SAN DIEGO, CA – McKinney Capital & Naturally Affordable Housing held a groundbreaking ceremony for its workforce housing apartment building located at 4233 Kansas Street in North Park, San Diego.
North Park is one of San Diego’s oldest and most desirable neighborhoods, consisting of medium and lower-density urban development. The neighborhood has gone through gentrification over the last decade and is currently one of San Diego’s premier arts and entertainment districts. North Park was recently recognized by Forbes as one of the “Hippest Neighborhoods in America”.
Damian McKinney shared, “Our Kansas Street Workforce Housing development aims to help solve the lack of affordable housing for moderate-income working families and young professionals.”
The housing affordability gap in San Diego is among the highest in California, with the average household shelling out 35% of their income for housing and 25% of the population spending half of their income on rent. The City of San Diego has been identified as one of the least affordable cities in the United States. Local leaders have described this issue as the single greatest threat to our region’s economy. Approximately 70% of moderate-income households cannot afford home ownership, and more than 30% cannot afford rent. To accommodate San Diego’s growing population and continued economic development, housing production must meet both present and future demands. The Kansas Street Apartments are being built for San Diego working families earning the median household income.

DALLAS, TX – Cove Capital Investments, a DST Sponsor Company specializing in debt-free Delaware Statutory Trusts (DSTs) and other investment offerings for accredited investors, announced it has completed the purchase of a 159-unit, 130,128 square foot value-add multifamily community in the growing Dallas Fort-Worth area.
The investment will be part of the “Cove Dallas Multifamily 59 DST”, a Regulation D, Rule 506c offering, which will allow accredited investors to participate in the acquisition of a multifamily community with value-add potential located just 20 minutes from revitalized downtown Dallas that sees more than 135,000 employees on a daily basis.
“The Cove Dallas Multifamily 59 DST is an attractive apartment community in the Dallas Fort Worth region of Texas that provides investors the opportunity to participate in a debt-free DST investment that has the potential for creating significant value. The previous owners recently invested more than $1.5 million in capital improvements to approximately 50% of the units. Now Cove Capital will continue to provide extensive renovations, including adding new quartz countertops, stainless steel appliances, upgraded plumbing and lighting fixtures and adding carports to cover approximately 100 cars,” said Dwight Kay, Managing Member and Co-Founder of Cove Capital Investments.
Built in 1983, the two-story community features one-, two- and three-bedroom floorplans across 16 buildings. Common-area amenities include a swimming pool, a fitness center, a business center and laundry facilities.
According to Managing Member and Co-Founder, Chay Lapin, the Cove Dallas Multifamily 59 DST represents an excellent example of a value-add DST investment opportunity for Cove Capital investors.
“As a proactive owner-operator, Cove Capital will be able to potentially provide value to our investors through implementing a renovation plan that includes upgrading both interiors and exteriors, and driving operational efficiencies to help maximize revenue potential,” said Chay Lapin, Managing Member and Co-Founder of Cove Capital Investments.
Located at 1255 West Pleasant Road, the community is roughly 15 miles south of downtown Dallas. Pleasant Creek sits in proximity of interstates 35 and 20, as well as Texas State Highway 342, offering access to several dining, shopping and entertainment options. Northrup Grumman Systems, Dallas Boss Truck Stop and FFE Logistics are some of the employers in the area.
Lapin continued, “The Cove portfolio now consists of more than 1.5 million square feet of multifamily, industrial, medical and net lease assets. We are thankful to the hundreds of loyal Cove clients as well as the many Broker Dealers, Registered Representatives and RIAs that have placed their trust in Cove Capital.”

ALEXANDRIA, VA – Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, announced that it acquired ownership in two multifamily properties in separate UPREIT transactions.
Through these separate strategic off-market purchases, Bonaventure expands its footprint in Virginia with the additions of the 296-unit Pinnacle Apartments located at 600 Freeman Drive in Hampton; and the 185-unit Magnolia Chase Apartments located at 5700 Magnolia Chase Way in Virginia Beach.
We are pleased to become the new owner and manager of two exceptionally well-located, income producing multifamily communities in our home market, said Dwight Dunton, founder and CEO of Bonaventure. These acquisitions not only align with our Mid-Atlantic growth strategy, but they also further demonstrate Bonaventure s unique ability to engineer deals that offer superior flexibility and tax-advantaged benefits to our partners.
The additions of Pinnacle Apartments and Magnolia Chase Apartments bring Bonaventure s total number of lifestyle-centric properties in Virginia to 28. At Magnolia Chase Apartments, Bonaventure plans to acquire 24 additional units that are currently under construction later this year. This property is situated adjacent to three other multifamily communities that Bonaventure currently owns and operates (The Cascades, Infinity at Centerville Crossing and Magnolia Run Apartments), providing it with significant scale in the fast-growing Hampton Roads submarket.
Details on the newly acquired multifamily communities can be found below:
Pinnacle Apartments: Built in 2016, the mid-rise apartment community is located in the Coliseum Central neighborhood in proximity to I-64 and Peninsula Town Center. It offers one-two and three-bedroom units with high-end features and a wealth of amenities including a resort-style pool and 24-hour fitness center.
Magnolia Chase Apartments: Completed in 1999, the amenity-rich, garden-style luxury apartment complex features one-two and three-bedroom units as well as a pool and lounge area, 24-hour fitness center, playground and club house.
Since its inception in 1999, Bonaventure has established itself as one of the most prolific multifamily developers and operators in the Mid-Atlantic region, and is currently expanding throughout the Southeast. Its portfolio includes a mix of affordable, luxury and senior living communities.

RICHMOND, VA – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Tapestry West, a 262-unit Class A multifamily community in Richmond, Virginia. The community was acquired on behalf of CS1031 Tapestry West Apartments, DST.
“Capital Square is bullish on the Richmond market. The local economy is well known for its strength and stability,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “This is Capital Square’s thirteenth acquisition of a multifamily community in the Richmond MSA. This is our home court. We aim to own the home court by acquiring best-in-class apartment communities.”
Located at 2031 Maywill Street, Tapestry West is located in the midst of one of the city’s most vibrant areas and features exceptional community amenities that include: a resort-style swimming pool and large sundeck; an outdoor kitchen and lounge area; a state-of-the-art fitness center; a yoga studio; a bike repair station; a pet spa; a meditation room; a package center; and a clubhouse that features billiards, a coffee bar, business center and co-working stations.
The property is in close proximity to midtown Richmond and the emerging neighborhood of Scott’s Addition, which features 13 breweries, cideries and distilleries, as well as a host of restaurants, night spots and newly developed luxury multifamily communities that cater to a growing number of millennial residents and empty nesters. Established in 1901, Scott’s Addition is a historic area that is now one of Richmond’s fastest growing neighborhoods. Once primarily a hub for industrial buildings and businesses, Scott’s Addition is now home to nationally recognized restaurants, rooftop bars, a boutique bowling alley, cinema, shuffleboard bar, retail shops and more. The area is conveniently located with ready access to several Interstates, including I-64, I-95 and I-195, providing ready access to all of Greater Richmond and the city’s thriving employment base.
“Tapestry West, in our opinion, is an exceptional, luxury multifamily property that caters to Richmond’s thriving population of young professionals who demand high-end finishes and luxury amenities,” said Whitson Huffman, co-chief executive officer. “Greater Richmond is one of the Southeast’s most attractive areas, with a highly educated workforce, a growing economy and a diverse industrial sector. Richmond is flourishing by nearly every measure and Capital Square is excited to be a part of its growth and vibrant future.”

ALAMEDA, CA – Rosefield Village was developed by Island City Development, an affiliate of the Housing Authority of the City of Alameda (AHA). Rosefield Village provides 92 affordable apartment homes for families in a warm and friendly environment. The site is a prime example of how redevelopment of existing properties can provide opportunities to increase the number of affordable homes—originally, Rosefield Village property had 53 units. The 2.4-acre property is located at 727 Buena Vista Ave, in an amenity-rich neighborhood, one block from the Webster Street commercial district.
“With stellar complexes such as Rosefield, the Housing Authority of the City of Alameda and its affiliates seek to double their affordable housing footprint in the City of Alameda over the next decade,” says Kenji Tamaoki, Board President, “This development moves us forward in our goal to serve more Alamedans.”
Rosefield Village makes a historical nod to the location through its elected name. The site is the former location of the first Rosefield Packing Company food processing plant built circa 1915. In 1932, Mr. Rosefield patented a process for making homogenized peanut butter creating the first Skippy peanut butter! The factory was purchased in 1955 and officially closed in 1974. Four years later, AHA purchased the site and used the building as the home office and maintenance facility. In the 1980’s the Eagle Avenue Modular developments were completed, replacing what had once been dilapidated housing for military personnel unused since WWII.
Post-new construction and renovation in 2022, Rosefield Village now serves twice as many families. Rosefield Village incorporates significant green building techniques and universal design strategies to maximize livability and visit-ability for households with an array of family sizes, age ranges, and talents. This building was designed with sustainability in mind and is in-process of obtaining Green Point Rated Gold certification – an industry standard for sustainable development. Rooftop solar panels will provide energy to offset 20% of common area energy usage. Rosefield Village has Bay-Friendly rated landscaping which incorporates practices of water saving, maintenance labor savings, non-toxic weed suppression, reduction of run off, and potential greenhouse gas reduction are throughout the property. Additionally, flooring throughout the building is made of sustainable materials; energy efficient lighting is throughout; and all appliances are modern energy efficient models.
“The City of Alameda is pleased that the innovative transformation of Rosefield Village, located in the vibrant West End District, has created almost twice as many affordable apartments as the original project, at a time when affordable housing is desperately needed” says Mayor Marilyn Ezzy Ashcraft.
The Housing Authority is pleased to be able to provide the City of Alameda with ninety-two additional affordable Family apartment homes and appreciates all who have been involved in the process. Thank you especially to the Alameda City Council for its continued support of affordable housing and to the City staff who worked alongside Housing Authority staff from the project’s first development applications through lease up.
This $72 million dollar investment would not be possible without numerous funding partners – The land is owned by the Housing Authority of the City of Alameda, and its development partner, Island City Development, is the sponsor and developer. Funding includes 4% Low Income Housing Tax Credits with Tax-Exempt Bond financing and State Tax Credits from the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee, Alameda County A1 funds, former redevelopment funds from the Alameda Unified School District passed-through the Housing Authority, additional Housing Authority funds, CDBG, HOME funds, a City of Alameda fee waiver, a project based voucher contract from the Housing Authority, and loans from Bank of America, N.A. and Greystone Servicing Company LLC. The tax credit investor is Enterprise Housing Credit Investments, LLC. The project is income and rent-restricted for at least fifty-five years.
“It has been a pleasure to enter this long-term investment in quality affordable homes for families in Alameda,” says Vice President of Investment, Phillip Porter of Enterprise Housing Credit Investments, “Enterprise targets quality affordable homes in such transit-oriented, sustainable, and higher opportunity locations.” Gioia McCarthy, Bank of America President San Francisco – East Bay, adds, “Congratulations to Island City Development and AHA for the successful completion of this significant construction project. Rosefield Village is a great example of the impact that public-private partnerships can make in creating quality affordable housing for those most in need.

AUSTIN, TX – Palladius Capital Management, a vertically-integrated real estate investment manager focused on pursuing multifamily, student housing, hospitality and select thematic investment strategies, announced the acquisition of Citizen House Kyle, a 342-unit Class A multifamily asset in the high-growth South Austin suburb of Kyle, TX.
Located along the I-35 Innovation Corridor, Citizen House Kyle was completed in 2022 and is part of the larger Dry River District – a 65-acre mixed-use community being developed by Endeavor that includes multifamily, medical and retail space. The property offers luxury one- and two-bedroom units and an array of state-of-the-art amenities, including a resort-style pool, resident clubhouse, high-tech fitness center, outdoor lounge, and co-working space.
This transaction represents a win-win scenario for Palladius and Endeavor, said Nitin Chexal, CEO of Palladius. Endeavor was able to efficiently monetize its investment in a pre-stabilized property and Palladius was able to acquire a high-end apartment community in a market that s experiencing rapid population growth. Leasing up pre-stabilized Class A multifamily assets is a strategy that we re focused on expanding, and we look forward to establishing similar partnerships with other merchant builders in our target markets.
Chexal and Director of Investments Nick Maupin, who led the Citizen House Kyle transaction, as well as the rest of the Palladius team have significant experience investing along the Innovation Corridor, having deployed more than $350 million across value-add and core-plus rental housing in this region since 2014. The firm believes the explosive growth from the corridor s main metros will continue to spill over into surrounding areas like Kyle, which has seen its population increase over 85 percent since 2010. Further demonstrating the area s strong fundamentals, Hays County – where Kyle is located – was ranked as the second fastest growing large county in the country according to U.S. Census Bureau data.
Nelson Crowe III, Principal at Endeavor Real Estate Group, commented, Citizen House Kyle is an integral part of our mixed-use development, Dry River District, serving the Kyle community. The Palladius team, specifically Nitin and Nick, were a pleasure to work with on this transaction. From deal awarding to closing, they never wavered even in a challenging debt market and provided flawless execution. We look forward to continuing to develop and deliver Citizen House communities across the Austin MSA and look forward to working with Palladius on future opportunities.
The Innovation Corridor s growing population has led to increased demand for high-quality rental housing like Citizen House Kyle as the prices for single-family homes in the area continue to rise. Citizen House Kyle is located 15 minutes from Austin s central business district and 15 minutes from San Marcos – two major employment centers that are home to companies like Amazon, Tesla, Seton Medical, HBO, Best Buy and H-E-B. The property is within walking distance of over 300,000 square feet of retail space, including a Starbucks, Home Depot, Costco (under construction), a variety of dining options, and Evo Entertainment, a 75,000 square foot entertainment center with eleven screens, a 14-lane bowling alley, and an arcade.

PHOENIX, AZ – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of the Colter Park Apartments, a 384-unit multifamily property located in Phoenix, Ariz., for $80.75 million. Steven Vegh of Westwood Realty Associates brokered the off market transaction. Northmarq arranged a Freddie Mac senior loan on behalf of HGI led by Bryan Mummaw.
Located in the Uptown Phoenix submarket, the property is supported by strong market fundamentals, with the area featuring some of the city’s most popular bars, restaurants and retail locations. The property sits within Camelback Corridor, a prominent shopping, hospitality and employment district.
“The acquisition of the Colter Park Apartments further represents HGI’s ability to identify unique value-add opportunities within fundamentally strong markets and continue to grow the firm’s active investment portfolio within the Sunbelt region,” said Greg Heller, Managing Director of Acquisitions at HGI. “This transaction provides significant opportunity for operational upside as we expect to see high occupancy rates and steady rent growth over the next five years in the greater Phoenix region.”
The apartment community is centrally located and easily connects residents to major employment and lifestyle nodes within the Phoenix region. The property is within a 10-minute drive of Midtown and provides direct access to the Valley Light Rail system, which will present residents additional modes of access to employment and entertainment centers including Midtown, Downtown and the Phoenix Sky Harbor International Airport. The submarket is also proximate to a range of employers such as Banner Health, the City of Phoenix, Bank of America, U.S. Bank, Uber and WeWork.
HGI plans to invest $5 million to renovate the remaining vintage units within the complex, as well as common area improvements and deferred maintenance, enhancing the community’s curb appeal. As such, the renovations will provide significant value-add and mark to market opportunity for the firm.

HOUSTON, TX – DLP Capital, a private real estate investment and financial services firm, announced that it has purchased a Houston-area multifamily property, Elan Memorial Park, in partnership with Texas-based ORP Investments Inc. The mixed-use property, with 297 residential units and premium retail spaces, is located in the Neartown-River Oaks submarket of Houston, a highly desirable live-work-play environment just four miles from downtown Houston and near to Texas Medical Center. The Houston metropolitan area, the fifth largest in the U.S., experienced its best employment growth on record in 2021, adding nearly 160,000 jobs, according to the U.S. Bureau of Labor Statistics. Elan Memorial Park will be a vibrant addition to DLP Capital s investment portfolio in the region, providing further economies of scale to the firm s asset management of more than 2,500 units spread across eight properties in the broader Houston area.
Elan Memorial Park is an exceptional apartment community that adds excellent balance to our multifamily portfolio in the Houston region, said Don Wenner, founder and CEO of DLP Capital. With strong job growth in Houston, we re bullish on the region. We have multifamily properties with a range of price points to appeal to an array of tenants in the area.
Elan Memorial Park, located at 920 Westcott Street near Memorial Park, is a nine-story property built in 2016 and features beautifully curved exterior architecture. The property boasts a top-floor sky lounge that features panoramic views of downtown Houston along with an outdoor fire pit and grilling area. Property amenities also include a courtyard pool with coffee bar, clubhouse with gaming area, fitness center, bike storage and repair station, and indoor dog spa. Interior features include expansive living areas, 10- to 13-foot ceilings and ceiling fans, built-in desks and bookshelves, and private backyards, patios, or balconies. Residents also benefit from more than 17,000 square feet of retail spaces on the ground floor that include healthy fast dining at Rush Bowls, global cuisine at Union Kitchen, Yellow Cup coffee shop, a hair studio, nail lounge, and more.
DLP Capital and ORP Investments plan light renovations to the otherwise superior condition of the property, including exterior painting, siding updates, and landscaping improvements. The property, currently at 92% occupancy, benefits from proximity to other affluent Houston neighborhoods, with the Neartown-River Oaks submarket attracting many baby boomers seeking to downsize. Employment growth in the Houston region is expected to surpass the national benchmark over the next five years, according to the U.S. Bureau of Labor Statistics, further attracting tenants and adding to the investment attractiveness of Elan Memorial Park.
Added Raj Sarangam, founder of ORP Investments, This multifamily investment marks the first of what we hope will be many successful partnerships with DLP Capital. We re combining DLP Capital s national financial strength with our boots-on-the-ground local market expertise for a solid combination that we believe will lead to collective, long-term success.

DENVER, CO – Sentral, the modern property management company innovating flexible living communities throughout the United States, announced its newest collaboration with OliverBuchananGroup(OBG), Sentral RiNo, located in Denver’s River North District. Sentral RiNo will commence construction in 2023 and represents the first project undertaken as part of an exclusive partnership with OliverBuchananGroup that will develop new neighborhood-defining, multifamily communities and mixed-use projects in high-growth U.S. markets. Sentral RiNo will be the brand’s second flexible living community in Denver, joining the successful Sentral Union Station.
Situated between the vibrant RiNo Art District and Cole Historic Neighborhood, Sentral RiNo will be located at what was formerly the Denver Rock Drill site. More than 300 apartments will be developed in this exciting project’s initial phase, with further retail, office, and event space to be developed soon after. Sentral RiNo will boast European-style public areas with curved streets and courtyards, while preserving the distinctive historic elements of the Denver Rock Drill structures currently in place.
“Targeting some of the country’s highest-growth, in-demand markets has been a top priority for the Sentral brand, especially those with rich history, vibrant culture, and an array of arts, dining, and entertainment,” said Jon Slavet, Chief Executive Officer at Sentral. “The Denver RiNo neighborhood is one of the most historic areas of the city, and experiencing tremendous revival, making it a premier location for Sentral’s flexible living concept.”
The development’s location sits in one of the city’s most sought-after districts, with the highest concentrations of bars, restaurants, and breweries in Denver. Sentral RiNo will offer both designer furnished and unfurnished apartments with flexible lengths of stay, as well as best-in-class community amenities for residents and guests.
“With development of Sentral RiNo underway, we are looking forward to bringing the brand’s innovative flexible living concept to such an in-demand city like Denver,” said OBG’s Chairman Morgan Dene Oliver. “The Sentral RiNo community will be the first of many properties as part of our partnership to debut across the country, offering residents and guests deluxe accommodations, best-in-class amenities, and close proximity to the city’s most unique, vibrant local experiences. We are extremely excited to introduce this property in 2023.”
Denver is one of the leading U.S. cities for digital nomads and mobile professionals due to its appeal to nature lovers, proximity to the Rocky Mountains, favorable cost of living, flourishing art and music scene, exceptional restaurants and shops, walkable neighborhoods, and other attributes. Sentral RiNo will offer mobile professionals the best of flexible living, with beautifully-designed work and living spaces, all within walking distance of one of the city’s hippest areas.

CEDAR PARK, TX – TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Latitude at Presidio, a 2017-built, 337-unit apartment complex located in the Cedar Park suburb of Austin, TX.
Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, “Our team has been evaluating Austin, TX for the right quality multifamily community, in the right location, with the latest and greatest in modern resort style amenities. We feel Latitude at Presidio is best-in-class and matches our criteria and more for our respected residents. The atmosphere at Latitude is exciting and refreshing.”
Latitude at Presidio features one, two, and three-bedroom units with an average floorplan size of 959 square feet. The units feature stainless steel appliances, euro style cabinetry, USB charging ports, ceramic tile backsplash, and white quartz countertops. The property is located just off of I-35 and is 25 minutes from downtown Austin. The property’s amenities include a swimming pool, a billiard and gaming room, an outdoor kitchen with grilling stations, a dual level fitness center, a coffee bar, an outdoor lounge area with fire pits, and a dog park.
“We are excited to add what we feel is another best-in-class community to our portfolio,” said Steve Good, TerraCap Partner and National Director of Acquisitions. “Our general thesis is to invest in high quality properties in growth markets, and we feel there is a compelling case to made for both this property and the Austin MSA overall. Our goal is continue finding more opportunities and continue building our long-term presence in this dynamic market.”
Matt Pohl and Kevin Dufour of Walker & Dunlop represented the seller in the disposition. ZRS Management was hired as property manager.