DALLAS, TX – Lifespace Communities announced that it has finalized an agreement with a private equity investment group for Lifespace to acquire three senior living campus communities in Texas – Meadow Lake in Tyler, Wesley Court in Abilene, and The Craig in Amarillo.
The three communities are currently managed by ER Senior Management, LLC (Evergreen), which will continue to provide management services to each community through the end of the year. Lifespace welcomes these three communities into its current family of 14 communities, including three in Texas. The communities will fully transition onto Lifespace management, systems, and support at year-end.
Financial terms of the acquisition are not being disclosed at this time.
Meadow Lake, located in Tyler, is a private residential neighborhood focused on the outdoors. Nestled on 92 acres, Meadow Lake provides a full continuum of care with 205 residences including independent living apartment and cottage homes, assisted living, memory care and skilled nursing levels of living.
Wesley Court, located in Abilene, is a private residential neighborhood consisting of executive and garden homes, independent living apartments, assisted living apartments, and private nursing care rooms. Wesley Court sits on 70 acres with 182 residences.
The Craig, located in Amarillo, is the largest of these three communities with 302 residences in independent living (cottages and apartments), assisted living, and skilled nursing levels of living. Located on 40 acres, The Craig is in the fastest growing area of Amarillo with easy access to health care, golf clubs and shopping.
“We believe Meadow Lake, Wesley Court and The Craig are a great fit for Lifespace as we share similar values and an ingrained commitment to service in delighting our residents,” said Jesse Jantzen, Lifespace president and CEO. “The addition of these communities advances our ongoing strategic objective to engage in the rigorous and disciplined pursuit of growth opportunities to scale and diversify our core business.”
The communities join the Lifespace family with strong occupancy levels while offering a combination of Type C entrance fee and rental contracts, providing Lifespace an opportunity to expand its service offerings and diversity its revenue base.
“This transaction represents a natural transition to an established and robust platform that will support and grow the communities over the long term. As part of the acquisition, we will partner with Lifespace to help support, recognize, and embrace the culture established at each of the communities and will focus on enhancing quality, and enriching experiences for residents and team members, while building connections, trust and confidence,” said Brian Dowd, president and CEO of ER Senior Management, LLC.

MIAMI, FL – Denver-based Avanti Residential has acquired Soleste Grand Central, a newly built luxury 360-unit apartment community in downtown Miami. Avanti purchased the Class A multifamily community for $181 million from The Estate Companies, who developed the project in 2021 and achieved 95% occupancy in six months amid ongoing strong demand for high quality lifestyle apartments in South Florida.
We continue to see strong fundamentals in several South Florida multifamily markets, where employment growth and migratory trends remain impactful demand generators in an already supply constrained apartment sector, said Christian Garner, president and CEO of Avanti Residential. Soleste Grand Central fits perfectly with our investment strategy of acquiring premier lifestyle-forward multifamily communities in prime locations.
Soleste Grand Central is located at 218 NW 8th Street, with excellent walkable access to a wide array of retail and dining options and immediate ingress/egress access to I-95. The project is within a two-mile radius of a sizable and growing employment base currently boasting 170,000 jobs.
Soleste Grand Central features an eclectic mix of studio, one-, two-, and three-bedroom apartments appointed with top-of-the-line finishes, full-size washers and dryers, Nest thermostats and keyless entry systems.
Onsite amenities include a fourth-floor resort-style pool and pool deck with shaded cabanas, a fitness center, yoga and spin studios, and a salon. The project also meets the needs of a young professional demographic with a stylish business center that includes individual co-working spaces and a conference room. Other amenities include bike storage and repair, a Bark Park and pet washing station, a curated clubroom, a café and a gaming lounge.
This acquisition is Avanti s fourth South Florida investment in the past year, following major purchases in Boynton Beach, Doral, and St. Petersburg. Avanti has now invested nearly $500 million in Florida and continues to actively seek select Class A apartments in this and other key target markets nationwide.
This acquisition extends our deep industry experience in the multifamily sector as we continue to source and acquire institutional quality apartments in strong markets and locales, added Jason Wine, vice president of acquisitions for Avanti. Our nationwide investment strategy relies equally on the strong working relationships we maintain with local market real estate professionals.

WASHINGTON, DC – The District of Columbia Housing Finance Agency (DCHFA) closed out the month of June by financing the construction of Shepherd Park Apartments. DCHFA issued $16.3 million in tax exempt bonds and underwrote $1.8 million in Low Income Housing Tax Credits for the construction of 66 new affordable apartments at 7428 Georgia Avenue NW in Ward 4.
Every deal that the Agency closes creates more affordable housing for District residents and brings us closer to meeting Mayor Bowser s goal of developing 12,000 new affordable units by 2025. As a Ward 4 resident, the development of Shepherd Park Apartments is of special interest to me and I look forward to watching the construction of this new community, stated Christopher E. Donald, Executive Director/CEO, DCHFA.
Additional financing for Shepherd Park Apartments will be provided in the form of an $11.7 million loan from the DC Department of Housing and Community Development s Housing Production Trust Fund.
The residents of Shepherd Park Apartments (7428-7434 Georgia Avenue Tenants Association) exercised their rights under the Tenant Opportunity to Purchase Act (TOPA) to obtain the property. The tenants selected Lock 7 Development to lead the $33.7 million redevelopment that will include the demolition of 3 two-story apartment buildings with 13 apartments currently on the site. The developer s agreement includes a relocation and return plan for the current tenants. All the tenants have successfully been relocated at this time.
Lock 7 intends to replace the existing buildings with a new 66-unit building which will not only preserve 13 affordable apartments at this location but produce 53 new affordable units. The new Shepherd Park Apartments will consist of 10 efficiencies, 34 one-bedroom, 2 two-bedroom units, and 20 three-bedroom apartments reserved for residents earning 30-60 percent of area median income. Thirteen of the building s units will be designated Permanent Supportive Housing (PSH). The new development will also have two market rate two-bedroom units.
Property amenities at Shepherd Park Apartments will include a green roof, bike storage, along with a club and fitness rooms. The development will also include a 92 square foot office space for the on-site PSH service provider, Community Connections, and will be equipped with a 24-hour monitoring/call system. Planned amenities for the apartments are energy efficient washers and dryers, electric ranges, microwaves, and dishwashers. Shepherd Parks Apartments will be located just north of The Parks at Walter Reed redevelopment, which will further add to the neighborhood s amenities upon completion.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

BALTIMORE, MD – San Francisco-based real estate investment firm Hamilton Zanze announced the purchase of Echelon at Odenton Apartments, their 14th acquisition in the state of Maryland. The firm closed the deal on this Class-A property on June 28, 2022.
The Echelon at Odenton property is a garden-style community built in 2016 on 6.6 acres. The property was 97% occupied at purchase and is comprised of a single-story central clubhouse and two five-story residential buildings. These units range from 759 square feet to 1,456 square feet. The community includes several upscale amenities such as a state-of-the-art theater, barbecue and grilling areas, clubhouse, TV lounge and bar, playground, game room, pool, covered bike storage, and many others. Unit amenities include storage space, in-unit washers/dryer, stainless steel appliances, walk-in closets, loft floorplans, high ceilings, and more.
“We are excited to further expand our presence in Maryland with the purchase of Echelon at Odenton,” said David Nelson, Hamilton Zanze’s chief investment officer. “The 2016 mid-rise community features best-in-class amenities, a central location near the largest employers in the state of Maryland like Fort Meade, and close proximity to an abundance of retail and entertainment in Downtown Baltimore. This property is in a strong position due to its stable, high-income tenant base employed in essential roles across military and government positions.”
The property is located at 315 Nevada Avenue in Odenton, located in the Baltimore Metropolitan Area. Its position within the Baltimore MSA provides easy access to major employment markets and entertainment options. There are 10 Fortune 500 companies based in the Baltimore metro, including McDonalds, DISH Network, Dollar Tree, and International Paper. Odenton is also a top regional destination for locals and tourists, as it offers many unique restaurants, coffee shops, outlets, amusements rides, and events. With this latest acquisition, HZ now owns and operates six properties in the Baltimore market.
HZ’s capital improvements will include site and landscaping enhancements, amenity updates, unit maintenance repairs, and sustainability implementation. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

DAVENPORT, FL – Middleburg Communities, a fully integrated multifamily development, investment, construction and management company operating in the southeastern and mid-Atlantic United States, and Stockbridge, a private equity real estate investment management firm, announced that they have acquired Indigo Champions Ridge, a 300-unit Class A multifamily community located in Davenport, Florida, a suburb of Orlando, one of the fastest-growing Metropolitan Statistical Areas in the country.
Middleburg will take over management, operations and leasing responsibilities at the community, which was completed in 2022 and features resort-style amenities, a modern clubhouse and high-end finishes.
We are pleased to enter the Orlando market with the acquisition of Indigo Champions Ridge, one of the area s premier multifamily communities, stated Chris Finlay, CEO of Middleburg Communities. We leveraged our proprietary data, research and analytics platform to study the market and are very bullish on its long-term fundamentals. We look forward to utilizing our proven operating platform to unlock value for our investors and deliver an exceptional living experience for our residents.
Indigo Champions Ridge comprises three, 10-story residential buildings situated on approximately 17 acres. The property offers a mix of 1-, 2- and 3-bedroom units with a variety of spacious and thoughtfully-designed floorplans. All units feature 10-inch textured ceilings, designer plank flooring, high-end lighting fixtures, oversized closets, ceiling fans in master bedrooms, granite countertops, stainless steel appliances, full-size washer/dryers and more. Premier amenities at the property include a resort-style swimming pool, a yoga lawn and a 24-hour state-of-the-art fitness center.
Located along heavily-traveled Ronald Reagan Parkway and the US-27 logistics corridor, Indigo Champions Ridge offers residents easy access to several popular retail, dining and entertainment destinations and many of the region s major employers, including Disney, Walmart, Amazon, Ford, FedEx, UPS and CVS. Furthermore, the property sits just 15 minutes from Disney World and Universal Orlando, approximately 30 minutes from downtown Orlando and Lakeland, and less than one hour from Tampa.
Adam Bieber of Bellwether Enterprise structured the joint-venture between Middleburg and Stockbridge and the financing for the deal, which was provided by Synovus Bank.

DALLAS, TX – S2 Capital announced it has acquired a 14-property portfolio across Dallas-Fort Worth and Houston. The portfolio totals 4,455 units across 14 assets built in 1979-1987. S2, a national multifamily investor with more than $10 billion in transaction volume, is making this investment from its S2 Multifamily Value-Add Fund 1. Terms of the transaction were not disclosed.
With this transaction, S2 overtakes Blackstone as the #1 most active buyer of multifamily in Dallas-Fort Worth for the past five years according to Real Capital Analytics.
Over the next two years, S2 plans to renovate the exterior and interior of each asset in order to offer current and prospective residents an enhanced community experience. The exterior enhancements will be tailored around improved swimming pools, fitness centers, clubhouses, leasing offices, repainting, refreshing siding, and upgrading balcony enclosures. Interior enhancements will focus on new flooring, countertops, appliance packages, kitchen tile, shower tile, light fixtures, and hardware.
“The run up in mortgage rates for the single-family market has exacerbated a broader affordability issue leaving a lot of people looking to rent as the more affordable option. We are excited about this portfolio because while people begin searching for affordable housing options, we don’t believe that should be associated with an outdated community experience,” said Ryan Everett, VP of Acquisitions at S2. “The majority of the amenities and features at these properties date back to their original development roughly 40 years ago. Our planned property improvements will increase the supply of quality housing that is essential to sustaining desirable communities and meeting local employer needs, which will benefit both our tenants and investors,” he added.

MORRISVILLE, NC – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of The Lex at Brier Creek, a 1999-built, 346-unit apartment complex located in the Brier Creek neighborhood in Morrisville, NC.
This acquisition will be TerraCap’s second, large scale multifamily acquisition in the Raleigh-Durham metro area this year. The firm continues to increase their investment in the Raleigh-Durhammarket, as TerraCap previously closed on Amberwood at Lochmere in March 2022. Amberwood is a 340-unit, Class A property and is located in nearby Cary, NC.
“Our thesis is to invest in what our metrics indicate are high growth markets, and we believe in the growth story that the Raleigh metro has to offer,” said Steve Good, TerraCap Partner and National Director of Acquisitions. “The growth numbers in Raleigh are consistently in the top of the nation, so we hope to continue building our long-term presence in this dynamic market.”
The Lex at Brier Creek features one, two, and three-bedroom units with an average floorplan size of 1,131 square feet. TerraCap plans to implement a premium renovation program to improve tenants’ living experiences. The property is located just off of US-70 and provides accessibility to both downtown Raleigh and downtown Durham. Amenities at the property include a swimming pool, a nature trail, an outdoor kitchen with grilling stations, a children’s playground, a business center, a tennis court, and a dog park.
Robert Witt, TerraCap Partner and Asset Manager, added, “Our goal is to concentrate on enhancing the property’s amenities, such as a new tenant lounge next to the pool and a new outdoor tenant amenity in the middle of the property. The property will also get new roofing and exterior paint work done. Our interior premium upgrades, which will feature new quartz countertops, ceramic backsplashes, LTV flooring, and new lighting in each remodeled apartment, will be our other key focus.”
John Munroe of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.

DAVIE, FL – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera Academical Village, a contemporary mixed-use apartment community in the western Broward County market.
The community, which will be developed in two phases in conjunction with equity partner FCP, will feature a combined 793 apartment homes and approximately 16,000 square feet of ground-floor retail space. Positioned just east of S. University Drive and just west of Nova Southeastern University, Modera Academical Village is the residential component of the larger Academical Village Master Plan, which will ultimately include 2.5 million square feet of premier retail, residential, hotel, office and medical space.
First move-ins for Phase I, which will include 397 homes, are anticipated for fall 2024. Phase II will include 396 homes with start of construction targeted for April 2024 and first move-ins for summer 2026.
“We’re excited to be a part of this unique master-planned village, which we believe will be among the most attractive and charismatic locales in the area,” said Andrea Rowe, senior managing director of development in South Florida for Mill Creek Residential. “While we’re prepared to offer the quintessential Modera by Mill Creek experience to our residents, we also are eager to do our part to enhance the village as a whole. With the NSU campus and newly-opened University Hospital essentially in our backyard, we’ll be in an active area with many exceptional employment opportunities within walking distance.”
Situated at 3440 SW 76 Terrace, Modera Academical Village is being built to a National Green Building Standard silver certification level. When complete, the surrounding Academical Village will include a tree-lined central boulevard that intersects a road that circles the NSU campus, a pedestrian bridge connecting to the campus and a large outdoor plaza with fountains and outdoor seating areas.
With its proximity to S. University Drive, the area’s key north-south thoroughfare, the site boasts an extremely commuter-friendly location. All of South Florida’s primary expressways are easily accessible, including Interstates 595, 75 and 95 along with the Florida Turnpike. Many of the area’s key employment centers, schools and medical facilities are within a short commute and Fort Lauderdale-Hollywood International Airport sits 10 minutes away. Within the western Broward County area, future residents will have access to an abundance of key retailers, a wide variety of dining options and grocers.
Modera Academical Village will offer studio, one-, two- and three-bedroom apartment homes with den layouts available. Community amenities will include an outdoor swimming pool with grilling area, rooftop deck, outdoor dining, resident clubhouse, onsite dog park and pet spa, landscaped courtyards and a club-quality fitness center with cardio equipment, group fitness area, yoga/Pilates studio and TRX system. Residents will also have access to coworking spaces and a conference room, a package locker system, community wide Wi-Fi, controlled entry and guest access, garage parking, EV-charging stations, dedicated bike storage and opportunities for additional storage space.
Apartment interiors will include nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, pull-down faucets, kitchen islands, soft-close cabinets, in-home washers and dryers, walk-in closets, built-in shelving, USB ports, keyless entry system and smart thermostats. Bathrooms will include double vanities, linen closets, soaking tubs and additional high-end features.
Modera Academical Village adds to Mill Creek’s robust South Florida presence, as the company continues to bolster its portfolio in Miami, Fort Lauderdale and the surrounding area.

MANASSAS, VA – TGM announced the acquisition of TGM Bull Run, a garden style apartment community with 576 units in Manassas, VA. The& Northern Virginia property was completed in 2001 and is located on approximately 35 acres, with its leasing office and clubhouse situated at 11212 Chatterly Loop.
The 100% market-rate garden apartment community is located in the heart of the Interstate 66 Business Corridor located in Manassas/Prince William County, which provides residents a bucolic suburban lifestyle with exceptional convenience and accessibility to a broad range of lifestyle amenities as well as numerous employment hubs throughout Suburban Virginia. Residents benefit from an excellent live-work commuter location, centrally sited in the I-66 Business Corridor with easy access to major roadways including I-66, I-95, I-495, Rt. 50, Rt. 28 and Rt. 2 which provide access to the region’s main employment centers.
The design, layout and construction of the apartments are excellent with one- two- and three-bedroom apartments averaging 1,153 square feet. TGM will be renovating all apartment interiors with new kitchen cabinets, countertops, appliances, flooring, lighting, and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen. Community amenities include a swimming pool with sundeck and separate children’s pool, grilling areas, dog park, 24-hour fitness center with children’s playroom, and a business center within the oversized clubhouse.
“This acquisition is particularly noteworthy as it marks TGM’s 140th acquisition since the company’s founding some 30 years ago. TGM Bull Run presents a great opportunity to expand TGM’s footprint in the Northern Virginia region. The property has superb access to highway networks, proximity to major clusters of employment, minimal new supply coupled with strong demand drivers of high population and economic growth, and locationally underpinned by the thriving Washington D.C metropolitan area offering a vast array of cultural, entertainment, shopping, educational and lifestyle amenities. TGM sees opportunities for additional growth with the ongoing expansion of corporate and governmental business districts spanning IT, biosciences, data center and research and development sectors, which is further complimented by Manassas being anchored by George Mason University’s Prince William Campus which boasts its College of Science and Technology. This is Northern Virginia’s only university centered research corporate park. Furthermore, the property is proximate to the FBI’s Northern Virginia Resident Agency and Virginia’s State Forensics Lab.” said Zach Goldman, Managing Principal and Chief Operating Officer for TGM.

COVINGTON, GA – Landmark Properties announced it has started leasing The Cove at Covington Town Center, its luxury Class-A apartment community in Covington, Georgia. The 350-unit, market-rate property was developed in partnership with ACRE, a global real estate private equity firm, and is part of Covington s 131-acre mixed-use master planned community, Covington Town Center.
Located at 12301 Town Center Boulevard, The Cove consists of 14 residential buildings featuring a mix of one-, two- and three-bedroom floor plans ranging between 620 and 1,945 square feet. It includes a rich amenities package including a luxury clubhouse, resort-style pool, coworking spaces, state-of-the-art fitness center, linear park, dog park and pet spa. In-unit amenities include washer and dryer machines in every apartment, modern light fixtures, and durable quartz solid-surface countertops.
ACRE and Landmark broke ground on The Cove at Covington in December 2020, and will begin welcoming residents into the first building in July. The pet-friendly community is being managed by Greystar, and pre-leasing and application review are already underway.
Like so many other fast-growing areas of the Sun Belt, the need for more upscale rental housing options in Covington is extremely high. The area has gone without new, well-amenitized multifamily development for two decades, and a combination of significant population growth and a wealth of new jobs in the area have created a market sorely in need of new supply, said David Tracht, Landmark Properties Senior Developer. After more than two years of development in partnership with Landmark Properties, we are excited to finally deliver this amenity-rich community to help accommodate the continued growth of Covington and the rest of the Greater Atlanta region.
Major population growth in Covington has been fueled by the relocation of a number of corporations and other major employers to the area in recent years. These include the expansion of Cineleases s 90-acre film studio, Three Ring Studio, which is set to expand by an additional 276,000 square feet of stage space, 100,000 square feet of office space and 72,800 square feet of flexible space – making it one of the largest studios in the country upon completion in 2023. In addition to Three Ring, other major employers in the area include General Mills, Facebook, Oxford College of Emory Bard, Pactiv, Mannington Mills, Clarion Metals, Bridgestone and Michelin.
Located less than an hour away from Atlanta via I-20 West, Covington s proximity to one of the Southeast s most vibrant and fast-growing metropolitan areas has also been a key contributor to its growth. In addition, the community is adjacent to a five-acre park complete with walking trails, and residents have access to ample shopping, entertainment and dining options within walking distance.
We are pleased to partner with Landmark Properties to bring this dynamic multifamily community to market during a time of unprecedented growth and revitalization in the City of Covington, said Melanie Gersper, ACRE Chief Operating Officer. Resident interest in this premium community has already proven to be high, and we are actively fielding applications with plans to begin move-ins on July 1.
Through a series of equity and debt funds, ACRE manages more than $3 billion in assets across private real estate investments and loans. The firm specializes in multifamily development and investment opportunities across Class A, B and C 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.