, high-speed community-wide Wi-Fi, and 435 dedicated parking spaces in the structured parking garage.
The topping out of Momentum represents great progress for Toll Brothers and for the Midtown region, said Will Chappell, Director of Development and Construction for the southeast region of Toll Brothers Apartment Living. We are excited to recognize the potential of this West Peachtree Street corridor as it becomes the epicenter of life, business, and culture for Midtown. Momentum features a striking architectural design that embodies the future of Atlanta, and we look forward to welcoming all those who will soon call it home.
Momentum Midtown is located within a five-minute walk of the Georgia Institute of Technology campus in Atlanta s Midtown community between the Downtown and Buckhead neighborhoods. With superior access to I-75/85, GA-400, MARTA rail stations, and Hartsfield-Jackson International Airport, the property benefits from convenient access to many of the area s major transportation corridors, employment centers and employers, including FORTUNE 500 companies such as Google, NCR, AT&T, and Coca-Cola. Atlanta has the South s second-largest pool of tech workers. With a location adjacent to Georgia Tech and two blocks south of Google s planned 475,000 square foot Midtown office, Momentum will be at the center of Atlanta s tech innovation community.
We re thrilled to be expanding our partnership with Toll Brothers and to be celebrating this milestone in the development of Momentum Midtown, said Joanna Mulford, Managing Director and Senior Portfolio Manager for PGIM Real Estate s U.S. core equity strategy. Momentum will benefit from robust tenant demand stemming from its location in the heart of Midtown Atlanta, an area that s experiencing rapid growth in high-paying jobs, and from its walkability to many restaurants, parks, green space, and entertainment.

PITTSBURGH, PA – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, announced the closing of Allegheny Commons apartments. The community is located at 255 E. Ohio Street, in the revitalized and highly desirable North Shore neighborhood of Pittsburgh. The 136-unit multifamily complex is less than a mile from the Central Business District and marks the first investment in this market for CPP.
CPP s total development investment is expected to be approximately $46.4 million, with a total investment in renovations of $11.3 million. Renovation begins immediately and is expected to be completed by February 2024. Throughout the renovation process, CPP will ensure that the impact on residents is as minimal as possible.
CPP will conduct a major rehabilitation of the community, which was originally built in 1973 and consists of 20 residential buildings. The work will include common area and exterior renovations including accessibility upgrades, flooring upgrades, parking lot repair and exterior pressure washing and paint, among other upgrades.
Individual apartment renovations will include new energy-efficient kitchen appliances, solid surface countertops in kitchens and bathrooms, new sinks and faucets, LED lights, new windows, and converting 5% of units to meet ADA accessibility requirements. The development will meet Enterprise Green Communities (EGC) 2020 standards.
One hundred and twelve (approximately 82%) of the units are covered under a project-based Section 8 Housing Assistance Payments (HAP) contract. Additionally, the project includes 24 tax credit units restricted to 60% AMI. The new HAP contract will extend affordability for 20 years, setting the AMI at 50%.
CPP’s properties are not only investments, but they re also sources of great pride for the owners and communities they serve, said Anand Kannan, President of CPP. This rehab will completely transform this property into a modern, safe community in the heart of downtown Pittsburgh.
Allegheny Commons is a short walk to the Deutschtown Historic District with numerous shops and restaurants and is only 0.4 miles from PNC Park and 0.9 miles from Acrisure Stadium. Also nearby are a public park, church, office building and several market-rate apartment complexes.
With this investment and major renovation at Allegheny Commons, CPP will help ameliorate the loss of affordable units in this rapidly changing area, said Seth Gellis, Senior Vice President of CPP. By preserving affordable housing, we are not only making a positive impact on the property s residents, but also contributing to the revitalization of the area.
CPP often partners with other organizations on renovation projects to help set up support systems. At Allegheny Commons, CPP will provide residents supportive services through a partnership with American Healthcare Group and is also working closely with Allegheny Center Alliance Church to offer other programs and opportunities to residents.

FORT MILL, SC – Knightvest Capital, a fully integrated real estate investment company, announced it has entered the South Carolina market by acquiring The Apartments at Brayden, a 332-unit garden-style residential community in Fort Mill, South Carolina, one of the fastest growing suburbs of Charlotte. The low-density, garden-style community was built in 2016 and includes one-, two-, and three-bedroom floor plans, as well as a variety of amenities such as a swimming pool, fitness center, and clubhouse. The acquisition marks the company’s fifth investment in the Charlotte metro area since 2020.
“This acquisition is another important milestone as we continue our targeted expansion strategy in high-growth metro areas across the Sun Belt,” said David Moore, Knightvest Founder and CEO. “Our team continues to operate with excellence, and I’m excited to bring our best-in-class renovation approach to The Apartments at Brayden as we focus on driving strong returns for our investors while delivering high quality living experiences for residents.”
Fort Mill, South Carolina is located in the Charlotte, North Carolina Metropolitan Statistical Area (MSA) and has been recognized for a variety of strong attributes including its leading school system. In 2020, the United States Census Bureau also cited Fort Mill as the fastest growing city in the nation.
Knightvest Capital closed on the acquisition on April 28, 2023. The Company plans to further modernize the community by renovating unit interiors and enhancing property amenities. The company will also implement its proven property management strategies to ensure efficient operations and excellent customer service.

LEANDER, TX – Enriched Senior Living announces the upcoming opening for The Haven at San Gabriel, a luxury assisted living community in the heart of Leander, Texas. The Haven at San Gabriel will specialize in senior care that provides the highest quality of life, both physically and emotionally.
The new, one-story facility, will cover five acres and consist of 65,000 square feet of maintenance-free, pet-friendly apartments. The community will house 50 Assisted Living units and 20 Memory Care units. The spacious rooms feature private bathrooms and walk-in closets.
Leander is located 26 miles north of Austin, Texas, one of the fastest-growing cities in the nation. The Haven at San Gabriel is conveniently located just miles from the new St. David’s Hospital, Austin Community College San Gabriel Campus (ACC), and the new state-of-the-art Metro Station.
Thoughtful interior design will create a boutique hotel feel with all the comforts of home. Community residents will enjoy the luxuries of a theater, saloon, library wellness/therapy room, a full-service salon with massage rooms, and beautifully landscaped gardens.
The elevated dining program will include nutritious and seasonal chef-prepared meals served daily. Formal, private, and casual dining options will be available for residents to host family and friends. Residents can also enjoy snacks and refreshments at the bistro and ice cream parlor.
Memory care residents will thrive in an environment that encourages freedom and choice with the discreet integration of the latest safety technologies and safety features. A dedicated team of care partners will be available 24 hours daily to assist residents with planned activities.
The General Partners for the project are The GAN Group, New Haven Assisted Living and Shane Walls. Enriched Senior Living will act as the managing partner upon completion of construction and the beginning of the operations phase. Each of the three GP partners has domain expertise in the critical areas of success for Senior Housing including financing, construction and operations.

RICHMOND, VA – Greystar Real Estate Partners, a global leader in the management of high-quality rental housing properties, and Capital Square, a leading sponsor of tax-advantaged real estate investments and an active developer of multifamily communities, announced that Otis is now open and has leased 50 percent of its 350 apartment homes in Scott’s Addition.
“We are pleased to deliver Otis and become a contributing member of the Scott’s Addition community,” said Greystar Managing Director John Clarkson. “We hope that we’ve enhanced an already wonderfully authentic neighborhood’s sense of place through thoughtful design, amenities and community serving retail. We look forward to being integral partners and neighbors within Scott’s Addition and the broader Richmond market for many years to come.”
Located in the heart of Scott’s Addition on Roseneath and W Moore St., the six-story mixed-use community offers studio, one- and two-bedroom units, and three-bedroom townhomes. The bespoke apartment homes offer a range of kitchen and bathroom finishes, movable islands, floor to ceiling windows, balconies, full-size appliances and generous closet spaces.
Otis has a variety of amenity spaces, catering to every interest, as well as intimate areas. The lobby was designed to serve as both a lounge and coworking space, with a state-of-the-art gym located to one side and a direct entrance to Grit Coffee on the other. Just off the elevator on the third floor are the cabana, a textured, intimate dining space, and the lounge, which features a pool table, keg tap, and outdoor seating and grilling spaces overlooking the neighborhood. The third floor is also home to two courtyards, one debuting a large pool deck and the other eight grill stations and luxe seating spaces. The Otis community has a dedicated pet spa and a dog park with interactive features.
Otis also exhibits four murals highlighting talented local artists. The largest mural was designed by Emily Herr of Herr Suites and is hard to miss, spanning half of Norfolk St. and turning the corner to a quarter of McTavish Ave. In the lobby, Tim Skirven designed a vibrant piece above the hospitality bar, visible from Roseneath. Naomi McCavitt of Thicket Design carefully crafted a textured wall mural, enhancing the interior design of the largest indoor amenity space. And finally, a modern installation by Andre Shank in the main elevators pulls the colors from each floor together.
“Richmond is one of the Mid-Atlantic region’s most attractive real estate markets and the Scott’s Addition neighborhood is among the city’s fastest-growing and most compelling sub-markets,” said Whitson Huffman, co-chief executive officer of Capital Square. “The Otis, with its attractive design and high-end amenities, is a premier mixed-use multifamily community that will further accelerate the transformation of Scott’s Addition into one of Richmond’s most popular and thriving neighborhoods.”
Otis is situated in Scott’s Addition, one of Richmond’s fastest-growing neighborhoods, and the hub of the city’s brewing scene with more than 20 breweries, distilleries, and cideries. Some of the neighborhood highlights include Stella’s Grocery and ZZQ, The Broadberry music venue, and Brambly Park. The community is a 10-minute commute to employers downtown or in the West End and is also near Brown’s Island, the James River and Cary Town.

SAN FRANCISCO, CA – Kasa Living, a tech-enhanced, flexible accommodations brand and operator, has expanded into the burgeoning Single Family Leisure industry. The company has entered into a partnership with affiliates of an institutional real estate investor to manage single family homes as short-term vacation rentals. The strategy is consistent with Kasa’s existing partnerships with institutional owners of multifamily and hotel assets to transform properties into stylishly furnished, professionally managed Kasas that cater to business and leisure travelers seeking trustworthy and comfortable accommodations.
The partnership’s initial homes are in the Miami-Fort Lauderdale area, where Kasa is now offering luxury single-family vacation rentals in some of the region’s most sought-after locations. Kasa plans to expand in South Florida as well as additional markets to meet a growing need for professionally managed vacation rental homes. With demand for premium vacation rental options on the rise, Kasa’s expansion into the Single Family Leisure sector is a natural progression for its brand.
The market for short-term rentals has grown into a massive industry given evolving changes in demographics and consumer preferences for leisure travel. From 2015 to 2022, gross bookings across the global vacation rental market more than doubled to over $150 billion. Over the same time period, vacation rentals’ share of hospitality bookings increased from 10% to approximately 20%. Yet a 2022 report by AirDNA estimates that of the 500,000-plus active Airbnb hosts in the US, only 5,000, or approximately 1%, oversee 21 or more listings. Even fewer offer a consistent, branded, experience for 365 days per year for institutional owners.
“We are excited to enter the Single Family Leisure sector and offer our guests the same high-quality experience they have come to expect from Kasa, but now in the form of a luxurious single-family vacation home,” said Roman Pedan, Founder and CEO of Kasa Living. “This is an extension of our core value proposition, which is to unlock the power of livable space. We see this as a significant opportunity to meet the growing demand for premium vacation rental options and offer a consistent, branded experience that has existed for years in the hotel market but has been lacking in the vacation rental market.”

MCLEAN, VA – Sunrise Senior Living, an industry pioneer and leading provider of senior living services, based in McLean, VA announced the opening of its newest community in the Northern Virginia-region: Sunrise of McLean Village.
Situated in the heart of McLean, Sunrise of McLean Village is located in dynamic Northern Virginia area, home to the first Sunrise more than 40 years ago. This new community proudly continues the company s tradition of providing high-quality senior living as it begins welcoming its first residents this month. Built in partnership with Alexandria, VA-based architect, Rust | Orling Architecture, and general contractor, The Whiting-Turner Contracting Company, Sunrise of McLean Village will be home to more than 120 residents. The community will offer assisted living accommodations and memory care for those living with memory loss.
We look forward to proudly continuing our legacy in McLean with the opening of Sunrise of McLean Village, shares Maureen Davis, Sunrise of McLean Village s Executive Director. Being raised locally, I appreciate our uniqueness. This community will help make the area even more remarkable. My team and I will eagerly welcome our new residents and their loved ones into the Sunrise family. We will serve our residents according to their preferences. Giving them the lives they want, deserve, and have earned.
The three-story property spans nearly 90,000 square feet of space. The building s brick façade fits seamlessly into the surrounding area s historic and traditional feel but brings a unique touch with its large picture windows and subtle modern design elements. Sunrise of McLean Village s interiors were designed by Sunrise s in-house design team that took every detail into account while designing the spaces. Using the natural light from the large windows, the common spaces are bright and stylishly decorated with curated furniture, built specifically for this community. Residents will enjoy the community s sophisticated air paired with its cozy, home-like feel. A special piece of Sunrise of McLean Village s design can be found along the interior walls which are lined with works from local artists and creators.
Sunrise of McLean Village offers several intentionally-designed amenity spaces to promote activity and engagement throughout the community. These amenities include large common spaces like the dining room and the contemporary bistro, which will feature a bar for entertainment, social hours and events for residents and their families.
Additional amenities will include a fitness center, library, two sunrooms, activity room, hair and nail salon and a massage room. A special element of the community is its emphasis on access to outdoor space. These amenities include five covered porches, a large outdoor terrace, two rooftop terraces, and a public-private heritage garden. This area will have sections for public use and a section for residents only. The garden will feature landscaping with native plants, benches as well as accessible walking paths. The community is pet-friendly so residents can look forward to enjoying this area with their own furry friend if they would like.
The community s location on McLean s Chain Bridge Road provides connectivity for residents and their families. Residents will be able to take advantage of daytrips to historic and cultural sites in Washington, D.C., visits to the region s many landscaped parks and nature preserves, and upscale shopping and fine dining at Tysons Corner.
Sunrise of McLean Village will join nearly 20 other operating Sunrise communities across the region. The last community to open in Northern Virginia was Sunrise of Fairfax, which opened in 2021 and won a 2022 Senior Living by Design Award from Argentum. Sunrise is also nearing the completion of Sunrise of Vienna, one of the town s first assisted living communities, which is scheduled to open later this year.

INDIAN LAND, SC – Argyle Real Estate Partners, a real estate investment firm focused on multifamily acquisitions in the Southeast and Texas, announced the acquisition of Indigo at Cross Creek in Indian Land, SC within the greater Charlotte MSA. Cadre, a real estate investment firm that has invested over $4B of real estate, serves as the joint venture partner on the deal.
“We’re pleased to partner with Cadre on such a quality, off-market opportunity,” said Ryan Reyes, CEO of Argyle. “Our objectives are aligned, and with Indigo at Cross Creek being so strategically located in the epicenter of such a robust submarket, it’s a great first venture for us to embark on together.”
A 303-unit community, Indigo at Cross Creek was built in 2017 and features spacious 1, 2, and 3-bedroom apartments with units averaging nearly 1,150 square feet. All units offer best-in-class amenities such as stainless-steel appliances, granite countertops, tile backsplash, washer-dryer combos, 9′ ceilings, and bathrooms furnished with double vanities, while premium exterior amenities include a fully equipped resort-style pool with a cozy lounge/entertainment area featuring outdoor kitchens, a synthetic turf putting green, a bocce ball court, and a lavish clubhouse that offers access to both business and leisure resources for residents to enjoy.
Indigo is approximately 30 minutes from Uptown Charlotte and 10 minutes from the Ballantyne suburb, an affluent and highly desirable area with numerous major employers, top schools and trendy retail and restaurants.
“Charlotte has seen tremendous positive migration over the last several years given its explosive job growth and lower cost of living compared to other major cities with similar demographics,” said Mike Cacciatore, Principal for Argyle. “The Indian Land and Ballantyne submarkets have similarly experienced rapid growth during this same time period and are poised to continue doing so. These positive tailwinds made Indigo an attractive investment.”