INDIANAPOLIS, IN – Gray Capital announced the acquisition of Solana at the Crossing, a 384-unit class A apartment community built in 2014 and located on the northside of Indianapolis, Indiana.
Solana is Gray Capital’s eleventh apartment asset in the Indianapolis area. With three full-cycle multifamily investment projects completed in the Indianapolis area that have delivered exceptional returns for investors as well as seven active investments in the city and its surrounding suburbs, Gray Capital’s experience and success within its home market is a large part of the success of the company.
“Indianapolis is home base for Gray Capital. There is no market we know better or have greater passion for than Indy. For us to be able to acquire a beautiful, well-located property, like Solana, is the fulfillment of many years of hard work and dedication from the Gray team. We’re thrilled elevate Solana to the premier waterfront lifestyle asset on the north side of Indy,” said Spencer Gray, President and CEO of Gray Capital.
Solana at the Crossing is Gray Capital’s second acquisition in 2024, following the company’s purchase of the 444-unit River Club Apartments in April. Gray Capital has been diligently pursuing opportunities as the multifamily market emerges from a period of lower investment activity, and their investment in Solana at the Crossing reflects their continued confidence in the growth of Indianapolis and the multifamily market.
Gray Capital has now acquired over $112M of multifamily real estate so far in 2024 across 824 units and two properties.
Gray Capital’s plan for Solana at the Cross includes several moderate upgrades and improvements to the property. New kitchen plumbing hardware and lights, new smart home technology in 100% of all units, private fenced in yards for select units, further activation of the White River waterfront, as well as a new exterior paint scheme and the installation of EV chargers will further increase appeal for the property.
“The Indianapolis apartment market has been remarkably resilient. Its strong, stable performance has led it to outperform more volatile markets in the country, and we project continued growth, given the magnitude of housing demand in Indianapolis and nationally,” said Spencer Gray.

MESQUITE, TX -The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with the City of Mesquite Housing Finance Corporation, announced the financial closing and groundbreaking of The Fielder, a 288-unit affordable housing community in Mesquite, Texas. Units will be reserved for residents earning between 50 to 70 percent of the Area Median Income (AMI).
In a city facing a severe workforce housing shortage, this development will provide much-needed affordable housing during a time when more than half of Mesquite renters are cost-burdened,” said Nick Walsh, Vice President of Development at The NRP Group. “We are incredibly honored to partner with the City of Mesquite and its Housing Finance Corporation to bring high-quality, affordable housing to the area at such a critical time.
The Fielder is located at 1300 Wooded Lake Drive, near the intersection of Interstate 30 and LBJ Freeway. The development offers easy access to downtown Dallas and is minutes away from the newly completed Urban District 30 – a one million square-foot industrial park that spans 82 acres. As the Dallas region s population growth soars, The Fielder will accommodate employees in the surrounding area. The affordable housing development is the first partnership between a developer and the City of Mesquite.
The NRP Group has been an exceptional partner throughout this process. They are committed to bringing a quality development to our community that will help us achieve our goals for diverse housing options. The Fielder is an important step in providing the workforce housing needed in our community, said Mayor of Mesquite Daniel Alemán Jr.
The Fielder can accommodate both working professionals and growing families, with floorplans that include one-to-four-bedroom units. Additionally, resident services will include essential health and wellness screenings, after-school programs, and financial literacy training. The development will also feature best-in-class amenities including a pool, fitness center, community garden, dog park and numerous playgrounds.
This investment in Mesquite was made possible through housing tax credit equity and construction financing from Bank of America, with permanent financing provided by Bellwether Enterprise Real Estate Capital.
The Dallas metro area remains a priority market for The NRP Group. The firm has developed over 6,000 units across 27 properties in the region. Construction of The Fielder is already underway. The community is expected to deliver in 2026.

MIDLAND, TX – Investors Capital Group, a multifamily investment firm headquartered in Seattle, Washington announced the acquisition of Wall Street Lofts, a 108-unit mixed use multifamily property located in Midland, TX. It is the second apartment property in ICG Apartment Fund 9 LLC, which will ultimately include approximately four to six assets.
The property is a midrise in a prime location, situated in the center of downtown. Amenities include a clubhouse, fitness center, business center, pool, dog run, and BBQ stations. There are two commercial tenants in the property, including a restaurant and a hair salon.
Wall Street Lofts is a unique asset, and we are excited to own this class A mid-rise in the heart of Midland, said Mick Halpin, Principal and Managing Member at Investors Capital Group. Midland Odessa has limited new multi-family construction, and we believe the macro-economic forces will continue to drive demand for this asset.
Investors Capital Group was attracted to this property for its great location and access to downtown. The property provides incredible walkability to all the best restaurants, bars, and nightlife in Midland s downtown. Residents also have incredible walkability to the main business district which continues to see a steady increase in high-paying jobs.
Investors Capital Group is a Seattle-based real estate investment firm that focuses on opportunistic acquisitions and quality management of multifamily residential properties across the Western United States to provide attractive returns for accredited investors. With over two decades of experience, Investors Capital Group has purchased more than $2 billion worth of multifamily housing.

IRVINE, CA – The Bascom Group has acquired Old River Place, a 249-unit single family residential-style, build to rent multifamily residential property located in the highly desirable Southwest submarket of Bakersfield, California. The purchase price was $56,633,500 or $227,444 per unit.
Despite the high-interest rate environment and anemic property sale market, the property marks Bascom’s sixth acquisition of 2024 and twenty sixth multifamily acquisition in California’s Central Valley. Annette Rice and Jamie Kline of JLL arranged the debt financing for the acquisition with TPG Real Estate Finance Trust as the lender. The seller was represented by The Mogharebi Group’s investment sales team led by Mark Bonas. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.
The purchase of Old River Place comes on the heels of five previous 2024 acquisitions made by Bascom. Bascom remains highly active pursuing new acquisitions throughout the United States and intends to continue portfolio expansion through year-end.
Bascom has been one of the most active apartment buyers in California and the Central Valley partnering with institutional and private capital. Prior to purchasing Old River Place, Bascom had acquired 130 multifamily properties and 20,773 units in California, with 25 of those properties and 3,619 units located in the Central Valley. Over the past six months, Bascom has completed roughly $265 million in multifamily acquisitions nationwide.
Joe Ferguson, Acquisition Manager for Bascom, states “Old River Place is a uniquely well-constructed build to rent community in the affluent area of Southwest Bakersfield. Each unit at the property has an attached two-car garage and dedicated outdoor space. Old River Place adds another well-located, recently built asset to the Bascom portfolio that should perform well in a market that needs housing. The high-interest rate environment and the resulting increased monthly mortgage payment has only added to the desirability of these build to rent communities. The Bakersfield market continues to demonstrate attractive multifamily fundamentals, and we are excited to strengthen our footprint in one of California’s fastest growing regions.”
Located within the desirable Southwest submarket of Bakersfield, Old River Place offers residents a low-density single-family residential style community with an attractive unit mix of two- and three-bedroom units. The property is adjacent to affluent Bakersfield neighborhoods such as Seven Oaks and Hagan Oaks, provides residents easy access to retailers like Sprouts, Trader Joes, Lululemon and Target, and accessibility to major employment drivers such as Cal State Bakersfield and Dignity Health – Mercy Hospital.
Bascom’s Lee Nguyen, Senior Vice President of Portfolio Operations, adds “Old River Place has been well-maintained while demonstrating consistent rental demand. As part of our strategic renovation program, Bascom intends to upgrade unit interiors with new appliances, countertops, backsplash, cabinetry, as well as enhancing the property’s exteriors and community amenities. All of the units remain in a classic or original condition, giving our operations team considerable room to add desirable elements while providing residents an affordable housing option in a well located, highly desirable rental community.”
Bakersfield has been one of California’s best performing apartment markets, highlighted by consistent occupancies above 95%. The strong fundamentals have been driven by limited new supply, high population growth (no large California city has grown more than Bakersfield over the last five years), and a diversifying economy. The city serves as a hub for various industries including agriculture, healthcare, energy, manufacturing, and a growing logistics industry. Bakersfield’s central location in California’s San Joaquin Valley makes it a key transportation hub. It’s well-positioned along major highways like Interstate 5 and State Route 99, facilitating efficient movement of goods between Northern and Southern California, as well as connecting to other states. As a result, major businesses continue to invest in Bakersfield for future growth. Notably, Tesla has plans to build the world’s largest supercharger station and Wonderful Co. recently announced a major expansion of their industrial park, which is projected to support 50,000 jobs.

SEATTLE, WA – Security Properties purchased SKY Sammamish, a 159-unit multifamily property built in 2018 and located in Sammamish, Washington, for $70,250,000. Security Properties now owns 28 assets and over 6,400 units in the Greater Seattle marketplace.
Sammamish, a highly desirable suburb east of Seattle situated between Bellevue, Redmond, and Issaquah, offers an irreplaceable combination of top tier school districts, access to local employers and proximity to some of Washington’s most desirable nature. While its population has grown quickly over the past 20 years, the city has historically been, and is forecasted to continue, being one of the most supply insulated submarkets in the entire Seattle metropolitan area. This has caused the barrier to entry to be extremely high, with median home values exceeding $1.6 million. Consequently, the median household income in Sammamish is about $215,000 higher than any other US city with a population over 50,000.
SKY Sammamish is located along 228th Ave., the city’s primary north and south thoroughfare with access to both I-90 (to the south) as well as SR-202 (to the north). The property was developed as a phase of the expanding Sammamish Town Center ‒ a multi-phase, mixed-use development project that will serve as the new town center for Sammamish. The property is the only housing located within the town center development and sits adjacent to a variety of commercial spaces, retail, and food options. Most notably, the site is adjacent to Metropolitan Market, an upscale Seattle-based grocery chain.
The business plan is a core-plus investment with moderate upgrade characteristics. While the asset currently offers a best-in-class amenity package and well-appointed living units, Security Properties has identified several opportunities to further emphasize these strengths.
According to Alex Gauper, Senior Director at Security Properties, the acquisition was made because, “SKY Sammamish is a prime example of our firm’s investment thesis of identifying newer-vintage assets in markets with high barriers to entry and a diverse mix of stable drivers. We feel that we have the best asset in a submarket with a very limited historical supply, excellent schools, and strong demand for high-quality housing. The Issaquah and Sammamish submarket has been a strong performer for us for many years and we are excited to add to our existing portfolio in the area.”

LEWISVILLE, TX – Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, the nation s leading builder of luxury homes, and joint venture partner The Davis Companies (Davis), announced the grand opening of Whitlow, a new four-story luxury apartment community in Lewisville, Texas. Financed with a construction loan from Citizens Bank, Whitlow commenced construction in 2021 and welcomed its first residents in February 2024. The community recently celebrated its grand opening with a ribbon cutting ceremony with project partners, as well as current and future residents.
We are excited to introduce Whitlow to the charming community of Lewisville, said John McCullough, President of Toll Brothers Apartment Living. Whitlow represents our continued dedication to developing upscale residences in highly desirable markets, such as Dallas-Fort Worth, while providing an elevated living experience that exceeds the expectations of modern renters.
Offering a mix of 420 studio, one-bedroom, and two-bedroom floor plans, Whitlow s apartment homes are designed with high-end finishes, including quartz countertops and a tile backsplash, Whirlpool stainless steel appliances, and upgraded hardware and plumbing features. Each residence is thoughtfully designed with oversized closets with built-in storage and shelving, tiled showers with glass enclosures, hardwood-style flooring in the living areas, and smart home technology, including keyless entry and smart thermostats. Select residences also feature soaking tubs, private balconies, and terraces. Private garages are also available.
Whitlow s amenities are curated to both foster connection and support residents personal pursuits. The grand lobby and resident lounges offer a Starbucks Serenade Bar, entertainment kitchen and bar, and game lounge with billiards and shuffleboard. The community features a saltwater pool with a sundeck and private cabanas, an outdoor lounge with grilling stations, a sky lounge and resident bar, and an outdoor sky deck and sun lounge with fireplace. Residents can also enjoy the fitness center with strength, cardio, and flex studios; private coworking spaces and conference room; and pet park and spa.
Whitlow sets a new standard for luxury living in Lewisville by combining modern design with the warmth of Texas hospitality, said Tommy Rhodus, Managing Director of Toll Brothers Apartment Living in the Central region. Our residents enjoy the small-town charm of Lewisville, proximity to Lewisville Lake, and easy access to Dallas and DFW International Airport.
The grand opening of Whitlow represents Davis commitment to investing in best-in-class multifamily assets throughout the Sunbelt region and nationwide, providing the high-quality, exceptionally located living options that residents look for, said Mai Zhang, Senior Vice President of Asset Management at Davis. We re thrilled for this opportunity to expand our housing portfolio and build on our longstanding relationship with Toll Brothers to deliver this state-of-the-art project to the Greater Dallas region.
Whitlow is ideally located in Old Town Lewisville. The community is surrounded by boutique shops, casual and fine dining, and Lewisville s historic district. Its location also provides easy access to recreational areas, including LLELA Nature Preserve and Lewisville Lake, and offers convenient connections to Dallas via road and rail, making it an attractive location for those seeking a balanced lifestyle.

SAN FRANCISCO, CA – Hamilton Zanze, a leading San Francisco-based multifamily real estate investment firm, announced it has sponsored the purchase of The Morris, a 19-story, 344-unit Class A apartment community in Nashville, Tennessee.
Hamilton Zanze sponsored the transaction through HZ Capital Partners Fund I, its discretionary fund that targets the acquisition of multifamily properties, alongside joint venture partner Lionstone Investments. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property, which is in the heart of Nashville’s historic Music Row and immediately proximate to Vanderbilt University and Vanderbilt Hospital.
“We are pleased to sponsor the acquisition of this exceptional multifamily asset,” said David Nelson, President and Chief Investment Officer at Hamilton Zanze. “This is a transaction in which our relationships and persistence produced a generational piece of real estate at a time of dislocation in core, infill multifamily. The Morris is well-positioned to capture future growth as supply slows down over the next 18 to 24 months.”
Located at 818 19th Ave. South, The Morris was built in 2017 and offers studio, one- and two-bedroom apartment homes. Units range in size from 557 to 1,104 square feet. The homes feature designer finishes, stainless steel appliances, private terraces, 10- to 16-foot ceilings, full-size washers and dryers, hardwood-inspired flooring, floating bathroom counters and plush carpets in the bedrooms. Select homes contain smart-home technology, deluxe wine chillers and exposed concrete ceilings, columns and walls.
“Lionstone’s research led us to this location, which scores prominently in our proprietary rating system,” said Trisha Mantri, Vice President of Acquisitions at Lionstone Investments. “This investment represents the opportunity to purchase the asset at an attractive basis below replacement cost in a high-growth market.”
Community amenities include a rooftop pool with glass overlook, professional-quality music studio, rooftop performance venue, a 19th-floor sky lounge, fitness center, private yoga studio, concierge services, EV-charging stations, pet spa, internet cafe, coffee bar and indoor bike racks.
Located just outside of Downtown Nashville, The Morris offers residents walkable access to the abundant nightlife, restaurants and shopping destinations found in the Music Row and Midtown areas. The community also is notable for its proximity to The Gulch, an urban development on the edge of the Central Business District that features boutique hotels, live music venues, breweries and a diverse array of restaurants.
The Morris sits on the site of country music icon Dale Morris’ former office. Morris has represented such major artists as Kenny Chesney, Martina McBride, Alabama, and Jake Owen.

EL CAJON, CA – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Lexington Green Apartments, an affordable housing complex in El Cajon, Calif. CPP partnered with co-developer The Hampstead Companies on the deal. This is the second community in El Cajon for CPP, joining Park Villa Apartments.
Lexington Green Apartments is located in a primarily residential neighborhood two miles east of downtown El Cajon, which sits 17 miles east of downtown San Diego. Originally built in 1970, the property last underwent a tax credit renovation in 2007, which replaced some, but not all, original building systems. The property consists of 144 units, spread across 12 two-story residential buildings. CPP s total development investment is approximately $80,000,000, which includes the purchase price of $52,880,000 and estimated renovation costs exceeding $80,000 per unit.
Lexington Green Apartments aligns with one of CPP’s core philosophies of strengthening cornerstone communities in the neighborhood while extending the affordability of the community, said Evan Cramer, Assistant Development Manager at CPP. We hope to accentuate the feeling of pride that Lexington Green’s residents have for their community while providing the physical upgrades necessary to ensure the property remains a prominent piece of the community for many years to come.
The renovation will exceed the 10% energy savings requirement from the California Tax Credit Allocation Committee (CTCAC) through the replacement of all windows with energy efficient vinyl retrofit windows, water heaters, Energy Star appliances, and energy efficient LED light fixtures.
At Lexington Green, incorporating green, energy-saving appliances and fixtures allows us to weave sustainability into the residents daily lives and helps further our goal to create a more sustainable future, John Fraser, Vice President CPP – East.
Additional upgrades will include dryrot repairs, flooring replacement, new cabinets and countertops. ADA-complaint upgrades will be made for units and path of travel throughout the property.
CPP and The Hampstead Companies are partnering with LifeSTEPS to provide instructor-led adult educational classes including financial literacy, computer training, resume building, nutrition, exercise, parenting, and more. LifeSTEPS will also provide individualized health and wellness services and programs such as crisis intervention, practical counseling and emotional support, physical and mental health assessments.
Renovations are expected to be complete by August 2025. With CPP’s involvement, the property s previously expired affordability status will be extended until 2044 under a renewed Section-8 Housing Assistance Payment (HAP) contract.
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC) and California Debt Limit Allocation Committee, who issued and allocated 4% LIHTC and Tax-Exempt Bonds, WNC & Associates, and Ready Capital.

LOS ANGELES, CA – Affirmed Housing, a leading provider of affordable housing throughout California, announced the completion of The Iris, a new, affordable and supportive housing development serving low-income and formerly unhoused Angelenos in West Los Angeles. A special ceremony was held to commemorate the project s grand opening and attended by Councilmember Traci Park.
Building more affordable and permanent supportive housing is a critical priority and core strategy in our comprehensive and citywide effort to confront the homelessness crisis, said Los Angeles Mayor Karen Bass. For the first time in six years, homelessness is down in the city as a result of public-private partnerships and a shared commitment to urgently house Angelenos. This new development continues that momentum. Now, many more Angelenos will have a roof over their head and the care and services that they deserve.
The Iris is another example of our efforts to bring comprehensive solutions to Council District 11, said Los Angeles City Councilwoman Traci Park. This project will make a real difference for working families on the Westside, while also providing a home with wrap-around services to the formerly unhoused, putting them on a pathway to a purposeful life.
The Iris is a six-story development comprised of 61 new homes that come in a mixture of studios, one-, two-, and three-bedroom apartments. Nearly half of the apartments are dedicated to supportive housing for formerly unhoused residents earning 30 percent of the area median income (AMI), and the remaining apartments are set aside for family households earning between 30 and 60 percent AMI, as well as one property manager unit. Several shared onsite amenities are incorporated throughout the building, including a laundry room, mail room, management and services offices and a large community room with a kitchen and media area. The rooftop deck features a lounge area and a community garden with planting beds available to residents.
The Iris is Affirmed Housing s second project to open in Los Angeles this year. Lumina, a new, supportive housing development with onsite services for unhoused veterans and people with disabilities recently opened in Chatsworth.
The Iris and Lumina both arrive at a critical time. Vulnerable Angelenos need more than just a roof over their heads; they need a safe environment to stabilize, reacclimate and begin the next chapters of their lives, said Affirmed Housing President Jimmy Silverwood. These projects deliver a combination of housing, care and support to help residents do all of that and be successful in living their best lives for the long term. These projects also demonstrate the city s commitment to housing citizens using compassionate, people-centric solutions that make the region a better place to live.
In addition to housing, The Iris residents have exclusive access to onsite supportive services and care provided by The People Concern, one of the region s largest social services agencies dedicated to providing integrated and comprehensive care to people experiencing homelessness, helping them break chronic lifecycles of living on the street. Social service and case manager offices are located on the ground floor in secured space adjacent to a break room for service and staff personnel. The Iris location in a high resource area, just off the 405 freeway, also fosters more autonomous living, allowing residents to conveniently access offsite amenities that include schools, grocery stores, public parks, a library, a medical clinic and public transportation.
The Iris is funded through a combination of sources, including the City of Los Angeles, deferred developer fees, and federal and state tax credits. The Housing Authority of the City of Los Angeles is providing project-based vouchers for the supportive homes.
Bank of America is proud to have helped finance The Iris, bringing much needed affordable and permanent supportive housing to West Los Angeles. This public-private partnership led by Affirmed Housing in partnership with the City of Los Angeles has created a new, high quality affordable housing community with critical services to help residents regain personal and financial stability, said Garrett Gin, Bank of America Los Angeles market executive.

KANSAS CITY, MO – BAM Capital announced the latest addition to the BAM Multifamily Growth & Income Fund IV portfolio, Altitude 970, a premier institutional-quality apartment community. Completed in 2018, Altitude 970 sits in the thriving Kansas City, Missouri market, comprising 291 luxury apartment units that are superior to the competitive set.
Altitude 970 is strategically located in an area experiencing robust economic growth, a growing population, and thriving job markets. The property’s proximity to the Kansas City International Airport and the KCI 29 Logistics Park offers residents exceptional access to current and incoming employment opportunities. This favorable economic profile supports strong rental performance and enhances the property’s appeal to potential residents.
Altitude 970 presents a significant investment opportunity within BAM Multifamily Growth & Income Fund IV. The property has the potential for rent increases consistent with market comps, enhanced ancillary income, and reduced expenses through operational efficiency. With a 98% occupancy rate, The BAM Companies’ vertically integrated platform is committed to maintaining high occupancy levels through its proven methods and strategic operational expertise.
“Our company’s foundation is property management and operations,” says Tony Landa, Chief Investment Officer at The BAM Companies. “The firm is only as good as its people on the ground and on-site. The operations team is paramount to our success.”
The acquisition underscores BAM Capital’s commitment to providing premium assets and tangible returns for its partners and stakeholders. Altitude 970 enhances the Fund IV portfolio, offering substantial income potential for investors that aligns perfectly with BAM Capital’s strategic vision and investment criteria. Located in the economically vibrant area of Kansas City, Missouri, Altitude 970 is poised to deliver strong returns through strategic management and market positioning.
The property features unique amenities that enhance the living experience for residents, including a pedestrian-friendly trail to upscale retail, a resort-style pool, a fitness center, a movie theater, recreation areas, a rooftop lounge, and more.
“BAM Capital isn’t a commodity buyer,” Landa declares. “Evaluating key differentiators that separate the asset you seek to acquire from the competitive set is critical when acquiring property. It strengthens the underlying rent assumptions to your acquisition proforma.”
The Northland submarket, where Altitude 970 is located, has experienced substantial rent growth and is projected to continue this trend, further enhancing the investment’s potential. Additionally, the area around Altitude 970 is seeing significant economic developments.
“The year-over-year rent growth stands at 3.7% as of Q2-2024, which is ranked #3 nationally according to Yardi,” Landa reports. “Deliveries relative to total inventory in this mark is well below the national average, and it plays a significant role in apartment fundamentals.”
“BAM Capital has been actively acquiring. The best opportunities come when others see pitfalls. Fortunately, BAM Capital has acquired trophy assets at an attractive investment basis,” says Landa. BAM Capital’s commitment to strategic management ensures that Altitude 970 maintains high occupancy levels, optimizes rents, and manages controllable operating expenses. The property’s prime location near significant economic drivers and unique amenities makes it an attractive option for residents, further supporting its strong rental performance.