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.

BOSTON, MA – Harbor Group International, a privately owned international real estate investment and management firm, announced the sale of a portfolio comprising six multifamily assets and 1,722 apartment units in the greater Boston area. HGI acquired the portfolio in 2019 for $384 million and instituted a $13.6 million capital improvement program to renovate interior units, upgrade property amenities, address outstanding deferred maintenance items and enhance overall curb appeal. Newmark represented HGI in the disposition.
“The sale of the Boston portfolio exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” said Lane Shea, Managing Director at HGI. “Leveraging our multifamily market expertise, we were able to quickly achieve the customized business plans put in place for each asset within the portfolio and realize our investment goals despite ongoing economic headwinds.”
The properties within the portfolio include: Commons at Haynes Farm in Shrewsbury, Mass; Middlesex Crossing in Billerica, Mass; Meadows at Marlborough in Marlborough, Mass; Heights at Marlborough in Marlborough, Mass; Stone Ends in Stoughton, Mass; Village at Marshfield in Marshfield, Mass.
All six properties are situated in suburban Boston locations surrounded by large employment hubs anchored by major firms in the technology, bio-medical, manufacturing and financial services industries. The properties are within close proximity to major highways and MBTA train stations, providing direct access to Downtown Boston.

PORTLAND, OR – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced that construction is underway at Modera Woodstock, a mixed-use apartment community in southeast Portland.
The podium-style community will be built to and is pursuingLEED Gold certification standards and features 194 homes and 6,500 square feet of ground-floor retail space. The community is located on Woodstock Boulevard and features a world-class Bike Score of 99 and superb Walk Score of 93, meaning future residents will have access to virtually everything they might need without the need for a vehicle. The community first broke ground in September and first move-ins are anticipated for summer 2024.
“We’re excited to add to our Portland presence and have long admired the Woodstock neighborhood,” said Chad Encinas, vice president of development in Portland for Mill Creek Residential. “The community will offer a ‘Main Street’ feel in that the immediate neighborhood is extremely walkable and provides easy access to downtown, while far enough removed to maintain an urban-suburban vibe.”
Situated at 4804 SE Woodstock Boulevard, Modera Woodstock is approximately six miles from downtown via nearby SE McLoughlin Boulevard. In addition to various brewpubs, restaurants and nightlife options within the neighborhood, Modera Woodstock is surrounded by several recreational outlets, including Westmoreland Park, Woodstock Park and Eastmoreland Golf Course. Residents will also have near-immediate access to a New Seasons Market grocery store, which sits two blocks from the community.
Community amenities include a resident clubhouse, landscaped courtyard, rooftop deck with grilling area and fire pit, game room with foosball and air hockey, mini theater room with video gaming capabilities, coffee bar, pet spa and a club-quality 24-hour fitness studio, Peloton bike and rower, TRX system, cardio equipment and rock-climbing wall. The community will also feature controlled-access garage parking with EV-charging stations.
Modera Woodstock will offer studio, one-, two- and four-bedroom homes, including five affordable apartment homes. Apartment interiors will include a variety of luxe features, including nine-foot ceilings, wood plank-style flooring, stainless steel appliances, pull-down faucets, quartz countertops, electric ranges, soft-close cabinets, in-home washers and dryers, walk-in closets, a key fob system and private patios or balconies. Residents will also have access to digital package lockers, bike repair station, dedicated bike storage and additional storage.

BROOKLYN, NY – Canyon Partners Real Estate, Tavros, and Charney Companies announced their joint venture for the development of 251 Douglass Street, a 260-unit multifamily development in the Gowanus neighborhood of Brooklyn, NY, a qualified opportunity zone.
The Project is being capitalized with $64.4 million of equity and the joint venture simultaneously closed on a $119.9 million senior construction loan with financing provided by Barings. The debt was arranged by Newmark, led by Co-Presidents of Debt & Structured Finance, Jordan Roeschlaub and Dustin Stolly, and Executive Managing Director Chris Kramer.
The Class-A multifamily development is 15 stories, with ground-floor retail, parking, and a significant amenity package. The Project features several environmental, social and governance (ESG) attributes, including 65 permanently affordable housing units, an energy efficient design and space allocated to community and maker retail use.
In January 2023, Canyon, Tavros, and Charney announced a joint venture for the development of 585 Union Street, a 224-unit multifamily development also located in the Gowanus neighborhood.
“As Gowanus becomes a central community for families and young professionals, there is a growing need for modern, affordable housing in the area,” said Nicholas Silvers, founding partner at Tavros. “With the neighborhood positioned for long-term growth, we look forward to providing apartment housing that will benefit both residents and the community.”
The Gowanus neighborhood is a diverse metropolitan area that has undergone significant transformative growth. 251 Douglass will be central to Gowanus’ range of retail, entertainment and hospitality offerings, including Whole Foods, the Barclays Center and the Thomas Green Playground and park.
“251 Douglass will offer a modern, highly amenitized living community to Gowanus’ residents. Its proximity to Brooklyn’smajor subway lines in addition to the city’s parks, shopping and entertainment will provide the convenience and accessibility today’s residents are seeking,” added Sam Charney, Principal of Charney Companies. “We value our continued partnership with Canyon Partners and Tavros to deliver much-needed, high-quality housing.”

WEST LAFAYETTE, IN – Muinzer, a privately held real estate investment firm founded by Marc Muinzer, alongside T2 Capital Management, announced the acquisition of Station 21 near Purdue University in West Lafayette, IN. The property totals 629 student housing beds underpinned by 20 acres of land.
Muinzer originally acquired the property via an off-market transaction in early 2022. Muinzer executed a full interior renovation of all units as well as an exterior renovation coupled with a rebranding of the asset. “Our transaction with T2 unlocks the value that we have created to date and allows our original institutional equity partner to successfully exit.
“Muinzer is excited to increase our ownership stake in Station 21 while continuing our onsite property management role,” said Marc Muinzer, Founder and CEO of his namesake firm. “Even in an uncertain macroeconomic environment, we have successfully completed over $300 million of student housing acquisitions and dispositions thus far in 2023,” added Mr. Muinzer.
Muinzer began investing in student housing in 2002 and is one of the largest owners in the Big Ten and SEC Conferences. “Student housing fundamentals are the strongest we have seen in the last 20 years. In 2023 and 2024 we are looking to expand our team and acquire an additional $1 billion of student housing assets near high-growth universities,” added Michael Snyder, COO of Muinzer.

KATY, TX – National multifamily real estate development leader Wood Partners announced the official groundbreaking of its latest residential community, Alta Grandway, located just west of Houston in Katy, Texas. With construction on the project already well underway, Alta Grandway is expected to begin pre-leasing early next year and officially welcome residents home by May 2024.
Positioned at 2110 Grandway Drive, Alta Grandway is nestled in one of the most sought-after residential communities in the Greater Houston region. Conveniently situated adjacent to I-10, the forthcoming property will offer residents direct access to a wide range of nearby retail choices, including Grand Morton Town Center, which is home to leading retailers and restaurants including Kroger, HomeGoods, Petco, Starbucks, Chick-fil-A and more. Residents of Alta Grandway will also benefit from the community’s proximity to many of the city’s top employers, including Texas Medical Center-West Campus (Houston Methodist, Texas Children’s and MD Anderson), Memorial Hermann Katy, Toshiba and Katy ISD, as well as various corporate headquarters, such as Shell Exploration and Production, BP North America, Igloo and Academy Sports + Outdoors. In their down time, there are also several nearby outdoor recreational spaces for future residents to explore and enjoy, including Mary Jo Peckham Park, Katy Park and Mason Creek Hike and Bike Trail.
“We are thrilled to break ground on Alta Grandway,” said Bart Barrett, Managing Director for Wood Partners. “The community’s location offers prospective residents a reasonable cost of living, access to exceptional nearby employment opportunities, and is zoned to the award-winning school district Katy ISD. Wood Partners is excited to continue our growth in the greater Houston market and create remarkable living experiences for our future residents.”
Once complete, Alta Grandway will offer 336 apartment homes across the garden-style community comprised of one-, two- and three-bedroom custom-designed floor plans. Each home will showcase contemporary interior finishes enhanced by high-end fixtures to provide residents with a welcoming, luxurious place to call home. Key interior features include stainless-steel appliance packages, granite countertops, designer tile backsplash, 42″ cabinets and wood-style flooring in the living areas and carpeted bedrooms, as well as full-size in-unit washer and dryer sets for added convenience.
Throughout the Alta Grandway community, residents will be able to take advantage of a diverse range of top-of-the-line amenities, including a resort-style pool and outdoor kitchen, as well as an on-site dog park with an interior dog wash station. Inside, residents will also enjoy the community’s 24/7 state-of-the-art fitness center in addition to a dedicated business center, conference and entertainment spaces and clubroom, which will all feature wireless connectivity, as well as cutting-edge audio/visual technology.

BASALT, CO – Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, announced the firm has closed on a new development project, Terraces at Tree Farm, near Aspen, Colorado.
Notably, the development qualifies as a “rural” project (also known as a “Targeted Employment Area,” or TEA) under the definition of the USCIS, allowing EB-5 investors the opportunity to obtain access to set-aside visas and priority processing under the EB-5 Reform and Integrity Act of 2022.
Terraces at Tree Farm is a 72-unit, Class A active adult community in Basalt, Colorado, less than a 30-minute drive from Aspen. Terraces at Tree Farm is in Roaring Fork Valley, an economic hub in western Colorado that includes the communities of Aspen, Snowmass Village, Basalt, Carbondale, and Glenwood Springs. Roaring Fork Valley is home to high-income residents and world-famous tourist destinations. Residents at the Terraces at Tree Farm will enjoy stunning views of the snow-capped Rockies and direct access to the trail around Kodiak Ski Lake.
“Terraces at Tree Farm allows Civitas to continue expanding its involvement and capabilities within the housing space,” says Rootvik Patel, Managing Director, Investments. “While we continue to look for opportunities to acquire and develop properties directly, our experience with the EB-5 program allows us to also provide debt financing within the residential space to help capitalize quality deals, especially in periods where access to debt financing has tightened.”
Patel was co-lead on the project along with Justin Temple, Vice President, Investments.
“The Aspen area has become a playground for the rich and famous, and as a result is one of the most expensive places to live in the United States,” says Jeff Kiser, Director and Head of EB-5 Investments. “Because of this dynamic, we were able to find an EB-5 project located in an area that has maintained a low enough population to qualify as rural, while still supporting significant economic activity and demand for new housing.”

TAMPA, FL – Cross Lake Partners, GreenPointe Developers, and Rivers Residential announced the completion of The Easton Riverview, a luxury apartment complex in Riverview, Fla. With spaces that emphasize community, sophistication and technology, residences at The Easton Riverview are a fresh experience for modern living in Tampa. Adjacent to a Publix-anchored retail center and minutes from I-75, the 300-unit complex offers convenient access to major employers and popular retail.
“The Easton Riverview provides high-end apartment living in a submarket easily commutable to several major job nodes. We have witnessed the growth in the South Hillsboroug submarket first-hand over the past 15 years through our master-planned community development work, and we continue to believe in this submarket for the long-term” said Jon Shumaker, Co-Founder of Cross Lake Partners.
“The GreenPointe team is proud of what we have achieved at The Easton Riverview,” said Jim McGowan, Regional President, GreenPointe Developers. “With a premier location, modern residences featuring top-of-the-line finishes and best-in-class residential amenities, this community sets a new standard for multifamily residential developments in Hillsborough County.”
Available units range from one- to three-bedroom apartment homes. Each residence features 9-foot ceilings, stainless steel appliances and spacious kitchen islands with granite countertops, electronic entry system, smart thermostats, walk-in closets, washer and dryer, oversized windows, and a large patio or balcony.
The pet-friendly community has a 24-hour fitness center with yoga room, poolside cabanas and charging stations, a fully equipped conference room and Wi-Fi in common areas. Additional amenities include a variety of community gathering spots, two dog parks with dog spa, coffee bar lounge, EV charging stations and on-site storage units are also available. The Easton Riverview is controlled-access and offers 24-hour maintenance.

BOCA RATON, FL – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the launch of Beckett by Mill Creek, the company’s attainable housing apartment brand.
The first community in the brand, Beckett Cottingham in Houston, has opened. Mill Creek has plans to break ground on two more Beckett communities in metro Houston in the coming year and will eventually roll out the brand nationwide.
“There is a profound need for attainable rental housing in this country, and the Beckett by Mill Creek portfolio will help meet this demand with communities that offer both an affordable and a high-quality living experience to middle-income earners,” said William C. MacDonald, chairman, CEO and president for Mill Creek Residential. “These communities will benefit tremendously from Mill Creek’s wide-ranging expertise and experience in multifamily. Together, our development, construction and award-winning in-house management teams will build and operate best-in-class apartment homes that provide our nation’s policemen, firemen, healthcare workers, teachers and others with the living experience they deserve.”
Apartment interiors in Beckett communities will include wood-plank style flooring, nine-foot ceilings, ceiling fans, stainless steel appliances, electric ranges, granite countertops throughout, kitchen islands, 42-inch custom cabinetry, central heating and air, spacious bedrooms, walk-in closets and full-sized in-home washers and dryers. Bathrooms will include tile surrounds and linen closets.
“The past couple of years have been an especially exciting time for Mill Creek,” said Darren Schackman, chief investment officer for Mill Creek Residential. “We have continued to develop and operate luxury apartment communities while also launching the Amavi brand of single-family rentals. Now, with the unveiling of Beckett by Mill Creek, we are further expanding our reach into the rental-housing market by providing a product for which there is immense demand. With these three distinct offerings, Mill Creek is providing outstanding housing for a wide variety of renters.”