MINNEAPOLIS, MN – Turner Impact Capital, one of the nation s largest real estate investment firms dedicated to social impact, has expanded its efforts to address the country s urgent housing affordability crisis with the acquisition of its first multifamily housing community in the Minneapolis metropolitan area.
Acquisition of the 207-unit Urbana Court Apartments in Brooklyn Park, Minn., closed today as one of the final investments of Turner Multifamily Impact Fund II. The purchase enables Turner Impact to bring its innovative market-driven housing solution for low- and moderate-income families to a fast-growing Minneapolis community with convenient access to job opportunities, healthcare, and schools.
The Turner Multifamily Impact Funds have acquired, preserved, and enriched approximately $2 billion of critically-needed housing for working individuals and families located in densely populated, ethnically diverse metropolitan areas throughout the U.S. These investments represent nearly 13,000 units of workforce housing nationwide, serving residents earning up to 80% of area median income while generating strong risk-adjusted financial returns for its institutional investors. Residents include community-serving professionals such as teachers, police officers, healthcare workers and others who often earn too much to qualify for subsidized housing but struggle to afford higher-cost housing located near job centers.
As rents rise and recession concerns mount, we must ensure that working families have access to stable, affordable, and high-quality housing in major metropolitan areas, Turner Impact CEO Bobby Turner said. We continue to expand our housing initiatives, and Urbana Court presents an opportunity to bring our successful model to one of the most dynamic markets in the Midwest.
Urbana Court is a newly built apartment complex with a large community center, 24-hour fitness center, pool, pickleball courts, playground, and underground heated parking. The units feature a wide range of appliances and full-size washers and dryers, and as part of Turner Impact s sustainability initiatives, the Fund has identified ways to reduce energy and water use.
Minneapolis has the largest metropolitan economy in the region after Chicago, where Turner Impact also has significant housing investments. Brooklyn Park is located just north of the city, near the largest health-technology cluster in the country, known as medical alley, and major employers such as Medtronic, Target, and Amazon, as well as easy access to jobs in downtown Minneapolis and St. Paul.
Turner Impact s holistic approach to workforce housing also entails enriching residents quality of life with demand-driven essential on-site services in education, health, safety, and other areas that help build a sense of community. These include after-school tutoring programs, exercise and nutrition classes, community watch programs, and more.
We are excited to expand our impact to greater Minneapolis and are actively pursuing additional investments in the market, said Gee Kim, President of Turner Impact s Multifamily Housing Initiatives. We welcome and look forward to opportunities to contribute in a meaningful way to the housing solution in this key part of the country.
Housing initiatives are a core component of Turner Impact Capital s holistic approach to social impact investing. Since 2016, Turner Impact has raised more than $650 million in equity for its first two housing funds – Turner Multifamily Impact Funds I and II – and has recently launched a third fund, Turner Multifamily Impact Fund III. The new Fund is the firm s largest to date, targeting between $750 million and $1 billion in total commitments. The Fund has already received strong interest from both U.S. and international investors and will build on the work of its predecessor funds to preserve and enrich workforce housing through the acquisition of existing affordable rental housing at scale.
Turner Multifamily Impact Fund III will also pursue the development of new affordable housing through public-private partnerships, as well as opportunistic investments in and recapitalization of workforce housing projects resulting from market dislocations.
Turner Impact has recently accelerated its expansion by hiring Gary Rodney, a national housing leader, as Managing Director for Housing Initiatives. Rodney joined Turner Impact from Tishman Speyer, where he launched the firm s first affordable housing platform, and earlier served as Chairman of CREA, a national syndicator of low-income housing tax credits, as well as President of the New York City Housing Development Corporation.

CARY, NC – Wood Partners, a national leader in multifamily real estate development, together with its partner Trei Real Estate, announced that it has broken ground on Alta Ivy, a 300-unit apartment community in Cary.
Centrally located in the Raleigh-Durham-Chapel Hill “Triangle”, Alta Ivy will provide residents with modern amenities in close proximity to the ample employers within Cary, Raleigh, and Durham. Alta Ivy is located minutes away from Research Triangle Park (RTP), which is the largest research park in the United States with over 50,000 highly-skilled jobs, and soon to be home of the new, highly anticipated, Apple campus.
“Wood Partners is thrilled to bring a community of the highest quality to this submarket, which is one of the most desirable in the area in part because of its excellent proximity to major employers” said Caitlin Shelby, Managing Director at Wood Partners. “Residents will have quick access to all that the Triangle has to offer while enjoying a peaceful sense of community.”
The community will offer a mix of one-, two- and three-bedroom floor plans. Each home will include top-of-the-line finishes including stainless steel appliances, quartz countertops, tile backsplash, in-home washer and dryer, and wood-style flooring throughout the kitchen, living room and bathrooms.
Alta Ivy will feature many attractive amenities including a courtyard with saltwater pool, 1.5 acres of preserved open space, a dog park, a large public art feature, and a well-appointed clubhouse including 5,000 square feet of office space.
The community is expected to begin leasing in early 2024.

DAVIE, FL – Award-winning developer El-Ad National Properties, an Elad Group company with a South Florida-based team, is bringing its expertise and exceptional reputation to Davie, Florida with its upscale 2.8 million-square-foot mixed use rental residential apartment and commercial project named The District in Davie. This is the largest multifamily project in Davie’s history.
Situated in a premier location convenient to Fort Lauderdale and Miami’s urban core, The District in Davie is minutes north of The Guitar Hotel at Seminole Hard Rock Hotel & Casino. Therefore, this contemporary new project is touted as the new “front door to Davie,” appealing to young professionals and more.
Expected to be a one-billion-dollar project, construction is slated to begin by mid-2023, and pre-leasing is expected to commence in early 2025. Anticipated completion of the first phase is 2025. The architect is Cooper Carry of Atlanta, one of the top architecture firms in the U.S.; the landscape architect is internationally renowned EDSA of Fort Lauderdale.
Located at 4801–4999 S. State Road 7, Davie, Florida, The District in Davie will encompass five multifamily towers, constructed over three phases. It will include 1.6 million square feet of Class A residential apartments within approximately 1,256 units, curated indoor and outdoor amenities, 36,000 square feet of restaurants and retail, and modern conveniences. Approximately 1.1 million square feet of access controlled onsite parking will be available within 2,650 parking spaces.
“This project is a game-changer for Davie, by providing much-needed modernized residential living opportunities close to nearby universities, medical facilities and employment hubs such as the airport and seaport,” said El-Ad National Properties CEO Noam Ziv. “Redeveloping the area by replacing a dated shopping center with a modern community provides a greatly enhanced tax base for the town.”
“The District in Davie is a trailblazing, defining milestone for the town and is an example of our commitment to working with developers such as El-Ad National, who approach new projects in the appropriate zoning as opportunities and destination points for the community,” notes Davie Mayor Judy Paul.
The Davie project’s five buildings will range from 20–24 stories, each offering thoughtfully designed studio, one-, two-, and three-bedroom apartments, some with dens. Unit sizes range from approximately 589 to 1,460 square feet. Each unit offers keyless entry, high-speed Internet, and smart thermostats.
Each building will entice with pool and 24-hour fitness/spa treatment room amenities, a penthouse level Sky Lounge reservable for indoor and outdoor entertainment with kitchen and seating, and ground floor storefront spaces for resident conveniences. Planned lifestyle amenities include pet-friendly features such as bark parks and grooming stations, game lounges and children’s play suites, as well as multiple work-from-home accommodations including co-working spaces and meeting rooms.
Offering the quintessential South Florida lifestyle, inviting outdoor social spaces include rooftop pools, outdoor kitchens, fire pits, and green spaces for outdoor yoga, games, and movies. Planned green elements are electric vehicle charging stations in garages, complimentary bicycle parking/storage areas, and LED lighting technology for energy efficiency.

JERSEY CITY, NJ – In partnership with Rockwood Capital, Citizens Bank and Fifth Third Bank, National Association and G&S Investors, The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, has broken ground on a 401-unit multifamily apartment development in the Port Liberté neighborhood of Jersey City.
Located at 190 Chapel Ave., the community is just south of downtown Jersey City, and adjacent to Liberty National Golf Course. The development will provide a new highly amenitized living opportunity with proximity to ample green spaces, bike pathways and the renowned Liberty State Park. Residents can take advantage of short commute times with convenient access to the city’s extensive multi-modal transportation network and connectivity to downtown Manhattan, including a short ferry trip to Wall Street.
Jersey City continues to invest in its infrastructure and foster the conditions for growth, said Jonathan Gertman, Senior Vice President of Development at The NRP Group. Port Liberté as an established community is a vibrant and desirable destination for residents. I m thrilled to bring new multifamily development to the area alongside our excellent partners who are committed to continued investment in Jersey City.
Joint venture equity investment for the project was provided by Rockwood Capital, marking NRP s first-ever partnership with the seasoned investment firm. G&S Investors, an experienced owner and developer in Jersey City, is co-developing the project with NRP. Citizens Bank and Fifth Third Bank provided senior construction loans.
At present, building housing in America is challenging, said J. David Heller, Principal, President and Chief Executive Officer at The NRP Group. Participating in strategic partnerships that bring deep expertise and experience is the driving force behind penciling deals and seeing them across the finish line. NRP is committed to working with financial partners and communities that are as invested in providing vital housing as we are.
The community, which is scheduled to open in the summer of 2025 will be NRP s second development in Jersey City, one of the nation s fastest-growing cities.

GEORGETOWN, TX – The Hacienda at Georgetown opened its doors to independent living residents and celebrated its official grand opening with a soft opening of the public-facing Alma by Stephan Pyles restaurant and a ribbon cutting ceremony for The Hacienda attended by residents, prospects, and the public.
“We expect full licensure in our assisted living and memory care programs in the coming weeks and have quite a few residents waiting to move in,” said Michael Graham, Partner at MedCore. Located on 13 acres at the south entrance to Sun City Georgetown, The Hacienda at Georgetown offers an unmatched lifestyle for sophisticated seniors desiring catered living and amenities.
Alma by Stephan Pyles, which was creatively inspired by James Beard award-winning chef Stephan Pyles, is scheduled to open to the public on May 1 and is currently serving residents of The Hacienda. Chef Pyles is working directly with the culinary team at Watermark Retirement Communities, the manager for The Hacienda at Georgetown, to oversee the operations of five different dining venues on the campus. Alma will serve residents of The Hacienda, Georgetown, and the entire hill country region.
In addition to The Hacienda at Georgetown’s extensive culinary offerings, the community will offer a robust suite of programs and amenities including a specially designed outdoor amphitheater and a fully equipped wellness center with a salon, spa, club rooms, fitness center, theater, meditation garden and a luxury resort-like pool with cabanas and outdoor cantina.
“We have been fortunate to receive an outpouring of interest in The Hacienda from citizens of Georgetown as well as others from around the region and state,” added Annika DiNovi, Executive Director for The Hacienda. “Our forward-thinking programs and amenities complement the already intriguing architectural design for seniors who desire enhanced lifestyle options.” Residents of The Hacienda can enjoy oversized patios, a dog park, putting greens, garage and carport parking, on-site physician, health and wellness instruction, virtual reality programs, a second-floor entertainment space overlooking the resort pool, palm-scanning access control, hearing aid loops, and many other next-generation features.
The Hacienda at Georgetown was developed by MedCore Partners, a Dallas-based healthcare real estate group, The National Realty Group, a Houston-based full-service commercial and industrial real estate company, and Houston-based Asaz, Limited. Tulsa-based ACRON USA provided LP Equity for the project, with bank financing from the Seniors Housing Division of BOK Financial. The development team anticipates a second phase independent living expansion in the future.

ATLANTA, GA – ECI Group (ECI) announces the sale of The Columns at Paxton Lane apartments at 4305 Paxton Lane in Southeast Gwinnett County to InterCapital Group for an undisclosed price. The 296-unit community was developed by ECI in 1996 and has been owned and managed by the company throughout that time.
“The Columns at Paxton Lane, which ECI developed, owned, and managed for more than 25 years, demonstrates the successful execution of a business plan in which our entire team participated,” said ECI Group CEO, Seth R. Greenberg. “ECI intends to re-invest the proceeds from The Columns at Paxton Lane into a newer multifamily property. Once the re-investment plan is completed, realizing the investment of an older property into a more current property, that deal will mark the 6th such exchange transaction completed by ECI in the past approximately two years.”
The Columns at Paxton Lane is located in one of the fastest-growing submarkets of suburban Atlanta and has benefited since its original development from the addition of nearby Gwinnett County job centers including the Piedmont Eastside Medical Center, Sugarloaf Corporate District, Tucker Office Core, the 700,000 square foot Amazon Fulfillment Center and major industrial parks in the I-85 and I-285 corridors.
Residents of the community have also gained access to a growing amenity base with new mixed-use developments and retail centers located within minutes of the property. Community amenities include a central mail kiosk, dog park, swimming pool with cabana area, playground and picnic area, lighted tennis courts, detached garages for some units, and an internet café.
ECI extends its appreciation to Mike Kemether, James Wilber, and Megan Turner of Cushman & Wakefield for their representation of the seller.

SAVANNAH, GA – Olympus Property announced the acquisition of Capital Crest at Godley Station, a 203-unit asset located in Savannah, GA. Olympus is excited to expand its holdings in the market, where it has owned and operated apartments for over a decade.
The company continues to grow its presence in the multifamily real estate industry, providing residents with a best-in-class living experience and investors strong returns. Established in 1992 with a steadfast vision of becoming an industry leader, Olympus Property boasts a wealth of experience and a hands-on approach throughout the investment process. Olympus currently owns and manages approximately 31,000 units spanning across 14 states being Arizona, California, Colorado, Florida, Georgia, Idaho, Kentucky, Montana, New Mexico, North Carolina, Tennessee, Texas, Utah, and Wyoming.
Located along Benton Boulevard in one of Savannah’s most desirable submarkets, Capital Crest at Godley Station provides residents exceptional accessibility to major employment centers, the historic downtown, and residential communities with upscale retail and lifestyle offerings. The property is strategically positioned within a 15-mile radius of over 187,000 jobs, offering easy access to some of the region’s top employers, such as Gulfstream, Georgia Pacific, and the Port of Savannah, which is the largest single-terminal container facility in North America. The region is experiencing rapid economic expansion, underpinned by the recent groundbreaking of Hyundai’s $6.4B electric vehicle and battery plant. This project is located within a 20-minute commute of the property and is expected to generate over 25,000 jobs by 2025. Once completed this plant is projected to be the third-largest electric vehicle manufacturing facility in the country.
“We are excited to add Capital Crest at Godley Station to our portfolio,” notes Travis Bertetto, Associate Director of Acquisitions at Olympus Property. “Savannah’s strong fundamentals and growth prospects make it an attractive market for us. With over 1,000 units under ownership within the market we are looking forward to creating value for our investors by leveraging our management expertise and market knowledge.”
Constructed in 2017, the community offers fourteen unique floor plans, which range from one to three bedrooms. Additionally, the property features a wide range of amenities including a 2,500 square foot sports club, saltwater pool accompanied by poolside cabanas and fireplace, theater, car care center, dog park, and pet spa. The community also offers attached and detached garage parking. Unit interiors are modernized and include stainless-steel appliance packages, hardwood-style flooring, large kitchens, walk-in pantries, and washer & dryers.

CHARLOTTE, NC – Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment developer, builder, and asset manager, announced the start of leasing at Miller & York, an urban infill community in Charlotte’s dynamic Lower South End, or LoSo, neighborhood.
Miller & York is a 273-home community located in the heart of LoSo – widely considered one of the city’s top entertainment districts. With rock climbing gyms, antique malls, beer gardens and almost every dining opportunity imaginable, LoSo is a hub of activity with something to accommodate every interest. Miller & York offers a lively but decidedly relaxed atmosphere, enabling residents to jump in and out of the South End fray at their leisure while providing a peaceful retreat to call home.
“The energy of LoSo is undeniable, and Miller & York feeds off that vibrance in its amenity spaces and common areas while also creating a calm and comfortable place to call home,” said Pat Foster, Development Manager with Quarterra. “Residents will love the thoughtful design of our homes and community amenities, as the design combines fun with practicality to strike the perfect balance in urban living.”
Situated at 235 Verbena St., Miller & York puts residents close to many lifestyle amenities such as the Charlotte Rail Trail, Irwin Creek Greenway, Sugar Creek Greenway, Clanton Park, Renaissance Park, Harry L. Jones Sr. Golf Course, and Charlotte Regional Farmers Market. Residents are also within walking distance of numerous destination restaurants, coffee shops and breweries, including: Chef Alyssa’s Kitchen, Night Swim Roastery & Café, the future Rally Pickleball facility, The Olde Mecklenburg Brewery & Biergarten, Brewers at 4001 Yancey, Protagonist, Sugar Creek Brewery, Lower Left Brewery, Queen Park Social and GoodRoad Ciderworks.
The community is in close proximity to many of Charlotte’s major thoroughfares including Interstate 77, Billy Graham Parkway, Highway 49/South Tryon Street, and South Boulevard, making regional access, airport connectivity and local commutes a breeze. The Scaleybark Station of the LYNX Blue Line light rail is also less than a mile away for optimal, hassle-free transit throughout the metro region.
Miller & York consists of studio, one- and two-bedroom homes, ranging from 560 to 1,135 square feet. Homes are equipped with smart home technology and hardwood-style flooring throughout. Kitchens come equipped with stainless steel Whirlpool appliances, contrasting tone cabinetry, graphite quartz countertops, subway tile backsplashes, designer fixtures, and kitchen islands in select homes. Bathrooms feature quartz countertops and bedrooms include walk-in closets.
All residents have access to a resort-style pool with private cabanas and covered seating, as well as a standalone clubhouse complete with fitness center, full catering kitchen, lounge area and both private and open coworking spaces. Community highlights also include a sky terrace, dog park, covered patio with fireplace, and multiple grilling stations.
Miller & York is Quarterra’s fourth active Charlotte community, joining Bradham, The Ellis and The Francis.

FORT WORTH, TX – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of 4000 Hulen Apartments in Fort Worth, Texas. The firm purchased the property in 2017 and the sale closed on April 18, 2023. The sale of 4000 Hulen Apartments represents the firms fourth disposition of 2023.
“The Dallas/Fort Worth metro continues to thrive with strong population growth,” said Anthony Ly, director of dispositions at Hamilton Zanze. “We were able to purchase 4000 Hulen below replacement cost and increase the property’s value through strong property management. We are glad to have executed on the sale and deliver a positive outcome to our investors.”
During their ownership, Hamilton Zanze completed numerous exterior and landscaping improvements, upgraded community amenities and renovated units with new backsplashes, appliances, and hardware to improve leasing efforts and increase rental rates.
4000 Hulen Apartments was built in 2015 and is located at 4000 Hulen Street in Fort Worth. The mid-rise property comprises 240 units which average 886 square feet. The community has a pool, fitness center, coffee bar, billiards table, and a dog park.
4000 Hulen Apartments is located in the Dallas-Fort Worth market, just a 12-minute drive away from Downtown Fort Worth. 4000 Hulen is in close proximity to several major Dallas/Fort Worth employers, such as Texas Christian University (TCU), Plaza Medical Center, and Cook Children’s Medical Center. Both TCU and private-sector employment opportunities remain a draw for young adults in the market and 4000 Hulen’s submarket.

RICHMOND, VA – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced it has broken ground on a 352-unit, Class A multifamily development in the Scott’s Addition neighborhood of Richmond, Virginia, located within a designated qualified opportunity zone. Construction of the development is expected to be completed by Spring 2025.
“Capital Square has a track record of success in Scott’s Addition, building Class A mixed-use multifamily communities for the firm’s opportunity zone funds,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Two of the three communities known as Scott’s Collection were built, leased up, permanently financed and stabilized, all in record time with rents exceeding pro forma, while the third and final community within Scott’s Collection is currently in lease-up and performing ahead of schedule. With strong demand from qualified residents, this is an excellent time to build another exceptional Class A residential community in Scott’s Addition.”
Located at 2929 W. Clay St., 2922 W. Marshall St., and 2925 W. Marshall St., the community will include three seven-story adjoining multifamily buildings above podium parking with over 5,350 square feet of ground-level retail space. Residents will be within walking distance of arts, cultural and lifestyle amenities provided by the Scott’s Addition neighborhood, which contains over 51 retail, dining and entertainment venues.
Capital Square has been the most active developer within the Scott’s Addition neighborhood since 2020, having completed construction of three Class A multifamily communities, INK at Scott’s Collection, VIV at Scott’s Collection and GEM at Scott’s Collection, and nearing full completion of The Otis, all within walking distance of one another. In total, Capital Square will have delivered more than 900 Class A apartment homes to the community upon completion of the Marshall/Clay Street project for a total development cost exceeding $260 million.
Established in 1901, Scott’s Addition is a historic area known for its food, drink and entertainment amenities, including 13 breweries, cideries, meaderies and distilleries. Once a hub for industrial buildings and businesses, Scott’s Addition has become the number one “millennial hot spot” in Virginia, with a 43% increase in millennials in just five years, according to RENTCafe. The area is a designated opportunity zone with a census tract that stretches across Virginia Commonwealth University and the Carver neighborhood and is now known as Richmond’s fastest growing neighborhood, according to the Greater Scott’s Addition Association.
“Scott’s Addition has become the hottest neighborhood in Richmond, with heavy demand for high-quality rental housing,” said Whitson Huffman, co-chief executive officer. “It is a walkable, amenity-rich neighborhood that has attracted a growing population of affluent young renters and is among the highest performing markets in Richmond in terms of occupancy. Demand for our previous four apartment communities within Scott’s Addition has exceeded our expectations, and we expect our fifth development will perform in a similar fashion.”
Capital Square has partnered with Timmons Group as civil engineer, Poole & Poole Architecture as building architect, Hourigan Construction as general contractor, ENV as interior designer and Marvel Designs as landscape architect, all locally based firms.
Development of the project will be primarily funded with proceeds from Capital Square’s seventh qualified opportunity zone fund, CSRA Opportunity Zone Fund VII, LLC. Capital Square is an active sponsor of qualified opportunity funds and recently launched CSRA Opportunity Zone Fund VIII, LLC to fund the development of a multifamily development adjacent to the University of Tennessee’s Neyland Stadium in Knoxville. Capital Square’s opportunity zone funds have initiated almost $600 million in development value to-date.
Opportunity zones were created to stimulate long-term private investments in low-income urban and rural communities nationwide. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones.