SALT LAKE CITY, UT – Safehold, the creator and leader of the modern ground lease industry, has closed on a $26.5 million ground lease to facilitate the ground-up development of One Burton, a fully amenitized 180-unit multifamily project located in South Salt Lake’s new downtown district.
The Qualified Opportunity Zone project will be developed by a new Safehold customer, ABSTRACT Development Group, an affiliate of a large New York based multifamily real estate owner.
“We are pleased to close our first multifamily transaction in Salt Lake City with a first-rate sponsor,” said Senior Vice President Adam Matos. “Safehold’s ground lease structure has proven to be an advantageous capital source for high-end developments nationwide. We look forward to expanding our presence in the Salt Lake City market and continuing to work closely with ABSTRACT.”
“This transaction was extremely important to us as it represents our first project in the growing Salt Lake market. The Safehold team was a pleasure to work with, and remained a reliable partner, even during this current period of economic uncertainty,” said Jason Algaze, Principal at ABSTRACT. “They understood our goal to provide thoughtfully-designed and much-needed housing in the Salt Lake market. We look forward to working alongside Safehold to develop additional high-end multifamily projects.”

STEAMBOAT SPRINGS, CO – 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 start of construction on Steamboat Basecamp, a 119-unit mixed-use multifamily property in Steamboat Springs, Colorado. The development is expected to be completed by fall 2023.
Located at 1901 and 1950 Curve Plaza, Steamboat Basecamp will be comprised of 75 for-rent apartment units, as well as 30 condominiums and 14 townhomes available for purchase. The property will also include nearly 8,000 square feet of leasable retail space. Marketing and pre-sales of the townhomes has begun, which has resulted in five reservations.
“Steamboat Basecamp is an excellent development that will serve as an ideal complement to Steamboat Springs, one of the nation’s most popular mountain resort destinations,” said Whit Huffman, co-chief executive officer. “There is tremendous demand for quality living options in the region but also meaningful barriers to entry for new development, including a rapidly diminishing supply of available land able to accommodate significant projects like Steamboat Basecamp. As a result, even at this early stage of construction, we are experiencing substantial interest in the property from potential residents.”
Steamboat Basecamp lies at the “main and main” of the rapidly growing neighborhood of West Steamboat, just off Highway 40 and less than two miles from downtown Steamboat Springs. The popular Steamboat Ski Resort, which is in the midst of a $200 million expansion that will make it the second largest ski resort in the state,1 is just four miles from the development.
Nestled in the Rocky Mountains approximately 150 miles northwest of Denver, Steamboat Springs is a popular year-round tourist destination often referred to as “Ski Town USA” for its excellent skiing and snowboarding opportunities. This stunning area also has geothermal hot springs, zip lining, rafting, and many other outdoor activities enjoyed by residents and more than 500,000 visitors annually.2 The rustic city was founded in 1900, making it rich in history that focuses on miners, ranchers, and the Native American Ute tribe.
Steamboat Basecamp is less than two miles from a flourishing downtown area which has a variety of restaurants and entertainment venues. Where the adventurous spirit meets functional living, these properties will offer residents access to a communal rooftop lounge, courtyard and a ski and bike tune-up shop.
“Steamboat Springs enjoys high employment and projected future job growth of 57% during the next decade, making it an ideal area for those seeking a live-work-play lifestyle,3” explained Adam Stifel, chief development officer. “The local real estate market is thriving, with demand for housing far outpacing available supply, resulting in significant price appreciation. Steamboat Basecamp will help to satisfy demand for quality housing in the area, while providing potentially significant upside for investors in the development.”
Capital Square formed a joint venture with May Riegler Properties to develop Steamboat Basecamp, which has been funded by nearly $17 million raised from accredited investors in CSRA Steamboat Basecamp LLC, a private placement investment sponsored by Capital Square. Capital Square and May Riegler have partnered with KASA Architecture, which serves as building architect, Deneuve Construction, which serves as the project’s general contractor, and JNS Architecture, which oversees interior design.

ORLANDO, FL – The Bainbridge Companies, a fully integrated family of real estate companies engaged in the development, construction/renovation, management, and acquisition of residential and commercial real estate as well as a leading owner, developer, and manager of luxury multifamily apartment communities, announced its newest residential property, Bainbridge Mission Pointe, is open.
Located at 12231 Pioneers Way, Orlando, Fla. 32832, Bainbridge Mission Pointe is a luxury multifamily apartment community that offers 300 modern one-, two-, and three-bedroom apartment homes ranging from 885 to 1,589 square feet. Each apartment home is pet-friendly and offers stainless steel GE appliances, two-inch faux wood blinds with Carrara marble window sills, a private patio or balcony, a smart electronic deadbolt keyless entry, Wi-Fi smart thermostat with touchscreen, and gourmet kitchen islands.
This is the third Bainbridge apartment community on Lake Whippoorwill, following in the footsteps of Bainbridge Nona Place and Bainbridge Narcoossee Cove, said Bob Thollander, president of development at The Bainbridge Companies. With The Lake Nona ‘Medical City a stone s throw away from Bainbridge Mission Pointe, this community will have just about everything going for it: great schools, close proximity to great high-paying job opportunities, fine dining, shopping, and entertainment options.
Bainbridge Mission Pointe also offers 9-foot ceilings with fans in the living room and all bedrooms, and a full-size, side-by-side, or stacked washer and dryer. The first residents of each apartment home may choose a finishing package of brown slab cabinets with quartz and herringbone tile backsplash or white shaker cabinets with quartz and subway tile backsplash.
Community amenities include lake frontage with a boat ramp and pier on Lake Whippoorwill, an infinity-edge saltwater pool overlooking the lake, a cyber café with a coffee bar and lounge areas, a 24-hour fitness center with cardio and strength training, a 24-hour clubhouse with an entertainment island, electric vehicle charging stations, a 24/7 secured access package room, and more.
Thollander added, We are very pleased with how this community is coming together. We carefully and creatively designed it specifically for the Lake Nona Lifestyle. It also has the major bonus of being one of the few remaining lakefront apartment communities in the Metro Orlando area. There are incredible views of Lake Whippoorwill throughout the project. We wanted to activate the waterfront as much as possible, so we incorporated a large walking trail along the entire waterline as well as a boat ramp and fishing pier. This truly is a resort-style community and one of the premier lakefront apartment developments ever built in Orlando.

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

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

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

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

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

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

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