DENVER, CO – Denver-based Continental Realty Assets, a subsidiary of Continental Realty Group, and GTIS Partners, a global real estate investment firm that manages $4.7 billion in gross assets with a focus on residential and industrial investments, announced the completion of two joint-ventures between the firms with the sale of 240-unit San Palmas Apartments in Chandler, AZ and 256-unit Canyon Reserve at the Ranch in Westminster, CO. San Palmas and Canyon Reserve were brokered by the local teams of CBRE and JLL, respectively.
David Snyder, Continental Realty Group’s President, said, “We are extremely pleased with the successful ownership period of each community. In just a few years, we were able to greatly improve San Palmas and Canyon Reserve through exterior, common area, and unit interior upgrade programs. We accomplished our goal of positioning each property to take advantage of a trifecta of opportunities – properties with value-add upside, in an exceptional submarket, and located in strong overall markets like Phoenix and Denver which we had identified through our market research as likely to see growing rental demand.” Robert Ireland, CRA’s Managing Director of Investments, added, “We are grateful for our partnership with GTIS and look forward to continuing to execute our data-driven methodology as we seek new acquisition opportunities.”
At San Palmas, which was acquired in February 2018, the partnership invested nearly $4 million into improvements in the community’s common areas, amenities, and unit upgrades for over half of the units. San Palmas, built in 1998, benefits from one of the strongest locations in Phoenix near the Chandler Fashion Center, within walking distance to Whole Foods, and with over 640,000 jobs within 10 miles of the property.
The partnership acquired Canyon Reserve in August 2017 and invested nearly $2 million in common area and unit interior renovations in nearly one-third of the units at the property, which was built in 1984. Westminster is a highly sought-after suburb in the Denver metro area due to its proximity to major employment hubs such as Interlocken Business Park and Downtown Denver. The property also benefits from easy access to retail and entertainment options including Thorncreek Crossing, Orchard Town Center, and Flatiron Crossing.
Theodore Karatz, Managing Director at GTIS said, “The sale of the two multi-family assets were well timed and resulted in strong, risk-adjusted returns for our investor-partners. These transactions represent the types of opportunities pursued by GTIS – in markets with strong fundamentals where we are able to work alongside leading operators such as CRA, a firm that has proved to be a great partner to us.”
David Pahl, Managing Director at GTIS, added: “CRA did a tremendous job on the “value-add” piece, delivering the renovations on time and on budget, allowing us to sell the assets earlier than originally planned. Our investments into these communities will provide significant, tangible benefits to residents for years to come, and we are incredibly proud of the work our teams have done.”

AURORA, CO – FCP announces its third Colorado multifamily acquisition in less than two months with the $114 million joint venture recapitalization with BMC of Aurora Meadows, a 461-unit apartment community at 777 Dillon Way in Aurora, CO. With the Aurora Meadows investment, FCP’s Colorado multifamily portfolio includes three apartment communities with a total of 1,736 units.
“Expanding our portfolio in Colorado with BMC strengthens our market position alongside an existing partner,” said FCP’s Bart Hurlbut. “Together we will oversee a $12 million renovation plan for the property, modernizing units and common areas and improving several amenities.”
“We are excited to add another investment to the growing relationship with FCP,” said Jeff Stonger, Chief Investment Officer of BMC Investments. “This partnership with FCP is very synergistic and allows both groups to grow and scale across new markets and strategies together. BMC is highly focused on delivering high-quality, but affordable workforce housing options in the neighborhoods in which we invest,” added Stonger. “With FCP as our capital partner, we are able execute that vision and deliver on our commitment to these communities.”
Aurora Meadows is well-located in Aurora, near one of Denver’s largest employment centers with easy access to main Denver thoroughfare, I-225. The community is blocks from the new Fitzsimons Light Rail stop, Fitzsimons Medical Campus, and abundant retail and dining amenities. Aurora Meadows features a mix of studio, one- and two-bedroom apartments with convenient on-site amenities.

HOUSTON, TX – Stoneweg U.S., a real estate investment firm specializing in multifamily acquisitions and developments, announced the acquisition of Ashford Apartments, a 312-unit, Class A community located in the heart of Houston, Texas. The investment marks the company’s first acquisition in the ever-popular Houston MSA; the 5th largest MSA in the US.
“Historically, our Texas and neighboring Southwest market-based assets have performed well for us, so strategically, adding Houston to the mix made a lot of sense,” said Matthew Levy, Head of Investments for Stoneweg US. “With population growth projections surpassing 60% over the next 10 years in Houston, and steady job creation to accompany the accelerated growth, we’re extremely pleased to enter this robust market with such a high-caliber asset like Ashford Apartments.”
Conveniently located 17 miles west of Downtown Houston in the heart of the Energy Corridor, Ashford Apartments features 312 luxury units with modern designs that include 10′ ceilings, stainless steel appliances, smart thermostats, keyless unit entry, hardwood floors, rich mahogany cabinetry, built-in wine cellars, and floor-to-ceiling windows that provide ample natural lighting. Exterior amenities, best-in-class and superior to those of neighboring communities, include a 2-story elite fitness center, bark park, cycling studio, and grilling stations and pergolas to accompany a generous resort-style pool. Ashford’s ideal location offers immediate access to major highways for commuters traveling to popular Houston destinations and employment centers including the Energy Corridor, Texas Medical Center, and Downtown Houston, all home to some of the MSA’s largest employers.
“An abbreviated value-add strategy is anticipated to be applied to the already excellent condition of Ashford Apartments, thus allowing us to focus our attention on maximizing operations and delivering strong, long-term results,” said Director of Acquisitions, Garrett Pisarik.

PHOENIX, AZ – CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced that a CIM-managed fund has closed a $204 million construction loan to Medistar Corporation, GMH Communities, and a fund sponsored by CBRE Investment Management to finance the development of Central Station, a one million-square-foot mixed-use transportation hub in Downtown Phoenix.
Located at 300 N. Central Ave. at Van Buren Street, Central Station will consist of 362 apartments, 435 student housing units with 655 beds, over 100,000 square feet of office and retail space, and 427 subterranean parking spaces across two 22- and 33-story towers and a podium. Central Station is adjacent to and seamlessly integrates with an existing bus and light-rail transit center and is a public-private partnership with the City of Phoenix and the federal Transit Authority. Central Station broke ground in April 2022.
Central Station is situated adjacent to Civic Space Park and Arizona State University s Downtown campus and within a short distance to major employment centers, the Metro Light Rail, and Sky Harbor International Airport.
CIM Group, an active lender through its CIM Real Estate Debt Solutions business, recently closed a $136.7 million loan for the construction of a 42-story condominium tower in Honolulu. In 2021, CIM provided a $135.85 million construction loan to Medistar Corporation for the development of a student housing complex and parking garage at Texas A&M Innovation Plaza in Houston. CIM Group seeks to provide senior and subordinate transitional bridge and construction loans for commercial real estate projects with strong sponsors.
CIM Group applies its broad experience as an owner, operator, and developer of all types of commercial real estate to its lending strategy and believes this helps differentiate the company from many other debt providers. Through mortgage and mezzanine loans, affiliates of CIM Group provide bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.

COLLEGE STATION, TX – Parallel, an Austin-based real estate development firm, has broken ground on a 750-bed property at 401 First Street that will serve students attending Texas A&M University and marking the firm’s second recent development in College Station.
The project at 401 First Street will offer a mix of unit types with an emphasis on studio, one- and two-bedroom units. The property will provide a modern, well-amenitized property focused on community and academics and is expected to open in Fall 2024. Amenities will include a full-service smart market, influencer room, gaming lounge, dog park, walkup townhomes, pool and spa, outdoor kitchen, outdoor study area, outdoor gaming, yoga room, fitness room, community spaces with study areas and a sky lounge overlooking Texas A&M and Northgate.
“Parallel is excited to break ground on its second project in Northgate near the A&M campus,” said Kristen Penrod, principal at Parallel. “This project will provide a mix of units focused on living and learning near a campus that is projecting continued enrollment growth. Parallel looks forward to being able to provide A&M students with a highly amenitized, purposefully built product in the Northgate area.”
The company spent a lot of time researching the College Station market to create a community catering to the next generation of students. The result is a community focused on academic success with multiple unit options for students, ranging from studios and one-bedroom units all the way up to a walkup six-bedroom, two-story townhome unit.
Partners on the project include BOKA Partners, Rogers O Brien Construction, Alison Royal Interiors, RLG Engineers, Mitchell and Morgan Civil Engineering, V3 Engineers, Infinisys and SMR Landscape.

GOODYEAR, AZ – Embrey, a San Antonio, TX-based vertically integrated real estate investment company, has closed on land in Goodyear, Arizona, the future home to the Senna at Canyon Trails multifamily community. With this development, Embrey is further broadening its footprint in the Phoenix metropolitan area, one of the fastest-growing markets in the country.
Senna at Canyon Trails will be a 284-unit Class A community that will feature upscale amenities such as a two-story clubhouse overlooking the resort-style pool and a meticulously landscaped courtyard with shade canopies and a firepit. The fitness center also faces the pool courtyard and offers on-demand technology. Other amenities include a connected dog washroom with a grooming table and dryer. Each unit will be equipped with high-end finishes, private balconies and 9′ ceilings. A handful of ground floor units offer private yards around the pool and face the walkable retail and restaurants immediately adjacent to the property.
Goodyear is in the rapidly growing Southwest Valley of the Phoenix Metropolitan area. Senna at Canyon Trails will be conveniently located near major transportation corridors and is approximately 23 miles from downtown Phoenix and 27 miles to the Phoenix Sky Harbor Airport.
“Goodyear has quickly become the Phoenix area’s premier industrial and manufacturing submarket,” states Jimmy McCloskey, Executive Vice President of Development. “This project will be part of a larger retail development and is near many desirable places of employment including Amazon, Chewy.com and Cancer Treatment Centers of America. Senna at Canyon Trails will be a highly sought-after community for this rapidly growing area.”
Construction is scheduled to commence this fall and is expected to be completed in the spring of 2025.

PORTLAND, OR – Cityview, a vertically-integrated multifamily investment management and development firm, has acquired Burnside 26, a four-story podium-style apartment community in Southeast Portland that features 135 homes with 1,300 square feet of available restaurant space.
Burnside 26 is located in a highly desirable, amenitized and walkable submarket 1.5 miles east of downtown and across the river with bustling entertainment and nightlife, including 64 restaurants and bars within a four-block radius. One of only seven institutional properties in the nearby residential upscale submarkets, the property maintains an impressive walk score of 97 and bike score of 99 with front door access to one of Portland s hottest neighborhoods.
This is an exciting project for Cityview because it allows us to continue our mission of providing and maintaining workforce housing in cities with strong demand drivers, robust employment and population growth, and a diverse employer base, said Sean Burton, CEO of Cityview. With home prices in this area exceeding $600,000, Burnside 26 offers renters high-quality, affordable living focused on sustainability, health and wellness, and high-touch customer service in the heart of one of Portland s most thriving submarkets.
Adjacent to the region s largest employers including Intel, Nike and Providence Health, and with major industries including semiconductors, electronic components, construction and software development, Portland ranks third in the US for net inbound resident moves with some of the nation s fastest job growth.
Some of the exciting improvements Cityview plans to bring to the property are sustainable common area upgrades like creating a new bike storage area, monitoring utility usage and waste, and installing EV charging stations and energy efficient LED tube and new sensor installation in the parking garage. Cityview also plans to install rooftop solar panels to sustainably power common areas and repurpose an underutilized space as a fitness center for residents to enjoy.
This project offers renters the best of both worlds, easy access to the city s robust job centers and livability in the unique eastside neighborhood, which is home to many of the city s best local bars, eateries, and nightlife, said Devang Shah, Managing Director and Cityview, who was responsible for spearheading this off-market acquisition for Cityview. We believe that Portland s quick economic rebound following COVID coupled with the drop off in projected supply is going to make well-built and well-located real estate in this area continue to gain value in the coming years.

SAN DIEGO, CA – Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation s leading builder of luxury homes, announced the groundbreaking of The Lindley, a 37-story, 422-unit luxury high-rise apartment building on the edge of Little Italy in San Diego.
Totaling more than 800,000 square feet, including more than 12,000 square feet of ground-floor retail space, The Lindley will be one of the largest multifamily projects ever developed by Toll Brothers in the decadelong history of the firm s Apartment Living business and serves as the firm s new flagship multifamily development in California.
The groundbreaking celebration was attended by senior executives from Toll Brothers Apartment Living, The Lindley s development partners, local elected and appointed officials, and members of the media.
The Lindley proudly announces our firm s arrival to the thriving San Diego market, said Charles Elliott, President of Toll Brothers Apartment Living. This project will represent the very best of what Toll Brothers Apartment Living can build, and as one of our flagship properties, it will embody a new standard of luxury development in this city; a standard which we re already building across the country.
The Lindley was designed by the renowned Joseph Wong Design Associates. Site development and construction began in early 2022 and is anticipated to be completed by late 2024. The Lindley will be situated at the corner of Columbia Street and Ash Street in San Diego s business district of Columbia. Located just steps away from endless dining and entertainment opportunities in Little Italy, Harborview, Embarcadero, and the Gaslamp Quarter, The Lindley offers convenient access to PETCO Park, Balboa Park, the Santa Fe Rail Station, and the San Diego International Airport.
The Lindley is going to set the bar for what San Diegans can expect from urban luxury apartment living in their city, said Michael McCann, Southern California Regional Director of Toll Brothers Apartment Living. From the quality of the materials to the extraordinary amenity offerings, The Lindley demonstrates that we are ready to compete with the most luxurious rental offerings available anywhere in the market.
The Lindley will include studio, one- and two-bedroom floor plans, as well as penthouse and townhouse residences. The building will feature an above- and below-grade structured parking garage with 561 parking spaces and capacity for 222 EV (electric vehicle) charging stations. The first-floor grand lobby and mezzanine host the onsite property management, concierge, mail, and secured package room. Throughout the property, residents will enjoy high-end finishes, secured keyless entry, Wi-Fi, and more than 22,000 square feet of interior and exterior amenity space. Most amenities will sit atop the building s seventh-floor podium and feature an outdoor pool and spa, barbecue grills, pet spa and dog walk, indoor/outdoor fitness center, massage rooms, yoga spaces, sauna, coworking spaces, game room, club room, lounge, and wine bar. Rooftop amenities include a rooftop lounge, demo kitchen, and sky deck providing excellent views of downtown San Diego.
The apartments will feature LVT flooring, European-style cabinetry, quartz countertops with tile backsplashes, stainless steel appliances, energy-efficient LED lighting, and smart thermostats. The penthouse and townhouse residences, located exclusively on floors 35-37, will feature higher ceilings, hardwood flooring, quartz backsplashes, upgraded appliances, and automatic shades. All residences will have private balconies, with four of the townhouses featuring additional private rooftop patios.
The Lindley will earn LEED Gold certification. To achieve this standard, all demolition materials were responsibly recycled, and sustainably sourced materials will be employed throughout. Rainwater will be collected from the site and passed through biofiltration processes before entering stormwater drainage. Environmentally friendly cleaning products will be exclusively used in the building s operations. Residents will be able to enjoy EV fast-charging stations. The Lindley will also meet Type 1 construction standards, which utilizes a noncombustible, fire-resistive concrete and steel structure.
Affordable housing is also a critical part of the development project. As part of The Lindley s entitlement agreement, Toll Brothers Apartment Living is making a significant contribution toward the development of affordable housing off-site, which helps to fulfill the city of San Diego s initiative of increasing affordable housing opportunities for its residents. This contribution will directly support the construction of 42 affordable housing units in downtown San Diego, which will be developed by Trestle.
The Lindley marks the first Toll Brothers Apartment Living project to break ground in San Diego, and the third to break ground in California following Cameo in Orange, California, which was sold in 2021, and Rafferty in Santa Ana, California, which is scheduled to open its doors to residents in early 2024. The Lindley represents the continued expansion of Toll Brothers Apartment Living in California, with the firm currently poised to have nearly 1,300 residences within three projects actively under construction in Southern California before the end of 2023.

WEST PALM BEACH, FL – Tortoise Properties, LLC, a privately held commercial and residential company headquartered in Palm Beach County, secured a $88.530 million construction loan and will begin building its newest mixed-use residential development in downtown West Palm Beach. Lending was provided by Acore Capital for the development of two eight-story towers on 2.5 acres at 740 and 840 North Dixie Highway that will be connected by a floor-to-ceiling glass skybridge suspended over Eucalyptus Street. The Class-A luxury apartment community will feature 264 studio, one and two-bedroom residences with 3,400+ square feet of retail frontage on Dixie Highway and 371 parking spaces.
As West Palm Beach, now referred to as the Wall Street of the South, continues to attract more businesses and employees, the demand for additional residential housing continues to grow. Tortoise Properties President, CEO & Co-Founder Jake Geleerd reported that Tortoise Properties acquired the site-plan approved project in December 2021 and then led an experienced and diverse project team to efficiently and timely obtain the necessary permits and approvals required to begin construction.
According to Tortoise Properties Chairman & Co-founder Kelly Brannen, the project team included MSA Architects (architecture), Verdex Construction (construction), EDSA (landscaping), Hensel Phelps (project management), Keshavarz & Associates (civil engineering), McNamara Salvia (structural engineering), WGI engineering), Castle Residential (property management) and Managed Land Entitlements(entitlements and permitting).
We are especially pleased to have secured our construction loan with Acore during a rising interest-rate market and a recession-weary commercial lending environment, shared Geleerd. This loan propels this mixed-use development forward in a fundamentally strong market while at the same time reinforces lender confidence in the demonstrated track record and strength of Tortoise Properties and its residential and commercial projects. With fencing going up today and site mobilization beginning next week, we continue to advance forward with plans to share more updates in the coming weeks.

NORTHGLENN, CO – FCP and joint venture partner Avanti Residential announce the $55 million acquisition of Heights on Huron, a 252-unit garden apartment community at 10648 Huron Street in Northglenn, CO In May 2022, FCP announced its initial multifamily investment, Ivy Crossing, with joint venture partner, BMC, in Denver.
“Heights on Huron adds a well-located multifamily asset to FCP’s growing presence in Colorado,” said FCP’s Bart Hurlbut. “We are excited to work alongside Avanti for the first time to infuse capital into the property and improve resident experience.”
“With this first closing, we are excited to embark on a broader venture goal with FCP,” said Christian Garner, President and CEO of Avanti Residential. “Through their capital commitment to this strategic opportunity, we look forward to executing a large-scale renovation which will allow us to realize this desirable property’s full potential.”
Heights on Huron Apartments is located at a highly visible and well-connected location in Northglenn, proximate to I-25 and within an easy drive to downtown Denver, Interlocken Business Park, and Amazon’s Distribution Center. Residents at Heights on Huron enjoy easy access to numerous shopping centers, major retailers, and walking and bike trails.