FORT LAUDERDALE, FL – Urbane Capital Management, a real estate investment and development firm, has announced plans to develop 8Hundred North, a luxury townhome community in the exclusive neighborhood of Victoria Park at 800 NE 2nd St in Fort Lauderdale. The development will offer expansive three-bedroom floorplans that range in size from 2,400-2,700 square feet. The project received site plan approval on May 10th. Groundbreaking is scheduled for Q3 2022.
“8Hundred North’s strategic location within Victoria Park offers unparalleled walkability and access to downtown living in East Fort Lauderdale,” stated Amin Jamal, Managing Principal of Urbane Capital. “8Hundred North is just steps away from the amazing restaurants, shopping and nightlife on Las Olas Boulevard, as well as emerging Flagler Village and Downtown Fort Lauderdale.”
Urbane Capital has teamed up with award-winning architect Stewart Robin of Nest Plans to design townhomes that blend modern architecture and clean lines with warm natural tones and an open floor plan. We are focused on assembling a team of architects, designers, engineers, and construction firms that share our vision for uncompromising quality, and the result will be an exceptional community of townhouses,” said Nitin Jain, Co-Founder and Principal of Urbane Capital.
8Hundred North is the newest luxury development in Victoria Park. The tree-lined and family-friendly Victoria Park neighborhood is known for its vibrant and open-minded community ethos. Residents enjoy an abundance of conveniences and amenities a short walk or bike ride away, including the beaches of Fort Lauderdale and beautiful Hugh Taylor Birch State Park.
The City of Fort Lauderdale is centrally located 25 miles north of Miami and 20 miles south of Palm Beach County. Fort Lauderdale boasts over 165 miles of waterways and canals, and seven miles of pristine beaches with refreshing ocean breeze.

KNOXVILLE, TN – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Village at Westland Cove, a Class A, 240-unit multifamily community in Knoxville, Tennessee. The community was acquired on behalf of CS1031 Village of Westland Cove Apartments, DST.
“This is Capital Square’s sixth acquisition of a multifamily community in Tennessee for the DST/1031 exchange program,” said Louis Rogers founder and chief executive officer of Capital Square. “Village at Westland Cove is located in one of the hottest housing markets in the nation for 2021. Employment in the area is exceptionally strong, with the Oak Ridge Reservation and National Laboratory, operated by the U.S. Department of Energy, only 19 miles away, generating 14,667 full-time jobs and wages totaling over $1.3 billion.”
Completed in 2019, Village at Westland Cove is located at 9635 Westland Cove Way along Interstate 140. The 28.2-acre luxury multifamily community sits on the shore of scenic Fort Loudoun Lake. It offers one-, two- and three-bedroom units averaging 1,147 square feet with best-in-class amenities. The community features include a state-of-the-art fitness center, Amazon lockers and coolers for grocery deliveries, car care center, two pet play areas, coffee bar, business center, food truck nights, gaming patio with bocce ball court, outdoor firepit, outdoor kitchen, club house, swimming pool, kayaks available to residents, as well as lake access via a resident dock.
Village at Westland Cove is located within close proximity of The Pinnacle at Turkey Creek, a 650,000-square-foot shopping center that includes more than 65 retail stores and restaurants. The property is in the 10th hottest housing market in the country for 2021, with a 5-year value increase of 55%, according to Zillow Group. Turkey Creek Medical Center, a Level III trauma center that is part of Tennova Healthcare, lies within two miles of the property. Situated further along the I-140 and I-40 are attractions such as Knoxville Museum of Art, Market Square and Zoo Knoxville.
The Oak Ridge Reservation, operated by the U.S. Department of Energy and home to Oak Ridge National Laboratory, is approximately 19 miles from the Village at Westland Cove and is the largest employer in the area. According to the East Tennessee Economic Council, approximately 14,667 full-time jobs were directly provided by the DOE and its major contractors within Tennessee in 2020, with annual wages and salaries totaling nearly $1.311 billion. WBIR.com reports that Bill Lee, Tennessee’s governor, recently announced a $72 million budget for the UT-Oak Ridge Innovation Institute, a collaboration between the University of Tennessee and Oak Ridge National Laboratory, in a bid to attract and maintain science, technology, engineering and mathematics (STEM) talent in the Knoxville area.
“Village at Westland Cove is an exceptional multifamily property located in an idyllic setting with luxury amenities throughout,” said Whitson Huffman, chief strategy and investment officer. “The local economy is thriving, with low unemployment, high average household income and growing demand for high-end apartment living such as that provided to the residents of Village at Westland Cove.”
Data from Esri shows the average household income within a three-mile radius of the property reaches approximately $130,000. According to Yardi Matrix, Knoxville’s rental rates are rising along with demand, with 18% year-over-year rent growth and 98.1% average occupancy as of March 31, 2022.
The Bureau of Labor Statistics reports that Knoxville witnessed an increase of over 19,000 job opportunities since February 2021, with unemployment rates reaching 2.8%. According to the BLS, job opportunities in the area should continue to grow with 3M Company announcing plans to invest approximately $470 million to expand their manufacturing facility in the Knoxville MSA, creating 600 new jobs by 2025.
Taylor Bird, Nelson Abels, Robert Stickel, and Alex Brown of Cushman & Wakefield represented the seller.
Bird, executive director of Cushman & Wakefield, noted, “The Village at Westland Cove offers a truly unique asset coupled with an unrivaled amenity package, interior finishes and beautiful water views.”

INDIANAPOLIS, IN – Multifamily investment firm Gray Capital has closed on Stonybrook Commons, a 122-unit apartment community located on Indianapolis’s East side, built in 1991.
Gray Capital’s plans for the property include interior renovations with updated flooring and appliances as well as other modernizations and efficiency improvements. Additionally, $500k has been aimed at improving the exterior of Stonybrook and increasing curb appeal. Renovations include replacing several roofs, replacing gutters, improving drainage, replacing and painting shutters, and asphalt improvements.
The business plan also includes revitalizing existing outdoor amenities and taking advantage of a large green space on the property with the addition of a soccer field for residents.
Gray Capital CEO and President Spencer Gray notes, “Indianapolis, IN is seeing a substantial amount of job growth, particularly in the sub-market where Stonybrook is located, and Stonybrook Commons will be ideally situated to meet the growing housing demand in the area.”
George Tikijian Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield were the selling brokers in the transaction.
Stonybrook Commons is the first property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund, and Gray Capital plans to continue this momentum with additional acquisitions in the near future.
The purchase of Stonybrook Commons follows the 2021 acquisition of Suncrest Apartments and adds to Gray Capital’s $500+ million in assets under management and more than $1 billion in commercial real estate projects to date since its founding in 2015.

ATLANTA, GA – ECI Group and joint venture partner Phoenix Capital announced the start of construction of the $101 million luxury apartment and townhome development, Averly East Village, in Roswell, GA. The apartment development is designed by Rule Joy Trammell Rubio Architects with Truist providing construction financing. Averly East Village is expected to be completed in late 2024.
“The development of Averly East Village comes at a particularly opportune time, with North Atlanta experiencing explosive growth in jobs and residents. We are excited to play our part in helping to address the shortage of new housing by building luxury residential units on what was a mostly vacant strip center in the middle of the affluent Roswell area,” said Jimmy Baugnon, Chief Investment Officer at ECI Group.
“Phoenix Capital is delighted to continue its long history of successful multifamily investments in the Atlanta MSA, said Phoenix Capital Partner and Senior Managing Director, Andrew Scott. “Opportunities in Roswell are rare, making this project an especially exciting addition to our Fund X portfolio.”
“The redevelopment plan for the East Village Shopping Center was heavily influenced by input from neighbors and other local stakeholders,” said Joe Miller, Development Manager at ECI Group. “The inclusion of live-work units in the multifamily development will help to integrate the residential component with the adjacent retail uses, and the community green and amenity pavilion to be constructed will be available for public use, making the project a focal point for the East Roswell community. We appreciate the cooperation and assistance of The Ardent Companies, which owns the retail component of the center, and of the residents of The Towns at East Village in making this redevelopment possible.”
The first stages of the project include demolition of the existing vacant commercial buildings, which has already commenced, and construction of the project infrastructure.
Averly East Village will include 335 one-, two-, and three-bedroom apartments as part of the larger East Village mixed use development that will ultimately include 74 townhomes, 75,000 SF of retail, and a large public central green with pavilion. The project will present resort quality landscaping, architecture, and interior finishes.

ATLANTA, GA – CARROLL, in partnership with PGIM Real Estate, the $209.3 billion real estate investment and financing business of Prudential Financial, announced the sale of 12 multifamily communities representing 3,564 total units across Florida, North Carolina, and Tennessee for a sale price of $885.5 million. The 12 communities were part of a 2017 acquisition of a 28-community portfolio purchased as the first joint venture transaction between PGIM Real Estate’s U.S. core-plus equity strategy and CARROLL.
Included in the sale were: three Wilmington, N.C., communities (Cape Harbor by ARIUM, Clear Run by ARIUM, Mill Creek by ARIUM); three Charlotte communities (Mallard Creek by ARIUM, Northlake by ARIUM, Harris Pond by ARIUM); two Tennessee communities (Williamsburg by ARIUM, Hendersonville, Tenn., and The Club by ARIUM, Antioch, Tenn.); and four Florida communities (Heron Lake by ARIUM and The Vinyards by ARIUM in Kissimmee, Fla.; Lake Pointe by ARIUM in Melbourne, Fla.; Bay Cove by ARIUM in Clearwater, Fla.).
Purchased in 2017 as part of a 28-community workforce housing portfolio – the largest single transaction in the Firm’s history to date – these assets represented an opportunity for CARROLL and PGIM Real Estate to provide housing access to an underserved segment of the multifamily market. Strategically located within major growth MSAs, these communities were well-positioned to deliver housing opportunities in increasingly congested and expensive markets. At the time of sale, each of the communities were operating with strong occupancy and healthy growth metrics, paralleling CARROLL’s overall portfolio performance.
During its four-year hold, CARROLL and PGIM Real Estate undertook numerous sustainability initiatives to add overall value to the asset. These initiatives included investments in LED lighting to reduce energy consumption by up to 75%; and an investment in water saving devices (aerators, low-flow toilets, and eco-friendly irrigation systems) that equates to savings of more than 50 million gallons each year; and trash diversion and recycling efforts diverting tons of trash from landfills. The savings delivered by these measures was passed along to residents and has been inspiration for additional ESG-related initiatives throughout the portfolio.
The operating philosophy for the assets took advantage of the strong in-place cash flow and implemented light value-add improvements, including the addition of plank flooring on ground floor units and the installation of washers/dryers in all units with connections in addition to performing deferred maintenance programs to further preserve the life of the assets.
Across Portfolio metros, Class B apartments are outperforming all other classes. Many newly constructed and higher-rent alternatives are reaching affordability limits. Moderate-income renters provide a stable revenue base, as they are less likely to move and purchase single-family homes, while having the ability to afford market rent growth. High barriers to entry exist for Class B in suburban locations due to zoning restrictions, land availability, and unattractive economics for new development (i.e. rents do not justify construction costs). At the same time, many of the new jobs being added to the Portfolio’s local economies produce moderate income. In the Portfolio’s metros, the employment growth rate has been 3.75x higher on average than the inventory growth rate for Class B properties.
“Closing out this portfolio is a major milestone for CARROLL and our investors,” said M. Patrick Carroll, Founder and CEO of CARROLL. “These properties were directly aligned with our investment strategy as part of our workforce housing platform that included an early focus on the Sun Belt region and were integral assets in the diversity of our portfolio. We were proud to partner with PGIM to deliver quality housing while maintaining our goal of improving resident life to all of these markets throughout our hold.”
“We are pleased with the value that CARROLL and PGIM Real Estate were able to add to the portfolio to improve the quality of living for the residents, while delivering an excellent outcome for our investors,” said Darin Bright, senior portfolio manager for PGIM Real Estate’s U.S. core plus strategy. “We will continue to pursue investment opportunities in the Sunbelt market where there is a clear demand for affordable housing.”

WORCESTER, MA – National multifamily real estate development leader Wood Partners announced groundbreaking on its newest high-end residential community, Alta on the Row, marking the company’s first development in Worcester, Massachusetts. Opening of the community is slated for December 2023 with pre-leasing officially starting in October 2023.
Located at 22 Mulberry Street, Alta on the Row will be positioned in the heart of Worcester’s renowned “Restaurant Row,” providing residents with a wide range of dining and entertainment opportunities, including Wormtown Brewery and Leo’s Ristorante, directly adjacent to the property. Alta on the Row will also provide residents with quick access to some of the city’s top employers including UMASS Memorial Health, Saint Vincent Hospital, Hanover Insurance Group, as well as top higher education institutions including UMASS Chan Medical School, Worcester Polytechnic Institute, and Holy Cross.
“Wood Partners is thrilled to break ground on Alta on the Row, our first luxury property in the thriving City of Worcester,” said Jim Lambert, Managing Director. “Working with the City of Worcester on this project has been a truly collaborative process from the start, which makes us all the more excited to welcome new residents to the community next year and introduce them to Wood Partners’ signature approach to sophisticated living.”
At completion, Alta on the Row will offer 370 apartments comprised of one-, two- and three-bedroom floorplans. Featuring sophisticated, modern design finishes, each of Alta on the Row’s apartment homes will be fully outfitted with luxurious wood-style plank flooring, top-of-the-line stainless steel Samsung appliances, and quartz countertops in the kitchen and bathrooms to provide a cozy and welcoming place to call home. Additional high-end features include full-sized in-home washer and dryers, Schlage smart locks, shower and tub tile surrounds, and modern kitchen pendant lighting in select homes.
Throughout the property, residents can also indulge in Alta on the Row’s best-in-class community amenities, including a rooftop lounge with unobstructed views of downtown Worcester, a resort-style pool with turf surround, multiple grilling stations and firepits, an outdoor “living room” connecting the two courtyards, and an on-site pet spa and dog park with covered dog wash stations. Inside, residents will also have access to a 24/7 state-of-the-art fitness area with cardio and strength equipment, a game lounge and golf simulator lounge, co-working spaces, and ample lounge seating adjacent to both of the courtyards, as well as the rooftop lounge and clubhouse.
Alta on the Row’s prime location will be within walking distance of Union Station, enabling residents to easily reach Boston via the MBTA Commuter Rail. Closer to home, residents will have no shortage of great shopping and entertainment options with leading retail sites like Mercantile Center and Worcester Common, as well as the DCU Center and Polar Park just a few miles from the property.

ORLANDO, FL – Embrey has closed on the purchase of a 4-acre site in Orlando, Florida. The new development, Citron at The Packing District is located at the southwest corner of Princeton Avenue and Orange Blossom Trail in the heart of the area. Citron at The Packing District is Embrey’s second residential development in the unique mixed-use community being developed by Dr. Phillips Charities.
“Embrey was honored to be chosen in 2018 as the first multifamily developer by Dr. Phillips Charities for this iconic community vision,” said Brad Knolle, Executive Vice President of Development. “The Cannery at the Packing District, our first development, has been well received by Orlando residents and we are equally excited to be launching Citron as phase two of what we believe will define luxury living experiences for The Packing District.”
Citron at The Packing District will be 345 units with the clubhouse and first units available for leasing in mid-2024 and final completion is expected in the spring of 2025.
The apartment interiors will feature spacious floor plans with high ceilings and wood-style flooring, private patios and balconies, fully equipped kitchens with quartz countertops, bathrooms with dual vanities, garden tubs and separate showers with glass enclosures, and spacious closets. 
Community amenities include an elegant clubhouse, a resort-style pool, a beautiful courtyard with an outdoor kitchen, a fitness and yoga center, a business center with micro-working areas, a dog park, and ample garage parking.
The Packing District is a 202-acre transformational project near downtown Orlando being developed by Dr. Phillips Charities. The overall project goal is to preserve a defining part of the city’s history while providing a vibrant base of living and commerce. Historic buildings will be repurposed, integrated with new uses, and connected to urban trails and a new 100-acre city park dedicated to health and wellness, education, arts and community, and sustainability. 

DENVER, CO – FCP announces its first equity multifamily acquisition in the Denver, CO market with the joint venture recapitalization with BMC of Ivy Crossing, a 1,023-unit apartment community at 2320 S. Quebec Street. Earlier in May, FCP announced its investment, with Lincoln Property Company, in the development of a 450,000 square foot life sciences campus near Boulder.
“FCP is excited to partner with BMC, an experienced Colorado multifamily owner and operator, as we continue to expand our investment profile in the western U.S. regions,” said FCP’s Bart Hurlbut. “Our business plan at Ivy Crossing will include building on BMC’s achievements to date with a $23 million capital and interior renovation program designed to improve the property and its attractiveness within its competitive set.”
“We recognize the need for affordable workforce housing options in the Denver metro area and we feel it is our responsibility to create these environments for our residents and help better the neighborhoods in which we invest,” said Jeff Stonger, Chief Investment Officer of BMC Investments. “This partnership with FCP furthers that commitment and provides the right capital structure to deliver on that vision.”
Ivy Crossing is well-located near I-25 and I-225 and two Light Rail stations and is convenient to retail and employment centers including the Denver Tech Corridor, Fitzsimons Medical Campus and the University of Denver. Ivy Crossing features studio, one-, two- and three-bedroom floor plans on 36 acres with courtyards, picnic areas and dog parks. Amenities include a fitness center, clubhouse with an entertainment atrium, indoor and outdoor swimming pools, playgrounds and nearby walking trails.

BIRMINGHAM, AL – Global residential manager Common and celebrated local planning and development firm Orchestra Partners began leasing the residential units in the historic Downtown building, The Frank. After being selected by Orchestra Partners to manage the building earlier this year, Common will bring its signature offering of desirable and attainable housing to the hyper-growth Birmingham market.
This 180-unit building marks the first project between the two groups and solidifies their commitment to bringing high-quality housing to Birmingham, Alabama. Applications are now available for a fall 2022 move-in, with rent starting at $802.
Orchestra Partners is a planning and redevelopment advisory firm based in Birmingham, Ala., focused on transforming the urban experience. Their work in Birmingham includes several adaptive reuse projects, including The Frank Nelson Building.
Once one of the first skyscrapers in Birmingham, this 120,000 square-foot building was originally built to be the First National Bank Building in 1903. Now, Common at the Frank will act as a vital part of downtown with amenities that serve the entire Birmingham community. With an onsite restaurant, tenant lounge, roof deck, and a two-story outdoor terrace open to the public, The Frank will function as a hub for connection and activity.
“We’re very excited to begin our partnership with Common and start leasing at The Frank,” said Orchestra Partners Development Manager, Caroline Jenkins. “This building has been a part of Birmingham’s history for more than 100 years, and we’re so happy to breathe new life and activity into it.”
Common at the Frank will feature 180 units of both studio and one-bedroom apartments across 10 stories.
Birmingham is a fast-growing rental market with a high net migration rate of young professionals, fueled completely by new arrivals and renters in the Sunbelt. With 50% of current portfolio residents moving to a new city, Common is expertly positioned to leverage its national brand presence to attract prospective renters in the area and beyond. Proving its commitment to the city and surrounding community, Common is expected to open over 400 residential apartments total in Birmingham by the end of the year.
“As our brand continues to grow across the world, Common is seeing first-hand how dynamic cities like Birmingham become sought-after destinations for the next generation to find attainable housing,” Common Founder and CEO Brad Hargreaves said. “I’m so thrilled to work with Orchestra Partners to bring this incredible adaptive reuse project to life and help promote their mission in Alabama. This is only the beginning for Common in Birmingham, and we’re looking forward to contributing to the future of this city.”

LAS VEGAS, NV – MG Properties, a private San Diego-based real estate investor, owner, and operator has acquired the 275-unit Verona Apartments in Henderson. MG Properties owns five other properties in the Las Vegas submarket.
Las Vegas’ desirable Henderson submarket is one of the fastest growing cities in the country due to its job growth, award-winning master-planned communities, strong school system and amenities. Relative affordability of Las Vegas when compared to coastal metros has led to expansion by top employers, and the location of Verona Apartments benefits from excellent accessibility to multiple major throughways that connect residents to major job centers throughout the metro.
“Las Vegas continues to be a major beneficiary of the economic recovery, with strong population and employment growth,” said Jeff Gleiberman, Managing Director of MG Properties. “we are pleased to add Verona to our regional portfolio and continue to be optimistic about the future prospects for the Las Vegas market.”
MG Properties has acquired 11 communities in 2022 so far, totaling over 2,800 units exceeding $990 million in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado, and Nevada.
Seller was represented by Taylor Sims of Cushman and Wakefield. Financing was provided by Brooks Benjamin and Corina Lam from Key Bank Real Estate Capital.