DALLAS, TX – The NRP Group, a vertically integrated, award-winning developer, builder and manager of multifamily housing, has officially broken ground on ‘Ascent at Mountain Creek – a 324-unit mixed-income multifamily community located just 15 minutes outside of downtown Dallas. Fifty percent of the units will be reserved for individuals and families earning 80% or less than the Area Median Income.
Located at 4868 S. Merrifield Road, Ascent at Mountain Creek will comprise 14 three-story, wood-frame residential buildings offering a mix of one-, two- and three-bedroom apartments. As a result of the increased resident demand for larger units to accommodate growing work-from-home preferences, den floor plans for one- and two-bedroom units will also be available. In-unit features will include quartz countertops, backlit mirrors, stainless steel appliances and walk-in closets. Community amenities will include a resort-style pool, dog park, fitness center and resident lounge that can double as workspace for remote workers.
There is a crucial need for mixed-income communities like Ascent at Mountain Creek in the City of Dallas where many residents are being priced out of the rapidly growing market, said Kyle Hines, Assistant Director for the Department of Housing and Neighborhood Revitalization. Housing demand throughout the region has caused significant price increases in the City and we are actively developing more affordable housing options using all available tools and resources to meet our current and future residents needs. We are pleased to see this project move forward and look forward to working closely with The NRP Group to bring this development to fruition.
Located at the intersection of Highway 408 and 1-20, Ascent at Mountain Creek will offer residents easy access to bustling downtown Dallas and is in close proximity to ample retail and dining options. The community is also surrounded by rolling hills, lush forests, and hiking trails, a rarity in the Dallas-Fort Worth market, with Mountain Creek Lake less than 10 miles south. Residents will also be a 10-minute drive from a variety of healthcare, grocery, retail, and recreational offerings, including Methodist Charlton Medical Center, Target, Home Depot, Epic Waters Waterpark, Grand Oaks Golf Club, and more.
Within Ascent at Mountain Creek s immediate vicinity is a host of employment opportunities for working professionals. Mountain Creek Business Park, a 450-acre industrial park, is home to a wide range of reputable companies, including Nestle, Ulta Beauty, and Chewy, among others. The community is also a short distance away from Dallas Baptist University, complete with 4,480 enrolled students and 132 full-time employees.
Dallas-Fort Worth continues to experience surging population growth, making Texas one of the leading states in the country in terms of net migration. The influx of new residents migrating to the area is causing high demand for a limited supply of apartments in the DFW market. As a result, apartment rents are quickly skyrocketing to rates that are infeasible for most individuals, especially those who are in the ‘missing middle income bracket, said Alena Savera, Vice President of Development at The NRP Group. We are excited to bring this housing development to the market and work alongside the City of Dallas to provide working-class families and individuals housing, as well as the opportunity to enjoy the natural beauty of the Mountain Creek region of Dallas.

HOUSTON, TX – 37th Parallel Properties announced 2022 transaction volume of $300 million, bringing their historical transaction totals to 10,000 units representing over $1 billion in value. The firm’s most recent transaction was Grand Reserve, a 291-unit, 2013-built community in Katy, one of the strongest submarkets in Houston. The asset was acquired off-market by 37th Parallel on behalf of their investors and joint venture partner.
“2022 was an expansion year for 37th Parallel,” said Dan Chamberlain, Managing Partner. “We deepened our geographic presence, grew our team, and expanded our execution capabilities. We ended our record year with the acquisition of Grand Reserve in Katy, a submarket that is in the 97thpercentile for school quality and boasts a median household income of $142,000,” said Chamberlain.
The property features a mix of one-, two-, and three-bedroom units with large floorplans averaging 933 square feet. Apartment and community amenities include nine-foot ceilings, private patios and balconies, resort-style swimming pool, as well as an impressive 141 attached and 69 detached garages.
Doug Fraser, who leads the acquisition efforts for 37th Parallel, said, “Two-thirds of our acquisitions in 2022 were sourced on an off-market basis, leveraging our strong closing track record and deep-rooted industry relationships to source the best available opportunities during a time of significant market volatility and uncertainty,” said Fraser.
This acquisition marks the ninth and final material investment from 37th Parallel’s inaugural fund, 37P – Fund I, which closed to new investment in early 2022. The Fund now has diversified investments in Atlanta, Austin, Dallas, Houston, and San Antonio. The firm launched its income and equity growth fund, 37P – Fund II, in September 2022. Fund II will employ a similar strategy as Fund I, targeting value-add and core-plus multifamily real estate in dynamic growth markets in the Southeast and Texas.
The firm continued their ongoing portfolio optimization strategy in 2022. “Our persistent focus on maintaining a 100% profitable investor track record was highlighted even more by the negative public market experience for many stock and bond investors in 2022,” said Chad Doty, Managing Partner. “Our 2022 dispositions resulted in average annual gross investor profit of 32.49%, and an average gross multiple of 2.66x on initial investment. We look forward to 2023, which will be challenging, but should also provide opportunities for those who know how to invest conservatively in strong markets.”

PFLUGERVILLE, TX – TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, FL, announced the acquisition of The Dalton and The Beacon at Pfluger Farm located in the Pflugerville suburb of Austin, TX.
“We are proud to complete this double acquisition of The Dalton and The Beacon. These purchases will bring our Class A new apartment holdings in the Austin area to approximately 1,000 units. The submarkets these holdings are in are some of the fastest growing in the US with 50% population growth over the last 12 years. This combined with major national employers, high average family incomes, and premier amenities give us comfort and confidence. We are a tenant centric company that will focus on resident quality of life and positive energy for the communities,” said Steve Hagenbuckle, TerraCap Founder and Managing Partner.
The Dalton, a 2022-built, 350-unit apartment complex, features one, two, and three-bedroom units. The property is located near I-35 and is 25 minutes from downtown Austin. The property’s amenities include a swimming pool, a 24-hour fitness studio, a self-serve wine membership, a luxury pool house with grilling stations, an on-demand Starbucks Coffee bar, and a private dog park.
The Beacon, also built in 2022, is a 258-unit apartment complex located in Pflugerville with access to major employment and retail hubs. The one, two, and three-bedroom units feature stainless steel appliances, a farmhouse kitchen sink, custom lighting fixtures, and walk-in closets. The community’s amenities include a swimming pool with a sunning deck, an outdoor lounge with a fireplace, shuffleboard, billiards table, and a fitness studio.
“We’re excited to expand our holdings in a dynamic growth market such as Austin,” added Steve Good, TerraCap Partner and National Director of Acquisitions. “These are two high-quality assets that are well-located within one of the fastest growing communities in the Austin area. Both properties are accessible to downtown, fantastic retailers, and high-income employers such as Samsung, Amazon, Tesla, Apple, Google, Facebook, Micron, and Dell, among others. There is quite a growth story in Austin, and we look forward to finding future opportunities within the market.”

NORFOLK, VA – Harbor Group International, a privately owned international real estate investment and management firm, announced that its Multifamily Credit Fund (“the fund”) has secured a total of approximately $1.6 billion in capital commitments, including a $585 million USD commitment from CPPIB Credit Investments III Inc., a wholly-owned subsidiary of the Canada Pension Plan Investment Board (“CPP Investments”). The commitment marks CPP Investments’ third investment with HGI since 2019.
The fund seeks to achieve attractive risk-adjusted returns by investing in U.S. multifamily credit opportunities including senior mortgage loans, Freddie Mac K-series bonds, preferred equity and mezzanine debt investments, and investments in securitized multifamily mortgage products.
“We are thrilled to continue our relationship with CPP Investments through this partnership as our lead investor for the Multifamily Credit Fund,” said Richard Litton, President, HGI. “The fund is uniquely positioned to build on HGI’s track record both as an investor in multifamily credit strategies and as a multifamily operator with a large national portfolio. We also expect to benefit from the current rate environment as we seek to achieve positive returns for our investors.”
The commitment strengthens HGI’s and CPP Investments’ tenured relationship. In 2020, CPP Investments served as the lead investor in HGI’s multifamily whole loan platform, committing $110 million, and in 2019, CPP Investments committed $180 million to HGI’s Freddie Mac Supplemental Loan program.
“We continue to view multifamily credit investments as resilient assets that are well positioned to drive strong returns for the CPP Fund over the long term,” said Geoffrey Souter, Managing Director, Head of Real Assets Credit at CPP Investments. “HGI is a market leader in this space and we are pleased to extend our relationship with them through this new investment.”
As a national commercial real estate investor, owner and operator, more than 80% of HGI’s portfolio is composed of multifamily-related investments.

BYRON, GA – Carter Multifamily has announced its acquisition of Brighton Park, a 200-unit apartment community on Watson Boulevard in Byron (Warner Robins), Georgia for the purchase price of $34.5 million. Built in 2001 and spanning approximately 222,392 rentable square feet, Brighton Park offers well-designed one, two, and three-bedroom apartment homes.
The property is located in the growing Middle Georgia region, an excellent location for residents given its proximity to thoroughfares I-75 and I-16 which allows for easy access to the surrounding logistics and manufacturing employment hubs, and to companies such as Perdue Farms, Northrop Grumman and Frito Lay. The Middle Georgia region is also exemplary for higher education, with six universities within a 50-mile radius, such as Mercer University and Georgia Military Institute.
“We’re excited to continue to grow our footprint in the burgeoning market of Warner Robins/Middle Georgia. We believe the area continues to be an attractive multifamily market as evidenced by continuous population and job growth, as well as excellent connectivity to the country’s leading industry hubs of aerospace, manufacturing, and logistics. We believe that the Warner Robins submarket will continue to fuel demand growth for high-quality, affordable multifamily housing, and that Brighton Park will be a valuable addition to our real estate portfolio,” said Ray Hutchinson, chief investment officer of Carter Multifamily.
Property amenities include: pool, fitness center, playground, gated community, clubhouse, parking, carwash, tennis courts, laundry facilities, business center, grills, dog park, movie theater, and a vegetable garden. Carter Multifamily intends to execute a value-add strategy which will include operational improvements, upgrades to community amenities, interior unit renovations, and exterior plant improvements.

ATLANTA, GA – Quarterra, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and asset manager, announced the opening of its newest community, Emblem Riverside, in the Atlanta suburb of Douglasville.
The garden-style community features 320 apartment homes near the Chattahoochee River and Sweetwater Creek State Park offering an unmatched destination lifestyle, and easy access to neighborhood schools, employers and prime transportation routes. Phase II of the community will deliver in September 2023 and includes an additional 105 apartment homes including 25 townhomes.
Emblem communities were created by Quarterra to help address the nationwide shortage of attainable housing available to middle-income renters – making Emblem Riverside’s central location within Atlanta’s top logistics and ecommerce corridor, and immediate connectivity to major job centers throughout Atlanta providing access to over 525,000 workers, is even more vital.
“Atlanta is one of the fastest-growing housing markets in the country, and Emblem Riverside puts residents within easy reach of the city while offering the intimate feel and lifestyle of a suburban community,” said Ray Crocker, Senior Vice President of Development with Quarterra. “The community features the top-flight amenities package and a modern living experience that has become the trademark of the Emblem brand. We’re excited to bring this opportunity to Douglasville, and further enhance an already thriving community.”
Emblem Riverside residents will find convenient retailers and well-known restaurant options located along Thornton Road, with unique dining establishments and boutique shops a short distance away in Downtown Douglasville. Recreational opportunities abound, with Tributary Tennis Center, Chattahoochee River and Sweetwater Creek State Park, with its historic ruins, hiking trails, and camping, boating and fishing at 215-acre George Sparks Reservoir.
Situated at 1551 Riverside Highway, Emblem Riverside affords easy connectivity to Interstates 20 (east-west) and 285 (north-south), as well as local thoroughfares like Fulton Industrial Blvd. and Riverside. The Douglas Connect bus route runs along Riverside Parkway, providing connections to the Marta bus line and the greater Atlanta Metro Area, including neighboring Mableton, Villa Rica and South Fulton. The location also creates quick commutes to quality schools and regional employers like Douglas County, Google, Pepsi, Switch Data, ResMed, Quaker Oats, Wellstar Douglas Hospital and Amazon. Surface parking and rentable garages are available on site.
Part of the re-envisioned next generation of apartment homes by Quarterra – Emblem Riverside consists of one- and two-bedroom apartment homes, ranging from 738 to 1,194 square feet. Phase II will include one, two and three-bedroom homes, ranging from 737 to 1,719 square feet. In-home highlights include move-in ready internet, pendant lighting, quartz countertops on kitchen counters and islands, Whirlpool appliances including washers and dryers, wood-style vinyl plank flooring in living spaces and tiled shower and tub surrounds.
All residents will have access to a pool area with sundeck and seating, outdoor grilling stations, clubhouse with social kitchen, a fitness center, social lounge, outdoor veranda, secure package room and dog run.
Emblem Riverside is Quarterra’s fifth Georgia community, joining Gentry and Vireo in Atlanta, Emblem Grayson in Loganville, and Emblem Conyers, currently under construction, in Conyers.

AURORA, CO – Wood Partners, a national leader in multifamily real estate development, announced the groundbreaking of a new project in Aurora, Colorado under the working name Alta Addison. With construction currently underway, the community is set to start pre-leasing at the end of 2023 and open in early 2024.
Located adjacent to E-470 at 7399 South Addison Court, future residents will enjoy quick access to major employment hubs including the Denver Tech Center, Buckley Airforce Base and Fitzsimons Medical Campus as well as a direct shot to Denver International Airport. There are several public outdoor and indoor amenities for residents to enjoy including the Aurora and Cherry Creek Reservoirs, the Arapahoe County Fairgrounds, Bally’s Arapahoe Park Horse Track, several golf courses, as well as the upscale Park Meadows and Southlands Mall.
“We’re thrilled to officially break ground on our first project in the City of Aurora,” said Walter Armer, Managing Director at Wood Partners. “It was an incredibly collaborative process with the neighbors and City to ensure this not only fit but enhanced the area. We look forward to providing a high-quality, yet attainable housing option that will enable residents to take full advantage of all that Aurora and the surrounding communities have to offer.”
The lead architect for the project, Hord Coplan Macht, designed the exterior of the community with inspiration from the Rocky Mountains. Once complete, the community will offer 186 apartment homes comprised of one-, two- and three-bedroom floor plans thoughtfully designed with families and work from home in-mind. Each home will feature ample space for residents to use as office or flex and be fully outfitted with high-end finishes including stainless steel appliances, quartz countertops, tile backsplashes, 42″ cabinets, full-sized washer and dryers and wood style flooring.
Alta Addison residents will also enjoy a variety of amenities located within the community itself. These include a resort-style pool and spa, outdoor grilling stations and game area, bike and ski repair shop, clubhouse with a fitness center, micro-offices and a pet spa. Due to the adjacent wetlands, there will also be three acres of on-site open space featuring walking trails and seating. Wood Partners plans to take full advantage of this space by providing natural education programs like beekeeping and bird watching. The whole project will also be landscaped with native, water-wise plantings.
Residents, along with neighboring communities, will enjoy direct access to Red-Tailed Hawk Park and the Denver Metro trail system, which contains hundreds of miles of walking and biking trails and other outdoor amenities. All this thanks to a new trail connection off Addison Court being installed by Wood Partners.
“The most exciting part of this,” Armer said, “is that we are taking an abandoned piece of land and not only enhancing the neighborhood by providing new trail access but also adding much needed housing in such a desirable location. Really a win-win.”

LAS VEGAS, NV – MG Properties, a private San Diego-based real estate investor, owner, and operator, is further expanding their presence in the Las Vegas metro with the acquisition of Tribeca North Apartment Homes. This is the first acquisition of 2023 for MG Properties after acquiring 18 properties in 2022 totaling nearly $2 billion.
This 312-unit community offers luxury low-density apartments with an attractive design, resort-style amenities, and functional floorplans with available garages. Tribeca North offers an ideal location providing access to employment centers including over 57 million square feet of industrial buildings in North Las Vegas, the recently approved 2.3 million square feet Helios mixed-use medical campus, and minutes to the Las Vegas Strip.
“We are pleased to be further growing our long-term presence in the Las Vegas metro,” said Jeff Gleiberman, President of MG Properties. “This community is situated in a highly desirable submarket which has experienced exponential population and job growth throughout the past decade.”
In addition to this new acquisition, MG Properties operates over 2,000 units in the greater Las Vegas area and is well-positioned to leverage management efficiencies and benefit from economies of scale.
The seller, The Bascom Group, was represented by Spencer Ballif, Adam Schmitt, and Jannie Mongkolsakulkit of CBRE. The property was financed by a Fannie Mae loan provided by Bryan Frazier and Blake Hockenbury of Walker & Dunlop.

LOS ANGELES, CA – Ethos Real Estate, an affordable and mixed-income multifamily investment firm, announced the company has closed on the $76 million purchase of the Residences at Woodlake, a 276-unit multifamily property in the Crenshaw District of Los Angeles.
Under the deal, Ethos will be converting the formerly market rate property into deed restricted affordable housing through a unique public private partnership that leverages a California statutory property tax exemption. Under the deed restriction, half of the units will be restricted to families earning up to 80% of the Average Median Income (AMI) for Los Angeles, and 10 percent will be restricted to families earning up to 60% of AMI, for 55 years.
We are excited to be scaling the potential for public private partnership around the production of affordable housing, said Jennifer McElyea, Ethos Real Estate Managing Partner. California has a critical shortage of public funds to address the housing crisis and innovative models will absolutely need to be part of the solution.
The property was the second purchase for Ethos joint venture with GCM Grosvenor, investing on behalf of its clients. GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $73 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies.
We are proud to be partnering with Ethos in ways that creatively address the shortage of affordable housing in communities across California, said Peter Braffman, Managing Director at GCM Grosvenor.

NASHVILLE, TN – Cantor Fitzgerald announced the sale of Rivertop Apartments in Nashville, Tennessee. The sale was facilitated on behalf of investors in Rivertop Apartments, resulting in a total return of 137% of their aggregate original investment and an internal rate of return of 12% over the approximately three-year hold period.
Completed in 2019, Rivertop Apartments is a 224-unit, Class-A apartment community featuring elegant interior finishes and an expansive amenity set, including a resort-style pool, 24-hour fitness center, and a pet spa. The property is approximately eight miles west of downtown Nashville, along the I-40 corridor, providing accessibility to major employment centers, universities, retail centers, and lifestyle amenities.
“Rivertop Apartments is uniquely located on an elevated site with scenic views of the Cumberland River within the vibrant Nashville market,” said Aaron Wessner, Managing Director, Head of Capital Markets, Cantor Fitzgerald Asset Management. “Over the past three years, we successfully executed the business plan to optimize operations for this high-quality property and are pleased to have delivered an attractive return for investors.”
As of December 31, 2022, Cantor Fitzgerald’s real estate investment portfolio comprises over 7,900 stabilized multifamily units plus over 2,500 units under development, and over 8.1 million square feet of office, industrial, life science, and retail space across 147 properties. For the 12-month period ending September 30, 2022, Cantor Fitzgerald participated in more than $155 billion of total real estate transactions.