PHOENIX, AZ – EJF Capital and Toll Brothers, through its Toll Brothers Apartment Living division, announced the formation of a joint venture to develop Henri, a 313-unit multifamily community in downtown Phoenix, AZ. The 2.32-acre site is in a Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017 (TCJA), which offers investors potential tax benefits to invest into Qualified Opportunity Zones with the aim of spurring economic growth in lower income areas.
The Project, expected to break ground in October 2022, is a joint venture between EJF OpZone Fund I LP and TBAL. Upon completion, the seven-story building will offer a unit mix of studio- through 3-bedroom apartments located in one of the only pre-automotive, walkable neighborhoods in the Phoenix Metropolitan Statistical Area (MSA). Neighboring the famed arts district Roosevelt Row, the Project is surrounded by restaurants, bars, cafes, art galleries, shops, and entertainment venues.
We re truly delighted to partner with Toll Brothers on a project with such undeniable economic appeal, said Asheel Shah, Senior Managing Director and Head of Real Estate Development at EJF. Phoenix is one of the nation s fastest-growing metropolitan areas, with a sizeable employment base and a dynamic retail, restaurant, and entertainment hub downtown—yet it has a limited supply of new housing opportunities. Henri is well-positioned to capture that unmet demand.
Charles Elliott, President of Toll Brothers Apartment Living, said Downtown Phoenix s ideal location, proximity to major transportation networks, and demographics all point to a community in growth mode. Henri will fill an important need for multifamily housing in this vibrant and fast-growing area.

EAST ORANGE, NJ – Hudson Valley Property Group, a leading, national affordable housing preservation company, announces the completion of the $57 million preservation project at Corinthian Towers, a 221-unit housing complex in the 4th Ward of East Orange, New Jersey.
City of East Orange Mayor Ted R. Green, U.S. Housing and Urban Development (HUD) and New Jersey Housing and Mortgage Finance Agency (NJHMFA) officials attended a ribbon cutting ceremony earlier today to celebrate the completion of the extensive renovations and upgrades to Corinthian Towers.
The comprehensive renovations totaling ~$11.5 million (~$50,000 per unit) feature major home improvements, including complex-wide infrastructure modernization, apartment upgrades, and the implementation of enhanced site monitoring utilizing intelligent cameras for adherence to HVPG’s community standards, marking a new beginning for the 94-year-old facility.
“With the help of the City of East Orange, HUD and the NJHMFA, we are honored to transform Corinthian Towers into a place that residents will be proud to call home,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “As the demand for affordable housing continues to increase across the nation, this project exemplifies our commitment to partnerships to make these projects possible and the quality and affordability we provide residents across our properties.”
“The City of East Orange is excited to celebrate the completion of this expansive renovation project at Corinthian Towers and I applaud Hudson Valley Property Group for making this significant investment in our community,” said Mayor Ted R. Green. “Quality, affordable housing is one of my administration’s top priorities and the partnership we share with HVPG, HUD and the New Jersey Housing and Mortgage Finance Agency is an excellent example of how we can improve the standard of living for our residents, preserve the stability of our neighborhoods, and contribute to the economic revitalization of our city.”
“The preservation of affordable housing is one of HUD’s top priorities, and Corinthian Towers is a great example,” said Alicka Ampry-Samuel, HUD Regional Administrator for New York and New Jersey. “HUD is committed to providing rental subsidies to ensure these homes remain affordable so residents can count on housing and financial stability for years to come.”
“NJHMFA is proud to support the $11.5 million plan to renovate, improve and ensure the continued affordability of Corinthian Towers,” said NJHMFA Executive Director Melanie R. Walter. “These improvements will provide long-term safe, stable housing for 221 East Orange families; they represent a transformative investment in the future of this vital community.”
All apartment units at the property received a subsidy through a HUD project-based Section 8 Housing Assistance Payment (HAP) contract. To ensure the long-term affordability of the property, HVPG obtained a new, 20-year-term HAP contract. No residents were displaced as a result of this transaction. HVPG additionally brought in a new property management partner at the property, Community Realty Management of Pleasantville, NJ.
Financing the rehabilitation included private equity raised from the Hudson Valley Preservation Fund, LLC, NJHMFA tax-exempt bonds and 4% Low Income Tax Credits (LIHTC) purchased by PNC, a construction loan from PNC and a Freddie Mac credit enhanced Tax-Exempt Loan (TEL) originated by PGIM Real Estate. The City of East Orange supported the project with a long-term PILOT Agreement.
Renovations of the 221 apartments included designer inspired kitchen cabinetry and countertops with high efficiency appliances, the creation of fully compliant ADA and H/V units, and new energy-efficient lighting and water conserving fixtures. HVPG also paid careful attention to the character of the building, reinvigorating the lobby’s original terrazzo flooring with thoughtful tile touches carrying over to custom brass entry doors. A full elevator modernization was undertaken, and the old elevator car was donated to the Patterson Fire Department to be used for their ongoing training program. In addition, the building’s generator, boilers, and roofing were replaced, adding to the quality-of-life upgrade provided to the residents. Security measures were also overhauled at the property with new generation, advanced smart cameras allowing for full building viewing in high definition, an audio and visual intercom system, and the addition of monitored access control points.
“The building has changed a lot since Hudson Valley Property Group took over. It’s cleaner, the hallways are nicer, there are no rodent problems. Safety of the building is number one. Overall, it’s a good place to live and raise your kids,” says Jamillah Ellis, a resident of Corinthian Towers.
With construction now complete and similar to other HVPG properties, ownership and management will look to partner with local not-for-profit organizations and healthcare and technology providers to offer curated resident services programming at the property. HVPG currently owns over 4,500 units of affordable housing across 27 properties throughout the state of New Jersey.

RALEIGH, NC – FCP announces the $48.0 million acquisition of Grand Arbor Reserve, a 297-unit vintage apartment community at 2419 Wycliff Road, blocks from I-440 in Raleigh, NC.
“Grand Arbor Reserve is a well-located asset that provides residents quality housing near job centers, retail amenities and transportation corridors,” said FCP’s Michael Errichetti.
Grand Arbor Reserve offers residents convenient access to I-440, Raleigh’s main thoroughfare, providing excellent connectivity to downtown Raleigh, Research Triangle Park, and over 100,000 jobs in the Raleigh-Durham MSA. The property is also adjacent to the UNC Rex Hospital, one of the top hospitals in Raleigh.
The 297 units are made up of predominantly two- and three-bedroom apartments with onsite amenities including a pool, fitness center, playground, dog park and volleyball court.
FCP extends its appreciation to Howard Jenkins and CBRE Southeast Multifamily for their representation of the seller.
FCP is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties.

SPRING, TX – Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announces the second groundbreaking from its new “build-to-rent” (BTR) division focused on single-family rental home neighborhoods. Construction is scheduled to begin in October at The Everstead at Windrose in Spring, Texas. The project will be pursued in a partnership with Principal Real Estate Investors.
“Landmark is excited to kick off our partnership with Principal, and we look forward to developing a first-class neighborhood with The Everstead at Windrose,” said President and CEO of Landmark Properties, Wes Rogers. “With nearly 30 BTR projects in the pipeline, our fully-integrated platform is well-positioned to quickly expand our single-family rental portfolio despite the distress in capital markets.”
The Everstead at Windrose, located at 7801 Farm to Market 2920 in Spring, Texas, will add 194 townhouses, single-family homes, and cottage-style homes to the Houston area’s rental offerings. The gated community will provide residents access to high-quality, shared amenities, including a resort-style swimming pool, fitness center, playground, grilling area, dog park, hammock garden, Bocce Ball court, and coffee bar. There will be on-site parking with several spaces dedicated to guests. The development will incorporate sustainable features and is expected to achieve the National Green Building Standard Bronze Certification.
The homes will include quartz countertops, stainless-steel appliances, large pantries, hardwood-style floors, full-size washers and dryers, ceiling fans, a walk-in closet for the main bedroom, and a backyard with private patio. Some units will feature 10-foot ceilings and an attached garage or storage room. Situated in the north Houston suburb of Spring, The Everstead at Windrose provides residents proximity to several retail and entertainment areas, including The Woodlands, Tall Pines Amphitheater, Market Street, and the Woodland’s Children’s Museum. The community is expected to be completed in 2024.
“The neighborhood where The Everstead at Windrose is being developed is near a master planned community with single-family homes, award-winning schools, and attractive retail amenities,” said Blair Sweeney, Managing Director of Development for Landmark’s build-to-rent division. “We are excited to provide residents and their families an opportunity to live in a single-family style home in a compelling location while enjoying amenities and service typical of a condominium community.”
“This project fits our strategy of providing a high-quality housing solution at a reasonable cost to individuals and families desiring the benefits of a single-family home experience with the financial flexibility of being a renter,” said Jim Halliwell, Managing Director, real estate, Principal Global Investors. “We are delighted to partner with Landmark who shares our vision of creating aesthetically pleasing communities and curating a top-tier customer experience, in conjunction with a commitment to sustainability.”

ARLINGTON, TX – Sentinel Real Estate Corporation announced that it has acquired Debbie Lane Flats, a 331-unit garden-style apartment community located in Arlington, Texas. The property represented an opportunity for Sentinel to acquire a stabilized newly-built luxury community in the desirable and rapidly growing Dallas-Fort Worth Metroplex.
Debbie Lane Flats consists of one-, two- and three-bedroom apartments, averaging 895 square feet per unit. The luxury residences are equipped with stainless steel appliances, quartz countertops, wood-style flooring, nine-foot ceilings, LED lighting, smart lock keyless entry, smart thermostats, full-sized washer/dryers, oversized garden-style tubs, walk-in closets, and private patios or balconies. In select units, there are extra storage closets, private yards, standing showers and dual-vanity sinks. Community amenities include a 24-hour fitness center, a resort-style pool and sundeck, outdoor grill stations, a gourmet kitchen, a business center, a cyber café, a 24-hour package locker with cold storage features, controlled access gates, bike racks, electric vehicle charging stations, a dog park and a valet dry cleaning service.
Debbie Lane Flats exemplifies our core investment strategy of acquiring high-quality stabilized assets in high-growth markets across the U.S., said Michael Streicker, President of Sentinel. In this case, Arlington is at the heart of one of the nation s fastest-growing employment centers, which consistently exceeds the national average for job growth. In the last year alone, employment in the Metroplex has grown by 7.2 percent, representing nearly 280,000 jobs, and is expected to grow 2.4 percent annually over the next five years. This job growth, combined with highly-rated school systems and quality of life factors, will support continued population growth and drive the long-term success of the asset.
Debbie Lane Flats is optimally located approximately 18 miles southeast of Fort Worth and 27 miles southwest of Dallas, and situated along the southbound lane of South State Highway, a major highway that runs north/south into downtown Arlington and connects to Ronald Reagan Memorial Highway, a major east/west thoroughfare. The property is within a 20-minute drive of a variety of the region s top employers, such as GM Financial, a General Motors SUV assembly plant and Poly America, as well as the headquarters of American Airlines, IKEA and Lockheed Martin. Additionally, the property is served by the highly rated Mansfield Independent School District.
Debbie Lane Flats is also located proximate to high-quality shopping, dining and entertainment options at Arlington Highlands and The Parks Mall at Arlington, with major retailers such as Kroger, Sprouts Farmers Market and Walmart Neighborhood Center supermarkets, as well as Best Buy, Target and Marshalls – among other name brand stores and restaurants – nearby. The community is within walking distance of Lloyd Park at Joe Pool Lake, which features camping, swimming, kayaking, canoe rentals and other recreational amenities. It is also located within a 15-minute drive of Six Flags Over Texas adventure park and the Texas Rangers and Dallas Cowboys stadiums.
Sentinel has been active in the Dallas-Fort Worth market throughout its 53-year history, having owned and operated 24 multifamily properties and six commercial properties in the area. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities and expand its portfolio in the region.

ORLANDO, FL – Venterra Realty recently acquired the Luma Headwaters community located in Orlando. The 328-unit, 4-story multi-family community was completed in 2020 and offers studio, one, two, and three-bedroom garden-style residences that range from 600 – 1,323 square feet in twelve unique floor plans. The apartments feature quartz countertops, stainless steel appliances, deep under-mount sinks with chef-sprayer faucets, oversized closets, contoured garden tubs, and washers and dryers.
Residents can enjoy Luma’s best-in-class amenity package, spending time in the well-appointed pool area with grilling areas and social spaces. Additional on-site amenities include a bark park, pet salon, state-of-the-art fitness center, connected yoga/spin studio, remote office space, clubhouse with billiards, and more.
Luma Headwaters is well situated off S John Young Parkway, adjacent to the International Drive tourism corridor. The location is convenient to several major employers and tourist attractions such as Sea World, the Orange County Convention Center, and the future Universal Epic Universe Orlando theme park all within 5 minutes of the property.
Venterra will implement its resident-focused programs such as the Live it. Love it. Guarantee., the 48-Hour Maintenance Guarantee, and SMARTLEASING.
“We have seen excellent growth in the Orlando area, and are excited to expand our Florida portfolio with the addition of our fourth property in the sunshine state this year, Luma Headwaters,” said John Foresi, CEO of Venterra Realty. “Venterra has become known as a company that is committed to providing a market-leading living experience, and we look forward to identifying opportunities to further enhance the standard of living at Luma Headwaters by implementing Venterra’s customer-focused management platform,” added Venterra Chairman, Andrew Stewart.

GEORGETOWN, TX – Novak Brothers Development announces breaking ground on a 12-acre parcel located inside of the new, master development Wolf Lakes Village in Georgetown, Texas. Construction begins this week on Rise510, a 301-unit, luxury, multifamily Novak community with completion expected summer of 2024.
The development will feature first-class amenities on site, such as tuck-under private parking, a fitness center, a swimming pool and a one-acre community park. With close proximity to 25 miles of hike and bike trails, beautiful parkland, and convenient access to major highways, shopping, and historic downtown Georgetown, Rise510 is primed for success. The site has excellent connectivity with Interstate 35 and State Highway 130 toll road, providing quick access to additional employers and amenities in Round Rock, Cedar Park, North Austin, and even Austin Bergstrom International Airport.
“We are excited to begin construction on Rise510 in the rapidly growing city of Georgetown, Texas,” said Andy Heard, President and Partner of Novak Commercial Development. “It is our vision to develop high-quality, experiential living environments that provide unmatched amenities, as well as proximity to anything a person hungry for lifestyle experiences might desire.”
Wolf Lakes Village is a one-of-a-kind, 164-acre master-planned European village on the edge of the Hill Country in beautiful Georgetown, Texas. Once completed, Wolf Lakes Village will offer unique amenities such as community lakes, a large outdoor amphitheater, park space, sports courts, hike and bike paths, an ice skating rink, a wedding chapel, an event center, seasonal events, and music venues. Major Wolf Lakes Village commitments include a 15.5-acre site for a 117,000 square foot H.E.B. flagship grocery store and a 12-acre Ascension site planned for medical office buildings and an ambulatory surgical center.

FARMINGTON HILLS, MI – The area near Haggerty Road between 12 Mile and 13 Mile, originally master planned for high tech office and business parks, has consistently attracted a highly sophisticated and often multinational workforce accustomed to modern upscale living.
However, employees of the notable businesses nearby—such as Mercedes Benz, Bosch, the Henry Ford Medical Center, and Harman International—have had limited local options for contemporary and high tech apartments with modern amenities, styling and technology. That will change when Beztak s latest apartment community, Innova, opens in the fall of 2023.
Beztak CEO Sam Beznos explains, Until we broke ground on Innova, the majority of renters seeking to live close to work had only decades-old garden-style communities to choose from—often with only modest finishes, limited amenities, low ceilings and a very traditional feel. Novi s 21st-century workforce has created a great demand for upscale apartments near I-696, I-96 and I-275. Innova will meet that demand and offer a new luxury rental option in Novi for these discerning renters.
A community of 10 uniquely conceived buildings on 22 acres, Innova has plenty to offer the community with sleek townhomes and one-, two-, and three-bedroom luxury apartment homes for rent with a fresh European style not currently offered in Novi. The 272 apartments and townhomes will range from 809 to 2,123 square feet and feature chic, high-end finishes and features such as wood-plank flooring, quartz countertops, stainless steel appliances, and in-home washers and dryers.
About half of Innova s rental homes will have garage and carport parking—a premium amenity during Michigan winters. Residents will be able to keep in shape at the community s fitness center with high-end interactive equipment including Peloton® exercise cycles and Mirror home fitness devices. A generously-sized outdoor pool with a cabana, an area for yard games and barbecues, and an extensive exercise area are among the many outdoor amenities planned for the apartment development, located near Nissan, Panasonic, and Magna Seating.
For the convenience of out-of-state or international workers relocating to Novi, or assigned to the area on a temporary basis, some of the units will be furnished and available for short-term rental.
Beztak—named one of the Best Managed Companies by Deloitte Private and The Wall Street Journal—prioritized environmental impact when designing its newest luxury apartments north of Detroit. Innovative smart technologies such as electronic locks, lighting and thermostat controls, plus Energy Star appliances, are designed to appeal to residents who demand the latest in environmentally-conscious living. Innova s apartments and townhomes will also be constructed to the latest LEED (Leadership in Energy and Environmental Design) health, energy efficiency, and cost savings standards from the U.S. Green Building Council.
The most visible commitment to green construction will be Beztak s protection of a wetland the company incorporated into the community s design. Beztak plans a walking path through the forested wildlife habitat meandering along the west side of Innova s site.
This is typical Beztak—bringing a project to life through innovation, creativity, and problem solving, says Beznos. Others may have seen the wetland as a burden, but we saw an opportunity to protect the environment and to create another amenity for our residents. We develop every community with consideration of the natural site conditions and with a deep understanding of what the market would like to see. Our projects enhance the surrounding community, so we can offer our residents a living experience they can t get anywhere else.

HOUSTON, TX – Civitas Capital Group, through its residential development subsidiary The Shelter Companies, is developing a 238-unit, 381-bed residential multifamily project on approximately 1.09 acres in Houston’s thriving Montrose district. The development, UNITi Montrose, will provide attainable rental housing in one of the most expensive and desirable submarkets of Houston through a unique blend of co-living, shared common areas, and micro-units.
General contractor Arch-Con Corporation is constructing the six-story, 199,320-square-foot multifamily building stacked on a three-story, 109,000-square-foot cast-in-place concrete parking garage. Designed by Meeks Partners, the development includes 14,122 square feet of amenities, balconies, a fourth-floor pool and courtyard, and 4,000 square feet of retail space on the ground floor.
Shelter is a disrupter in the traditional multifamily market, anticipating historic shifts in the Sun Belt region of the United States to accommodate residents. UNITi Montrose is an example of the firm’s investment strategy to deliver solutions for cost-burdened renters.
“UNITi Montrose will provide fully furnished units, flexible lease terms, Class A amenities, and all-inclusive rent payments that provide a frictionless experience to an evolving demographic of renters,” Shelter’s Principal Mark Drumm said. “We are seeing that renters are willing to share certain amenities in exchange for convenience, flexibility, and high-quality living, and this project provides just that.”
The project, located in the Montrose neighborhood, is less than 10 minutes from Houston’s central business district, including Midtown, the medical center, The Ion, and major universities. It is expected to generate more rent per square foot than traditional multifamily dwellings, while providing attainable rental rates for middle-income earners.
Arch-Con began working with Shelter and Meeks Partners in the spring 2021 on pricing and design. “Multifamily projects of this type require measured preconstruction efforts to ensure they are economical and timed just right,” Arch-Con’s Vice President of Multifamily Bryan Tufts said. “Making sure this project was cost-effective for Shelter and its future residents was equally important as we thrive on finding the best solutions for our clients.”

KANSAS CITY, MO – Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the acquisition of Wild Oak Apartments, a 348-unit community located in the Northland (Liberty) submarket of Kansas City, MO; a major US market, which has experienced positive net migration for the last several years and continues to show strong growth indicators in the future.
“We’re pleased to announce the acquisition of Wild Oak Apartments, an asset located in one of the premier submarkets of the high-performing Kansas City MSA,” said Matthew Levy, Executive Vice President & Head of Investments for Stoneweg US. “Securing an asset of this caliber during such a difficult and volatile time in the market gives us great momentum as we head into Q4.”
Located in the highly desirable Northland submarket, Wild Oak Apartments features 348 units consisting of 1, 2, and 3-bedroom apartments with a moderate amenity suite that includes two onsite pools, a full-sized basketball court, volleyball court, two-story clubhouse, and over 500 parking spaces including 58 detached garages and 54 carports.
Stoneweg US will implement an aggressive capex plan upon takeover that will include extensive sustainability initiatives as well as unit and property improvements. Beginning immediately Stoneweg US will begin benchmarking energy, water & waste using Energy Star Portfolio Manager and implement a community recycling program. Internal upgrades will include new granite countertops, subway tile backsplashes, Water Sense plumbing fixtures, stainless-steel Energy Star appliances, cabinet refinishing, and washer/dryer additions to all units; while external upgrades will consist of pool area improvements including grilling stations and new pool furniture additions, new fitness center equipment, painting of parking and common areas, and installation of a new package locker system for residents. The Company will also enter into a programmatic HVAC replacement plan, manage water and electricity consumption with market best practices and examine the existing solar installation to optimize energy production in accordance with the Company’s keen focus on incorporating environmental sustainability solutions throughout its portfolio.
“With population growth upwards of 7% in this area, and compressed supply for renters looking to penetrate this submarket, our team is looking forward to the transformation of Wild Oak Apartments,” said Ryan Smyth, Director of Acquisitions. “We’re confident that our proposed business plan will elevate the curb appeal for prospective renters while enhancing the experience for existing residents and positioning the asset for favorable future results.” Stoneweg US has appointed Greystar as the property manager to oversee operations at Wild Oak Apartments.