RALEIGH, NC – Legacy Capital Partners, a Cleveland, OH-based national real estate investment firm and Fulton Peak Capital, a Raleigh, NC-based multifamily investment firm, recently acquired Water’s Edge Apartments, a 190-unit apartment community in Norfolk, VA.
Water’s Edge was built in 1986 and has benefited from stable, long-term ownership that managed to a high occupancy and took care of maintenance needs at the property. Legacy and Fulton will continue to improve the property with a capital budget that will modernize the interiors of the units with vinyl plank flooring, granite countertops, new fixtures, lighting and vanities, washer/dryers and stainless-steel appliances.
The exteriors and common areas will be updated to enhance appeal and the Joint Venture will be making environmentally friendly upgrades to the property, including LED lighting, smart thermostats, and new showerheads and faucets.
Norfolk is home to the nation’s largest Navy base, a major economic contributor to the region. The property is also located near one of the hospitals in the Sentara Leigh hospital system, which consistently ranks in the top 100 hospitals in the country.
“We’re very happy to close our second acquisition with the Fulton team and expand our presence into the Hampton Roads market with a partner who currently owns multiple assets there,” said David St. Pierre, Co-Founder and Executive Director at Legacy. “In the current economic climate, we are fortunate to acquire an asset like Water’s Edge and we look forward to executing our value-add plan to further enhance the community.”

ST PETERSBURG, FL – TGM announced the mortgage refinancing for TGM Bay Isle, a 582-unit multifamily apartment community in St. Petersburg, Florida. TGM Bay Isle received Green Globes Certification enabling TGM to secure competitive borrowing terms from Fannie Mae as a result of the property’s green efficiency and sustainability. The refinancing opportunity was originated by Team Edelson at Walker & Dunlop.
TGM Bay Isle has a formidable competitive position in the diverse, growing, and strong Gateway submarket, one of the best and most desirable submarkets in the Tampa MSA, with easy commute to all the major employment centers in the MSA.
The Property, completed in two phases in 1998 and 2004, is comprised of twenty-two residential buildings on a 50-acre site. The unit mix consists of one-, two-, and three-bedroom apartment flats, as well as unusually spacious townhome units with direct access attached garages. TGM Bay Isle is at the epicenter of the metropolitan area’s 3 major employment centers, with quick access to the nearby Carillon Office Park and elsewhere in the Gateway submarket, as well as Westshore, downtown St. Petersburg, downtown Tampa, MacDill Air Force Base and Tampa International Airport.
The property also offers residents an appealing amenity package with three swimming pools, a heated spa, two state-of-the-art athletic clubs, two outdoor kitchens, a tennis/pickleball court, large dog park with agility course, pet spa, putting green, and a renovated clubhouse with a kitchen and pool table. TGM completed various renovation activities throughout its ownership, including apartment interior renovations and amenity upgrades. TGM also owns and manages a second apartment community in St. Petersburg, TGM Ibis Walk.
“The Tampa MSA is widely considered one of the most desirable and business-friendly regions in the country. Tampa’s ease of connectivity to other major metros and highly talented workforce have resulted in an established and growing economy supported by healthcare, financial services, military, tourism, manufacturing, and technology, to name a few. The region’s affordable cost of living (lowest of all major Florida markets), low tax environment with zero state income tax, excellent year-round weather and quintessential waterfront locations are attracting people and businesses to the region at a blistering pace” said John Gochberg, Managing Principal, Chief Executive Officer, and President.

OAKLAND PARK, FL – Walker & Dunlop announced that it arranged $51 million in construction financing for Sky Building located three miles north of Ft. Lauderdale’s central business district and within an Opportunity Zone. The exceptional mid-rise development is mixed-use in nature and will house 136 affordable and workforce units, connected by skybridge to the City of Oakland Park s new City Hall, alongside roughly 15,000 SF of ground floor retail.
Walker & Dunlop’s team included Jeremy Pino, Livingston Hessam, Carl Passmore, and Kyle Miller of Capital Markets group and FHA Financing experts David Strange and Keith Melton. Together they arranged a creative financing execution above 80% loan to cost (LTC), non-recourse through the capital stack, by leveraging relationships with senior construction lenders as well as debt and equity funds.
“It’s been a great privilege to partner with Walker & Dunlop to design a transformative project that we hope will become a new civic, residential, and commercial center for the community,” said Nir Shoshani, principal of NRI Investments. “This project addresses much-needed affordable and workforce housing within South Florida and will be a staple in the community for years to come.”
NRI Investments, a well-established South Florida and veteran Miami real estate developer, is the sponsor. NRI has a signed development agreement, lease agreement, and purchase & sale agreement for this 2.07- acre site with the City of Oakland Park.
The property is within a designated Economic Opportunity Zone census tract. Opportunity zones encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes.
“We were able to arrange the ideal financing solution by taking advantage of the opportunity zone benefits, which requires the developer to hold the asset for a minimum of ten years,” said Jeremy Pino, senior director of Capital Markets at Walker & Dunlop. “Our team was proud to partner with NRI and the City of Oakland Park to address the project’s feasibility. It was also important to align interests through investing in the long-term growth of the local community and ensuring that the loan met Opportunity Zone requirements.”

RICHMOND, VA -Middleburg Communities announced it closed on an approximately 30-acre land parcel located at 15200 East West Road in Midlothian, Va., a suburb of Richmond. Middleburg plans to develop a Class A, build-to-rent community on the site, complete with cottages, duplexes and townhomes with private entrances and yards. The community, to be known as Hamlet Watkins Centre, will consist of 283 homes ranging in size from 788-1,800 square feet.
Hamlet Watkins Centre will offer a variety of one-, two-, and three-bedroom floorplans that meet the needs of single professionals and families alike who are seeking private, community living proximate to Richmond s major job centers and Chesterfield County s premier schools. The neighborhood-style community will feature a wide range of amenities and will include 111 cottages, 12 duplexes, and 37 townhome buildings with a mix of surface, detached garage, and attached garage parking. Construction is expected to commence in mid-2023, with units expected to begin coming online in 2025.
We are thrilled to debut our dedicated build-to-rent, single-family community brand in our home state of Virginia, said Selim Tay-Agbozo, President of Middleburg Development. Richmond has seen a steady influx of both job and population growth in recent years, with a large number of families moving to Midlothian specifically to be near its best-in-state schools. We expect Hamlet Watkins Centre to appeal to these families as well as the many individuals in the area who want to live in a neighborhood setting that offers best-in-class amenities and minimal maintenance.
Robin Bettarel, Managing Director of Development for Middleburg s Mid-Atlantic Region, stated, We re bullish on the Richmond MSA as our research shows exceptional, sustained economic growth with superior demographics. Our build-for-rent product in Midlothian will provide residents with a community anchor in a highly convenient location near multiple economic and leisure demand generators.
Hamlet Watkins Centre will be located at the interchange of VA-288 and Midlothian Turnpike, providing easy access to the more than 515,000 jobs within 30 minutes of the community. The property is part of the Watkins Centre masterplan, which includes 169,000 square-feet of existing Class A office, with another 100,000 square feet of office slated for construction. It s also a short distance to Westchester Commons, a 128-acre mixed use development with over 650,000 square feet of existing retail.
Financing for Hamlet Watkins Centre was provided by EagleBank.

SAN ANTONIO, TX – Development partners and City officials gathered at the site of the future Los Arcos at VIDA to celebrate the groundbreaking of a new affordable housing development on San Antonio s south side. Los Arcos, which translates to the arches in Spanish, is the first project to break ground that utilizes funds from the 2022–2027 City of San Antonio (COSA) Housing Bond Program.
“Los Arcos at Vida is the first of many projects to break ground with support from the City s first Affordable Housing Bond,” said Veronica Garcia, Deputy Director of Neighborhood and Housing Services. “This funding ensures that even in challenging construction times impactful projects like Los Arcos are able to provide affordability for households most impacted by the housing crisis.
In the May 7, 2022 election, San Antonio voters approved the City s first-ever affordable housing bond that allocated funding for affordable housing opportunities through the production and preservation of affordable housing, targeting the most vulnerable households identified in alignment with the Council-approved Strategic Housing Implementation Plan.
“Every individual is deserving of a place to call home without having to choose between rent and other necessities,” said Mayor Ron Nirenberg. “Increasing the supply of affordable units on the market expands the opportunities available to our residents.
Los Arcos will be reserved for working families and individuals earning 30 to 70 percent of the area’s median income, ensuring high-quality living options at affordable rates. Located in the 600-acre VIDA San Antonio master development, just steps from Texas A&M University-San Antonio, the 324-unit affordable housing community will feature a resort style pool, community garden, fitness center, children s playgrounds, business center, children s activity room and clubhouse lounge. Residents will enjoy direct access to the new Madla Greenway trail system, as well as a vibrant retail center, student housing and a new University Health hospital campus.
“Los Arcos is not only creating rental units for families who call District 4 home, but it is also creating access for students at Texas A&M University who need affordable options as they pursue a secondary education,” said District 4 Councilwoman Dr. Adriana Rocha Garcia.
The project is financed by four percent housing tax credits allocated by the Texas Department of Housing and Community Affairs ($36M); private activity bonds issued by Opportunity Home San Antonio ($38M); COSA 2022 Bond award funds ($2M); COSA HOME federal funds ($2.25M); COSA Neighborhood Stabilization Program (NSP) federal funds (nearly $1M); and grant funds from the Bexar County Economic & Community Development American Rescue Plan Act ($2.5M).
The development of this community is a true collaborative effort with involvement of nine organizations, as well as several city, state and federal entities, said Nick Walsh, Vice President of Development at The NRP Group. The strong commitment from the San Antonio community–and dynamic collaboration with various partners and funding sources–is the reason projects like Los Arcos at VIDA come to fruition.
Additional project partners include the San Antonio Housing Trust, SouthStar Communities, Huntington Community Development Corporation, KeyBank, MassMutual/Barings, NRP Contractors, Alta Architects, MBC Engineers and Artis.
The San Antonio Housing Trust is honored to serve as a partner and co-developer on Los Arcos, said Pete Alanis, Executive Director of the San Antonio Housing Trust. Together, we are continuing the growth of the VIDA community by providing stable and dignified housing options that will support families, seniors, persons with disabilities, veterans and more.
Elected officials involved in coordination of the project include: COSA District 4 Council Member, Adriana Rocha Garcia, Ph.D; Bexar County Precinct 1 Commissioner Rebeca Clay-Flores; US House District 23 Congressman Tony Gonzales; Texas House District 118 Representative John Lujan; and Texas Senate District 19 Senator Roland Gutierrez.
The first Los Arcos at VIDA units will be ready for leasing by April 2024, and the entire development is slated for completion by the end of 2024.

ASHVILLE, NC – Clarion Partners Real Estate Income Fund has strategically added to its property holdings with the acquisition of Retreat at Weaverville, a 176-unit multifamily community located in Asheville, N.C.
Located within two hours of Charlotte, N.C. and four hours of Atlanta, Asheville is a thriving mountain city that offers residents and tourists access to extensive outdoor activities via the Blue Ridge Mountains and surrounding national forests. Asheville continues to expand its employment base in hospitality, healthcare, manufacturing and science and technology, driving higher than national-level population growth. Retreat at Weaverville is located within one mile of Interstate 26, providing direct access to the Asheville Regional Airport and numerous retail and lifestyle amenities in downtown Asheville and the River Arts District.
With its strong market fundamentals, multifamily remains well-positioned to weather today s challenging economic conditions, said Managing Director and Clarion Partners Real Estate Income Fund Portfolio Manager Rick Schaupp. This particular property was an excellent opportunity to acquire a newly constructed and stabilized community in a growing submarket with compelling resident demographics. We believe Retreat will be a strong addition to the fund s holdings as Asheville continues to attract more and more young professionals looking for the best of both city life and the great outdoors.
Completed in 2021, Retreat sits on a 16.85-acre site and is comprised of seven three- and four-story, wood-framed residential buildings with ample open-surface parking spaces and 28 detached garages. Current community amenities include a clubhouse, coffee bar, dog wash station and off-leash dog park, fitness center, yoga and spin room, office workspaces and a swimming pool. The newly selected property manager will complete numerous amenity upgrades over the next year, including pool furniture upgrades, clubhouse enhancements, the installation of property access gates, the addition of a parcel locker and elevated landscaping.

RALEIGH, NC – Officials at The Preiss Company (TPCO), one of the nation s largest, privately-held, student housing owner-operators, announced the addition of three third-party management assignments to its nationwide portfolio of student housing communities. Totaling 1,887 beds, the three properties include Greene Crossing in Columbia, S.C., Millennium One in Charlotte, N.C. and 33 North in Denton, Texas.
“We remain committed to growing our third-party management business, with these three new additions bringing our student housing portfolio to 32,034 nationwide, said Adam Byrley, Chief Operating Officer, TPCO. As owners ourselves, we understand what it takes to provide outstanding service while maintaining profitability for stakeholders. We are familiar with these markets and are confident we can make an immediate, positive difference in their bottom lines.
TPCO brings a wealth of experience to each of the assets. The company has operated in the Charlotte market since 2005, and Greene Crossing marks its second student housing complex in the Columbia market, both at 100% occupancy. Additionally, 33 North is TPCO s 14th asset in Texas serving ten university markets.
Our owned and operated portfolio stretches from coast to coast, providing us invaluable insights into markets that many others simply cannot replicate, Byrley added. We can quickly implement scales of economy and shared best practice that create an improved resident experience and reduce overhead costs. Following the implementation of our proprietary management and marketing systems, we are confident these assets will become the residences of choice in their respective markets.

WASHINGTON, DC – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera H Street, a contemporary apartment community located on the east end of Washington, D.C.’s notable H Street Corridor.
Modera H Street, which will feature 325 homes and unimpeded views of Downtown Washington, D.C. and the Capitol, will offer residents an extensive collection of restaurants and some of the city’s trendiest nightlife and entertainment options. The midrise community will sit along the DC Streetcar, an above-ground trolley system which will allow residents to travel along the H Street Corridor without the need for an automobile. First move-ins at Modera H Street are anticipated for early 2025.
“We feel extremely fortunate to have the opportunity to add to the built environment in this neighborhood,” said Peter Braunohler, managing director of development for Mill Creek Residential. “The H Street Corridor is one of the most exciting submarkets in D.C., and unique compared to many fast-growing areas in the District, because of its deep history and authentic DC energy. We look forward to offering a best-in-class product to serve as a premier housing option in this eclectic neighborhood.”
Located at 801 17th Street NE, Modera H Street sits within proximity of six grocery stores, including ALDI and Safeway—which are adjacent to the community—along with Whole Foods, Trader Joe’s, Harris Teeter and Giant, all of which are within a 10-minute walk. The community is also close to the city’s key employment centers in both the public and private sectors, including tech and media companies, law firms, financial and consulting institutions, and the federal government. The site is less than 1.5 miles from Union Station, D.C.’s major train station and transportation hub.
Modera H Street will be built to meet LEED Silver standards, and will feature studio, one-, two- and three-bedroom homes. Community amenities will include a rooftop deck, outdoor swimming pool, fire pit, grilling area, landscaped courtyards, resident clubhouse, coffee bar and a club-quality fitness center with separate yoga studio. The pet-friendly community will also offer controlled-access garage parking, dedicated bike storage, additional storage options and EV-charging stations.
Apartment interiors will include nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, soft-close cabinets, under-cabinet lighting, moveable kitchen islands, in-home washers and dryers, walk-in closets and smart thermostats.

MANATEE COUNTY, FL – Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, recently broke ground on the 301 Flats and The Savoy at 301 during a ceremony with County officials and financing partners. LAC’s first new-construction projects in Florida represent an exciting avenue for the company to continue growing its nationwide portfolio and expanding its impact to communities where families and individuals lack access to affordable homes.
“At Lincoln Avenue Capital, we’re always seeking new and innovative ways to deliver high-quality, affordable housing to communities that need it most,” said LAC Managing Partner Eli Bronfman. “We are thrilled to break ground on the 301 Flats and The Savoy at 301 and grateful to our partners who helped make this a reality.”
Upon completion in 2025, the 301 Flats and The Savoy at 301 will provide 324 units of affordable housing for families and individuals, and 248 units of senior housing, respectively. These quality, affordable homes are critically needed in the North Port-Sarasota-Bradenton metropolitan area, which ranked among the nation’s most expensive mid-size metro areas in 2022.
“LAC is proud to deliver long-term affordability for families, individuals and seniors facing a housing crisis across Florida and here in Manatee County,” said Jordan Richter, LAC Vice President and Project Partner. “As a mission-driven company, we’re deeply committed to helping people put down roots in their communities by expanding access to high-quality homes.”
The 301 Flats and The Savoy at 301 will include community amenities and a range of energy efficiency features, as LAC continues to prioritize sustainability and resiliency measures in its new construction and across its existing portfolio.
Speakers at the event included Manatee County Commissioners Amanda Ballard and George Kruse, and Manatee County Deputy Administrator Courtney De Pol. Following remarks, LAC leaders and local officials formally broke ground on a section of the property.

GLENDALE, AZ – Storm Properties announced the acquisition of The Arches Apartments, a 200-unit Class-B property garden-style community in the south Glendale submarket of Phoenix, which continues to experience unprecedented job growth and major economic development.
We are excited to add The Arches Apartments to our growing portfolio and we remain bullish on the Phoenix-area market due to the underlying fundamentals, said Jay Ahluwalia, Storm Properties president. Storm is actively seeking to expand our presence here and looks to acquire several additional multi-family communities in the metro area in 2023.
Completed in 1985, the complex is comprised of one- and two-bedroom floorplans that include full-sized washers/dryers, walk-in closets, and patios. Community amenities include two swimming pools, picnic and courtyard BBQ area, fitness center, and covered parking. Residents enjoy convenient access to numerous retail, employment, and entertainment venues across the West Valley.
We would like to thank Trevor Koskovich and his team at Northmarq for representing both buyer and seller in this transaction, said Alan Kwan, senior director of acquisitions at Storm Properties. We would also like to thank Brandon Harrington and his team, also at Northmarq, for facilitating the Fannie Mae loan in just 24 days.
Storm Properties has acquired over $100 million in Phoenix multifamily and is currently in the process of managing the value-add improvements to significantly improve operations and increase net operating income. It is also an active acquirer, developer, owner and manager of multifamily, industrial and commercial property, with a primary focus in Southern California and Phoenix. A full-service real estate firm, Storm has successfully developed over 1.3 million square-feet of industrial and commercial buildings, and 57 infill residential communities.