ATLANTA, GA – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Eleven 85, a 2014-built, 288-unit apartment complex located in Atlanta, GA. Amenities at the property include a swimming pool, an outdoor kitchen with grilling stations, a fire pit, a children’s playground, a business center, and a bocce ball court.
Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, “The TerraCap team is enthusiastic about adding the Eleven 85 multifamily community to our growing residential portfolio. The location, nearby amenities, and quality of the surrounding communities and employment centers is consistent with our team’s thesis and overall strategy of investing in only desirable high growth markets.”
Eleven 85 features one, two, and three-bedroom units. The units feature modern design features such as built-in Bluetooth audio systems and energy efficient appliances. The property is located in Atlanta’s Upper Westside Enclave, just off of I-75, providing connectivity to employment throughout the Atlanta metro.
Matt Stewart, TerraCap Partner and Director of Asset Management, said, “Eleven 85 is a Class A apartment community in a neighborhood that we have studied closely since 2017. Nestled among single-family home neighborhoods currently averaging $650,000, the property enjoys walkable neighborhood amenities and has direct access to Buckhead and Midtown where there are a significant number of new inbound jobs that are currently paying well in excess of the current median income for the area. We are excited to add what we believe is another best-in-class community to our portfolio.”
David Gutting of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.

SAN ANTONIO, TX – Cottonwood Group, a private equity real estate investment firm, announced that it has acquired a 636-unit multifamily portfolio located in San Antonio, Texas with Dallas-based Texsun Holdings for ownership and investment in San Mateo Apartments, located at 3787 Perrin Central Blvd. and Heights on Perrin Apartments, located at 2555 NE Interstate 410 Loop.
The Portfolio benefits from a desirable location in San Antonio’s northeast submarket with proximity to some of the city’s major employers, including Amazon, Rackspace and Southwest Airlines. The Portfolio is also proximate to an abundance of mixed-use, retail, entertainment and recreation destinations, including Alamo Heights, The Quarry, Terrell Plaza, multiple golf courses, resorts and parks.
“We acquired the Portfolio through our Cottonwood Real Estate Founders Fund, which targets opportunities with a special situation profile. This acquisition opportunity was particularly compelling due to its attractive cost basis, desirable location with positive demographic and employment drivers, and strong operating partner,” said Mark Green, Cottonwood’s Chief Investment Officer. “We are excited to partner with the Texsun team on this acquisition, a firm whose operational expertise and track record complement our capabilities on the capital markets side, and we look forward to a successful joint venture going forward.”
The business plan includes a renovation and repositioning of the Portfolio, for which Cottonwood and Texsun have budgeted approximately $7 million, as well as transitioning management of the Portfolio to ResProp, a multifamily property management firm founded in 2010 that operates more than 9,500 units across 65 properties.
“We are enthusiastic about our partnership with Cottonwood and are eager to grow our footprint in a market supported by excellent growth fundamentals, favorable renter demographics, and limited new supply,” said Sean Fogelman, Managing Partner and Co-Founder of Texsun Holdings. “The Portfolio is extremely well located, has very evident operational upside, and with the implementation of our capex plan, we will be able to bring its performance up to the submarket and competitive set norms.”
This is Texsun’s eighth acquisition in the central Texas corridor, spanning from Dallas to San Antonio, and the firm is focused on expanding its Portfolio in the area.

BALTIMORE, MD – San Francisco based real estate firm Hamilton Zanze (HZ) partnered with DCA Partners to acquire the 255-unit Residences at Waterstone in Pikesville, Maryland. Cushman & Wakefield represented both buyer and seller on this transaction. This represents HZ’s thirteenth acquisition in Maryland.
The property, built in 2002, is just north of Downtown Baltimore, which is situated at the northernmost mouth of the Patapsco River on the Chesapeake Bay.
“We are excited to expand our presence in Maryland with the purchase of Residences at Waterstone in Pikesville, MD,” said David Nelson, Hamilton Zanze’s Chief Investment Officer. “This unique asset features oversized units, favorable amenities, convenient location to employers, and close proximity to an abundance of retail and entertainment in Downtown Baltimore.”
The community is located at 225 Galvariun Court in the desirable Owings Mills/Pikesville/Randallstown submarket, approximately 22-minute drive or 15 miles from Downtown Baltimore. The 255 units average 1,453 square feet with 26 different floor plans. Community amenities include a fitness center, resort-style swimming pool with a sundeck, movie theater, tennis courts and a dog park. Unit amenities include attached garages, stainless steel appliances, granite countertops, hardwood/vinyl flooring, washer/dryer in unit, and private balconies.
HZ’s capital improvements will include site improvements, building repairs, amenity improvements, continuing the unit renovation campaign implemented by the seller, and sustainability updates. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

ASHEVILLE, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of mixed-use multifamily communities, announced the acquisition of Retreat at Arden Farms Apartments, a 312-unit apartment community in the Asheville suburb of Arden, North Carolina. The community was acquired on behalf of CS1031 Retreat at Arden Farms Apartments, DST.
“Asheville, North Carolina has been on Capital Square’s radar for some time,” said Louis Rogers, founder and chief executive officer of Capital Square. “We are thrilled to expand the Capital Square footprint to Ashville in order to deliver exceptional investment programs to a growing number of Section 1031 exchange and cash investors nationwide.”
Nestled in the midst of the Blue Ridge mountains at 539 Long Shoals Road, the 28-acre apartment community offers one-, two- and three-bedroom units averaging 957 square feet with high-end finishes including tile backsplashes, stainless-steel appliances, 9-foot ceilings, walk-in closets and a balcony or patio. The community amenities include a grand clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 state-of-the-art fitness center, wellness studio, poolside grilling area, “bark park,” electric car charging stations and private garages and storage units.
The highly amenitized property offers sweeping mountain views with convenient access to numerous outdoor activities. The property also benefits from direct access to Interstate 26, providing a 15-minute drive to downtown Asheville. Biltmore Park Town Square, a mixed-use retail center featuring restaurants, shopping and entertainment, is located just 1.5 miles from the property. Whole Foods, Publix and numerous dining options are within a 10-minute drive.
The scenic property is only nine miles from The Biltmore Estate, George Vanderbilt’s 250-room castle that is America’s largest home and a prominent tourist attraction, according to the City of Asheville. The 8,000-acre grounds, which feature gardens, trails and parklands, are located directly north of the property. For decades, tourists and retirees alike have been drawn to the area’s natural beauty, culture, amenities and small-town feel.
“Asheville gained over 9,000 jobs within a twelve-month period ending in February and registered an unemployment rate of only 2.9%, indicative of a strong local economy,”said Whitson Huffman, chief strategy and investment officer. “The area continues to incubate regional economic growth, as evidence by the recent announcement by aerospace manufacturer Pratt & Whitney that they are investing $650 million to build a one million-square-foot advanced manufacturing center approximately 3 miles from the property, which will lead to 800 permanent, high-paying local jobs.”
Asheville has averaged over 1,000 new apartment units per year from 2014-2021 while maintaining 96% average occupancy, according to CoStar.4 A limited future supply is anticipated due to affordable housing and other local government requirements. Additionally, a rapidly growing population will drive rent growth, according to the local ABC affiliate and Citizen Times news.

SAN ANTONIO, TX – Embrey has closed on land for the company’s second single-family rental development project, Collection Champions Circle. Located in Fort Worth, Texas, the 22.9-acre property will feature 276 one- two- and three-bedroom duplex-style homes.
Collection Champions Circle will be a master-planned community that provides the privacy and neighborhood feel of a single-family home alongside luxurious shared amenities such as a clubhouse, resort-style pool and best-in-class on-site property management also provided by Embrey.
“Embrey’s single-family rental communities are the perfect option for renters who appreciate the lifestyle and convenience of a traditional apartment community while also providing many of the benefits of a single-family home,” says Jeremy Williams, Senior Vice President of Development. “This is a particularly attractive option for young families, pet owners and empty-nesters.”
Additionally, the development lies near a number of popular employers including Charles Schwab, TD Ameritrade, Facebook and Amazon.
“Dallas-Fort Worth is one of the fastest growing multifamily markets in the country,” says John Kirk, Managing Director and Executive Vice President of Development. “The area’s strong economic and demographic momentum and high household income make it a prime location for this particular style of development.”
Embrey has partnered with a number of design consultants to make this project come to fruition, including W Partnership, Knight Fowler Millsap and Design Environments.
Construction is scheduled to begin next month with completion expected in 2024. Embrey is the general contractor and will oversee construction on the project.

CORPUS CHRISTI, TX – Thompson Thrift Residential, a wholly-owned company of Indianapolis-based Thompson Thrift, announced the sale of The Retreat, a 324-unit multifamily community located in The District of Timbergate area of Corpus Christi. A private real estate investment firm purchased the community for an undisclosed amount.
“The Retreat’s location within the highly acclaimed Corpus Christi Independent School District along with its premium access to nearby employers, retail and entertainment generated significant interest from multiple parties,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are pleased to have been able to execute our business plan and reach our investment goals for this community.”
Completed in 2017, the 96% leased community features 14 three-story buildings providing 324 apartment homes with a variety of one-, two- and three-bedroom layouts. The well-appointed homes include granite countertops, nine- to 10-foot ceilings, full-sized washer and dryers, soaking tubs, private balconies and detached garages. The Retreat also provides an array of community amenities including a resort-style swimming pool, state-of-the-art fitness center, clubhouse, technology center, movie lounge, gaming den, parcel pending package acceptance, and onsite bark park and pet spa.
The community’s location at 15721 Timbergate Drive is close to Highway 358 and provides residents with convenient access to numerous retailers at the La Palmera Shopping District as well as major employers including the Port of Corpus Christi, First Data Corporation, Texas A&M, Bay LTD and Eagle Ford Shale.

CORPUS CHRISTI, TX – DLP Capital, a private real estate investment and finance firm, is excited to announce the purchase of Harbor House on Saratoga, a 252-unit Corpus Christi apartment complex, located at 6225 Saratoga Blvd.
The property will be renamed DLP Saratoga and is conveniently located near multiple medical centers, schools, Naval Air Station-Corpus Christi Army Depot, and Texas A&M University-Corpus Christi. Additionally, the Corpus Christi International Airport and Corpus Christi CBD are approximately 10 miles from the property.
DLP Saratoga offers seven different floor plans ranging from 1, 2, and 3-bedroom units, and each unit features luxurious upgrades including stainless steel appliances, granite countertops, vinyl floors, and sleek fixtures that create a desirable modern look. Community amenities include a dog park, sparkling pool, clubhouse, fitness center, basketball court, media room/theater, grilling areas, and covered parking for most cars.
DLP Capital s acquisition of this complex is the latest of many Texas-based projects as the company continues to pursue providing natural, affordable workforce housing to families in the Corpus Christi area.
Investing in a property like DLP Saratoga aligns with our mission of providing housing solutions that are affordable for the local community, said DLP Capital CEO and Founder Don Wenner. Quality housing shouldn t be unattainable, and we hope to appeal to local military members, logistics workers, and students in the area that may be seeking a home closer to work and school.

MIAMI, FL – PREMIUM sells FIRST Apartments, a 194-unit luxury apartment community ideally located less than a mile from Downtown Miami and Brickell in up-and-coming East Little Havana, for $92,000,000 to Lloyd Jones, a real estate investment firm headquartered in Miami, FL. Walker & Dunlop, Inc brokered the sale.
Construction of the high-end and modern FIRST Apartments project started in March 2020 and was successfully completed as early as fall 2021.
Building on more than 25 years of real estate experience in the European market, PREMIUM Development Inc. was founded in 2017 as the U.S. office of the PREMIUM Group. By tapping into local market expertise, PREMIUM Development Inc. leverages the experience, philosophy, and development values of the PREMIUM Group to identify and develop multifamily projects in urban cores.
“The impressive lease-up performance is a testament to the asset’s appeal and prime location, proximate to key demand drivers, entertainment venues, and transit routes,” said Roger Karré, COO of PREMIUM Development Inc.
Developed with incredible attention to detail and a focus on smart design, FIRST Apartments is the premier luxury rental option in East Little Havana. The community features spacious, luxuriously appointed apartment homes that are complemented by an excellent amenity package, including health club quality fitness facilities, a resort-style lap pool, and an expansive bark park.
FIFTEEN, another PREMIUM project near the Miami Health District, offering 132 apartment homes within nearly 100.000 sf, will be completed in early 2023.
PREMIUM Development Inc. also bought the 2.3-acre property at 700 West Flagler Street from Presidente Supermarkets just across from FIRST Apartments in 2021. There PREMIUM will develop SON VIDA, a residential building with 375 apartments on up to 16 floors.

FAYETTEVILLE, NC – Morgan Properties, one of the nation s top three multifamily owners, announced it has acquired two Class A apartment communities totaling 642 units in Fayetteville, North Carolina. Morgan Properties purchased Westlake at Morganton and The Preserve at Grande Oaks from Walker & Dunlop on behalf of Morganton Development. With the addition of these two communities, Morgan Properties now owns and operates five apartment communities encompassing 1,530 units in Fayetteville, with additional communities in Raleigh, Charlotte, and Salisbury. This acquisition brings the company s current total portfolio to over 93,000 units nationwide.
Since our entry into North Carolina in 2016, we ve seen tremendous success in the Sunbelt region and continue to be opportunistic about acquisitions that increase Morgan Properties presence in these states, said Jonathan Morgan, President of Morgan Properties JV. While Class B has always been our niche, acquiring Class A communities in markets with high population growth and undersupply of multifamily housing, presents an exciting opportunity for Morgan Properties to bring our industry knowledge and top-notch customer service to new residents.
Located one hour south of Downtown Raleigh, the historic town of Fayetteville is home to Fort Bragg, the largest military base in the United States with over 75,000 active soldiers, reserves, contractors, and civilian employees. With direct access to I-95 and close proximity to North Carolina s three-largest cities, Fayetteville s geographic location has attracted major companies like Cape Fear Valley Health Systems, Goodyear Tire Manufacturing Plant, and Mann + Hummel, all of which have become contributors to Fayetteville s economic development.
As the sixth largest city in North Carolina and home to the largest military base in the United States, Fayetteville has remained an attractive market for Morgan Properties since we acquired our first three communities there last year, said Jason Morgan, President of Morgan Properties Special Situations & Principal. “We look forward to growing our presence in this attractive market and continuing to build our experience in Class A multifamily across the country.
With an average vintage date of 2007, Westlake at Morganton and The Preserve at Grande Oaks are pet-friendly communities and feature Class-A amenities including a resort-style pool and fitness center with an on-site trainer, business center, entertainment lounge, a movie theater room, and more. The properties offer one-, two-, and three-bedroom, modern-style apartments with premium kitchens and baths, in-unit laundry, new appliances, spacious walk-in closets, and patios. Westlake at Morganton also offers its residents direct access to parking garages. Residents at both communities are in close proximity to popular destinations including Cross Creek Mall, Freedom Tower Center, and Fayetteville VA Medical Center.
Morgan Properties also plans to execute a $7 million value-add enhancement strategy to improve these apartment communities for its residents that will include interior upgrades and smart home technology. Planned community amenities include a new clubhouse, dog parks, patios for grilling, bike share program and more.

KATY, TX – Sentinel Real Estate Corporation announced that it has acquired The Retreat at Cinco Ranch, a 268-unit garden-style apartment community in the desirable Cinco Ranch submarket of Katy, TX, just west of Houston. The property represented an opportunity for Sentinel to acquire a high-quality asset in a rapidly growing market supported by strong fundamentals.
Originally constructed in 2008, The Retreat at Cinco Ranch comprises 12 three-story residential buildings consisting of one-, two- and three-bedroom apartments averaging 943 square feet. The first floor of the complex underwent a substantial renovation in 2019, which included the installation of modern appliances and upgraded finishes including new kitchen and bathroom cabinetry, quartz countertops, the addition of tile in kitchen backsplashes and bathroom showers, and wood-style flooring in living areas.
Legacy unit finishes at the property include granite countertops and carpet in living areas. All units include track and pendant lighting, walk-in closets and full-sized washers and dryers. Community amenities include a modern clubhouse with a fitness center, an indoor cycling studio, a resident lounge with a kitchen and coffee bar, a business center, and package lockers, a resort-style swimming pool with a sundeck and lounge area, outdoor grilling stations and a playground with a picnic area. Following the transaction, Sentinel intends to realize additional value by expanding the capital improvement program to replace legacy finishes on the second and third floors.
With The Retreat, we recognized a compelling opportunity to acquire a high-quality asset in the beloved Cinco Ranch submarket, a master-planned community that remains well insulated from new supply, said Michael Streicker, President of Sentinel. The submarket has seen significant rent and population growth, with rents increasing by 16.3 percent last year. We expect that upgrading the remaining 172 units will position the property for continued success.
The Retreat at Cinco Ranch is optimally located amid some of Houston s most upscale residential neighborhoods and within the top-ranked Katy Independent School District, enjoying access to several lifestyle, retail and restaurant destinations along Mason Road. The property offers convenient access to Houston s energy corridor along Interstate 10, which is home to the North American Headquarters for Shell, CITGO and BP, among others. Major employers in the area also include MD Anderson Cancer Center, Texas Children s Hospital and GEICO.
Sentinel has been active in the Houston market throughout its 53-year history and currently owns and operates three properties nearby, 3000 Sage Apartments, The Lodge at Cypresswood Apartments and Everlee Apartments, providing enhanced competitive positioning in the submarket. 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.