PHOENIX, AZ – San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 296-unit Springs at Deer Valley apartment community in Phoenix. The purchase marks the firm’s seventh property in their current portfolio in the state of Arizona. The community will be rebranded as the Ironwood at Happy Valley apartments.
The property was marketed by Walker & Dunlop’s investment sales team, led by Dan Woodward, David Potarf, Matt Barnett, and Jake Young.
Built in 2021, Ironwood at Happy Valley is located at 24025 N. 23rd Ave in the desirable Deer Valley submarket, a 23-minute drive from Downtown Phoenix. The property is close to the $12 billion Taiwan Semiconductor Manufacturing Company manufacturing campus.
“We are excited to further expand our presence in Phoenix with the purchase of this community,” said David Nelson, Hamilton Zanze’s chief investment officer. “The brand-new garden-style asset features institutional-quality amenities, an ideal location in the booming Deer Valley submarket, convenient proximity to the Shoppes at Norterra and Happy Valley Towne Center, and access to the largest employers in North Phoenix, like Taiwan Semiconductors, USAA, Discover Financial, Honeywell, Cigna, Cox Communications, Mayo Clinic, and Merrill Lynch. This property is in a strong position due to its stable, high-income tenant base, proximity to internationally recognized job drives, and extremely competitive amenity and interior package. We believe Ironwood at Happy Valley will be an asset to the local community for years to come.”
The property includes 296,518 net rentable square feet across 12 two-floor residential buildings. The units average 1,002 square feet with private balconies/patios, spacious walk-in closets, and in-unit washers and dryers. Community amenities include an outdoor barbecue area, a resort-style swimming pool, an on-site car maintenance center, a pet playground and park, a 24-hour fitness center, and attached and detached garage options.

ALAMEDA, CA – Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, and the Housing Authority of the City of Alameda (AHA) announced an agreement to preserve the affordability of up to 132 units at Rica Vista Apartments for the next 55 years.
LAC’s partnership with the Housing Authority of the City of Alameda will convert the existing market-rate property to workforce housing to bolster the supply of affordable housing in the Bay Area, one of most expensive housing markets in the nation. This agreement will provide long-term access to high-quality, affordable homes for Alameda residents earning up to 80 percent of the Area Median Income (AMI), including one- and two-bedroom apartments that remain in especially high demand in the area.
The 186-unit property currently serves approximately 250 lower-income and moderate-income residents. Most recently renovated in 2020, Rica Vista includes amenities such as a swimming pool, playroom, fitness center, laundry facility, and grilling/picnic area. The acquisition of the property was financed with the National Equity Fund as well as subordinate financing from the Chan Zuckerberg Initiative via the Bay’s Future Fund.
“Lincoln Avenue Capital is proud to work with the Alameda Housing Authority to preserve and expand access to quality homes at Rica Vista for decades to come,” said LAC CEO Jeremy Bronfman. “This agreement signifies our deep commitment to ensuring long-term affordability for families and individuals in communities like Alameda where our impact is most needed.”
Before its acquisition, Rica Vista operated as a fully market-rate property. Its conversion serves as a prime example of “Naturally Occurring Affordable Housing” (NOAH) that is increasingly rare across the nation and especially in California. The new regulatory agreement will ensure 55 years of affordability at the property, offering affordable housing units in the surrounding area for the long-term.
“The mission of the Housing Authority is to provide quality affordable housing alternatives to all Alamedans,” AHA Executive Director Vanessa Cooper said. “The partnership with Lincoln Avenue Capital will allow more low- and middle-income people to live and work in the City of Alameda.”

GRAND RAPIDS, MI – Thompson Thrift, a full-service nationally recognized real estate company, announced the sale of The Grove, a 320-unit Class A multifamily community in Grand Rapids. A private real estate investment firm purchased the community for an undisclosed amount.
“Our team at Thompson Thrift is proud to have developed a top-notch community where residents can enjoy a lifestyle focused on convenience and luxury,” said Josh Purvis, managing partner for Thompson Thrift Residential. “The Grove has been an overwhelmingly successful residential community from the start, and we’re pleased to complete a successful sale of this generational real estate asset.”
Completed in August 2022, the 24-acre community offers two-story farmhouse-style apartment homes with a mix of one-, two- and three-bedroom layouts that average 1,200 square feet. Apartment homes feature designer interiors including quartz countertops, stainless steel and energy-efficient appliances, walk-in pantry, hardwood-style flooring, large walk-in closets, patio and balcony options and full-size washers and dryers. Residents are treated to resort-style amenities including a resident social lounge, 24/7 fully equipped fitness center, heated pool and spa, community grilling areas, pickleball courts, dog park and pet spa.
With frontage on Beltline Avenue, a major north/south thoroughfare, the location offers residents a short commute to downtown Grand Rapids, where they can enjoy local museums, the John Ball Zoo, and a host of breweries and restaurants. A great majority of the area’s major employers, including Axios, Meijer and Spectrum Health, are within a 15-mile radius.
Jason Krug with Berkadia brokered the sale for Thompson Thrift.
“The Grove set a new standard for quality construction and luxury apartment living in the Grand Rapids market,” said Jason Krug, senior managing director for Berkadia. “Our team was able to generate demand and ultimately identify an ideal buyer for this transaction in the face of a transitioning marketplace. The asset’s quality and burgeoning Grand Rapids economy provide for a very bright future for The Grove.”
Thompson Thrift has made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a range of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $4 billion and has become known as a trusted partner committed to developing high-quality, attractive communities.

WASHINGTON, DC – The District of Columbia Housing Finance Agency (DCHFA) has financed the rehabilitation of 202 affordable apartments at scattered sites across Wards 7 and 8. DCHFA issued $43.1 million in tax exempt bonds for the acquisition and rehabilitation of this 16-building community formerly known as WDC 1 which spans Anacostia, Marshall Heights and Fort Dupont. The Agency also underwrote $33.4 million in federal Low Income Housing Tax Credit (LIHTC) equity and $6.4 million in D.C. LIHTC equity to finance this redevelopment.
Preservation of existing affordable housing assets is an essential component of affordability, stated Christopher E. Donald, Executive Director/CEO, DCHFA. The residents at the Villages of East River will have their community renovated and modernized, while their rents remain affordable and allow them to remain in their neighborhoods.
The residents of the Villages of East River formed the Positive Change Tenants Association and exercised their rights under the D.C. Tenant Opportunity to Purchase Act. They selected National Housing Trust Communities and IBF Development as the teams to rehabilitate their homes. The project will consist of restoring 16 buildings originally built between 1952 and 1967, and the total development cost of the project is $95.9 million. Additional funding came in the form of a $37.6 million Housing Production Trust Fund loan from the D.C. Department of Housing and Community Development.
Projects like this one are key to preserving affordable units, as we continue to make strides in the overall number of affordable housing units available to District residents, and continue to work towards the goal of 12,000 new affordable units by 2025 said Department of Housing and Community Development Acting Director Colleen Green. In that vein, we are thrilled to be part of the preservation of more than 200 homes.
The unit mix will remain the same in the existing buildings, to include 74 one-bedrooms and 128 two-bedrooms. Eighty-one units will be reserved for residents earning 60 percent or less of the area median income (AMI), and 80 units will be reserved for those earning up to 50 percent AMI. Forty-one units will be designated Permanent Supportive Housing (PSH) reserved for residents earning 30 percent or less AMI, and they will receive Local Rent Subsidy Program operating subsidy through the DC Housing Authority.
Renovations will take place in four phases with four buildings in each phase. Updates will include fully renovated kitchens, new roofs, repaired flooring, replacement windows, new hot water heaters, renovated bathrooms, new HVAC units, electrical upgrades, and the creation of accessible pathways. Once completed, there will be two new community centers among the Villages of East River (at 301 37th Street, SE and 450 1stStreet, SE). There will also be three new PSH offices within the community.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

LOS ANGELES, CA – Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announces plans to develop a second student apartment community in the Los Angeles market. Construction is scheduled to begin by the end of 2023 on the 435-unit community located 0.3 miles from The University of Southern California’s campus. The new residential community will be one of the largest purpose-built student housing developments at USC. While plans are still progressing, Landmark expects to deliver more than 1500 beds for the Fall of 2026.
“We are excited to break ground on our first project at USC,” said Landmark President and CEO Wes Rogers. “As the nation’s largest developer of student housing serving students at Tier 1 universities across the country, we have been attracted to the USC market for some time. We look forward to providing more USC students with a luxury off-campus living option steps from campus.”
Located at the corner of West 39th and South Figueroa streets in “the New Ninth” district of Los Angeles, the site was acquired from Ventus Group, an Orange County based mixed-use developer. “This was a complex land assemblage and entitlement process that our team worked on for many years to create this rare, urban infill opportunity,” said Scott Gale, CEO of Ventus Group. “A project of this magnitude requires patience, persistence and vision, and it is rewarding to be an integral part of something that is set to have a big impact.”
“This asset represented a true labor of love given the difficulty and time associated with the land assemblage,” said Kevin Shannon, Co-Head of Newmark’s U.S. Capital Markets group. “This best-in-class student housing development will be an attractive addition to the USC community.”
The residential community will offer several distinct floorplans, ranging from studio to five-bedrooms. The careful design of these units will stand out to potential residents when weighing options among comparable apartments. The development will also include 87 units reserved for those identified at the low-income level or below.
Apartments in the development feature a gourmet-style kitchen with ample cabinet space, quartz countertops and stainless appliances. Each residence comes fully furnished with washers and dryers, offers luxury vinyl tile flooring, and includes technology-related amenities in the common living area, along with high-speed internet and cable included with rent.
Additionally, residents will enjoy clubhouse and social amenities in several areas of the community, most notably on the rooftop level adjacent to a resort-style pool. The lounge, computer lab, and fitness center amenities will be open 24-hours for convenience. The rooftop outdoor amenity spaces add more opportunities for recreation and socialization with a grilling area and pool. In addition to the fully programmed amenity package, the apartment community will include over 20,000-square-feet of retail fronting Banc of California Stadium. Onsite parking will be available for residents and retail guests.
Construction on the development is expected to be complete ahead of the fall 2026 semester. The proximity to campus attractions will provide quick and convenient options for students commuting to and from campus. In addition to on-site retail, residents will be a brief stroll to popular shopping and restaurants, including Chick-fil-A, Subway, and McDonald’s.
Landmark Urban Construction will serve as general contractor for this project. Newmark’s Shannon, Executive Managing Directors Ken White, Greg Galusha and Bryan Norcott, Vice Chairman and Head of Newmark’s Student Housing group Ryan Lang and Director Jack Brett, in cooperation with Senior Managing Director Chris Benton and Managing Director Anthony Muhlstein brokered the deal, along with Eric Bergstrom at Bergstrom Capital Advisors.
The University of Southern California is the oldest private research university in the state and has an enrollment of 49,500 students.

TAMPA, FL – Middleburg Communities announced it closed on two land parcels totaling 49 acres adjacent to Friendly Way located off of FL-54 in Wesley Chapel, Florida, a submarket of Tampa. Leveraging its in-house construction capabilities, Middleburg plans to develop two residential communities: Mosby Avalon Park, a 338-unit traditional apartment community, and Hamlet Avalon Park, a build-to-rent community with 260 single-family homes, duplexes and townhomes. Construction will commence immediately on the Mosby component while Hamlet Avalon Park is planned as a future phase.
“These projects in Wesley Chapel represent our largest development investment to date and our fifth acquisition in Florida during the past year. We re grateful for our investment partners and Synovus Bank for having confidence in our ability to execute. Our development and construction teams are eager to get started in earnest and we look forward to our grand opening next year.
The convenient location of the community, approximately 30 minutes from downtown Tampa, offers exceptional access to job centers and regional demand drivers. Mosby and Hamlet Avalon Park are part of the Avalon Park Wesley Chapel master-planned community, which is situated on over 1,600-acres and is entitled for 4,800 residences units and 500,000 SF of retail and commercial space, much of which has already been delivered or is currently under construction.
Mosby Avalon Park will feature one, two and three-bedroom units in four-story elevator-served buildings with quartz countertops, stainless steel appliances, and luxury vinyl plank flooring. Amenities include a resort-style pool, fitness center, dog park, and pet spa.
Hamlet Avalon Park will offer one, two, and three-bedroom floorplans with a mix of cottages, duplexes, and townhomes, each with private entries, patios, and yard space and attached garages in select units. Interiors will feature quartz countertops, stainless steel appliances, and luxury vinyl plank flooring and the community will include numerous neighborhood parks and green space, a resort-style pool, fitness center, dog park, and pet spa.
Mosby Avalon Park and Hamlet Avalon Park are Middleburg s first entrance into the Tampa Metropolitan Statistical Area (MSA), one of the fastest growing markets in the country. Middleburg s growing Florida portfolio includes three assets in Orlando – Mosby Citrus Ridge, a 300-unit Class A multifamily community currently under construction, Indigo Champions Ridge, a 300-unit Class A multifamily community currently in lease-up, and The Baldwin, a 270-unit Class A multifamily community – and one asset in Yulee, Hamlet Wildlight, a 250-unit Class A built-for-rent community currently under construction.

RALEIGH, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Ashford Townes, a 74-unit newly constructed build-for-rent townhome community in the affluent Raleigh suburb of Fuquay-Varina, North Carolina. The community was acquired on behalf of CS1031 Ashford Townes BFR Housing, DST.
Capital Square formed the Private Equity Group managed by experienced real estate executives, Dave Platter and Jon Trott, as managing directors and co-heads, to profit from opportunities in the housing market, including a dedicated build-for-rent (“BFR”) strategy in high growth sunbelt markets. This represents Capital Square’s third BFR offering on platform to date.
“With a housing shortage of over four million units, Capital Square believes build-for-rent (BFR) housing solutions provide the U.S. with a vital supply of new housing stock,” said Louis Rogers, founder and chief executive officer. “These professionally managed and highly amenitized communities are desirable for providing the benefits of single-family living without the associated costs of ownership. Our BFR strategy is complementary with the existing multifamily business — Capital Square will continue to thoughtfully acquire and develop multifamily communities throughout the Southeast and Texas in the years to come.”
Located at 604 Oakbrook Pass Way, construction of Ashford Townes was completed in February 2022. Developed by D.R. Horton, the nation’s largest homebuilder by volume, the modern units boast three-bedroom, open floorplans averaging 1,693 square feet with integrated smart-home technology, stainless steel appliances, quartz countertops, high vaulted ceilings, built-in window blinds, spacious walk-in closets, full size washer-dryers, attached one-car garages, private patios and outdoor storage. A community dog park is additionally contemplated for development.
Ashford Townes is one of just five single-family or townhome purpose-built rental communities of institutional quality currently available within the Greater Raleigh area. The property is approximately 30 minutes south of Research Triangle Park, the largest research park in the U.S. and a premier global innovation center. Its 7,000 acres encompass the Raleigh-Durham-Cary combined statistical area and boasts a diverse, innovation-based economy anchored by world-class universities and hundreds of companies, including science and technology firms, government agencies, academic institutions, startups and nonprofits.
The property offers residents efficient commutes to over 130,000 jobs and a five-minute drive to local retailers, restaurants, breweries, fitness centers and top performing schools. Resident area household incomes average $106,500, with leading employers including the University of North Carolina at Chapel Hill, Novartis, IQVIA, JLL and Duke Energy. The Fuquay-Varina submarket experienced approximately 13% rent growth in 2022 while the Raleigh-Durham area experienced rent growth of approximately 15%. Rents are forecasted to grow an average of 3.5% each year for the next five years in the Fuquay-Varina submarket and 3.75% in Raleigh-Durham.
“The Research Triangle region welcomed more than 900,000 new residents between 2000 and 2017, and a declining inventory of high-quality land sites, competition from multifamily developers and supply chain disruptions have resulted in limited deliveries of rental communities to the region,” said Whitson Huffman, co-chief executive officer. “Ashford Townes offers a convenient, reliable and spacious housing option amidst the least affordable single-family for-sale market that the Raleigh area has experienced in decades.”

INDIAN LAND, SC – Canyon Partners Real Estate announced that it has provided a $14.8 million preferred equity investment in a joint venture with The Widewaters Group for the development of Parkstone at Indian Land, a Class-A, 266-unit, garden style residential community in Indian Land, S.C. Widewaters will lead development of the community, which is expected to begin occupying units in late 2023, with completion in mid-2024.
The investment marks the second joint venture between Canyon and Widewaters, and Canyon’s third investment in the greater Charlotte area in the last five months. Huntington National Bank provided the senior construction loan.
Indian Land, South Carolina is a rapidly growing suburb of the Charlotte MSA, located 15 miles south of Charlotte’s central business district and five miles south of the Ballantyne submarket on the border of North Carolina. Indian Land, the northernmost community in Lancaster County, has benefitted from the growth of the greater Charlotte region. As Charlotte’s growth trajectory has expanded to the south, Lancaster County has experienced outsized population growth of 31% from 2010 to 2021. Indian Land also benefits from proximity to three major suburban employment nodes, including Indian Land, which is home to Red Ventures headquarters, Ballantyne, and Fort Mill.
“As Charlotte continues its rapid growth trajectory, we anticipate continued strong demand for multifamily housing in the city’s suburbs, including Indian Land,” said Brian Long, Director of Development at The Widewaters Group. “Parkstone will provide well-located housing for residents seeking convenient access to nearby jobs, entertainment and retail options. We look forward to partnering with Canyon once again for this project.”
Interior units at Parkstone will feature modern finishes and appliances, full size washer/dryers and balconies. The community will include an extensive amenity package, such as a dog park, pet spa, car wash, scenic pond area, 24/7 mailroom with package delivery lockers, 24/7 fitness center and resort style pool.

CORAL GABLES, FL – Sunrise Senior Living, an industry pioneer and leading provider of senior living and housing services, announces the groundbreaking of its first senior living community in the Miami-metro area, Sunrise of Coral Gables.
Sunrise s personalized approach has become a gold standard for the senior living industry throughout its more than 40-year history. Sunrise of Coral Gables will continue that tradition when it opens and welcomes new residents in 2024, meeting the great need for high-quality assisted living and memory care in Miami Dade County. Upon completion, the more than 90,000-square-foot building will consist of 94 residences across six floors. The community will provide various lifestyle offerings for its residents including a robust events and programming calendar. It will offer beautifully designed common spaces, activity room, bistro and dining room, a salon, and dedicated terrace spaces on multiple floors.
We are thrilled to begin construction on Sunrise of Coral Gables, said Andy Coelho, Senior Vice President of Design and Construction at Sunrise. We are honored to bring Sunrise s expertise in senior living to the city of Coral Gables. We also look forward to collaborating closely with the surrounding community as we prepare to welcome residents to their new home in 2024.
Sunrise s in-house development and design teams are partnering with Coral Gables-based architecture firm Behar Font & Partners and general contractor Winmar Construction.
The site for Sunrise of Coral Gables was chosen for its accessibility and convenience. On the main street of Ponce de Leon, the community has access to neighboring townships, major commuter routes and retailers, restaurants, and businesses. The Coral Gables trolley stops within one block of the site and runs frequently from the Douglas Metrorail station.

IRVINE, CA – The Bascom Group in partnership with Artemis Real Estate Partners has acquired Avenida Lakewood, a 230-unit Active Adult (55+) apartment community located at 11001 West 15th Place in Lakewood, Colorado. The Class A property marks Bascom’s 36th multifamily acquisition in Colorado. Ryan Maconachy and Courtney Crowder at Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta of IPA arranged the debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services.
Situated just seven miles west of Downtown Denver, Avenida Lakewood was constructed in 2019 by Avenida Partners, a prominent builder that specializes in developing Active Adult communities. The property is a highly-amenitized community that boasts extensive indoor and outdoor spaces including a clubhouse, game room, arts studio, theater, salon, pool and spa, fitness and yoga studios, gardening plots, a sky lounge, EV charging stations, and a pet park. Unit interiors feature high-end finishes with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting, and faux wood flooring. In addition to its abundant amenity offering, the property offers residents a variety of activities, such as social functions, fitness classes, and creative arts and educational programs, that are designed to foster a sense of community and enhance residents’ quality of life. Creating a best-in-class lifestyle distinguishes Avenida Lakewood from other Active Adult communities in the Denver Metro Area.
The property also provides residents access to abundant recreation, retail, and entertainment options against the unmistakable backdrop of the Rocky Mountains. Avenida Lakewood residents can venture outside to explore over 2,400 acres of open space on nearby Green Mountain, delight in world-renowned entertainment venues like Red Rocks Amphitheatre, or wander the streets of nearby Golden, home to Coors Brewing Company and countless recreation outlets for hiking, biking, and fishing. Lastly, Avenida Lakewood is located between two of Denver’s premier medical centers, St. Anthony Hospital and Lutheran Medical Center, while also providing residents immediate access throughout Denver via the Oak Street Light Rail Station located three blocks from the property.
Bascom’s Senior Vice President & Principal of Acquisitions, Jim Singleton, shared, “Avenida Lakewood represents a highly attractive opportunity to act upon the demographic tailwinds of an aging population in a supply-constrained market. As the product of a premier national developer of Active Adult communities, Avenida Lakewood boasts thoughtfully designed amenities and best-in-class services that foster a vibrant lifestyle community for 55+ residents. These benefits provide a unique value proposition for Bascom and Artemis.”
Artemis Senior Vice President, Courtney Nickels added, “We look forward to building upon the strong momentum at the Property cultivated by Avenida Partners to continue delivering the highest level of service and quality for the residents. Artemis is pleased to grow our partnership with Bascom, a premier partner, and to continue to expand our investment portfolio in active adult.”
Since 1996, Bascom and its affiliates have acquired 357 multifamily properties throughout the United States, totaling over 91,000 units. Prior to closing on Avenida Lakewood, Bascom had acquired 35 multifamily properties in Colorado, totaling 11,804 units and more than $1.1 billion in acquisitions.