CHARLOTTE, NC – Madison Communities, an affiliate of Madison Capital Group, has recently broken ground on 253 units located in the West Charlotte Submarket at the corner of Wilkinson and West Morehead in ;Charlotte. Construction commenced in September.
Madison Ashley Park will feature 253 units incorporated into a four-story building. Project amenities will include luxury unit finishes, integrated clubhouse with fitness center, outdoor lounge with summer kitchen, a resort-style pool and pool deck with grilling stations and cabanas. The project will be delivered by Benco Construction, Madison’s affiliate general contracting group.
“We remain very active in the Charlotte area, with 4 additional multifamily communities under construction in the region, as well as across the Carolinas. We also have communities under construction in Raleigh, Asheville, and Charleston,”said Ryan Hanks, CEO of Madison Capital Group.
The project was capitalized via a partnership with Madison Capital Group and The Carlyle Group, a private equity and alternative asset management firm based in Washington, D. C.

WASHINGTON, DC – NHPF, a national not-for-profit provider of quality affordable housing, announced that it has closed on the acquisition of Elm Gardens Apartments, a 3-story building with 36 apartments and parking spaces in the Takoma neighborhood of Washington, D.C. The acquisition is made possible via a $7.5M loan from the Low Income Investment Fund (LIIF) funded through the DC Preservation Fund, a joint venture between LIIF and the DC Department of Housing and Community Development (DHCD), and a $2M acquisition/predevelopment loan from the National Housing Trust (NHT).
Elm Gardens Apartments is a key addition to the community, converting naturally occurring affordable housing (NOAH) at risk of being lost, into LIHTC housing, said Mansur Abdul-Malik, SVP of Development, NHPF, The development is made possible via the Tenants Opportunity to Purchase Agreement, (TOPA) the District s unique partnership program between developers and tenant associations. Elm Gardens marks NHPF s eighth TOPA deal in the District.
NHPF plans to demolish the existing structure and replace it with up to 110 units of new construction that will be at least 90% affordable, with an average AMI of no more than 60%, added Michael Simon, lead developer on the property, This is due to some of the existing residents being over-income for the LIHTC program.
The new building is expected to feature 23 studio, 53 one-bedroom, and 34 two-bedroom residences as well as onsite resident services provided by NHPF subsidiary, Operation Pathways. Additional amenities include an onsite gym, bike parking, mail room, community room with an office for the Tenant Association, community roof deck, and onsite management and leasing offices.
New construction is scheduled to commence in 2024, dependent upon a LIHTC award and soft financing from DHCD through the Housing Production Trust Fund (HPTF).
The opportunity to deliver 110 new construction apartments, 10% set-aside as permanent supportive housing, is in keeping with NHPF s mission to preserve affordability, said NHPF CEO Richard F. Burns. Elm Gardens Apartments will offer new options for quality housing in a vibrant community.

LAS VEGAS, NV – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, announced that it has broken ground on Marlowe Centennial Hills, the first for the Marlowe brand in Las Vegas, which is scheduled to deliver its first units in early 2024 with final completion scheduled for Q3 2024.
“We’re excited to bring sophisticated living made simple to Las Vegas,” Billy Cundiff, Greystar Desert Managing Director for Development, said. “This is our first Marlowe-branded apartment community not only in Las Vegas, but also in our Desert region. And we can’t wait to deliver a thoughtfully designed community that will create an unmatched experience for our future residents.”
Marlowe Centennial Hills will feature one-, two- and three-bedroom floor plans that range from 624 sq. ft. to 1,312, sq. ft. Apartments will be fitted with high-end finishes including quartz countertops, a tiled backsplash, stainless steel appliances and wood-look flooring throughout.
Community amenities will be highlighted by a Vegas style poker room, desert themed sports lounge and resort style pool featuring an oversized spa. Residents will also enjoy an expansive fitness center, co-working space, dog spa and private party and media room.
Marlowe Centennial Hills is located less than 25 minutes from the Las Vegas Strip and Harry Reid Airport and just 15 minutes from the high-end Summerlin neighborhood. Closer to home, residents can explore Mountain Ridge Park which has a skate park, tennis courts, a jogging path and more. Nearby shopping includes Montecito Marketplace, which is a lifestyle specialty center with 40 stores, and the Centennial Center with 104 stores. Also, nearby is the Centennial Hills Hospital Medical Center.
Greystar is working with two well-known firms to bring this project to fruition. Architect Todd & Associates and interior design firm Mannigan Design are bringing the desert-themed community to life.

SEATTLE, WA – Security Properties purchased Toscana Apartments, a Class-A multifamily property located in Lacey, WA. Security Properties now owns 31 assets totaling over 6,800 units in the Puget Sound marketplace.
Toscana is a Class-A, garden-style community that was delivered in two phases between 2019 and 2021. The asset consists of 393 apartment homes spread across 6 four-story and 5 three-story residential buildings and one two-story clubhouse. The unit mix features an attractive range of floor plans with an average unit size of 797 square feet. Unit interiors consist of quartz countertops, custom cabinets, stainless steel or black appliances, hard-surface flooring with carpet in bedrooms, full-sized washer/dryers, 9-foot ceilings (vaulted top floor), and private patios or decks in select units. From an amenity perspective, the gated property offers a clubhouse lounge, outdoor pool and hot tub, fitness center and on-property walking trail.
Originally established as a suburb of Olympia, the City of Lacey is situated just five miles east of the state’s capital at the southern tip of the Puget Sound. With more than 1,200 acres of public parkland, an adjoining 3,700-acre national wildlife refuge, five freshwater lakes and several championship golf courses, the city is best characterized by its virtually unlimited opportunities for outdoor recreation. The area also boasts a low crime rate, a healthy economy and proximity to major metropolitan areas (~30 minutes south of Tacoma).
At the property level, access to Interstate 5 is just one mile southeast, providing residents direct access south to the neighboring cities of Olympia and Tumwater, as well as north to Joint Base Lewis McChord and the City of Tacoma. From a retail standpoint, Hawks Prairie Village Mall, a 154,000 sq. ft. shopping center anchored by Safeway, is located less than 2 miles away. Several big box retailers also surround the mall including Costco, Walmart, Home Depot, and Best Buy. Additionally, Cabela’s sporting goods is only 2 minutes south on Gateway Blvd.
The business plan is a long-term yield investment with light 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 this strength. They also plan to address a short list of minor immediate needs on the property as necessary.
According to Alex Gauper, Director at Security Properties, “Toscana represented a unique opportunity to acquire a high-quality asset at a basis well below current replacement cost and in a submarket with excellent long-term fundamentals. We have been actively focused on growing our South Sound portfolio and specifically Lacey, a stable submarket with a diverse mix of demand drivers and very limited historical supply. We are very excited to add Toscana to our Pacific Northwest portfolio and look forward to delivering strong returns to our investors over our hold.”

WASHINGTON, DC – Insight Property Group, with partner AHC, has announced its acquisition of Colvin Woods Apartments, a 259-unit community on Becontree Lake Drive in Reston, VA. The community will be re-branded as Haven Reston and, in partnership with Fairfax County Redevelopment and Housing Authority, the venture will preserve all 259 units for households earning between 60% and 80% of the area median income (AMI).
“Insight Property Group is excited to preserve affordability at Haven Reston and expand that opportunity to the entire community over the next several years,” said Tim White, Principal at Insight. “We are thrilled to partner once again with AHC, who has repeatedly demonstrated their commitment and success at preserving and expanding housing that is affordable and attainable to a growing segment of Fairfax County residents.”
“Partnering with local jurisdictions to address the urgent need for workforce and affordable housing in the DC Metro area has proven to be something that Insight is particularly well suited for,” said Insight Group Partner, Mae Klinger. “Our founders’ roots are firmly planted in the pursuit of attainable housing and we have spent decades involved in and advocating for solutions to affordability in a rapidly growing region with dramatically increasing housing insecurity such as ours. Culturally and operationally, Insight embraces a highly disciplined, institutional-level approach to investments that attracts equity partners of the highest quality who have the utmost faith in our ability to perform. For our municipal partners, the Insight team understands their housing goals and can be the partner that best helps them accomplish those goals.”
“Through our joint venture with Insight and with significant support from Fairfax County, we’re ensuring housing security for hundreds of individuals and families for decades into the future,” says Paul Bernard, AHC Inc. President & CEO. “Preserving the affordable housing in this beautiful woodland area, full of nearby amenities, is central to our mission of helping residents thrive.”
Built in 1979, Haven Reston has provided naturally occurring affordability in a lush, quiet setting convenient to all the amenities and job centers in and around Reston, VA. With the acquisition, Insight Property Group and AHC will phase in affordability income and rent requirements over the next three to five years. No current residents will be displaced over the next five years regardless of income.
Haven Reston has one and two-bedroom apartments with a community clubhouse, playground, fitness center, and swimming pool. The venture intends to invest in a number of improvements to building exteriors, common areas, and amenities, and landscaped areas. Gates Hudson has managed the property to date and the existing team has been retained to continue that management role.

SAN ANTONIO, TX – A 252-unit multifamily property, Gardens at West in San Antonio, Texas, has been acquired by Embrey, a diversified real estate investment company.
The property, built in 1995, will be rebranded to The Hayden on West Ave. The company’s nationally recognized and award-winning Embrey Management Services will take over property management.
The community’s ideal North Central location, adjacent to Highway 281 between Loop 410 and Loop 1604, provides convenient access to anywhere in the city. The area offers an outstanding employment base of more than 131,000 jobs within a five-mile radius. Nearby major employers include Amazon, Methodist and Baptist hospitals, Valero Energy, USAA, and more.
“This community is in one of the most stable rental markets in the country and offers residents a sophisticated yet casual atmosphere with resort-class amenities, nearby walking trails and quick access to downtown,” said Alex Sampson, Vice President of Acquisitions at Embrey. “We plan to fully renovate the property, elevating the resident experience to market standards. With this centralized location and the high-demand rental market in San Antonio, this is a terrific investment for Embrey.”
The Hayden on West Ave exemplifies Embrey’s value-add investment approach. With no properties under construction within a three-mile radius, a desirable location, a planned unit interior, and amenity renovation, and a rebrand to The Hayden on West Ave, this community will appeal to the modern San Antonio renter.
“This acquisition signifies the momentum of our acquisition platform and capital base,” says Sampson. “Marking the second acquisition in the greater San Antonio area, we will continue to seek opportunities like this to create value for our capital partners.”
Embrey worked with PCCP, LLC on this acquisition, with debt funded by Comerica. Newmark sales brokers Matt Michelson and Pat Jones and debt brokers Tyler Nowlin and Andy Hill of Berkadia assisted in the transaction.

CHARLOTTE, NC – FCP and joint venture partner Crosland Southeast announced the acquisition and groundbreaking of The Exchange at Indian Land mixed-use development site at Charlotte Highway and Possum Hollow Road in Indian Land, SC within the Charlotte, NC MSA. The three- and four-story residential community will include 400 apartment units and 35,000 square feet of retail space. Additionally, a new shopping center, including a Lowes Foods grocer and 20,000 square feet of retail space, will be part of this master-planned development. First apartment units are anticipated to deliver in early 2024. Alongside FCP and Crosland Southeast, national homebuilder Taylor Morrison will also construct over 300 townhomes within the master plan.
“FCP is excited to partner with Charlotte-based Crosland Southeast on this very well-located and well-planned development,” said FCP Senior Vice President, Alex Cathcart, who heads the firm’s Raleigh office. “The Exchange at Indian Land will provide much-needed apartment living in a rare walkable environment, close to job centers and retail services.”
Indian Land is one of the fastest growing suburbs of Charlotte, featuring highly rated schools and an excellent quality of life. The Exchange at Indian Land apartments will offer direct access to major employers such as Red Ventures, Continental Tire, Movement Mortgage and the future MUSC Hospital, and the site lies just south of the Ballantyne area, home to more than 40,000 jobs. The community will be adjacent to a newly-opened YMCA that features an indoor pool, after-school child care, walking tracks, ballfields, and more.
“We’re eager to get dirt moving after nearly two years of planning,” said Yates Dunaway, Senior Vice President of Crosland Southeast. “Like with many of our past projects, we expect the mixture of uses to create an attractive environment for our future residents and neighbors.”

MYRTLE BEACH, SC – Buvermo Investments, a commercial real estate investment company, announced the acquisition of Inspire Coastal Grand, an active adult apartment home community in Myrtle Beach, South Carolina. The property, which now operates under the name, The Grove at Coastal Grand, is located at 1749 Sea Pine Blvd.
The acquisition highlights Buvermo’s growing investment in the active adult sector and will bring capital improvements to the current property, as well as the introduction of Greystar, the global leader in rental housing, as the new property management team onsite. Greystar is also the leader in active adult space, currently operating 90 active adult apartment homes and roughly 15,000 units nationwide.
“We are seeing an influx of older adults migrating to coastal towns that are seeking connection and community,” stated Kevin Woodley, Managing Partner at Buvermo. “Our goal in acquiring this resort-influenced community is to further develop community partnerships and both enhance the development offerings and innovate the operations for current and future residents. We are excited to be a part of all the growth in Myrtle Beach.”
Myrtle Beach’s first and only active adult community opened its doors in April 2021 to residents aged 55 years and older. The four-story, 194-unit development offers residents one-, two- and three-bedroom floorplans with private balconies and patios. Spanning over 9 acres, the community features include a resort-style pool, fitness center, yoga studio, creative arts room, theater room, billiards room, dog park, outdoor courtyards, walking trail, pickleball and bocce ball courts, and more. The property is located just minutes away from the Myrtle Beach Boardwalk and Promenade and near the Whispering Pines golf course, as well as a variety of shopping, dining, and entertainment options in the heart of Myrtle Beach.
“We are thrilled to partner with First National Bank on this acquisition,” said Jim Lindsey, Managing Partner at Buvermo. “We appreciate the opportunity to collaborate with each of these experienced entities in both broadening our collective portfolios and serving the needs of residents 55 and older in Myrtle Beach. We look forward to further developing this property’s potential and offering tremendous value to the local community.”
The Grove at Coastal Grand is currently the only active living community that offers rental units in the local Myrtle Beacharea. Residents enjoy a resort-inspired carefree lifestyle, a strong sense of community, engaging programming with a plethora of on-site events, and amenities geared towards staying healthy and active, as well as a maintenance-free lifestyle—all differentiators between this property and others serving the 55+ age demographic.
Myrtle Beach is more than just a tourist destination and has been rated in the “Top 25 Best Places to Retire” by U.S. News & World Report, based on the happiness of local residents, housing affordability, tax rates and healthcare quality. With mild weather year-round and a coastal location with proximity to sprawling beaches and fine dining, the area draws tourists and retirees alike.

PORT ST LUCIE, FL – Lerner Enterprises of Rockville, Maryland has acquired Lerner Parc at Gatlin Commons, previously Parc at Gatlin Commons, located in Port St. Lucie, Florida. This class-A multifamily garden community is comprised of 200 apartments and 5,935 square feet of luxurious amenity space in Port St. Lucie, Florida. The building spans a total of 201,000 residential square feet over 14 acres, completed in September 2020. Lerner will also be the property and asset manager of Lerner Parc at Gatlin Commons.
“Parc at Gatlin Commons is the perfect complement to our existing Florida multifamily portfolio as we strive to acquire and develop Class A assets in the path of growth either in the Washington, D.C. metro or Florida markets. We plan to hold this asset for a long time and hope to continue adding to our Florida portfolio,” explained Michael L. Cohen, Vice President of Investments at Lerner.
The community is located only 2.5 miles east of Tradition, a master-planned mixed-use development featuring 1.2 million square feet across office, residential, numerous retail outlets and the Cleveland Clinic Tradition Hospital. In addition to Tradition, directly adjacent to the property are a number of retail outlets including Walmart, Sam’s Club and other shopping center favorites. The property’s location offers convenient access to major interstates with on-ramps to I-95 and the Florida Turnpike only 1.5 and 3.5 miles away, respectively. In addition to the multitude of existing employment opportunities, local growth has forced the expansion of major employers such as the Cleveland Clinic’s Martin Health and Tradition Hospital locations.
Located on Florida’s east-coast between Miami and Orlando, Port St. Lucie has emerged as one of the nation’s premier growth cities and the 3rd largest city in Florida. In 2019, it was named one of the fastest growing cities with the population doubling between 2000 and 2019. In the same year, the city was named as one of the safest cities in the U.S. and one of the best places to retire according to the TC Palm news agency. In May 2022, the Census Bureau named Port St. Lucie as the 12th fastest growing city during the pandemic with a growth rate of 5.2% and the population now topping more than 217,000 people.
“The Port St. Lucie submarket is one of the most dynamic across all of Florida. We have been looking for the right community in St. Lucie County and are thrilled with this addition to our portfolio. We are excited about the opportunity to offer an incredible living experience for our residents,” said Melissa Balkin, Managing Director, Lerner Residential Florida.
Lerner Parc at Gatlin Commons includes a resort-style swimming pool, outdoor kitchens and a top-class fitness center housed in the 5,935 square foot clubhouse. The residential property is fully equipped for resident life and comfort. Lerner received a loan from PCCP to finance the acquisition of Lerner Parc at Gatlin Commons.
“PCCP sees this as a compelling opportunity to lend to Lerner, an experienced multifamily operator, on this well-located, newly built Class A project in a high growth submarket of South Florida,” said Kevin Chin, Managing Director with PCCP.

TUCSON, AZ – New York City-based Vesper Holdings, an industry leader in student housing widely recognized for creating value through its award-winning renovation and rebranding program, has acquired Sol y Luna, a two-tower, high-rise luxury student housing complex located in Tucson, Arizona. The acquisition ranks among the five largest single-asset purchases in student housing history and the largest not involving institutional capital. Vesper has closed on more than $1 billion in assets in the past 12 months. With the Sol y Luna acquisition, Vesper’s portfolio totals 24,093 beds with a valuation of over $2 billion.
“The acquisition of Sol y Luna fits with our strategy of purchasing well-located, trophy assets near Division 1 universities,” said Vesper Holdings Co-Founder and Co-CEO Isaac J. Sitt. “We look forward to executing our investment plan, including over $7 million in property improvements, to deliver the outsized returns we have consistently achieved for our investors over many years.”
“Vesper is known for creating boutique communities that incorporate elements of the world’s most upscale hospitality brands,” said Vesper Holdings Co-Founder and Co-CEO Elliott Tamir. “This asset is a perfect companion to the other properties in our portfolio and gives us a presence in a market where we have hoped to be for quite some time. It also positions us ideally for the next big step in our expansion plan.”
Vesper Holdings purchased the property from Nelson Partners Student Housing for $203 million and closed on the sale October 24. Brad Cooke from Colliers represented the seller and Vesper was advised on the transaction by Tim Bradley from TSB Capital Advisors.
The Sol y Luna property boasts two high-rise towers, one 13 stories and the other 15, built in 2014 and located immediately adjacent to The University of Arizona. They house 340 units and 972 beds, for a total residential area of 344,760 square feet, plus 7,640 square feet of retail space and 200 garage parking spaces. The unit mix ranges from studios to five-bedroom apartments, with 75% of the units having bed-bath parity. Apartments feature high-end finishes such as quartz countertops, stainless steel appliances and wood-plank flooring, as well as in-suite washers and dryers and private balconies.
“The Sol y Luna acquisition represents an exciting milestone in Vesper’s continuing investment in the student housing market,” said Sitt. “We are excited to add this exceptional property to our portfolio and look forward to imprinting it with our own inimitable brand. From where we sit, the possibilities are limitless in terms of where we may go in the future.”
Vesper’s portfolio, including Sol y Luna, is managed by Vesper’s subsidiary property management company – Campus Life & Style (“CLS”). CLS currently manages over 29,000 student housing beds across 37 university markets.