MILPITAS, CA – MG Properties, a private San Diego-based real estate investor, owner, and operator purchased Eleanor Apartments, a 333-unit community Milpitas, CA for $193 million.
The community is in a premier Bay Area location defined by strong employment growth and desirability. Eleanor is a transit-oriented mixed use community with 10,000 sf of ground floor retail, completed in 2021. This luxury community has an attractive contemporary design and robust set of common area amenities, and residents can easily access a variety of walkable dining and entertainment options surrounding the property.
“We are pleased to be further growing our long-term presence in the Bay Area, a market that has strong potential for recovery after the impacts of the Covid crisis”, said Jeff Gleiberman, MG Properties’ President.
The sellers, SummerHill Apartment Communities, The Resmark Companies, and Kennedy Wilson, were represented by Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni, and Alexander Tartaglia from Institutional Property Advisors. Financing was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors.

HILTON HEAD, SC – ACRE, a global real estate private equity firm, announced it has broken ground on Pepper Hall Multifamily, a high-end 331-unit multifamily property in Bluffton-Hilton Head, South Carolina. The project is being developed in partnership with Charleston, SC-based Southeast Partners. With construction underway, Pepper Hall is scheduled to officially open in Spring 2024.
Located 11 miles west of Hilton Head Island within a newly developed, mixed-use master-planned community, Pepper Hall will feature a mix of one- and two-bedroom residences, with an average size of 938 square feet. Unit interiors will feature best-in-class finishes and smart-home technology. Residents of Pepper Hall will have access to a full suite of high-quality amenities including a clubhouse, resort-style pool, fitness center, yoga studio with Fitness-on-Demand, and pocket parks adjacent to each building.
ACRE remains focused on identifying unique multifamily and single-family development opportunities in high-growth coastal markets in the Southeast, said Bret Hewett, Vice President of Acquisitions for ACRE. We re very excited to partner with an accomplished firm in Southeast Partners to bring our vision for this development to life, and we’re thrilled to expand our footprint to an under-supplied submarket situated in a region that continues to see healthy economic growth and exceptionally strong demand for affordable high-quality apartments.
Pepper Hall is located less than 20 miles northeast of Savannah, Georgia, in one of the Southeast s fastest growing regions. Since 2000, the market has seen its population increase by approximately 55 percent, as residents continue to relocate to the area due to its attractive lifestyle, access to various outdoor amenities including the Atlantic Coast, and low cost-of-living.
Through a series of equity and debt funds, ACRE manages more than $3.2 billion in assets across private real estate investments and loans. The firm specializes in value-add, multifamily opportunities and invests in workforce and affordable housing assets in strategic growth markets. ACRE s unique approach to managing its diverse portfolio of multifamily properties includes an intentional focus on creating added value for residents that extends beyond the four walls of their homes. By establishing a sense of community among residents through socially impactful investments and sustainable green measures, ACRE effectively improves tenant retention and generates stable, cash-flowing properties.

SEATTLE, WA – Security Properties and Tokyu Land US Corporation purchased Summit Riverside, a multifamily property located in Littleton, CO for $78,500,000. Security Properties now owns five market-rate assets totaling over 1,500 units in Colorado, having successfully sold two prior assets in 2020 & 2021. The Property is Tokyu’s first investment in the Denver MSA.
Summit Riverside consists of 248 units spread out across 21 residential buildings located directly adjacent to the South Platte River. The residential units are a mix of studio, one and two-bedroom floorplans with an average unit size of 777 SF.
The Property is located in Littleton, Colorado on the South Platte River. The site is best characterized by its mature landscaping and park-like feel that offers direct access to the Mary Carter Greenway and Platte River trails, which connect to downtown Denver and to the metro area’s extensive network of hiking and biking trails. Littleton features charming main streets, an emphasis on outdoor recreation, and convenient public transit options. Located just 20 minutes outside of downtown Denver and 15 minutes away from the Denver Technological Center (DTC) Business Corridor, residents and businesses alike are drawn to the high quality of life in the area while still enjoying the convenient amenities of a major metropolitan area.
Summit Riverside is surrounded by major retail including three shopping centers and walking distance to King Soopers, providing residents with quick access to many major necessities. Additionally, Historic Downtown Littleton is less than five minutes from the property, offering boutique shopping, quality dining, and additional entertainment options.
According to Tad Johnson, Director at Security Properties, “Summit Riverside is a strong example of one of our primary investment theses, which is to identify desirable and well located Properties within supply constrained submarkets. The unique site-plan offers an attractive setting for Security Properties to make needed improvements to the physical asset. We are very excited to add Summit Riverside to our greater Denver portfolio and look forward to delivering compelling returns to our investors over our hold.”
Ben Cherney, Vice President of Acquisitions for Tokyu Land Corporation added “We are very excited to expand the TLUS footprint with our entry into the Denver market. This investment checks all our boxes: 1. Great location, 2. Opportunity to add value, 3. Great partner. We look forward to being a part of improving this asset and in turn, the living experience for our residents.”
The property will be managed by Security Properties-affiliate Security Properties Residential.

KILLEEN, TX – Venterra Realty recently acquired the Keystone Apartments, a community located in Killeen, Texas. The 212-unit multi-family community offers modern one- and two-bedroom garden-style residences that range from 479 – 916 square feet in six unique floor plans. The apartments feature open concept layouts, private outdoor space, bay windows, vinyl wood flooring, eat-in kitchens, and outdoor storage closets. Located in the Killeen-Temple market along Interstate-35, the area is strategically located between Austin and Dallas/Fort Worth and is within 180 of all 4 large Texas markets (Houston, Dallas/Fort Worth, San Antonio and Austin). Just minutes to I-14 the property is easily accessible to the area’s major employer in Killeen, Fort Hood, a United States Army base that employs 37,000 active-duty military personnel and civilians.
Venterra will complete a unit upgrade program and 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 Killeen area, and are excited to expand our Texas portfolio with the addition of Keystone,” said John Foresi, CEO of Venterra Realty. “Venterra has become known as a company that is committed to providing a market-class living experience, and we look forward to identifying opportunities to further enhance the standard of living at Keystone by implementing Venterra’s customer-focused management platform,” added Venterra Chairman, Andrew Stewart.

AUSTIN, TX – Stratus Properties announced that it has completed construction financing for the development of The Saint George, a 316-unit luxury wrap-style multi-family project to be constructed in north-central Austin on Burnet Road.
The Saint George project is located within minutes of the University of Texas, downtown employers, Apple Inc. s new North Austin campus, the Q2 Stadium-home to Austin s major league soccer team Austin FC-and The Domain, an upscale retail, office and residential center with more than 100 stores and restaurants. Construction is expected to commence later this month.
William H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, stated, We are pleased to announce that we have obtained construction financing for The Saint George, another Stratus multi-family project, located in the rapidly growing Burnet corridor in north-central Austin. The Saint George will be a high-quality addition to our portfolio, ultimately adding value to our leasing operations. After project stabilization, we look forward to considering monetization opportunities for this property.
The project is owned by The Saint George Apartments, L.P., a Texas limited partnership and a Stratus subsidiary. The construction financing consists of a four-year construction loan from Comerica Bank to the limited partnership in the amount of $56.8 million, which is secured by the project. Stratus provided a completion guaranty and twenty-five percent repayment guaranty, which will be eliminated once the project meets specified conditions. The remaining estimated project costs are being funded by equity contributed to the limited partnership by Stratus (10%) and an unrelated equity investor (90%). Stratus will also earn development fees and management fees on the project.
Stratus currently expects to achieve substantial completion of The Saint George by mid-2024. Amenities will include a rooftop deck, fitness center, resort pool, bike room and community workspaces. Stratus has entered into a voluntary restrictive covenant to offer 10 percent of total units as affordable units. The project will be built consistent with Stratus sustainability, wellness and conservation goals.

MIAMI, FL – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of Miro Brickell, a 372-unit, Class A multifamily property in the Brickell neighborhood of Miami, for $184.5 million. The acquisition marks the seventh property currently under HGI’s ownership in Miami-Dade County, spanning more than 1,500 units.
Miro Brickell’s central location offers convenient access to various employment and entertainment centers throughout Miami. The property is located minutes away from I-95 and Brickell’s Metrorail and Metromover stations, connecting residents to Downtown Miami, Downtown Doral and Miami International Airport.
As Miami experiences a boom of corporate relocations, Miro Brickell is walkable to more than 8 million square feet of office space. Several financial and technology providers have relocated to the neighborhood, attracting new residents to the area, including Microsoft, Apollo Global Management, Millennium Management and Citadel, which recently announced plans to move its global headquarters to Brickell.
“Miami is a priority market for HGI given its long-term multifamily fundamentals driven by corporate expansions and in-migration trends, leading to strong investment opportunities,” said Richard Litton, President, HGI. “As a long-time investor in the region, we will use our deep market knowledge to capitalize on leasing demand in the area and enhance efficiencies at the property.”
Built in 2017, Miro Brickell’s amenities include outdoor electric grills, cabanas and a resort-style pool. Individual units include balconies and are equipped with stainless steel appliances, energy-efficient washers and dryers and modern finishes.
HGI has been an active investor in South Florida, recently acquiring ParkLine Miami, two luxury apartment towers in Downtown Miami.

CHICAGO, IL – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, announced that its first Chicagoland high-rise development project, One Six Six, at 166 N. Aberdeen St. has topped off at its maximum height of 21 stories.
“This is a great milestone for Greystar and our entire project team,” said Christine Kolb, Greystar Midwest Sr. Director of Development. “We are thrilled to join the dynamic fabric of the Fulton Market neighborhood, and contribute much needed housing, including on-site affordable units, to the community and city of Chicago. One Six Six will be a fantastic complement to the area’s substantial office and hotel development and will provide residents walkability to some of the best live/work/play amenities in the city.”
Greystar is working with two well-known firms to bring this project to fruition.
Lendlease is overseeing the construction of the 21-story high-rise that will include 223 apartments – floor plan options include studios, convertibles with a wingwall separating the bedroom, one- and two-bedrooms as well as penthouses. Apartment homes range from 415-1903 sq. ft., are open concept with two-tone custom cabinetry and are designed for work-from-home. The Sky Garden on the 14th floor headlines the community’s amenities. The third-floor amenity level has a 5,650 sq. ft. outdoor deck that is home to a hotel-style pool and spa club, lawn, grills, and a dog play area with direct access to the co-working and fitness areas.
“We are extremely proud to see the product of our first construction partnership with Greystar coming together to further shape the iconic and highly coveted Fulton Market area of Chicago,” said Kinjal Patel, General Manager of Construction, Chicago at Lendlease. “Together with the design creativity of SCB Architects, and all other partners and tradespeople, our diverse team has strived to create a best-in-class building with an innovative and sustainable approach representative of the neighborhood and its residents.”
Architect, planning and design firm SCB will help bring to life a building that includes a nod to the area’s warehouse past while also looking to the future with a metal articulated tower about the historic warehouse-like masonry base. Greystar, Lendlease and SCB are utilizing sustainable techniques and plan on seeking Green Globe certification.
Formerly Chicago’s meat-packing district, Fulton Market has seen prolific development of restaurants, hospitality and office space in the immediate area with companies like Google, GlassDoor and Dyson as some of the first initial tenants. The market has evolved to a very dynamic mix of firms that now includes marketing, design, advisory services and food service. The area has been historically undersupplied with housing — One Six Six will alleviate some of the dearth of supply.
Additionally, Greystar and Lendlease are giving back to the community in other ways through a $10,000 donation to the Revolution Workshop, a non-profit that provides construction and woodworking development for unemployed or underemployed people to help them achieve financial independence and develop a career based on the skills they learned. Greystar’s Midwest development division is particularly passionate about providing charitable support to organizations that benefit construction-related training and career path opportunities — Revolution Workshop is a perfect fit.
Construction on One Six Six began in October 2021. Anticipated delivery of first units will happen in early 2023.

SAN ANTONIO, TX – National multifamily real estate development leader Wood Partners announced the groundbreaking of its newest luxury residential community, Alta Rolling Oaks, in San Antonio. With construction underway, Alta Rolling Oaks is scheduled to open in May 2023 with pre-leasing expected to begin early next year.
Situated along North Loop 1604 in North Central San Antonio, Alta Rolling Oaks will offer easy access to shopping, dining and entertainment areas throughout the entire city including The Forum at Olympia, Bulverde Marketplace and the famed thoroughbred and quarter horse racetrack, Retama Park. The community’s prime location will also provide residents with a plethora of job opportunities from top employers including Amazon, the US Postal Service and Randolph Air Force Base, as well as the largest concentration of cybersecurity companies outside of Washington, D.C. with more than 40 firms located in the San Antonio area.
“Wood Partners is thrilled to break ground on Alta Rolling Oaks, our latest luxury property in San Antonio,” said Bart Barrett, Managing Director for Wood Partners. “The area’s continued growth, attractive employment opportunities and vibrant history make it an ideal location for our newest community, and we very much look forward to bringing our mix of comfort and sophisticated living to San Antonio.”
The property will feature 366 apartment homes with a mix of one-, two- and three-bedroom floorplans. Featuring modern, urban design elements, each apartment comes complete with top-of-the-line luxury finishes including stainless steel appliances, granite countertops, 42″cabinets, and tile backsplashes, as well as wood-style plank flooring, and in-home washers and dryers. Alta Rolling Oaks will also feature a variety of top-tier community amenities for residents to enjoy including a resort-style swimming pool, on-site walking trail, outdoor kitchen and dog park, as well as a community clubroom featuring a state-of-the-art fitness center, conference and entertainment spaces, business center and more.
Outside the community, residents can also take advantage of the many attractions that make San Antonio one of the leading tourist destinations in the state. Top attractions in the area offer a mix of history and culture from the San Antonio River Walk to The Alamo, as well as fun and excitement with Six Flags Fiesta Texas and SeaWorld San Antonio.

KISSIMMEE, FL – An affiliate of Walton Street Capital announced that it has acquired a 326-unit Class A multifamily garden-style property located at 3250 Orleans Avenue in Kissimmee, FL in partnership with RPM Living Investments. Walton Street plans to rebrand the Property to be called the Muse at Winter Garden.
Built in 2021, the Property features a mix of one, two, and three-bedroom apartments that are currently 94% leased. Unit amenities include granite countertops, stainless-steel appliances, washers/dryers in-unit, and 9 and 10 ceilings. Community amenities feature a resort-style pool with cabanas, state-of-the-art fitness center, golf simulator room, spinning room, movie theater room, business center, covered parking, and dog park.
The Property is situated in the Kissimmee submarket of the Orlando MSA and is conveniently located just a short drive from I-4 and W Irlo Bronson Memorial Highway providing easy access to job centers in the healthcare, distribution, and tourism industries. The immediate area is seeing significant growth with the development of a large resort less than a mile from the Property that will feature a high-end outlet shopping center.
We are excited about establishing our footprint in Orlando and expanding our relationship with our long-time partner RPM. The Muse represented the opportunity to acquire a well-located, newly-constructed community with a robust amenity base, in a market that continues to benefit from outsized job and population growth, said Tom Jaeger, Principal at Walton Street.

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 The Trails at Short Pump, a 350-unit apartment community in Richmond, Virginia. The community was acquired on behalf of CS1031 The Trails at Short Pump Apartments, DST. The acquisition of the property brings the total transaction activity of Capital Square to more than $6 billion since the company’s inception in 2013.
“Capital Square continues to own the home court from northern Virginia, through central Virginia (Richmond and Williamsburg) to Tidewater with this latest acquisition in suburban Richmond, Virginia,” said Louis Rogers, founder and chief executive officer of Capital Square. “This is Capital Square’s twenty first acquisition of a Class A or B apartment community in Virginia. The region is experiencing exceptional stability, job production and rent growth.”
Located at 3900 Acadia Lane, the 31.19-acre property offers one-, two- and three-bedroom units averaging 878 square feet. The spacious floorplans include high-end finishes such as modern white cabinets, stainless-steel appliances, subway tile backsplash, hardwood-style floors, new fixtures and granite countertops. Community amenities include a clubhouse, fitness center, recreation center, swimming pool with a sundeck, grilling area, tennis court, package lockers and an expansive dog park.
Residents of The Trails at Short Pump have access to 32 million square feet of retail and office space within a five-mile radius of the property. West Broad Village, a premier mixed-use town center with a variety of retail, dining and entertainment options, sits adjacent to the property. Innsbrook, a six million square foot business park home to several major employers, is less than three miles from the property. Easy access to Interstate 64 connects residents to additional major employment centers in the region.
The property is located in Three Chopt, one of Richmond’s most affluent submarkets, which features average household incomes in excess of $100,000 and an occupancy rate of 95.3%. Projected rent growth for the submarket is 11% for the next 12 months.
“The Trails at Short Pump is ideally located in the midst of one of the most affluent neighborhoods in Richmond and provides residents with easy access to major employment and retail centers,” said Whitson Huffman, chief strategy and investment officer. “The property typifies the value-add, amenity-rich multifamily properties that Capital Square seeks to bring to its investors.”
A new Amazon Robotics Center is currently under construction just 20 minutes from the property. Once completed, the Amazon location will add 1,000 high-paying jobs while working to enhance Richmond’s emerging tech and logistics center. Further south of the property, in Chesterfield County, The LEGO Group is investing more than $1 billion to build a 1.7 million-square-foot plant on 340 acres. The company anticipates hiring 1,760 employees at the facility. Additionally, CoStar announced their intentions to build a $460 million corporate campus, bringing an anticipated 2,000 jobs to the Richmond MSA.