BONITA SPRINGS, FL – TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, FL, announced the sale of Versol Residences. The 240-unit property was built in 2020 and is located in Bonita Springs, FL.
“Versol has been a treasure to own. We have been quite pleased with the performance of this well-located asset. The rapid value creation by our Asset Management team led by Albert Livingston and Mark Hardee accelerated our exit strategy by three years. Special thanks to Jamie May and Company for assisting TerraCap on another successful transaction,” said Steve Hagenbuckle, TerraCap Founder and Managing Partner.
Versol Residences features spacious one, two, and three-bedroom units with average unit sizes just under 1,100 square feet. The unit interiors feature quartz counter and vanity tops, shaker-style cabinetry, stainless steel appliances, tile backsplash, faux wood plank flooring in the living areas, nine-foot ceilings, large windows, and a washer and dryer in each unit. Common area amenities include a clubhouse with a coffee/tea bar and a kitchen, a swimming pool, an outdoor kitchen with gas grills, a fire pit, a fitness center, a bocce court, a dog park, package receiving, and dry cleaning drop off.
“Versol is a high-quality community that is well-located in a strong market. The pandemic accelerated the in-migration and long-term demographic changes that are a hallmark of our investment thesis, allowing us to complete our business plan sooner than expected. We are thrilled to have been able to own this asset, and we appreciate Milhaus’ excellent management of the property during our ownership period,” said Mark Hardee, TerraCap Asset Manager.

SPRING, TX – Civitas Capital Group, a Dallas-based alternative investment manager specializing in niche opportunities in U.S. real estate, has acquired Cypresswood Apartments, a three-story, 287-unit garden-style apartment community in the highly attractive Greater Houston Texas) market.
“It’s a recent build, garden-style property with high-quality new construction in a fast-growing market,” says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. “We expect more acquisitions of this type in the year ahead, as it perfectly aligns with our core multifamily strategy moving forward.”
Cypresswood is Civitas’s fifth acquisition in the Houston MSA in the past 18 months and further represents the firm’s belief that Texas is a high-growth market. The property, which began leasing in January, is in a booming Houston submarket. Cypresswood features a resort-style pool, a 24-hour fitness center, a dog park and dog wash, and a beautiful clubhouse across its 12.2 acres.
The property is a short drive from the affluent suburb The Woodlands, and is approximately 30 minutes north of downtown Houston. It sits just south of the well known master-planned City Place development. The surrounding community of Spring, Texas, features gorgeous parks, nightlife, high-end shops, restaurants, and the quaint city center of Old Town Spring.
The Houston MSA, home to 7.1 million residents, has experienced a population boom since 2010, adding more than 1.1 million people. This has drawn highly skilled labor and increased median household income to more than $100,000 (44% higher than the national MSA average) within a 5-mile radius of the property. Nearby headquarters include HP, Southwestern Energy, and Exxon Mobile.

SAN JOSE, CA – Affirmed Housing, a leading provider of affordable housing throughout California, announced the opening of Vela, a mixed-use, affordable and supportive housing development serving individuals and families located in the Mayfair neighborhood in East San Jose. A ceremony was held to commemorate the project s grand opening and included special guests San Jose Mayor Sam Liccardo and Councilmember Magdalena Carrasco, Santa Clara County Supervisor Cindy Chavez, City of San Jose Housing Department Director Jacky Morales-Ferrand and Santa Clara County Housing Authority Executive Director Preston Prince.
“The city proudly invested in Vela to provide dignified housing for dozens of our residents struggling with homelessness, said Mayor Sam Liccardo. “More than merely housing people, Vela provides a supportive community, with employment and training services to help residents get onto a path of self-sufficiency.”
Vela is Santa Clara County s first project to include Rapid Rehousing (RRH) homes as part of Measure A s goal to help households quickly exit homelessness and foster long term stability. RRH encapsulates three main components: housing identification, rent and move-in assistance, and case management and services, including employment counseling and job training aimed at ensuring residents ability to retain their housing for the long term. Vela is also San Jose s first project approved under SB 35, a 2017 law that streamlines approvals for affordable housing projects.
Vela demonstrates what can be accomplished when multiple stakeholders come together to execute on a common goal, said Rob Wilkins, Affirmed Housing s Vice President of Northern California. Affordable housing is a fundamental component in ensuring cities – and more importantly, their people – function at their best. In developing Vela, we ve leveraged county and city funding programs, statewide legislation and a range of innovative strategies to create an exceptional environment that residents can be proud to call home. Vela s success paves the way for other critically needed projects of this kind, and Affirmed Housing is tremendously appreciative of the support of our like-minded project partners in forging this new ground.
The development features a mix of studio, one-, two- and three-bedroom affordable apartment homes for households earning up to 30 and 60 percent of the county s Area Median Income (AMI). Of the 87 total homes, 43 are set aside for formerly unhoused populations with 14 designated for RRH and 29 for Permanent Supportive Housing (PSH) programs, as well as two homes reserved for the building s property and maintenance managers. In addition to housing, Vela residents have access to on-site supportive care and services to help them regain long-term stability, independence and well-being.
Vela s overall design prioritizes community building with several shared resident amenities incorporated throughout, including a computer lab, community room, TV room, spacious courtyard and large outdoor deck with raised planter gardens and lounge areas. Vehicle and bicycle parking are also included. Each apartment comes equipped with energy efficient appliances.
In the weeks before Vela s grand opening and in anticipation of receiving residents, Affirmed Housing, in partnership with on-site service provider People Assisting the Homeless (PATH) and the San Jose Earthquakes, collaborated to set up and furnish each apartment with basic move-in necessities.
Affirmed Housing s development partners for Vela include the City of San Jose, Santa Clara County, DAHLIN Group Architecture Planning, Cahill Contractors, BKF Engineers, JETT Landscape, Bank of America, California Community Reinvestment Corporation (CCRC), PATH and Nexus for Affordable Housing.
Vela adds to East San Jose s affordable housing supply for our most vulnerable community members. It is a model public-private partnership that converted an abandoned storefront and lot into a service-rich community, helping its residents get on the path to personal and financial stability, said Raquel González, president, Bank of America Silicon Valley. Bank of America has worked with lead developer Affirmed Housing on several high quality affordable housing projects in recent years, and we re particularly proud to have financed the Vela and invest into this historically diverse Alum Rock community.

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.