FLAGLER BEACH, FL – Funding has been secured to develop The Preserve at Flagler Beach, a 240-unit workforce apartment community located in Flagler Beach, Florida. The 240-unit apartment community project will be developed through a joint venture between Portage Real Estate and Piedmont Private Equity. This is Portage Real Estate’s second partnership with impact real estate funds managed by American South Fund Management (ASFM), a partnership between SDS Capital Group and Vintage Realty Company. With total development costs projected at $57 million, The Preserve at Flagler Beach is the first investment in Florida for ASFM impact funds. All 240 one, two and three-bedroom apartment units will be rented at rates affordable at 115% Area Median Income (AMI) or less, bringing critically-needed workforce housing to this community.
“The Preserve continues Piedmont’s mission of providing quality housing to local communities,” said Eric Conkright, Piedmont Private Equity. We will also be contributing over $600,000 for the construction of a new school and purchase of a fire truck as part of a comprehensive effort to uplift the community”.
“The 240 units being added to the community through The Preserve at Flagler Beach is providing housing that is much needed by the community – quality housing that is affordable,” said Deborah La Franchi, ASFM Managing Partner. “This development is perfectly aligned with ASFM’s mission of providing quality affordable housing to families and individuals throughout the South.”
Impact funds managed by ASFM target their impact investments into distressed communities of color within a 10-state footprint across the South. Since 2018, impact funds managed by ASFM have made 16 investments in Texas, Georgia, Alabama, North Carolina, South Carolina, Louisiana and Arkansas totalling $68 million and over $302 million of project costs to date.
“We are thrilled to expand our footprint in the South to the state of Florida,” said David Alexander, ASFM Managing Partner. “Piedmont Private Equity and Portage Real Estate have proven to be excellent partners in achieving exactly the types of impacts within socio-economically disadvantaged areas that ASFM impact funds like to make.”

LOS ANGELES, CA – Tides Equities has continued to expand its footprint in 2022. In the first half of the year, the firm closed 33 transactions, accounting for over $2.3B. This string of acquisitions allowed the company to add 9,712 units to their portfolio, which now stands at over 29,000 units.
The firm specializes in value-add multifamily real estate throughout the Western United States. Tides focuses on well-located, Class-B, assets in Arizona, Texas, and Nevada. Tides continues to believe in the short- and long-term growth of these markets as they have strong underlying fundamentals which are further aided by the accelerating demand by Millennials and Generation Z to relocate to cities within the Sun Belt, said Tides Co-founder & Principal Ryan Andrade.
In Q1 of this year, the company acquired Del Mar Terrace, the largest market-rate apartment community by unit count in the Phoenix MSA, in a $255,000,000 transaction. Tides Equities has rebranded the 1,012-unit apartment community to Tides on 71st. They were able to source this deal entirely off-market, directly from the original developer, who had owned it since they constructed it in 1985.
The firm also continued their expansion into Austin, Texas, with the acquisition of the Hendrix, a 636-unit apartment community that they rebranded to Tides on Copper Creek. The property is spread out across 20.4 acres and is situated in the Northwest Austin submarket. This asset is perfectly positioned to embrace the economic and lifestyle transformation of Northwest Austin from a suburban haven into one of the city s premier live, work, and play destinations.
In Nevada, one of the more notable transactions of the year was the purchase of a 787 unit, three-property portfolio for $169,750,000. This acquisition has provided Tides with immediate scale in a market that continues to see exceedingly strong rent growth and upward trajectory, said Tides Co-founder & Principal Sean Kia. The communities have been rebranded as Tides on Spencer, Tides at North Nellis, and Tides on Palm and will undergo an approximately $18 million capital improvement plan that will improve these high-profile properties.
Tides Equities has continued the momentum seen in 2021, when the firm completed 77 transactions, accounting for over $4.3 billion dollars and 21,000 units in transaction volume. For the year, Tides Equities was the 6th most-active buyer of multifamily properties in the United States.

SEATTLE, WA – Lowe, a national real estate developer, investor and manager, has completed the first of two nine-story towers at Mason and Main, located in the 30-acre, transit oriented, master planned Yesler Terrace community near downtown Seattle. The first building contains 335 units with a mix of one- and two-bedroom floor plans.
The second 215-unit tower is set for completion in the last quarter of 2022. At completion, the LEED Gold Mason and Main will comprise 550 apartments units, of which 137 will be designated for people earning 65-80% AMI, 6,800 square feet of ground floor retail, 315 parking stalls and a new public neighborhood pocket park.
Mason and Main is part of the comprehensive redevelopment of the Yesler Terrace neighborhood that includes a mix of public and private developments offering housing, office space and a host of neighborhood amenities.
Mason & Main was designed to honor the rich history of Seattle. We are proud members of the community and grateful for the opportunity to add much needed housing and contribute to the vitality of the neighborhood, said Suzi Morris, executive vice president, Lowe.
Retail and residential leasing is currently underway. Homes feature modern fixtures and finishes such as woodgrain plank flooring, quartz countertops, high-end appliances, including full size washer and dryers. Mason and Main has smart home technology that provides residents with keyless entry, and lighting and outlet control through an integrated app or smart speaker system. Select homes also include private patios or balconies and Mt Rainier, Cascades, Puget Sound, stadium or neighborhood territorial views.
Both buildings will offer residents a wide-range of communal spaces and amenities including co-working areas, a karaoke and screening room, makers space, community meeting and conference space, and lounge spaces. Outdoor areas include rooftop and courtyard lounging areas with outdoor kitchens with sweeping area views of Mount Rainer, Puget Sound, Downtown Seattle and beyond, and a community garden where residents can harvest vegetables tended to by the Seattle Urban Farm Company. Residents also will have access to two fully equipped fitness centers and pet friendly amenities including dog runs and a dog wash.
As part of the development, Lowe commissioned custom artwork from local community artists for exterior murals and interior works to create one of Seattle s largest art collections in a residential setting. Displaying works from a wide range of artists and mediums, Mason & Main represents the craft and creativity of the city.
Located at 209 12th Ave S, and 1020 S Main St., Mason and Main is ideally situated near Downtown Seattle, International District, Capitol Hill, light rail, including the soon to be open Rainier Station, and entrances to I-90 and I-5. The community boasts a transit score of 97 and a walk score of 98 – providing easy access to a variety of shopping, dining and entertainment options as well as the area s new streetcar line. As part of the community redevelopment, Yesler Terrace will have a large central park, public gardens, performing arts center, community center and a series of pocket parks, including one directly adjacent to the building.
Mason and Main was designed by Ankrom Moisan Architects. Compass is the general contractor. Greystar is providing property management. West Coast Commercial Properties are the retail listing brokers.
Lowe has made numerous commercial and hospitality property acquisitions in the Seattle area, and most recently completed the sale of the 286-unit Talisman multifamily property at Redmond Town Center. Lowe is a joint venture partner in Suncadia Resort in Cle Elum, Washington and Sunriver Resort in Central Oregon.

TUALATIN, OR – Security Properties purchased River Ridge, a Class A multifamily property located in Tualatin, OR for $70,000,000. Security Properties now owns 11 assets totaling over 2,800 units in the Greater Portland MSA.
River Ridge was delivered in two phases from 2015 – 2017 and consists of 180 units spread out across 14 residential buildings and approximately 9 acres. The residential units are a mix of one, two and three-bedroom floorplans with an average unit size of 977 SF.
The property is located within the outlying suburbs of the Portland Metro in the highly desirable suburb of Tualatin, OR. Throughout the last 10 years, the City of Tualatin has been one of the fastest growing cities in Oregon. However, unlike many other sprawling regions, Tualatin continues to maintain a high standard of living, yet remains an affordable place to locate a family. Additionally, families are drawn to live within the highly ranked Tigard-Tualatin School District.
Tualatin rests amid the Tigard, Beaverton and Lake Oswego submarkets, each offering unique drivers pulling people out of the city and into the suburbs. Tualatin offers a host of attractive retail options, notably Bridgeport Village, an open-air, high-end fashion and lifestyle shopping center consisting of ~500k SF. Beaverton is nationally recognized as the home to Nike’s Global Headquarters (~12k employees) and a large portion of the region’s STEM (science, technology, engineering, math) employers. Lake Oswego is arguably the most sought after suburb in the Portland MSA with median household income exceeding $109k and home values in excess of $930k.
The business plan is a core-plus investment with moderate upgrade characteristics. While the asset currently offers a best-in-class amenity package and well-appointed living units, Security Properties has identified several opportunities to further emphasize these strengths.
According to Alex Gauper, Director at Security Properties, “River Ridge is a strong example of our investment thesis of identifying well-located, new-construction assets in markets with a diverse mix of stable drivers. We feel that we have the best asset in a submarket with very limited historical supply and strong demand for high quality product. We are very excited to add River Ridge to our greater Portland portfolio and look forward to delivering strong returns to our investors over our hold.”
Jared Lazarus, Managing Director at Oaktree, added, “We are excited to continue our strong partnership with Security Properties through the acquisition of River Ridge. We believe the property presents an attractive opportunity for Oaktree to acquire a Class-A, newly-built multifamily asset in an extremely supply-constrained submarket of Portland where the continued migration towards suburban locations will greatly benefit the asset.”

ST PETERSBURG, FL – Stoneweg U.S., a real estate investment firm specializing in multifamily acquisitions and developments, announced the acquisition of Old Jennings, in Middleburg, FL which rolls up to the bustling Jacksonville MSA, and represents the Company’s third major project in its growing multifamily apartment development pipeline. Stoneweg US will utilize 15 acres to build a 316-unit multifamily apartment community, reserving 7.5 acres on the 22.5-acre site for green space.
“Old Jennings is an exciting addition to our growing development portfolio,” said Mark Rios, Director of Development for Stoneweg US. “Jacksonville has steadily seen positive net migration for the last several years and continues to be a popular tourist destination for its rich history and cultural scene so our ability to capitalize on such a strong submarket bodes very well for our proposed construction of Old Jennings.”
Old Jennings is conveniently located in the north central area of Clay County with close proximately to major highways, employers, shopping sites and cultural attractions. Following construction, the multifamily apartment community will consist of 1,2, and 3-bedroom units with ample square footage for growing families. Amenities will be first-class and inclusive of an expansive clubhouse with swimming pool, garage and storage availability, a dog park and quality fitness center. Units will be fully equipped with energy efficient appliances and stand-out finishes, and the multifamily community will adhere to the highest sustainability practices with respect to waste reduction, water efficiency and energy usage.
Jacksonville-based, Boldline Design Group, will serve as the lead architect; Almond Engineering has been appointed as the project’s civil engineer; and WhiteSpace will serve as the Building Technology Advisors. Stoneweg US will also submit the project for Green Globes Certification in accordance with its commitment to incorporate sustainability best practices throughout each development they build.
“Our goal is to grow an aggressive and robust multifamily development pipeline that incorporates sustainability and community within all stages of the construction,” said Sam Palmer, EVP, Asset Management and Development. “Old Jennings checks all the boxes in that regard.”
Groundbreaking for Old Jennings is targeted for Q3 of 2022 with an anticipated construction cycle of approximately 24 months.

HENDERSON, NV – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Miro at the Parc apartment community located in the desirable Henderson/Green Valley submarket of Las Vegas, Nevada. The firm purchased the property in 2014 and the sale closed on May 25, 2022. Newmark’s Doug Schuster represented the sellers at acquisition and disposition.
During their ownership, Hamilton Zanze completed numerous exterior and landscaping improvements, and several amenity upgrades as well.
“Las Vegas continues to be a solid market with strong population and job growth. Miro at the Parc represents the 10th Las Vegas property sale for Hamilton Zanze. We were ahead of schedule with our business plan and returns well-exceeded our initial expectations. It is great to deliver this win to our investors,” said Anthony Ly, senior director of dispositions at Hamilton Zanze.
Miro at the Parc was built in 2013 and is located at 1651 American Pacific Drive in Henderson. The property comprises 164 one- and two-bedroom units averaging 1,043 square feet. The community has a 5,000-square-foot clubhouse with TV rooms, pool tables, shuffleboard, arcade games, and a 24-hour fitness center. The property also has a pool with a beach area, fire pits, showers, and an infinity hot tub.
Miro at the Parc is in the Henderson/Green Valley submarket of the Las Vegas metro area, one of the most affluent submarkets in the market. The property is conveniently located close to two major freeways, I-515 and I-215, which provide easy access to downtown Las Vegas. Additionally, the property is located just a 20-minute drive west of the Las Vegas Strip, which provides entertainment, shopping, and dining for residents.

BROOMFIELD, CO – Titan Development and Pivot Development, leading real estate development and investment firms, hosted a groundbreaking event on The Lock at Flatirons, a new $80 million, 254-unit luxury multifamily development in the Interlocken Technology Park within the MidCities District of Broomfield, Colorado, a suburb of Denver. The project, which was announced in July 2021 and began construction in December 2021, is planned for completion in the second quarter of 2024. Dwell Design is the project architect, Shaw Construction is the general contractor and FPI Management will be the operator.
The 3.3-acre complex at 460 Flatiron Blvd. is directly off the Interlocken Loop and near the Denver Boulder turnpike, an important area thoroughfare, and Broomfield’s location at the midpoint between Denver and Boulder will offer residents easy access to both cities and nearby employers including Ball Corporation, Oracle, Salesforce, Uber, CenturyLink and Vail Resorts. As part of the Interlocken area, the development is within walking distance of many retail, dining and entertainment venues, and nearby are golf courses, hotels and the FlatIron Crossing shopping center. The property is located in the Boulder Valley School District, which consistently ranks among the top three of Colorado’slarge Front Range school districts.
The Lock at Flatirons will feature upscale fixtures, finishes and appliances in all units, a sky lounge with Flatirons view, fitness center, resort style pool and spa, bike storage and stations, a dog park and dog spa, secure access parking, technology packages throughout the property and co-working space. Smart home technology will be installed for increased resident safety. Floor plans include studio, one- two- and three-bedroom apartments. Residents will experience the amenities of urban living combined with the convenience and comfort of suburban living.
“We’re excited to bring The Lock at Flatirons to Broomfield residents in conjunction with our partners at Pivot,” said Josh Rogers, Senior Vice President at Titan. “The Denver area is one of the nation’s fastest-growing regions for high-income renters, which when combined with the national housing shortage presents a tremendous opportunity for us to bring best-in-class apartment living to the young professionals working in the area, as well as attract residents from the greater Broomfield community.”
“With the combined multifamily experience between Pivot and Titan, we know this will be a top quality Class A multifamily development,” said L. Matthew Hare, President and Chief Investment Officer at Pivot Development. “The anticipation is well worth the wait for Pivot’s first multifamily project in Broomfield – the market is in need of housing, and Pivot Development wants to be part of meeting that need in our Colorado communities.”
The Lock at Flatirons is the first Colorado project for Pivot Development, which was founded in 2018 and focuses on the urban and suburban multifamily sector; the company has offices in Carmel, Indiana, and Greenwood Village in Colorado. Titan Development, which has offices in Albuquerque, New Mexico, and Austin, Texas, has strong track records of multifamily, industrial and self-storage projects across the Southwest.
“The City of Broomfield is happy to welcome well-respected developers such as Titan and Pivot to our community,” said Guyleen Castriotta, Broomfield Mayor. “The Lock at Flatirons supports one of the City’s initiatives to secure a range of housing choices for current and future residents.”

SAN ANTONIO, TX – DJE Texas Management Group (DJE), a vertically integrated real estate investment and management company based in San Antonio, has closed on The DJE North Portfolio.
The North Portfolio contains 600 apartment units throughout three apartment communities in North Central San Antonio. The properties are located at: 12221 Blanco Road, 7302 University Row, and 8631 Fairhaven Street.
The three properties are conveniently located within 15 minutes of each other and are situated ideally amongst DJE’s other multifamily properties in the same submarket. DJE Properties, will manage the asset and execute a $5.2M value add business plan that includes a rebrand, property renovations, and operational improvements. Renovations will include the addition of washer/dryer units, amenity upgrades in all units, exterior community building and swimming pool upgrades.
Devin Elder, Founder, and CEO of DJE Texas Management Group is excited about this large, multi-asset renovation project, and is working diligently with his team to coordinate and direct everyone involved as the project gets underway. Elder states, “This multi-property renovation project will not only enhance the communities in which they are located, but it will also help to meet the city’s growing need for quality housing.”
The majority of property improvements are expected to be completed by the end of 2023. To date, the organization has invested in over 5,000 apartment units across 17 multifamily real estate assets. and continues to expand its portfolio. DJE Texas Management Group holds firm to its core values and strives to create passive investment strategies where everyone involved wins.

AUSTIN, TX – FCP and VaultCap Partners announce the acquisition of Huntington Meadows apartments, a 200-unit multifamily property at 7000 Decker Lane in Austin, Texas. Huntington Meadows is the first acquisition in Austin for both FCP and VaultCap and was sourced through an off-market opportunity based on an existing relationship. Terms of the transaction were not disclosed.
“Huntington Meadows provided FCP with an excellent opportunity to enter the Austin market with a well-located affordable property in a quickly growing submarket with limited supply,” said FCP’s Cole Kellogg. “Huntington Meadows will be our third investment alongside VaultCap. Our commitment to and experience with a large portfolio of affordable and moderate-income properties provided us with the background to get TDHCA approval to operate this mixed affordable asset.”
Huntington Meadows is the 18th multifamily investment for FCP in Texas over the last 4 years.
“Mark (Christ) and I are incredibly excited to continue our FCP relationship with the Huntington Meadows acquisition. To be able to enter the Austin market with an asset of this quality and attractive basis is a real boon for our firm,” said VaultCap Partners’ Ryan Heddleston.
Huntington Meadows provides residents with excellent access to major Austin highways including I-35, I-183, and I-13 with connections to major employers Tesla, Austin-Bergstrom Airport, NXP Semiconductors, and the Decker Lane Industrial area. The community is proximate to restaurants, retail, and service providers with immediate adjacency to the 208-acre Colony Park redevelopment that will result in up to 3,000 homes, grocery-anchored commercial and retail space, and a transit center with the potential for a MetroRail station to connect to downtown Austin.
FCP and VaultCap extend their appreciation to Wes Racht, Bard Hoover and Nick Fluellen of Marcus & Millichap for their representation of the seller.

BEAVERTON, OR – Freshwater Investments has acquired 84-unit Hanover Apartments in Beaverton, Oregon for $26.5 million. Built in 1998, an ideal vintage for value-add strategy, the property is comprised of good size 1-, 2- and 3-bedroom apartments with an average unit size of 918 square feet.
Ideally located within Beaverton, one of Portland s most coveted suburban areas, the Hanover property is only 15-minute drive from the Portland downtown. Freshwater is not a novice in this market as it has been operating Maybeck Apartments in Tigard, Oregon – a well performing asset located 9 miles from the Hanover.
With the rising interest rate, we are certainly observing the shift in the market. Based on my daily conversations with the brokers, many deals are now falling apart due to this turbulence. We had secured the favorable interest rate right before things got shaky and despite the current market conditions closed the deal without any hiccups , said Alex Rozenfeld, Freshwater Founder and Managing Partner. We saw a tremendous interest in this deal from our investors, with a record number of new investors and the demand exceeding our equity needs. Given the inflation on the rise and the recent struggles of the stock market, our investors know – diversifying into real estate is a way to strengthen their portfolios.
The CBRE team has brokered the transaction and Josh McDonald, Senior Vice President at CBRE Multifamily, commented: “It was an absolute pleasure working with the Freshwater team on our first of what will be many deals in our market. The Freshwater reputation has always been a “5 Star” rating as described by our partners in Seattle and colleagues in the West, and they proved to live up to that reputation. We look forward to working with them on additional opportunities in the future.”