DETROIT, MI – The partnership of Oxford Capital Group, Hunter Pasteur, and The Forbes Company announced the topping off of the multi-family project, Perennial Corktown in Detroit, Michigan. The community will begin pre-leasing apartment units in Spring 2023.
The project includes the seven-story apartment complex, seven townhomes, a three-story parking garage, and more than 12,000 square feet of retail space. It is adjacent to the luxury lifestyle Godfrey Hotel that Oxford and Hunter Pasteur are separately developing, which will open this summer. Leasing for tenants in the retail space at Perennial Corktown is currently underway with the first lease already signed.
The development is set to open in November 2023, debuting 188 units including a combination of studio, 1-bedroom, and 2-bedroom, in addition to seven luxury 3-bedroom townhomes. Residential tenants of Perennial Corktown will have access to an array of premier onsite amenities, including an outdoor pool and deck area, community co-working space, workout room with a yoga studio, outdoor amenity deck, club room with private dining and rentable rooms, demo kitchen, and more. With the goal of creating a strong community within the building, Perennial Corktown will activate unique programming in common spaces for residents to enjoy throughout the year.
“With Corktown’s rich history, increasing visibility, and growing popularity in Downtown Detroit, we are thrilled to join the thriving community of businesses and look forward to welcoming new residents and locals to the Perennial Corktown complex in 2023,” said John W. Rutledge, Founder, Chairman and CEO of Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC.
“We are pleased with the significant construction progress that has been made at our Perennial Corktown Project, and completing the superstructure is an important milestone. We are equally pleased that our projects are bringing to fruition important community benefits, including but not limited to workforce development, employment, tax base, sustainability and infrastructure investment.” said Seth Herkowitz, Partner at Hunter Pasteur.
The complex will feature an expansive 12,000 square feet of retail space across the ground floors of the apartment building and parking garage, which will be ideal for the community of businesses looking to expand in the heart of Corktown, one of the most dynamic and rapidly growing submarkets in Detroit. Corktown Market is the first confirmed business to join the Perennial Corktown with 2,033 square feet of retail space. The market will be a new full-service neighborhood grocery store set to open in the Fall of 2023, and is committed to providing fresh, affordable, and local products to residents, with a full-service deli and coffee bar that includes indoor and outdoor seating.
“As lifelong Detroiters, we couldn’t be more excited to be a part of the Perennial in Corktown! This vibrant community holds a special place in our hearts, and we’re honored to contribute to its growth by the opening of our market,” says Hadwan Hadwan, owner of Corktown Market.
Across the street and opening in Summer 2023, will be The Godfrey Hotel Detroit, a 227-room luxury lifestyle hotel. From Oxford Capital Group, LLC and Hunter Pasteur, the property will feature an indoor/outdoor rooftop lounge with expansive views of downtown Detroit and Corktown, a 6,000 square foot ballroom that will accommodate events of more than 350 guests, an additional outdoor events venue, and a fitness center.

NEW YORK, NY – On behalf of BentallGreenOak and Slate Property Group, Newmark has arranged a $248 million refinancing of The Biltmore, a 464-unit luxury apartment building complemented by 47,397 square feet of commercial space located in New York City’s dynamic Midtown West submarket.
The Newmark team was led by Co-Heads of Newmark Debt & Structured Finance ordan Roeschlaub and Dustin Stolly, along with Senior Managing Directors Nick Scribani and Chris Kramer. Square Mile Capital and Clarion Partners provided the loan.
The recently upgraded asset features a renovated lobby, full floor of upgraded amenities and modernized elevator systems.
“The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and quality assets that offer a mixed-use component remain a top choice for owners,” said Roeschlaub. “We believe that the financing provided by our partners at Square Mile Capital and Clarion will allow for ownership to successfully complete strategic upgrades to this iconic asset,” added Stolly.
The Biltmore was constructed in 2003 and spans 51 stories, featuring stunning views of the city skyline and Hudson River. The 464 apartment units combine upscale finishes with a comprehensive amenity package. Tenant amenities include a 24-hour concierge, fitness center, game room, lounge, movie/TV screening room and roof deck complemented by a 61-space attended parking garage. The commercial space of the property features food and beverage purveyors, convenience-oriented retail, boutique fitness and a medical office.
Ideally situated in New York City’s Midtown West submarket, The Biltmore is favorably positioned in one of Manhattan’s most accessible locations and is conveniently located near Hudson Yards, major Midtown employers, hip restaurants and nightlife destinations, iconic entertainment venues, Columbus Circle, Central Park and Times Square.

WEST HOLLYWOOD, CA – Olympus Property announced the acquisition of Angelene Apartments, a 179-unit apartment community located in West Hollywood, California. Established in 1992 with a steadfast vision of becoming a leader in the multifamily real estate industry, Olympus Property boasts a wealth of experience and a hands-on approach throughout the investment process. The company’s portfolio represents over 27,000 units under ownership and management. Olympus Property is currently invested in fourteen states.
Angelene Apartments offers a rare generational opportunity to own a mixed-use Class A community in one of Los Angeles’ most highly coveted neighborhoods. Built in 2016, the property is located in the epicenter of the world’s entertainment capital and is within a three-minute walk of over 1.5 million square feet of restaurants, bars, and shops along Melrose Avenue. Residents have incredible access to Los Angeles’ most prominent employment centers including Hollywood/West Hollywood, Beverly Hills, Century City, Culver City, Westwood, Santa Monica, and Downtown LA. The project is anchored by 33,500 sq. ft. of ground floor retail currently occupied by Sprouts Farmers Market, one of the fastest growing national retailers.
The acquisition of Angelene Apartments is an exciting opportunity to own and operate a newer vintage asset in one of the region’s most supply constrained markets. “Angelene will be our first acquisition in the highly sought after West Hollywood market,” notes Chase Bennett, Executive Managing Director at Olympus Property. “It’s an exceptionally built property paired with strong market fundamentals, as well as an extremely limited development pipeline. This asset will continue to create value for our investors and Olympus for years to come.”
This state-of-the-art community distinguishes itself with an extensive hotel-style amenity package including a pool deck and clubhouse overlooking West Hollywood, an abundance of outdoor common areas, and a fully equipped fitness center. Apartment homes feature open living spaces and large windows with well-designed and spacious floorplans in a mix of studio, one-, two-, and three-bedroom configurations. Interiors include a curated list of high-end amenities including stainless-steel appliances, quartz countertops, modern cabinetry, 9 ft. ceilings, full-size stackable washers and dryers, and hardwood-style plank flooring.
Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy of Berkadia Institutional Solutions completed the sale on behalf of the institutional seller. Additionally, Tucker S. Knight of Berkadia’s Houston Texas office arranged acquisition financing through Freddie Mac on behalf of Olympus Property.

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.