MCLEAN, VA – American Real Estate Partners ( AREP ), announced the company s acquisition of 1101 King Street in the heart of Old Town, Alexandria. This is AREP s fifth investment through its Strategic Opportunity Fund III ( Fund III ) which is now 60% deployed. The company has selected Cooper Carry to lead the project redevelopment design and residential hospitality design team RD Jones for the interiors. Construction is set to begin in July 2023.
The redeveloped 200,000 square foot building will contain approximately 200 apartments and 17,500 square feet of retail and office space on its first floor. This latest acquisition is part of AREP s broader strategic investment focus targeting industrial, data center, residential, and office assets across East Coast urban & urbanized suburban markets. The acquisition included the simultaneous purchase of all condominium units in the office building from the seven owners. All office leases were restructured to allow for a deconversion of the office condominium and redevelopment into a mixed-use property. AREP will maintain the ground floor retail leases including Orange Theory and Paris Baguette throughout construction so as not to disrupt the community amenities.
Located in the heart of King Street s bustling restaurant and retail corridor, 1101 King St. is walking distance to everything residents need to live, work and play. Once completed, the reimagined property will provide residents with a club room, fitness center, and a rooftop social terrace—with incredible views of Old Town. Premium access to live entertainment and waterfront park activities are just steps from the property s front door, and the King Street metro is a 10-minute walk and only three stops to Amazon HQ2.
Aligned with AREP s portfolio-wide focus on wellness and value-rich experiences, 1101 King St. will offer world-class features and curated amenities, including shared hybrid workspaces and premium hospitality concierge services. With thoughtful consideration of the post-COVID shift to hybrid work, the redesigned 1101 King St will feature larger than average unit sizes that enable indoor and outdoor living, incorporating deep terraces and in-home workspaces.
We are thrilled with the acquisition of 1101 King. It sits in the very center of historic Old Town Alexandria and rises four stories above the buildings around it with views of the entire city. The balconies on each level are more like terraces, with many 10 to 20 feet in depth. It is a one-of-a-kind asset that can never be replicated, said Doug Fleit, Co-Founder & CEO of AREP. This asset illustrates AREP s strategy of looking for special properties in vibrant and emerging locations that can be repurposed for residential use.
This office to multifamily conversion acquisition is one of our core investment strategies and reinforces our ability to identify strong investments across diversified product types and markets to deliver value, said Brian Katz, Co-Founder & President of AREP.

NEWPORT BEACH, CA – A joint venture between Village Partners Investments of Newport Beach, California and The Bascom Group of Irvine, California has received full entitlements and approval of its development agreement for the mixed-use State Street Village project at the site of the former Redlands Mall in Redlands, California.
State Street Village entitlements were unanimously approved with a 7-0 vote by the Redlands Planning Commission and a 5-0 vote by the Redlands City Council. This positive momentum continued with a unanimous 7-0 vote by the Planning Commission and a unanimous 5-0 vote by the City Council on July 19, 2022, approving State Street Village’s Development Agreement with the City of Redlands. The State Street Village Development Agreement was officially approved with the adoption of Ordinance No. 9233, indicating final approval by the City of Redlands.
Village Partners principal Michael Morris remarked “State Street Village will provide a significant contribution to Redlands’ diversity and supply of housing.” His partner, Don Henry, similarly stated “We are excited to bring back the historical street grid, small blocks and transform the once lively Redlands Mall into an exciting new pedestrian district that promotes walkability and honors Downtown Redlands history.”
State Street Village will be a vibrant, 12.2-acre mixed-use pedestrian district in the heart of downtown Redlands and will serve the community’s housing and commercial needs with a variety of high-quality housing options, curated retail tenants, and restaurants. This project will serve as a centerpiece of Redlands’ public life, showcasing the best of local cuisine, art, landscape, and design. With entitlements and development agreement in hand, the State Street Village project will press forward and break ground in the latter part of 2023.
Designed by architectural firms Mithun, Torti Gallas Partners, and BAR Architects, the State Street Village redevelopment will honor and restore the prominence of historic Downtown Redlands, extending State Street toward a grand new public gathering space, Redlands Plaza, set below a grand new archway. At completion, this redevelopment will provide approximately 700 new residential units and cutting-edge amenities to support Redland’s growing population, and will be home to many local business, restaurants, and bars with its roughly 84,000 square feet of commercial space.

ASHEVILLE, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and a developer of mixed-use multifamily communities, announced the acquisition of Asheville NC Apartment Portfolio, a two-property multifamily portfolio comprised of a total of 305 apartment homes in Asheville, North Carolina. The portfolio was acquired on behalf of CS1031 Asheville NC Apartment Portfolio, DST, a private placement offering that seeks to raise $73.1 million in equity from accredited investors and has a minimum investment requirement of $50,000.
“Once again, Capital Square remains ahead of the curve with this two-property multifamily acquisition in Asheville, North Carolina,” said Louis Rogers, founder and chief executive officer of Capital Square. “Asheville has a strong economy in a bucolic environment. With apartment rents increasing 25%, Asheville has experienced the strongest growth in multifamily rental rates of any metro in North Carolina, according to WTVD. This makes the Asheville NC Apartment Portfolio an excellent option for investors seeking stable cash flow and appreciation.”
Asheville NC Apartment Portfolio includes the 253-unit River Mill Lofts, located at 100 River Mill Drive, and the 52-unit Skyloft Apartments, located nearby at 500 S Skyloft Drive. The 10.887-acre portfolio offers one-, two- and three-bedroom units averaging 1,120 square feet. The spacious floorplans include high-end finishes such as granite countertops, stainless-steel appliances and subway tile backsplashes. Community amenities at River Mill Loft include access to the scenic Swannanoa River, a well-appointed clubhouse and a swimming pool. Skyloft Apartments residents may enjoy an outdoor fire pit and community grilling area and a fenced pet park. Both properties are within a ten-minute drive of downtown Asheville.
Known for its sweeping mountain views and beautiful scenery, Greater Asheville is home to more than a million acres of protected wilderness, offering hiking, biking, paddling and many other activities to its residents. Mission Health, an operating division of HCA Healthcare, and North Carolina’s largest health system is located in Asheville. The system’s flagship medical center, an 815-bed Mission Hospital, is less than two miles from each property. It ranks as the top employer in Asheville and western North Carolina, employing more than 10,000 people.1 Aerospace manufacturer, Pratt & Whitney, is currently investing $650 million to build a one-million-square-foot advanced manufacturing center, approximately three miles from the property. The facility is expected to open by the end of 2022 and is forecasted to add 800 local jobs, with an annual payroll of nearly $55 million.1,2
“With a 2.8% unemployment rate, historical sites, and stunning views, Asheville is a compelling location,” said Whitson Huffman, chief strategy and investment officer. “The city has a thriving economy and is an excellent place for those seeking the prototypical live-work-play balance.”
Biltmore Village, a historical enclave at the entrance to the Biltmore Estate, is within walking distance of River Mill Lofts. The village was modeled after an English village and features numerous shops, nearly a dozen restaurants and cafes and several craft breweries. Both properties are located near downtown Asheville, which is known for its prolific food scene, having just been named the top food destination in the U.S. for 2022 by Travel & Leisure.

ATLANTA, GA – Aventon Companies, a prominent, vertically integrated, multifamily developer with active projects throughout the mid-Atlantic and Southeast, announced it has entered the Atlanta market. Aventon Exchange will be a 300-unit, Class A development spread over 16 acres, located at the Northeast corner of Buford Drive and Old Peachtree Road.
Offering spacious one, two and three-bedroom floor plans, each apartment home will boast top-of-the-market finishes. In-unit features include European style cabinets, quartz countertops, wine racks, open shelving, and community-wide Wi-Fi. Meanwhile, the community itself will feature a resort-style, saltwater pool adjacent to a massive, almost 12,000 SF clubhouse with a game room, state-of-the-art fitness center, remote-working lounge, numerous private offices along with a conference and podcast room. Dog lovers will also enjoy a pet spa, lush greenspace, and a dedicated dog park. Looking towards the future, the parking lot will be outfitted with EV charging stations.
“We are thrilled to be entering the Atlanta metro area, especially Gwinnett County, one of the most high-end and rapidly growing counties within Georgia,” said Ron Perera, Senior Managing Director for Aventon Companies. “We look forward to Aventon Exchange being the first of many projects in this dynamic and growing region.”
The buildings of Aventon Exchange were designed by Scott + Cormia Architecture, with interior design by Alpharetta-based Studio 5 Interiors. The community is expected to open in early 2024 and will be located minutes from numerous dining and shopping destinations as well as major employment nodes. Since 2019, Aventon Companies has assembled an impressive $2 billion portfolio of ground-up developments expected to bring nearly 7,600 Aventon-branded apartment homes to Florida, Georgia, the Carolinas, and the Mid-Atlantic.

PITTSBURGH, PA – Multiversity Housing Partners property management arm, MultiVersity Property Management, will be overseeing the rebranding, management, and planned improvements at The Square on Butler, formally Doughboy Square and Square View in Lawrenceville, PA. An affiliate of MVHP acquired the property in August, 2022.
Located in central Lawrenceville, The Square on Butler is the fifth property that MVPM has added to its portfolio in the Pittsburgh area. This property is comprised of three buildings built between 2014 and 2017 with 59 conventional units. Floorplans consist of both one and two-bedroom apartments with nine affordable two-bedroom units located on the first level. The Square on Butler is also home to seven commercial retailers.
Community amenities include: a 24-hour fitness center, covered parking, indoor bike storage, and a dog wash area. Coinciding with MVPM’s dedication to customer service and safety, controlled access to buildings, and on-site management shall remain in place. Located in “the heart” of Lawrenceville, this apartment assemblage is in close proximity to dining and entertainment options with a walkability rating of 85.
MVPM also plans to make further improvements to the lobby area and amenities by completing major upgrades to the fitness center and its equipment, performing lobby renovations, and adding a Luxor package system as well as comprehensive exterior improvements.
MVPM will bring its boutique-style approach to property management in order to operate this property more efficiently. MVPM will be adding the following upgrades: hallway updates to fit with the rest of the buildings’ luxury apartment theme, improvements to steel balconies, exterior lighting and paint unit exteriors with neutral tones in order to enhance curb appeal.
Christopher Feeley, CEO and Managing Member of both MVHP and MVPM, stated that “these assets add to our portfolio of value-add multifamily properties, with these properties being market rate apartments located in one of the best submarkets (Strip District-Lawrenceville) in the City of Pittsburgh. Frankly, the Lawrenceville-Strip District is one of the best submarkets in any major city located along the East Coast.”

KANSAS CITY, MO – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of The Depot, a 300-unit Class A multifamily community in the Kansas City suburb of Raymore. Thompson Thrift expects to break ground in September and plans to welcome new residents starting in the spring of 2024.
“The suburbs south of Kansas City have seen impressive job and population growth in recent years,” said Josh Purvis, managing partner for Thompson Thrift Residential. “There is strong demand for multifamily rental options and The Depot will provide a luxury-living experience with convenient access to the area’s major employers as well as a variety of retail and dining options.”
Located off Dean Ave and E 171st St, The Depot will offer nine three-story buildings with one-, two- and three-bedroom apartment homes averaging just under 1,000 square feet. Residents will enjoy premium interior finishes including gourmet bar-kitchens with quartz countertops, stainless steel appliances, tiled showers with glass doors, 9-foot ceilings, wood-inspired flooring, walk-in closets with custom wood shelving and full-sized washers and dryers. The luxury-living experience will continue throughout the community with a professionally decorated clubhouse, 24-hour fitness center, resort-style swimming pool and a dog park.
The Depot sits adjacent to the Raymore Galleria, a 400,000-square-foot shopping center anchored by a Wal-Mart, Sam’s Club and Lowe’s. The property enjoys nearby access to Interstate 49, which will provide residents with easy commutes to neighboring communities and major employers such as Cerner Corporation, Honeywell and Saint Luke’s East Hospital.
The multifamily housing market in Raymore is in high demand for new development. During the past 10 years, the rate of population growth within a one-mile radius of the site has been almost double that of the larger Kansas City metro area.

SAN FRANCISCO, CA – Leading commercial real estate firm Goodegg Investments announced the successful acquisition of 3 multifamily assets via Goodegg Wealth Fund I – Mission Antigua in Tucson, Arizona; Sunset Villas in Phoenix, Arizona; and the Sarah at Lake Houston in Houston, Texas.
Goodegg Investments is an award-winning women-owned and women-led business led by Julie Lam and Annie Dickerson. Since its inception in 2018, Goodegg Investments has built up a portfolio totaling $1B+ across 8,000+ multifamily units.
Goodegg Wealth Fund I was created to acquire a strategic mix of value-add class A and class B assets in key markets throughout the Sunbelt Region.
“We are extremely pleased with the strong and continued investor support and trust from both long-standing partners as well as new investors in Goodegg Wealth Fund I. This fund includes a unique blend of 3 multifamily assets in key growth markets, each with substantial opportunity for growth and additional value,” said Julie Lam, CEO of Goodegg Investments.
“The strong investor demand for this fund underscores our continued focus on providing strategic investments with substantial value-add potential, to allow our investors to diversify their portfolios, maximize returns, and mitigate risk in this shifting economy,” said Annie Dickerson, COO of Goodegg Investments.
The three assets are located in prime submarkets in Tucson, Phoenix, and Houston, respectively – all within close proximity to major employers and poised for substantial growth in the coming months and years, particularly as each respective market continues to see strong job growth and population growth.
With the close of Goodegg Wealth Fund I, Goodegg Investments has now successfully completed over 40 acquisitions, with 20 successful full-cycle exits to date.
In addition, as with the close of every acquisition, Goodegg Investments donates a portion of their proceeds via Goodegg Gives to support a nonprofit organization focused on a cause that’s meaningful to their investors. For Goodegg Wealth Fund I, proceeds from the acquisition went to supporting Save the Children, a global leader in children’s health, education, and protection.

NAPLES, FL – Experience Senior Living (ESL) is creating communities with purpose across the U.S. and will break ground on a new luxury community in Naples, Fla. located at 8480 Rattlesnake Hammock Road. The Gallery at Naples is 169,327 square feet consisting of 158 homes with 125 assisted living apartments and 33 memory care suites for seniors. ESL plans to break ground in Q4 2022.
With more than 50% of the population in the market over 65, it is the ultimate destination for those seeking sugar-sand beaches, warm weather year-round, and Gulf Coast living at its best. Amenities to be offered in the four-story community include a professional beauty salon, fitness room, pickleball court, saltwater outdoor pool, screened-in patios, movie theater, steak house, a full bar as well as multiple other dining venues and activities areas. Our concierge floor will have full kitchens and a dedicated lounge providing a unique offering in the market. 24/7 nursing staff is available on-site as well as services such as moving coordination, concierge assistance and chauffeured transportation. The Gallery collection of communities by ESLD commissions local artists to produce pieces that are unique to the area.
“We are very intentional about the locations we select for Experience Senior Living developments,” Phill Barklow, president of ESL, said. “Naples is an ideal retirement community and residents desire to stay in the area. Through our well-suited amenities and services, we allow people to continue to make Naples their home. Our vision is simple, to disrupt the experience of aging. Through this lens, we are proud to bring The Gallery at Naples to market with the very best offerings so our residents and their families can celebrate life together.”

DALLAS, TX – Equity Residential (NYSE: EQR), an S&P 500 company focused on the acquisition, development, and management of residential rental properties located in and around dynamic cities and Toll Brothers, Inc. (NYSE: TOL), the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living (TBAL) rental division, announced plans to develop three new luxury rental communities totaling 1,053 units in the Dallas/Ft. Worth metropolitan area.
These projects represent the first three joint ventures under the strategic relationship that Toll Brothers and Equity Residential established in 2021. Through the partnership, the parties initially intend to focus on selectively acquiring and developing sites for apartment rental communities in specific metro markets, including Dallas/Ft. Worth, where both parties have a significant or growing presence. Under the partnership, Equity Residential has committed to invest 75% of the equity for each selected project and Toll Brothers will invest 25%. It is expected that each project will also be financed with approximately 60% leverage. Equity Residential will have the option to acquire each property upon stabilization. The parties have targeted an initial minimum co-investment of approximately $750 million in combined equity, or nearly $1.9 billion capacity, assuming 60% leverage.
The three new communities to be developed by Toll Brothers and Equity Residential are all located in metro Dallas/Ft. Worth. The Settler is a four story, 362-unit multifamily rental community in Ft. Worth being financed through a construction loan facility from U.S. Bank. Remy is a five story, 357-unit multifamily rental community in Frisco Square being financed through a construction loan facility from Santander Bank, N.A. Lyle is a five story, 334-unit multifamily rental community in Dallas also being financed through a construction loan facility from Santander Bank, N.A. The loans were arranged by Toll Brothers in-house Finance Department.
Dallas/Ft. Worth is a dynamic market with a growing population of the affluent renter demographic that we are interested in capturing. We are expanding our presence in the market and believe that these properties will make excellent additions to our existing portfolio there, said Mark J. Parrell, Equity Residential s President and CEO. We are delighted to be partnering with the highly capable team at Toll Brothers and feel that these developments are a terrific start to a strategic partnership that will be very beneficial for both Equity Residential and Toll Brothers.
Douglas C. Yearley, Jr., Chairman and Chief Executive Officer of Toll Brothers, Inc., stated: “We are very pleased with the progress to-date of our strategic partnership with Equity Residential. In addition to these three projects we are developing together in metro Dallas, Equity Residential recently acquired three other communities totaling 909 units that TBAL recently developed with other partners in the Dallas and Atlanta markets. Going forward, with top quality partners such as Equity Residential co-investing with us at initial site acquisition, we expect to increase TBAL s capital efficiency and return potential by allowing us to develop more apartments with less capital and providing reliable exit opportunities. The synergies from our two great brands, Equity Residential’s deep market knowledge and long experience in the management of high-quality rental communities, Toll Brothers’ high-end design and development capabilities and the financial strength of each of our organizations is proving a formidable combination.”
Charles Elliott, President of Toll Brothers Apartment Living, stated: We re thrilled to announce our first three Class A residential development projects with Equity Residential in Texas, and we look forward to continuing our successful partnership. We re building these communities in some of the most vibrant and desirable neighborhoods of the Dallas/Ft. Worth market, offering the perfect blend of lifestyle and luxury in the middle of it all.
The Settler will consist of 362 apartment units and a 543-space parking garage with bicycle storage and a sky lounge overlooking downtown Ft. Worth. Located at 204 Athenia Drive in the heart of Ft. Worth s River District, the site is in close proximity to Ft. Worth s Central Business District, Cultural, and Medical districts, and the historic Ft. Worth Stock Yards. The Settler is just steps away from the scenic Trinity River s hike and bike trails, various museums, The Ft. Worth Botanical Garden, the Ft. Worth Zoo, and just north of PGA Tour host Colonial Country Club.
Remy will consist of 357 apartment units and features a 545-space parking garage. The project is located in the vibrant Frisco Town Center in the Dallas suburb of Frisco at the intersection of Gordon and Church Streets. Frisco is one of the most affluent and desirable suburbs of Dallas. The site is located along Frisco s North Platinum Corridor, a Development Center on the Dallas North Tollway. Residents will benefit from walkability to an abundance of amenities, including restaurants, retail, a Cinemark movie theater, a free public library, and MLS franchise FC Dallas soccer stadium. It is also located adjacent to Frisco s City Hall and Medical City Frisco hospital.
Lyle will consist of 334 apartment units and features a 475-space parking garage. Lyle is located at 17727 Addison Road, ideally positioned at the intersection of Trinity Mills and Addison Rd., and adjacent to the Dallas North Tollway. The site offers great access to several employment hubs including the Galleria Dallas, Legacy Business Park, Granite Business Park, Las Colinas, City Line, Hall Park, and The Star, which is located within the $5 Billion Mile.
Each community will feature high-end luxury finishes and residents will enjoy a best-in-class amenity package, including a resort-style pool, a pet spa, co-working spaces, state-of-the-art fitness centers, and much more.

AUSTIN, TX – Development partners Lincoln Property Company (LPC) and Kairoi Residential have broken ground on a 74-story mixed-use high-rise called Waterline in downtown Austin that will become the tallest tower in Texas when it opens in late 2026. The Public Sector Pension Investment Board, one of Canada’s largest pension investment managers is the main equity partner in this major development project.
Located at 98 Red River St., Waterline will extend 1,022 feet above a lush 3.3-acre campus near the intersection of Waller Creek and Lady Bird Lake.
Targeting LEED Gold certification throughout the building, the project will include 352 luxury apartment homes; 700,000 square feet of office space; and the 251-room 1 Hotel Austin — the first Texas location for the global hospitality company SH Hotel Resorts’ sustainability-focused 1 Hotels brand.
Reaching new heights
Waterline is the third downtown Austin high-rise that LPC has co-developed and broken ground on in the last three years. Sixth and Guadalupe, also co-developed with Kairoi Residential, will open next year with 66 floors of residences, offices, and ground-level retail. The Republic, a 48-story office tower adjacent to Republic Square Park, is scheduled to open in late 2024. When completed, all three buildings will be taller than any high-rise on the ground in Austin today.
“Downtown Austin offers one of the most dynamic markets and skylines in the nation, and we’re excited to help drive its ongoing transformation,” said Seth Johnston, Senior Vice President of LPC in Austin. “Waterline marks a new milestone for downtown not only because of its height but also because of the positive impact this project will have on improving connectivity, enhancing public amenities, and attracting more people to this beautiful area of downtown.”
Situated on the eastern bank of Waller Creek along the Waterloo Greenway, Waterline will serve as a new gateway from the Central Business District to the Rainey Street district. The development will add two new pedestrian bridges over the creek from the west, as well as three additional public pedestrian and bike access points to the Waterloo Greenway from the east.
The development team will contribute $1 million to the Waterloo Greenway Project to help fund improvements to the 1.5-mile urban trail that connects the University of Texas at Austin to Lady Bird Lake.
On the trail of exceptional urban living
Designed by Kohn Pedersen Fox — a global architecture firm with a portfolio that includes the 55 Hudson Yards and One Vanderbilt towers in New York City — Waterline will feature floor-to-ceiling windows, warm textures, and native stone.
“Waterline will offer a truly unique experience with unrivaled views, world-class amenities and a thoughtful design that connects the building’s interior with the project’s unique natural surroundings throughout the building,” said Michael Lynd Jr., CEO of Kairoi Residential. “We’re thrilled to introduce Austin’s next iconic project.”
The building’s vibrant ground floor will feature 24,000 square feet of publicly accessible retail and restaurant space overlooking Waller Creek and the Waterloo Greenway, separated by a floodplain forest to protect the natural experience for trail users.
1 Hotel Austin will occupy the next 13 floors with a ballroom and meeting spaces on the 14th floor and a rooftop pool with food and beverage service on the 16th floor.
The office portion of the tower will occupy 27 stories with a 14th-floor amenity deck featuring 24,000 square feet of landscaped outdoor space along with a bar and lounge, indoor meeting spaces and a prep kitchen for special events. Office tenants also will have access to a 7,000-square foot fitness center on the second floor featuring cardio equipment and weights along with a yoga and dance studio.
Upscale residential homes will fill the building’s top 33 stories offering residents access to two pools on the 41st floor along with a lounge, bar, kitchen, and co-working space. A movement studio, workout studio and steam room will be located one floor above along with soaking tubs, hammocks, a BBQ pit, and a communal dining area.
“We are pleased to be increasing our portfolio exposure to high conviction markets and green assets in one of the fastest growing cities in the United States,” said Carole Guérin, Managing Director, Head of Americas, Real Estate Investments, PSP Investments. “This investment provides significant upside potential as the city of Austin continues its expansion to become a top-tier US market that offers high quality of life, a supportive business environment, exciting employment opportunities and a hotbed for technology and innovation.”
Blackstone Mortgage Trust, Inc. (“BXMT”) provided the construction loan for the project.
“We continue to see strong demand for new, best-in-class residential, office and hospitality assets in high growth markets like Austin and are excited to support this trophy, mixed use development that will make a meaningful contribution to the community as well as the Austin skyline,” said Katie Keenan, Chief Executive Officer of BXMT. “We look forward to continuing to lend on low-leverage, high-quality projects and serving as a partner to well-capitalized, experienced sponsors like LPC, Kairoi, and PSP Investments.”