ESTERO, FL – ECI Group (ECI) announced the acquisition of Longitude 81 Apartments, a 260-unit, upscale apartment community at 11221 Everblades Parkway in Estero, FL. Built in 2016, Longitude 81 encompasses 11, two-story apartment buildings on 17.95 acres centrally located in the desirable Village of Estero. The community will be re-branded as Waterline Estero.
“The acquisition of Longitude 81 continues ECI’s strategy of reinvesting capital in our business, in this case, recycled from our recent sale of The Columns at Paxton Lane earlier this spring,” said ECI Chief Acquisition Officer, Scott Levitt. “Southwest Florida is one of the fastest growing regions in the state. Given our expectation for strong continued growth and the fact that there is a material rent differential between Longitude 81 and two similar assets we own nearby, we are excited about the value creation potential at this property, which could include a renovation-upgrade program in the future.” Waterline Estero will be ECI’s third asset in Lee County and the surrounding area.
Longitude 81 residents enjoy exceptional access to Lee County’s abundant recreational activities and venues, including Major League Baseball spring training facilities, family-friendly water parks, nature sanctuaries, and nearby white sand beaches. The community is within walking distance of restaurants, shopping areas, and medical facilities and just 12 minutes to Southwest Florida International Airport.
Longitude 81 features upscale studio, one-, two- and three-bedroom townhome-style apartments with private, ground-floor entrances.

WEST PALM BEACH, FL – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of Locklyn West Palm, a newly developed multifamily community in West Palm Beach, Fla. Comprising 280 units, the community adds to HGI’s growing footprint in South Florida, which now totals more than 3,800 apartment homes across 15 properties.
Locklyn West Palm offers a central location for residents. The community is proximate to nearly 15.5 million square feet of office space, with an additional 2.3 million square feet to be delivered in the next three years. The community is also near major transportation options, including Interstate 95, Highway 98 and the Florida Turnpike, connecting residents to nearby employment and entertainment options in West Palm, Delray, Boca Raton and Palm Beach Gardens.
“As migration to South Florida continues to trend upward, spurring demand for modern apartment housing, Locklyn West Palm offers attractive rent levels compared to other newer, luxury products on the market,” said Yisroel Berg, Chief Investment Officer – Multifamily, HGI. “Harbor Group International will leverage our established and growing operating presence in the region to develop a tailored business plan for this community and seek strong returns on behalf of our investors.”
Built in 2022, Locklyn West Palm is 95% occupied as of June 12, 2023, demonstrating demand for housing in the West Palm market.
Locklyn West Palm is a garden-style community consisting of one-, two- and three-bedroom units. Unit interiors include high-end finishes, full size washers and dryers, walk-in closets and balconies in all units. The property offers a best-in-class amenity package, including a private walking path along a 20-acre lake, a resort-style pool with cabanas, a movie theater, detached garages, a dog park and dog wash station and a game room.
Newmark facilitated the transaction, with Henry Stimler, Bill Weber, Matt Mense and Dan Sarsfield arranging the debt and Avery Klann and Hampton Beebe brokering the sale.

PHOENIX, AZ – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of Stella, a 308-unit, Class A multifamily community in the Phoenix suburb of San Tan Valley. Thompson Thrift plans to begin construction in June and welcome new residents beginning in late 2024.
“San Tan Valley is part of Arizona’s rapidly growing Pinal County,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are excited that residents will have a top-quality new rental option to choose from when Stella opens its doors next year.”
Located on a 20-acre site near North Gary Road and West Hunt Highway, Stella will consist of 12 two- and three-story buildings, a resort-style swimming pool with adjacent lawn and outdoor pavilion, two pickleball courts, two dog parks and relaxing gardens with fruit trees and fountains. The one-, two-, and three-bedroom apartment homes will offer up to 1,513 square feet and residents will be able to select from a variety of layouts and signature amenities including private enclosed yards or patio options and detached single-car garages. The apartment homes will be finished with elegant quartz countertops, hardwood style-flooring, stainless steel appliances, high-speed, instant-on internet access, ceiling fans, full-size washer and dryer, smart thermostat and an Alexa-compatible smart hub.
The pet-friendly luxury community will be close to multiple outdoor activities, including hiking, biking, or exploring the San Tan Mountain Regional Park, a national park that is located two miles west of the property. Residents will be living near an array of retail options that include national tenants such as Starbucks, Taco Bell, Panda Express, Chipotle and Burger King, with a high-volume Walmart Supercenter adjacent to the property. In addition, Hunt Highway provides future residents with ease of access to nearby Queen Creek, Mesa, Gilbert, Chandler and Loop 202.
The employment corridor along Loop 202 features high-paying jobs from companies such as Liberty Mutual, Deloitte, Dignity Health and Isagenix. Additionally, Arizona State University’s new Mesa City Center, a new state-of-the-art digital media learning center, is 10 minutes north. The area is also home to two airports – Phoenix Mesa Gateway Airport and the Chandler Municipal Airport.
This will be Thompson Thrift’s sixth community in Arizona.

NASHVILLE, TN – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Modera Gulch, a mixed-use apartment community located along Nashville’s vibrant Division Street.
The 15-story community, which features 378 apartment homes and approximately 18,000 feet of ground-floor retail space, features unobstructed views of the city and a superb Walk Score of 89. First move-ins at Modera Gulch are scheduled for August.
“The Gulch has become one of Nashville’s most desired neighborhoods, and we’re excited to open our doors to our initial residents at this amazing new community,” said Luca Barber, senior managing director of development for Nashville for Mill Creek Residential. “We’re confident that the unmatched location, walkability and proximity to downtown – coupled with a best-in-class community with sweeping city views and a refined suite of amenities – will create a high-quality living experience that will truly encompass everything Nashville has to offer.”
Modera Gulch adds to Mill Creek’s emerging presence in Nashville and joins inaugural community Modera Germantown, which began preleasing in March and is amidst first move-ins. Mill Creek officially entered the Nashville market in 2019 with a new regional office.
Situated at 810 Division Street, Modera Gulch will feature an abundance of onsite retail, including Hi-Wire Brewing, Pure Sweat and Float Spa, Jade and Clover, High Street Wine, P. Volve, SolidCore and an OVME med spa. The community is also surrounded by a bevy of boutique retailers, a diverse array of restaurants and a wide variety of employment opportunities. That includes Amazon’s new Operations Center of Excellence, which is less than one mile from the community. The neighborhood also features the Frist Art Museum, Country Music Hall of Fame and the city’s renowned Lower Broadway. In addition, the 32-acre mixed-use urban district Capitol View is located just over a mile from the community.
The National Green Building Standard (NGBS) Green certified community offers studio, one-, two- and three-bedroom homes with an average size of 910 square feet and select den layouts, with several homes including oversized balconies. Community amenities include an expansive sixth-floor amenity deck, outdoor swimming pool, rooftop dog park and observation deck, barbecue area with dining tables, pet spa, clubhouse, game room with pool table and arcade games, conference room, co-working space and coffee bar. A club-quality fitness center includes a yoga/Pilates studio, TRX system, individual training and additional user-friendly features. Residents will also have access to controlled-access garage parking, package delivery service, dedicated bike storage and additional storage.
Apartment interiors are delivered with nine-foot ceilings, stainless-steel appliances, quartz countertops, tile backsplashes, 42-inch custom cabinetry, pendant lighting, oversized windows with roller shades, upgraded fixtures, programmable thermostats and in-home washers and dryers. Designer bathrooms include double vanities, tile shower surrounds and linen closets while bedrooms are equipped with walk-in closets and built-in storage.

GREENSBORO, NC – Bell Partners, one of the nation’s leading multifamily investment and property management firms, announced the final close of its Value-Add Fund VIII at a hard cap of $1.3 billion in equity commitments from a range of domestic and international investors, many of whom were existing partners in previous funds.
Fund VIII will deploy a value-add investment strategy, acquiring well-located, quality market-rate apartments in 14 target markets across the United States including Boston, Washington D.C., Raleigh, Charlotte, Atlanta, Fort Lauderdale, Orlando, Tampa, Austin, Dallas, Denver, Los Angeles, San Francisco and Seattle. With leverage, the Fund has investment capacity of approximately $3.2 billion. The Fund’s value creation strategies include renovations, enhanced operations, and investment in transitioning neighborhoods.
“We are grateful for the support of our investors and are committed to consistently delivering strong performance throughout a full market cycle by leveraging our national platform and deeply experienced team,” said Lili Dunn, Chief Executive Officer and President of Bell Partners Inc. “We are focused on carefully identifying attractive investment opportunities that create value for our investors.”
“Apartment fundamentals remain solid, and we are confident that multifamily housing is well-positioned to withstand changing market conditions,” said Joe Cannon, EVP, Portfolio Management, Bell Partners Inc. “As we evaluate opportunities to invest Fund VIII, we will continue to leverage the insights and capabilities from Bell’s vertically integrated operating platform to identify attractive investment opportunities and maintain our record of creating value for our investors.”
Hodes Weill Securities, LLC acted as the exclusive global placement agent to Bell Partners.
The close of Fund VIII follows the close of Bell Partners’ $930 million Bell Core Venture in 2022, which complements the Company’s value-add investment strategy. Since creating its fund platform in 2006, Bell Partners, Inc. has closed nine funds and numerous other separate accounts with total equity commitments of over $6.0 billion that have been launched and substantially invested on behalf of institutional and high net worth investors.

BOCA RATON, FL – Waypoint Residential, a vertically integrated multifamily developer, owner and operator, announced that it is delivering 7 new apartment projects, totaling 1,800 units, in Florida in the first half of 2023.
The projects, which all contain Class A amenities and finishes, are located in markets throughout the state, including Port St. Lucie, Vero Beach, Orlando, Stuart, Palm Bay and Gainesville.
“We are very excited about our development activity in Florida,” said Scott Lawlor, Founder and CEO of Waypoint Residential. “We’re in the process of delivering 1,800 units and have another approximately 3,000 under construction or in predevelopment that will deliver in 2024 and 2025.”
Waypoint has previously developed approximately 2,000 apartment units in Florida, bringing total investment activity in the state to nearly 7,000 units, totaling $1.5B of capitalization. This is in addition to nearly 7,000 units representing $1.5B of investment activity through the rest of the Sunbelt region of the Unites States.
“We’re big believers in Florida. The growth story has been spectacular for some time, and we believe it’s only getting better. At the same time, the market has continued to deliver inadequate new housing stock to keep up with the growing population. As a result, we forecast extremely favorable conditions for investment in the housing market well into the future.”

DALLAS, TX – Brazos Residential, a Dallas-based real estate private equity firm specializing in multifamily investments, announced the acquisition of The Thread Apartments located in Dallas, Texas.
The 606-unit garden-style community consists of three different phases constructed between 1969 and 1978. It is situated on the border of Dallas city limits and Richardson, offering an exceptional location with direct access to interstate US-75 and the Lyndon B. Johnson Freeway, commonly known as the Telecom Corridor. Furthermore, it is adjacent to the Texas Instruments headquarters.
“The Thread has several unique characteristics that make it an exciting opportunity for the partnership,” explains James Roberts, Managing Partner and Co-founder. “We were able to secure the asset off-market at a great basis through our local broker relationships. The Thread recently emerged from a Land Use Restrictive Agreement (LURA) which allows us to create immediate value by switching to fully market rates. We are equally excited to make a positive impact for the residents and community through property-level improvements.”
The community marks the firm’s sixteenth asset and the sixth in the Dallas/Fort Worth area since its inception in 2022.
“We possess an intimate knowledge of the Dallas/Fort Worth market and are thrilled to add this asset to our portfolio,” proclaims William Hancock, Managing Partner and Co-founder. “The proximity of The Thread to other Brazos Residential properties and our corporate headquarters presents strategic synergies, supporting the expansion of our portfolio in our own backyard.”

KNOXVILLE, TN – 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 Livano Knoxville, an approximately 348-unit Class A multifamily community in a qualified opportunity zone in Knoxville, Tennessee. Construction of the development is expected to be completed by spring 2025. The project is being developed in partnership with LIV Development, a leading multifamily developer specializing in vibrant Class A communities across the United States.
“First in our home market of Richmond, Virginia, then Charleston, South Carolina, Raleigh, North Carolina, and, now, Knoxville, Tennessee, Capital Square is developing eight residential communities in leading southeastern markets. Driven by job production, low cost of living and a superior lifestyle, each of these markets are exceptional in their own, unique ways,” said Louis Rogers, founder and co-chief executive officer of Capital Square.
The development is located at 451 W. Blount Avenue, along the Tennessee River and directly across from Neyland Stadium, the University of Tennessee’s 101,915-person capacity football stadium. The multifamily community will include studio, one-, two- and three-bedroom apartment homes averaging approximately 929 square feet. Residents will have access to major employers including the U.S. Department of Energy Oak Ridge National Laboratory, Covenant Health, the University of Tennessee, Tennessee Valley Authority, Knox County Schools, University Health System, The Dollywood Company, Clayton Homes, DENSO Corporation, Tennova Healthcare and Blount Memorial Hospital.
The partnership has committed an allocation of 10% of the development’s units to workforce housing, available to residents who earn up to 80% of the area’s annual median family income. The partnership completed the acquisition of the 5.9-acre lot in January 2023 and secured a $70.4 million construction loan agreement with Truist Bank.
“Knoxville is a highly attractive growth market with a rapidly growing population, making this the perfect location for Capital Square to develop our next opportunity zone project,” said Whitson Huffman, co-chief executive officer. “As an active developer in Southeast markets, Capital Square is pleased to bring an exceptional multifamily community to Knoxville residents.”
The partnership has engaged Ardurra as civil engineer, Niles Bolton Associates, Inc. as building architect, Southern Building Group as general contractor and Design South Interiors as interior designer.

ADDISON, TX – JPI, a leader in the development of best-in-class multifamily communities, has broken ground on Jefferson Addison Heights, a Class A development that will bring 290 homes to Addison, Texas.
The new 5-story development will span nearly 3 acres at the Southeast quadrant of Airport Parkway and Addison Road and will feature a furnished clubhouse including a game room equipped with chess, pool, and shuffleboard; a fitness center including a yoga and spin studio; and a resort-style pool, and cabanas. The homes will include an assortment of leading amenities typical to JPI communities, such as stone countertops, stainless steel energy-efficient appliances, and minimum 10′ ceilings.
Because JPI develops each community specifically with the surrounding area in mind, Jefferson Addison Heights will include a unique design to take advantage of the views of nearby Addison Airport and provide a connection for pedestrians and residents to walk to the amenities offered within Addison Circle. A unique offering of this community will be the 4th-floor mezzanine units with private roof decks to overlook Addison Airport, providing some of the best seats in town for the annual Kaboom Town fireworks show.
Recognized by RealPage as the most active developer in DFW for the seventh consecutive year, JPI has been delivering a steady supply of communities throughout DFW to respond to the robust job growth driving the economy. Specific to Dallas County, this is the 20th community that JPI has built in the last 5 years.
“Addison offers a wealth of opportunities for residents and organizations to flourish,” said Payton Mayes, CEO of JPI. “We’re thrilled to bring Jefferson Addison Heights to this bustling community that over 2,000 businesses call home and thankful to the Town of Addison for working with us to turn this vision into reality.”
The population in Addison has grown more than 15% in the last decade and hosts the headquarters of many corporations such as May Kay Cosmetics and Hitachi Consulting. The new community is conveniently located just 1 mile from Prestonwood Town Center (which includes big-name retailers like Walmart, Michael’s, and Wells Fargo), and 3 miles from the Galleria Mall.
“Addison has a strong business culture and a “can-do” attitude,” said Mayor Bruce Arfsten. “JPI brings that same spirit and has a track record for delivering best-in-class homes. We’re excited to partner with them to deliver this new community to the residents of Addison.”

PHOENIX, AZ – 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 Amavi Aster Ridge, a single-family build-to-rent community adjacent to the Anthem neighborhood of North Phoenix.
The community, which will offer a mix of 177 two- and three-bedroom townhomes, represents Mill Creek’s first single-family build-to-rent community within the Phoenix area. Mill Creek formally expanded into the Arizona market in 2021 with a new regional office and recently broke ground on two multifamily developments in the Kierland area. First move-ins at Amavi Aster Ridge are anticipated for February 2024.
“We’re eager to get started on this development, as Amavi Aster Ridge will represent the only professionally managed townhome community in the North Phoenix/Anthem area,” said Sam Griffin, vice president of land acquisition for Mill Creek’s Southwest Region. “This community will represent a true townhome product with attached garages and private backyards, and we’re excited to help meet the growing demand for quality housing in the area as it continues to emerge as a key employment hub.”
Situated at 4288 W. Denali Lane, Amavi Aster Ridge will sit adjacent to Anthem, an award-winning master-planned community known for its tranquil high-desert scenery, a high-performing school district and wide array of retail, dining and recreational outlets. The community sits within 15 minutes of the Taiwan Semiconductor campus, a $40 billion facility that will anchor the growing employment sector in the Anthem/Deer Valley area. Residents will also have expedient access to Interstate 17 and Anthem Way along with several nearby parks, lakes and nature preserves.
Amavi Aster Ridge will be a gated community, and each home within will feature attached front-loaded garages and fenced private backyards. The community’s two-bedroom townhomes will range from approximately 1,200 to 1,400 square feet while the 25 three-bedrooms homes will measure approximately 1,500 square feet.
Community amenities will consist of a clubhouse/leasing office, outdoor swimming pool, onsite park with playground, fitness studio and open green spaces. The community will also feature modern streetscapes and aesthetically manicured common areas. Home interiors will be delivered with stainless steel appliances, wood plank-style flooring, nine-foot ceilings, granite countertops, tile backsplashes, smart thermostats, controlled guest-access technology, ceiling fans and in-home washers and dryers.