INDIANAPOLIS, IN – Real estate private equity firm Gray Capital has closed on their acquisition of Echo Park Apartments, a 154-unit luxury multifamily apartment community located in Bloomington, Indiana.
Gray Capital’s business plan includes a core-plus strategy to improve onsite management and significantly reduce expenses through efficiencies with other Bloomington multifamily assets. Gray Capital’s property management company, Gray Residential, is now managing Echo Park as well as nearby apartment property Forest Ridge.
“Gray Capital is actively looking to expand our footprint in the Bloomington market, and Echo Park is an excellent addition to our existing portfolio and for The Gray Fund. Bloomington is significantly underhoused with major deficiencies in A-class market rate apartments, so Echo Park is positioned extremely well. Coupled with our low fixed-rate financing terms that we were able to assume, the asset is set up for long term success ” says Spencer Gray, President and CEO of Gray Capital.
Echo Park is the fourth property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund, and it follows the acquisition of Terre Haute-area Sycamore Terrace, Club Meridian in Lansing, MI, and Indianapolis apartment property Stonybrook Commons in 2022.
Gray Capital’s acquisitions in the past year, Echo Park, Sycamore Terrace, Club Meridian, and Stonybrook Commons, total over $155 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.

FAYETTEVILLE, AR – Premiering in 2024, The Aronson, a much-buzzed-about multifamily, entertainment and retail destination will throw open its doors to Fayetteville and Northwest Arkansas. Starring over two hundred of the regions’ most desirable rental homes, this unique mixed use development will also feature restaurants and the world’s greatest movie theater – the Alamo Drafthouse Cinema + Drive-In. Produced by Catchlight Entertainment, a strategic partnership of the ITEX Group and Time Warp Enterprises, The Aronson will be an entertainment community like no other.
“The Aronson will be a beacon of community and fun for all of Fayetteville and Northwest Arkansas,” said Chris Akbari, Catchlight partner and CEO of ITEX. “Residents will be able to enjoy the convenience of mortgage-and-maintenance-free living in an upscale bike and pedestrian friendly community filled with parks, green spaces and a host of modern amenities.”
The Aronson’s 214 residences will feature a vibrant mix of single, duplex, and triplex homes alongside several garden-style apartment buildings. With conveniences like bike parking, home offices and dedicated garages, the amenity-rich property will also feature a clubhouse, fitness center, pool, playgrounds and dog parks – all just steps from restaurants and movies.
With The Aronson, Fayetteville residents can look forward to exploring a bike-and pedestrian-friendly neighborhood that encapsulates the local penchant for community, excitement, and fun. The Aronson is truly One Blockbuster of a Neighborhood.
The commercial side of The Aronson will be anchored by Arkansas’s first Alamo Drafthouse Cinema + Drive-In. This will not only be the first Alamo Drafthouse in Arkansas, it will also be the company’s first permanent drive-in theater. The Austin-based cinema-eatery will open in 2024 with 798 luxury recliner seats across 8 indoor theaters equipped with 4kdigital projection, including The Big Show, Alamo Drafthouse’s Premium Large Format theater with Dolby Atmos sound and 70mm projection capabilities. The drive-in screen will feature parking for cars and bikes and a view from the beer garden.
Like all Alamo Drafthouse cinemas, the new Fayetteville location will offer a scratch-made food menu, local beers on draft, and craft cocktails brought to guests in their seats by stealthy servers trained to not disrupt the movie experience. Speaking of not disrupting the movie, the cinema chain’s famed No Talking/No Texting policy will be in effect at the location to ensure guests can watch films free from annoying distractions.
Guests are encouraged to arrive up to 30 minutes early to screenings for an ad-free preshow with funny clips, informative video essays, and more. Drafthouse is in the name for a reason, and guests will be able to enjoy a cold drink and chatting with other movie fans at the cinema’s standalone bar and beer garden. The bar will have dozens of beers on tap, craft cocktails, and will be set up to host small events, parties, and screenings and the outdoor beer garden will have a view of the drive-in screen.
The Aronson is named for cinema pioneer, and Arkansas native, Max Aronson (screen name Gilbert “Bronco Billy” Anderson). Considered the first film star, Aronson had three roles in the early cinema hit, “The Great Train Robbery” before going on to found Essanay Studios in 1906, where he was both a producer and star. Aronson grew famous starring in hundreds of silent films as Broncho Billy, the first iconic onscreen cowboy. By 1914 he was dubbed “The King of the Movies” and the following year he recruited rising star Charlie Chaplin to Essanay, where he produced the early classic, “The Tramp,” among other Chaplin productions. Aronson also produced the first Laurel & Hardy title. While Aronson left the film world in the late 1910’s, he was recognized for his role as a film industry pioneer with a 1958 Academy Award.

FORT WORTH, TX – Avanta Residential broke ground on a premier build-to-rent community, Avendale at Chisholm Trail Ranch, in Fort Worth, Texas. This project marks Avanta’s second project in the Dallas Metroplex area and its third project in the state of Texas. Avanta hired Brownstone Construction, Ltd. to serve as the General Contractor on the project.
“We’re excited to expand our footprint in the Dallas Metroplex with this recent groundbreaking on Avendale at Chisholm Trail Ranch,” said Robert Kelly, Senior Vice President of Construction at Avanta. “Fort Worth is one of the five fastest growing cities in the U.S. and we are pleased to offer the City’s residents, a high-quality single-family home rental option.”
Avendale at Chisholm Trail Ranch will consist of 247 one-, two-, three- and four-bedroom patio and townhomes. Community amenities will include a resident amenity center which will feature a clubroom with a kitchen, fitness center, yoga lawn, outdoor living room, and a resort style pool. In addition, there will be resident courtyards, lounge areas, dog parks, walking trails, and playgrounds spread out across the community.
It is conveniently located south of downtown Fort Worth. The Shops at Chisholm Trail Ranch, located across Chisolm Trail Parkway, features several national retailers including Ross, Marshalls, Old Navy, Ulta, Five Below, Famous Footwear, Tuesday Morning, Dollar Tree, Bath & Body Works, America’s Best, Aria Nail Bar, Pacific Dental, AT&T, Sprint, The Joint, Great Clips and Sport Clips and many other retailers.
Avanta plans to deliver homes at Avendale at Chisholm Trail Ranch starting in Spring 2024.

HOUSTON, TX – Fairstead, Houston Mayor Sylvester Turner, City Council Member Tarsha Jackson, and partners announced a $25 million renovation at Coppertree Village Apartments, a fully affordable community located in the Acres Homes neighborhood of Houston, Texas. Fairstead – a purpose-driven vertically integrated real estate company – developed a comprehensive plan of improvements that will deliver upgrades to all 324 apartments, building systems, and throughout the campus.
“This renovation is an important step in continuing to execute and implement projects that support our goal of providing equitable access to decent housing in underserved neighborhoods. Addressing the continued need for housing is key for making a positive impact in this part of our City,” said Houston Mayor Sylvester Turner.
“I’m happy for the people who live in Coppertree. Everyone deserves a decent place to live. I thank Fairstead for putting in the work to make this happen, and I look forward to working with Fairstead to upkeep these apartments and to foster a cooperation with the surrounding community,” said Council Member Tarsha Jackson.
Fairstead acquired Coppertree Village Apartments in September 2021 and immediately started to address the historical issues and needs of the community while it developed the comprehensive renovation strategy.
“Across the country, affordable housing communities are aging and in need of major rehabilitation strategies to sustainably modernize and future-proof them. When Fairstead acquired Coppertree Village, we knew there was a lot of work to be done, but we saw the potential to transform it into a vibrant place that people are excited to come home to,” said Allan Izzo, Director, Development, at Fairstead. “Fairstead is grateful to Mayor Turner, the City Council, Berkadia, R4 Capital, and the Houston Housing Finance Corporation, for believing in our vision and supporting the residents of Coppertree as we begin to modernize the community and deliver the improvements that residents deserve.”
Financing for the rehabilitation is being provided by Berkadia, R4 Capital, and the Houston Housing Finance Corporation.
“Fairstead’s thoughtful and holistic approach to the renovation at Coppertree Village exemplifies their commitment to providing affordable housing that enhances the lives of residents,” said Matthew Napoleon, Senior Managing Director at Berkadia. “Residents of Coppertree Village will benefit from unit upgrades as well as improvements to the community amenities.”
Senior Managing Director Matt Napoleon and Associate Director Joseph Mandeville of Berkadia Affordable Housing secured the loan. The attractive financing played a significant role in getting this deal closed.
“R4 is proud to have provided the tax credit equity financing for Coppertree Village. Fairstead’s rehabilitation will ensure much-needed safe, quality affordable housing will be made available and remain available to residents for their community to develop and thrive,” said Paul Connolly, Managing Director at R4 Capital.
The renovation will include brand new kitchens with new cabinets, countertops, and Energy Star appliances; new bathrooms with upgraded plumbing, new fixtures, and vanities; LED lighting and ceiling fans; carpets will be replaced with LVT flooring; and new Energy Star windows and window treatments will be installed. Roofing, siding, and aging staircases and balconies will be replaced.
A new playground and community garden will be installed, and the existing community building will be fully renovated into a combined leasing office and community center with amenities including a computer room, community kitchen, and library. Perimeter fencing and vehicular access control will be upgraded as part of the security improvement strategy.
Fairstead and Council Member Tarsha Jackson, who represents the district including Coppertree Village, are collaborating on additional services and improvements for residents and the community.

NAPLES, FL – Halstatt Real Estate Partners, a real estate private equity firm, announced the groundbreaking of its latest development, Argos by Soltura. The property is located within five miles of the firm s two other Fort Myers build-for-rent developments, Odyssey by Soltura and Altair by Soltura, which will provide a combined total of 429 units to the MSA. This project represents Halstatt Real Estate Partners third joint venture with Southwest Florida based developer, Soltura Development Group.
“The demand for build-for-rent properties remains strong, and our initial success at Odyssey by Soltura has energized us,” says Steve Iannaccone, principal, Halstatt Real Estate Partners. “In just six months, we achieved 90% occupancy, and tenant interest in this unique rental product has exceeded our expectations despite economic uncertainty. We are addressing worsening housing affordability in Southwest Florida, caused by the current interest rate environment, by offering another highly differentiated rental alternative to the market.
The property will feature 140 units comprised of a mix of one-, two-, and three-bedroom units offered in a clustered, two-story cottage format. All residences will have private first floor entryways and private fenced, landscaped backyards with patios, which provides, on average, 533 sq. ft. of additional living space per unit. The community will be equipped with state-of-the-art amenities, including a luxury clubhouse that will support a leasing center, fitness center, loungeroom/work area, and mailroom as well as a resort-style pool with cabanas.
The property is situated within close proximity to the intersection of two major arterial roads in Fort Myers, Winkler Avenue and Metro Parkway, and also backs up to the N. Colonial Linear Trail, providing residents direct access to a paved bike trail and community park. In addition, the Fort Myers MSA ranked as the sixth fastest growing area in the US according to a 2022 Census Bureau Report, growing 6.8% between July 2020 and July 2021, giving the partnership further conviction in the Fort Myers market.
Southwest Florida continues to benefit from migration as more residents leave the colder and less tax friendly states, said Danville Leadbetter, cofounder of Soltura Development Group. We are very confident in our development team and partnership s combined ability to bring another differentiated rental project to the market.
Halstatt Real Estate Partners identifies value add and opportunistic real estate projects throughout Florida, the Southeast, and Texas. The company partners with project sponsors to develop and implement a strategic business and capital improvement plan to maximize demand driven development and investment opportunities.
Halstatt published a series of white papers on what is driving demand in the build-for-rent space. Our first in the series, titled Evolution of Rental Housing – The Rise of Build-for-Rent, details the asset class while the second piece, Demographic Shift & Lifestyle Preferences Drive Build-for-Rent Demand, outlines the target end user for build-for-rent.

GILBERT, AZ – Wood Partners, a leading national multifamily real estate developer and manager, announced the grand opening of its newest luxury residential community, Alta Cooley Station, in Gilbert, Arizona. Located just southeast of Phoenix, Alta Cooley Station marks Wood Partners’ first development in the Gilbert area, ranked as one of the fastest growing cities in America.
Located at 2550 South Recker Road, Alta Cooley Station puts residents within minutes of the Phoenix-Gateway Airport, San Tan Mall, Verde Cooley Station, the 202 freeway, as well as a wide range of amenities and entertainment options in the East Valley area. The community is also near several of the area’s major employers including ASU Polytechnic Campus, East Valley Institute of Technology (EVIT), Deloitte, Merrill Lynch, GoDaddy and Liberty Mutual.
“With its amazing growth rate, Gilbert is becoming one of the most desirable areas to live in the metro-Phoenix area,” said Clay Richardson, Managing Director at Wood Partners. “We are pleased to open the doors to Alta Cooley Station and look forward to providing our residents with the high level of luxury and comfort synonymous with Wood Partners, and also serve as a true partner for the growing Gilbert community.”
Alta Cooley Station offers 248 apartment homes, providing a mix of studio, one-, two- and three-bedroom floor plans, as well as townhomes with attached garages. Homes features an array of high-end finishes including stainless steel GE appliances, sleek cabinetry with modern accents, quartz kitchen countertops with tile backsplash, wood-style plank flooring, lighted bathroom mirrors, walk-in closets for every unit, as well as full size washer and dryer sets. Select homes feature an upgraded Tech Package for added convenience.
Throughout the community, Alta Cooley Station residents have access to a suite of attractive amenities including a resort-style pool and jacuzzi and BBQ grills. Inside, residents have access to a 24-hour fitness center and yoga studio, club room, performance stage, micro-offices and conference area, Wi-Fi lounge and coffee bar, game room and a speakeasy.
Alta Cooley Station is situated next door to Verde at Cooley Station, Gilbert’s newest retail entertainment center. Verde at Cooley Station offers an array of shopping, dining and entertainment. In addition, Alta Cooley Station’s prime location places residents near more than 2.3 million square-feet of retail and dining space at SanTan Village, as well as the rich history and culture of downtown Gilbert’s Heritage District.

SCOTTSDALE, AZ – Avanti Residential has sold the vibrant 193-unit Dwell Apartment Homes for $41.6 million to Chicago-based 29th Street Capital. The sale allows Avanti to realize its investment objective for the property and continue to reallocate the firm s 9,000-unit apartment portfolio toward newer core-plus properties nationwide.
The authentic mid-century project is located near the intersection of Scottsdale and McDowell Roads and benefits from Scottsdale s high-end employment, retail, dining and entertainment offerings.
Avanti acquired Dwell in 2016 with the expectation that the McDowell Road corridor to the south was ideally positioned for transformational improvements, said Christian Garner, president of Avanti Residential. We are very pleased with the performance of this investment to date, especially given the impressive rental rate growth in the greater Phoenix area over the past few years.
The transaction is accretive to the new owner as well, with 78% of the apartments poised to benefit from planned interior upgrades that will further position the property as an attractive option amid a challenging affordability gap in Scottsdale s new apartment inventory.
Transacting in the current market environment is no small challenge, added Garner. Both sides saw this as a win-win proposition given the yields we have achieved thus far and the value-add opportunity that remains ahead.
Steve Gebing and Cliff David with Institutional Property Advisors represented Avanti in the transaction, while the buyer represented itself.
Dwell was built in two phases in 1963 and 1975, with a mix of studio, one- and two-bedroom apartments and a colorful and charming retro appeal. The complex features three swimming pools, a fitness facility and clubhouse, and courtyard with a barbeque area.
Denver-based Avanti Residential most recently recapitalized its Sunset Peak apartment community in the Denver area, where Avanti plans a $5.3 million renovation. The firm continues to acquire select core-plus and value-add apartments on behalf of its institutional and private capital partners.

CENTERTON, AR – Elevate Commercial Investment Group, a vertically integrated multifamily investment firm based in Dallas, TX announced the acquisition of Watercolors of Centerton, a 232-unit multifamily complex in the booming NW Arkansas.
This is Phase 1 & 2 of the entire complex. Phase 3, another 144 units, is currently under construction and expected to be completed in Summer 2023. Elevate is already set to close on the acquisition of Phase 3 once construction is complete, which will make Watercolors a 376-unit community.
Elevate focuses on a strategy called real estate syndications. This is a term for a group investment among many different investors. Elevate works with busy professionals who want all the benefits of real estate, but don’t want to manage the deal themselves. That’s what Elevate and their team do. Elevate CIG raises capital from high-net-worth investors to acquire the deal and help with any repair/upgrade costs. In exchange for their capital, investors earn real equity in the deal. After closing, Elevate executes their business plan, provides monthly updates, and gives investors a substantial return on their investment.
NW Arkansas is one of the hottest real estate markets in the U.S. right now. A recent Skyline Survey found that the apartment vacancy in this market is “functionally 0%.” The property Elevate just acquired, Watercolors of Centerton, is just 8 minutes away from the new Walmart HQ in Bentonville, which will house 19,000 employees.
“We continue to buy quality assets in thriving markets. There is still a huge demand for housing in the U.S. and especially here in NW Arkansas,” said Jorge Abreu, Co-Founder and CEO of Elevate. “NW Arkansas is experiencing a huge influx of jobs and people moving to the area.”
Watercolors of Centerton is conveniently located at the intersection of SW 14 street and Greenhouse Blvd. Complex amenities include a resort-inspired pool, gym, pickleball court, basketball court, pool tables, and pet park. Elevate plans to invest $1.5M into the property for improvements.

HOMEWOOD, IL – Preservation Equity Fund Advisors (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced their recent acquisition of Freedom Village, an existing apartment community in Homewood, Cook County, Ill. This is PEF Advisors second acquisition in Cook County, Ill. in the past 12 months.
Originally built in 1998 with tax credits from the Illinois Housing Development Authority, Freedom Village is a single 3-story building which serves low-income seniors. Comprised of 198-units, the property includes a mix of 124 one-bedroom units and 74 two-bedroom units. All of Freedom Village s 198-units are allotted at 60% area median income (AMI).
Freedom Village is 98.5% occupied (as of November 2022) and provides an abundance of amenities, both in-unit and within the apartment community. Units include fully equipped kitchens with refrigerators, ranges, dishwashers, 6-panel wood doors, in-unit heating/cooling systems, vinyl plank & carpet flooring and walk-in closets for the two-bedroom units. Within the property, there is a community room with a kitchen, elevators, lounges, outdoor patio with BBQ grills, library, laundry facilities, fitness center and a game room with a pool table. Parking consists of 40 garage spaces and 93 surface spaces.
This project sits in a unique part of Cook County as residents are walking distance to major retail corridors and public transportation, said Ann Caruana, President & Chief Investments Officer at PEF Advisors. There is a high demand of housing in the area, and we hope through our dedication in the preservation of affordable housing, Freedom Village will further serve the community.

SAN DIEGO, TX – Leading affordable housing developer Affirmed Housing announced the grand opening of The Orchard at Hilltop, a mixed-use, urban infill development located in San Diego s Chollas View neighborhood. Situated across multiple parcels on Hilltop Drive, The Orchard at Hilltop delivers apartment homes for lower-income residents, as well as approximately 6,500 square feet of commercial space. The opening marks the completion of the first of a multi-phase effort to redevelop the underutilized surrounding area.
A severe shortage of affordable housing continues to plague so many of our hard-working residents. The Orchard at Hilltop is a great example of how to tackle our housing and homelessness crisis — demonstrating what s possible when we work with community-minded partners like Affirmed Housing, said San Diego Mayor Todd Gloria. Not only have they delivered a beautiful complex that residents can be proud to call home; they have also revitalized an entire swath of land that paves way for new opportunities and new beginnings for many more San Diegans. This project raises the bar, and I look forward to seeing more thoughtful projects and approaches like this in the city s future.
The Orchard at Hilltop enriches the Chollas View community with 113 affordable apartment homes, a hospitality venue destined to become a local landmark, and a renewed stormwater channel that creates a natural wildlife habitat amidst the busy urban context. The development also paves the way for new, market-rate home construction across the arroyo, benefiting San Diego residents at all income levels.
The Orchard at Hilltop breathes new life and fresh opportunities into the neighborhood and demonstrates what s possible when multiple stakeholders come together to execute on common goals, said Jimmy Silverwood, President of Affirmed Housing. By working together, we are able to add much-needed inventory to the region s housing market and deliver a beautiful community that supports quality of life goals for its residents. Affirmed Housing is proud to work with fellow forward-looking partners to make a difference for hard-working families and individuals who deserve to live their best lives.
To activate the land, Affirmed Housing led the mapping charge, combining and cleaning up what were originally a dozen different parcels on nine acres and dividing them into three separate parcels to accommodate the affordable and market-rate developments and the renewed stormwater feature. The overall process involved negotiations with state and federal environmental agencies to uncover creative solutions for bringing housing and economic development opportunities to the community while also protecting the existing natural resources. Affirmed Housing also engaged with the community, applying member feedback to help ensure the design of The Orchard at Hilltop will serve as a valuable resource in the long term.
The Western Alliance Affordable Housing Investments group is very pleased to play a role in bringing essential affordable housing to the Chollas View neighborhood, said Philipp Smaczny, Senior Director of Affordable Housing Finance for Western Alliance Bank. Our team specializes in delivering tailored, flexible financing solutions for residential projects across the country. This exciting investment in San Diego exemplifies our commitment to our clients and communities.
The apartment homes, which range in size to accommodate single-member through large-family households, are spread over two four-story buildings and one three-story building. Each building includes its own laundry room and elevator. A separate, single-level building contains a community room with outdoor amenities, such as an adjacent swimming pool, recreational lawn, basketball half-court and a tot-lot. A mix of surface and tuck-under parking is available throughout the complex, including multiple EVCS parking spaces and secured bicycle parking in one of the residential buildings. Additionally, The Orchard at Hilltop residents have access to services that are customized to meet the needs of the multi-generational community.
Affirmed Housing s funding partners for The Orchard at Hilltop are Civic Communities, Boston Financial, Boston Capital Finance, Western Alliance Bank, the San Diego Housing Commission, the City of San Diego, the California Tax Credit Allocation Committee (CTCAC) and the California Debt Limit Allocation Committee (CDLAC). It was funded in part with HOME Investments Partnerships Grant funds provided to the City of San Diego by the U.S. Department of Housing and Urban Development (HUD) and administered by the San Diego Housing Commission. Project development partners include Studio E Architects, LandLAB, Kettler-Leweck, HA Builders and Project Design Consultants.