WASHINGTON, DC – The District of Columbia Housing Finance Agency (DCHFA) issued $51.2 million in tax exempt bonds and underwrote $31.5 million in federal Low Income Housing Tax Credit (LIHTC) equity for the construction of Park Morton Phase I. A part of the Deputy Mayor for Planning and Economic Development New Communities Initiative, this project will help revitalize this transit-oriented, amenity-rich neighborhood and provide 40 public housing replacement units.
The Park Morton redevelopment has been a labor of love. The journey for this project has taken over a decade and under Mayor Bowser s leadership we have finally crossed the finish line. Ward 1 is a community of opportunity; the residents who live in this redevelopment will be close to transit, amenities, strong schools and employment centers, stated Christopher E. Donald, Executive Director/CEO, DCHFA. Residents should have the opportunity to live in healthy, beautiful, affordable housing in all of the District s great neighborhoods. Park Morton will grant that opportunity to 142 individuals and families.
The $105.3 million development will consist of 19 efficiencies, 73 one-bedrooms, 49 two-bedrooms and one four-bedroom unit. All units will be reserved for residents earning 80 percent or less of the area median income (AMI); the 40 replacement public housing units will be reserved for individuals earning 30 and 50 percent or less AMI.
The Community Builders and Dantes Partners are the developers of Park Morton Phase I. The property will be Enterprise Green Communities certified, and it will include a rooftop solar system and 14,000 square feet of green roof area. Other amenities will include a rooftop lounge, fitness room, courtyard spaces, meeting lounges, a pet grooming room, bike storage and 71 garage parking spaces. The garage parking will be free on a first come first served basis. Residents will be only 0.3 miles from the Petworth Metro Station.
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.

INDIANAPOLIS, IN – BAM Capital, a multifamily syndication company based in Indianapolis, IN, announced its most recent acquisition for the BAM Multifamily Growth & Income Fund III: Gateway Crossing.
Gateway Crossing is a 160-unit institutional quality, garden-style apartment community that was developed in 2004. It is located in Indianapolis, IN, and situated near major economic drivers, outstanding schools, and upscale retail areas.
Gateway Crossing is extremely well located and offers its residents a diverse set of floor plans along with a comprehensive amenity package. This purchase is consistent with BAM Capital s investment thesis of acquiring assets that provide our investors with stable cash flow, appreciation potential, and capital preservation, says Tony Landa, Chief Investment Officer.
The combination of job and population growth coupled with low supply has had a positive impact on the apartment fundamentals in the Indianapolis MSA for a long time, says Ivan Barratt, Founder & CEO. These strong fundamentals have resulted in substantial dividends to our investors.
The BAM Companies (BAM Capital, BAM Management, BAM Construction) is a vertically integrated real estate organization. Combined, the company has over 180 years of experience among its Executive level staff. With more than $700MM in assets under management, $152.5MM in total distributions to investors to date, and 900+ investors across 40+ states, BAM Capital is a proven sponsor with a solid track record.
Gateway Crossing will join Autumn Ridge, Hamilton Station, and The Bristol as part of BAM Multifamily Growth & Income Fund III. Autumn Ridge is located in the Des Moines, IA MSA, while Hamilton Station and The Bristol are both located in the Indianapolis, IN MSA. This offering is open to accredited investors only. To learn more about BAM Capital or this offering, please visit our website.

HOUSTON, TX – RPM Living announces the acquisition of Ashton on West Dallas in Houston s Montrose submarket, in the heart of the city s urban core. The acquisition marks RPM s 17th acquisition in the greater Houston area and the wrap-style community is the second Houston asset to be added to the RPM Multi-Family Fund I portfolio.
Located within walking distance to Houston s expansive Buffalo Bayou Hike and Bike Trail, Ashton on West Dallas is in a highly convenient location with immediate access to the city s central business district and multiple city parks. Surrounded by Houston s most vibrant entertainment districts and attractions, the community is near a variety of neighborhood bars and retail that make up the Montrose, Midtown, and Washington Ave. neighborhoods.
Built in 2013, Ashton on West Dallas features 246 units with 10-foot ceilings throughout, elevator-serviced corridors, and a stand-alone 24-hour fitness studio. Modern one- and two-bedroom residences have floor-to-ceiling windows, wood floors, and stone counters.
Ashton on West Dallas provides us great opportunity with the potential for outsized rental growth given the area s limited construction pipeline and Class A absorption projected to remain strong in light of the increased cost of home-ownership and Houston s consistent population growth, says Hank Farrell, Chief Executive Officer of RPM Living Investments.

ROCKLEDGE, FL – CONAM Multifamily Partners Fund III, a discretionary fund sponsored by The CONAM Group, announced the purchase of Rockledge Flats, a Class A, 247-unit multi-family apartment community near Florida s Space Coast in Rockledge, Florida.
Completed in late 2021, the 10-acre luxury apartment community consists primarily of two four-story elevator-served structures housing 247 units. A standalone, single-story building serves as the leasing office and amenity clubhouse and features a 24-hour fitness center, resident lounge with billiards table, and conference room.
Positioned north of the indoor amenity structure and between the two four-story residential structures is an outdoor kitchen with two gas grills and an oversized zero-entry pool with pergolas, lounge seating, and a poolside firepit. The best-in-class apartment interiors boast 10 ceilings, abundant natural light, stainless steel appliances, quartz counters, ample storage and closet space, and full-size washers and dryers.
Residents at Rockledge Flats have an easy commute to the robust job centers of the Space Coast, and an influx of local businesses attracted to Rockledge s main street initiative has contributed to a thriving local community centered almost directly in front of the property. In further benefit to Rockledge Flats residents, the broader region has seen surging employment in technology industries, specifically the high-wage scientific research and development sector, which has grown over 75% in the past five years. Residents also benefit from the newly constructed Publix-anchored retail center located a short distance from the property, plus the abundance of desirable amenities in the master-planned Viera community quickly accessible via US HWY 1.

RIALTO, CA – Plant Prefab, the first Certified B Corporation building technology company dedicated to sustainable design, materials, and operations, announced that it has secured $42 million in Series C and other funding to support the company s capacity expansion and increased multi-unit housing production. The Series C was led by Gerdau Next Ventures, the corporate venture capital program of Brazilian steel producer Gerdau, with additional investments by Asahi Kasei, Brown Angel Group, ICT Capital and Unreasonable Collective. The round also included debt and equipment financing from Western Technology Investments and ATEL Capital Group. All parties are existing investors in Plant Prefab, reflecting strong belief in the company s growth and market opportunity.
We are gratified by this vote of confidence from our investors, who recognize the opportunity to further scale our solutions for multifamily and single-family community developments, said Plant Prefab Founder & CEO Steve Glenn. The Series C funding will enable completion of the Arvin Hub — Plant Prefab s first automated factory and regional production hub and the country s first hybrid panel and module manufacturing facility — which will provide the additional capacity, increased velocity, and expanded geographic reach to serve our target markets.
With a national housing shortage estimated at four million homes, the most in-demand urban infill and resort markets have been especially difficult for builders to address due to diverse local zoning and code requirements, skilled labor shortages, high labor costs, and/or short building seasons, all of which dictate tailored solutions. Plant Prefab s patented Plant Building System™ was specifically designed for such challenges, utilizing advanced engineering in combination with specialized Plant Panels™ and Plant Modules™ to accommodate modular, panelized, and hybrid modular/panelized building solutions. The system addresses the design and buildability problems of all-modular or all-panelized approaches as well as the unpredictable timelines and labor challenges that can lead to massive schedule and cost overruns in site-based building.
The Arvin Hub will enable full industrialization of the Plant Building System, allowing Plant Prefab to take on larger multifamily and single-family community developments. At scale, the factory will be capable of producing over 900,000 square feet of housing (equivalent to over 800 housing units) per year, far more time and cost efficiently than the company s existing two factories. The Arvin Hub will also expand Plant Prefab s service area to the entire Western U.S., where the nation s housing shortage is especially severe. The company s pipeline reflects this demand: As of August 2022, contractual backlog totaled more than $85M and prospective business totaled more than $660 million, representing year-over-year growth of 58 percent and 110 percent, respectively. Contracts include workforce, affordable and market-rate housing spanning multifamily, single-family, single-family community and student housing developments.
In addition to completing the Arvin Hub, funds from this financing will also be used to bolster Plant Prefab s engineering, product management, supply chain and project management infrastructure. Digital building data — produced by the company s proprietary engineering platform — will be used to drive automated manufacturing equipment in addition to providing detailed instructions to project partners for efficient on-site installation and finish. The development of curated finish packages for all segments of the market will further streamline project planning and mitigate supply chain-related delays.
Plant Prefab s end-to-end solution ensures optimal efficiency throughout the project lifecycle. This holistic approach and proven ability to standardize almost any design into repeatable components makes the company uniquely suited to address the most high-demand segments of the housing market, especially urban infill, second home, and resort communities in the Western U.S., says Rafael la Porta de Castro, Corporate Development Director for Gerdau North America. Gerdau is proud to support Plant Prefab s leadership in sustainable housing design, production, and operations.
Plant Prefab s data-driven processes produce 30 percent less construction waste than site-based methods, and corporate responsibility initiatives spanning everything from material sourcing to component shipping efficiency have helped the company achieve carbon-neutral operations since 2020. The Arvin Hub is being constructed to Plant Prefab s strict environmental standards for minimal resource consumption and will be fully solar-powered. The company plans to continue scaling its sustainable housing production through a hub-and-spoke model that will eventually serve the entire continental U.S. Standardized Plant Panels will be produced at highly automated, high-volume regional hub facilities with consolidated resources, while Plant Modules will be assembled at spoke facilities that are located closer to customers to minimize shipping costs and on-site finish work.

INDIANAPOLIS, IN – Real estate private equity firm Gray Capital has closed on their acquisition of Sycamore Terrace Apartments, a 250-unit luxury multifamily apartment community located in Terre Haute, IN.
Gray Capital’s strategy for this project includes repainting exteriors to enhance curb appeal, installation of a controlled access and gate system at the property, cosmetic improvements for the club house, and improved on-site management of the property through Gray Capital’s property management company, Gray Residential.
“Sycamore Terrace is already a best-in-class asset, and our improvements at the property will ensure that Sycamore Terrace continues to set the standard for luxury apartment living and meet the needs of a growing community” says Spencer Gray, President and CEO of Gray Capital.
George Tikijian, Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield represented the seller in the transaction, with Gray Capital representing itself.
Sycamore Terrace is the third property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund, and follows the acquisition of Club Meridian in Lansing, MI and Indianapolis apartment property Stonybrook Commons earlier this year.
Gray Capital’s acquisitions in 2022—Sycamore Terrace, Club Meridian, and Stonybrook Commons—total over $127 million and are part of Gray Capital’s $775+ million in assets under management and more than $2 billion in commercial real estate transactions to date since its founding in 2015.

RANCHO CUCAMONGA, CA – Wood Partners announced the groundbreaking of Alta Cuvee, located in Rancho Cucamonga, CA. Located within the Inland Empire, Alta Cuvee marks Wood Partners’ second development within the area, which has been experiencing one of the highest growth rates in the nation. With the construction currently underway, the community is set to open in late 2024 with pre-leasing in Fall 2024.
“As the Inland Empire continues to experience a massive amount of growth and development, we are excited to break ground on our second Wood Partners residential community, Alta Cuvee,” said Joe Gambill, Managing Director for Wood Partners. “Alta Cuvee is being developed on the heels of the very successful Wood Partners developed community, Alta Upland. We are thrilled to continue expanding in the Inland Empire.”
Located in Rancho Cucamonga at the intersection of Foothill Boulevard and Etiwanda, Alta Cuvee residents will have access to several major employers—including XPO Logistics, Kimberly-Clark, Amazon and several major hospitals. The residential community is also near Victoria Gardens, a 1.5 million square foot open air entertainment and shopping center. Located only 1.5 miles away, Victoria Gardens includes 170 upscale retailers like Apple, Pottery Barn and Williams Sonoma, as well as a performing arts center and weekly Farmer’s Market.
Once complete, Alta Cuvee will offer 260 apartment homes comprised of one-, two- and three-bedroom floor plans, including a limited selection of two-story floor plans. All homes will feature high-end finishes including stainless steel kitchen appliances and front-load washer and dryer sets, as well as wood-style flooring in main living spaces.
Alta Cuvee residents will also have access to a variety of attractive amenities, including a resort-style pool with a tanning deck and spa, outdoor fire pits and BBQ areas, bike storage areas and an on-site pet park. Community amenities include an indoor clubhouse with an entertainment kitchen, fitness center with a yoga suite, business center and conference room, and commercial retail spaces. There are also multiple courtyards with beautiful gardens for socializing.

HOUSTON, TX – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, announced that The Oliver, an art-inspired community, is now pre-leasing.
The Oliver, which is named after the creator of the grain elevator Oliver Evans, is the only podium project in the market and is in the heart of the Sawyer Yards neighborhood, which is home to the largest concentration of artists in Texas – nearly 5,000 artists work within a quarter mile of the community in old grain silos and warehouses that have been repurposed for studio space.
“We are extremely excited about the neighborhood, Sawyer Yards, for this incredible project,” Ned Dodington, Director of Development, said. “Thoughtfully designed, with smart home technology in each apartment and great community amenities, like the Horizon Skyline Lounge and The Kiln Outdoor Kitchen & Grill, The Oliver creates an environment based on a curated art gallery, which includes the community’s podium style design that provides a more-refined experience with higher views and an overall more attractive building. It translates fine art and art collection into a residential experience in a prime location.”
The Office of Michael Hsu —Texas’ foremost architecture and interiors group—designed The Oliver’s interior with a style that blends clean lines and the industrial history of the neighborhood with a color and materials palette of contemporary art. The community features a refined and invigorating atmosphere, amid 2- and 3-dimensional art collections curated by Capital Integrated Art from Sawyer Yards artists.
Individual apartment homes are available in studio, one- and two-bedroom floorplans with some micro units available. Many of the units will feature floor-to-ceiling glass windows. The Oliver also works with owners of local businesses to secure resident-only perks and discounts – for example, various local breweries welcome new residents’ home with a round of beers in their family-friendly taprooms.
The fitness room, club room and pool deck will have uninterrupted views of Houston’s downtown sky lounge and feature best-in-class equipment.
The neighborhood is walkable, packed with nightlife amenities and is becoming the new center focus point for Houston. The community is well positioned with easy access to employment being just 3 minutes from downtown and 15 minutes from the energy corridor.

CHICAGO, IL – Interfaith Housing Development Corporation (IHDC) announced the groundbreaking of the Conservatory Apartments. Situated just north of the landmark Garfield Park Conservatory in Chicago, the Conservatory Apartments will serve two populations that in need of permanent, supportive housing with forty-three new, affordable units which are targeting goals that, when achieved, would set a new standard for affordable housing.
IHDC is poised to demonstrate that the Passive House Certification for large, affordable, multi-family housing projects is within reach in a Midwestern climate. “IHDC is committed to providing the healthiest and safest affordable living environments possible, that’s why we continue to push for programs that advance human and environmental health through sustainable design,” says Perry Vietti, President of Interfaith Housing.
Conservatory Apartments was designed by national architecture and engineering firm HED, who has worked with IHDC before on affordable housing developments with aggressive sustainability goals. “IHDC’s goals for this project are twofold,” says Susan King, FAIA, LEED AP BD+C, LFA, Sector Leader with HED and Principal in Charge of the Conservatory Apartments design team, “First, the building is being designed to meet Passive House Standards and achieve Passive House certification through the Passive House Institute of the United States (PHIUS), which is a next-generation passive house standard that combines thorough design verification protocol with a stringent QA/QC program to deliver better buildings. Secondly, the project has been selected to be a participant in the Living Building Challenge (LBC) Pilot Program for affordable housing.” As a pilot participant in the LBC Pilot Program the design team was able to participate in a biophilic design workshop which then informed the interior design. The design team utilized the simulation of natural forms throughout the interior via specified light fixtures and patterned glass. The incorporation of a low maintenance moss wall in the building lobby is both a way of bringing nature inside as well as a nod to the namesake conservatory a block away. Through a biophilic design approach, the Conservatory Apartments will tell a story about nature that will tie it to its place and time.
Once successfully constructed, Conservatory will be the largest multi-family building in Chicago to meet this PHIUS standard. This is significant because it will demonstrate that achieving these goals is not only attainable at a practical scale, but in a region with a demanding four seasons climate. This sends a strong message about not just the possibility but necessity for affordable housing to prioritize resident and environmental health through innovative design. To date, the only other Passive House Certified affordable housing project in Chicago holds six units, compared to Conservatory’s forty-three. To meet these goals, Conservatory will be equipped with a variety of energy saving and efficient features, including complying with the ComEd energy efficient guidelines, 14 kw photovoltaic systems (solar panels), energy saving appliances and lighting, and through the specification of water saving plumbing fixtures, indoor water use will be reduced by 25%. Conservatory will also be transit-oriented, placed on a site less than 1,500 ft from the Conservatory green line stop. The project will be constructed by the locally-based Henry Bros Co.
Of the Conservatory’s forty-three new units, thirty-four will target individuals who are chronically homeless and who have a disability, and nine are set aside for persons from the Illinois State Referral Network (SRN). To provide these populations with supportive programming in addition to housing, IHDC is partnering with Deborah’s Place, a nonprofit provider of housing and services to persons who have experienced homelessness, and Trilogy Behavioral Health, a comprehensive integrated care agency that enables people in mental health recovery to build meaningful and independent lives.
“Deborah’s Place and Trilogy will provide services and care to the formerly homeless residents that will reside in Conservatory’s forty-three units,” says Vietti, “Our mission is to create high-quality, financially and environmentally sustainable, affordable housing for low-income individuals and families that provide a safe, healthy and thriving environment with supportive services as a foundational strategy. Conservatory is an excellent example of that mission taking form in Chicago.”
Residents will benefit from the partnership of service providers as has been demonstrated in other projects. Susan Doig, Interim Chief Executive Officer at Trilogy says, “We are so excited to partner again with IHDC. Conservatory will allow us to serve more people with disabilities moving out of long-term care into independent apartments and people who have lived experience with homelessness will be housed in their own apartment. We have found that collaboration is what makes these projects successful, and we are honored to be a part of this innovative team.”

FAIRFAX, VA – The Milestone Group has announced its acquisition of a three-property, value-add, multifamily portfolio totaling 870 units in Fairfax County, Virginia, executing an off-market acquisition through a loan assumption that saved significant prepayment costs. The purchase price was not disclosed.
“The properties in this portfolio are well-located and of institutional quality, providing Milestone with a strong mark-to-market opportunity to improve performance through strategic capital enhancements and a sophisticated operating platform,” said Milestone Vice President for Acquisitions, Jason Wise. “These communities reflect Milestone’s continued interest in acquiring assets in resilient, high barrier-to-entry markets, close to major employment centers, great schools, and abundant amenities. We look forward to executing our business plan and modernizing the assets to improve their position in the market.”
The Acquisition Included:
The Ellipse at Fairfax Corner in Fairfax, VA features one and two-bedroom apartments conveniently located near the amenity-rich Fairfax Corner and Fair Oaks Mall destination retail centers. The property is minutes from I-66, Route 50, and Route 28, providing exceptional access to job destinations in Fairfax, the Dulles Corridor, Tysons, and Washington, D.C. Residents enjoy spacious apartments with fireplaces, a fitness center, pool, business center, and tennis courts in a mature, wooded setting.
Windsor at Fair Lakes in Chantilly, VA provides one, two, and three-bedroom floor plans in luxury apartments within walking distance to Whole Foods and minutes to Fairfax Corner and Reston Town Center amenities. A resort-style pool, state-of-the-art fitness facility, dog park, and convenient access to the WO&D bike trail provide residents with exceptional outdoor activity options while living close to key transportation routes.
The Townes at Herndon Center near historic downtown Herndon, VA features two and three-bedroom open floorplan townhome apartments in a walkable setting convenient to grocers Whole Foods, Trader Joes, and Harris Teeter, and minutes from destination retail at Reston Town Center. The community features a pool and fitness center as well as one and two-car attached garages for each unit.
Milestone acquired the portfolio in its discretionary value-add fund, Milestone Real Estate Investors V, LP (Fund V), bringing Fund V to nearly 6,000 multifamily units and Milestone to 10,000 multifamily units across the United States. Fund V seeks to create growth for investors by capitalizing on risk-adjusted, value-oriented opportunities through direct purchases, entity purchases, joint ventures, and recapitalizations. Milestone has a reputation for specifically solving for a seller’s strategic or structural requirements.
“We focus on creative deal structures to generate win-win solutions with sellers. In this case, we were able to save over $20M in prepayment costs by assuming the existing financing,” said Chris Bartlett, Milestone’s Head of Capital Markets. “Although loan assumptions can be an arduous process, a significant number of our investments during the last five years have been through loan assumptions, which we believe differentiates us when working with sellers as we are able to efficiently work through the process while saving substantial prepayment penalties.”