ORLANDO, FL – ECI Group announced the acquisition of Verso Luxury Apartments, a 250-unit, new in 2020, “Big House” concept, multifamily asset in the booming Davenport submarket of Orlando, FL. Located at the heart of Central Florida’s high-growth, I-4 corridor near master-planned communities, ChampionsGate and Reunion, Verso is a greatly differentiated apartment experience with rare walkability in a highly amenitized suburban setting.
“ECI is excited to add Verso to our growing apartment portfolio in Central/Southwest Florida where we have purchased four apartment communities totaling nearly 1,000 units for nearly $300 million in the last 12 months,” said ECI Chief Acquisitions Officer Scott Levitt. “We expect to be a long-term holder of this property, and, we believe its Davenport location will continue to enjoy strong population, residential and commercial growth for many years to come as it fully builds out.”
Residents of Verso’s low-density (13 units per acre), two-story, stone-accented buildings will appreciate features including attached garages for 44% of the units, 100% individual entries, and high-end interior finishes. One-, two-, and three-bedroom units ranging to 1,427 square feet provide spacious residences with a custom home feel.
Verso is steps away from more than 150,000 square feet of retail destinations including a Publix-anchored shopping center and numerous new restaurants and service options. The nearby flourishing industrial corridor continues to attract blue chip companies and generate job opportunities for those living in the area.

SAN ANTONIO, TX – Embrey, a diversified real estate investment company based in San Antonio, Texas, has acquired the Arboretum Oaks apartment community. Located in Austin, Texas, the 252-unit property built in 1984, marks the first acquisition, and 25th asset that Embrey has either developed, owned, or operated in the greater Austin area. Embrey’s nationally recognized, award-winning Embrey Management Services will take over property management duties at the community.
Located less than 15 minutes northwest of downtown Austin and five minutes west of The Domain, Arboretum Oaks offers numerous competitive advantages in terms of its accessibility, community amenities and walkable proximity to retail. Through the purchase of Arboretum Oaks, Embrey will be leveraging the explosive, pent-up demand for rental properties in a market that has added more than 80,000 jobs since 2016. Despite continued in-migration, low housing supply, and strong job creation Austin’s Arboretum area has seen only one apartment community developed since 2000.
“This is a beautiful community with great access to the Arboretum, The Domain, downtown Austin, and a number of highly sought-after employers such as Apple, Amazon, and Facebook, to name just a few,” says Alex Sampson, Vice President of Acquisitions at Embrey. “We plan to fully renovate the property to bring it up to current market standards and renter expectations. Combining the property’s prime location and remarkable bones with the red-hot rental demand of Northwest Austin makes this a terrific investment for our company.”
Fueled by the nation’s leading job and population growth, the Austin area has one of the hottest apartment markets in the country. Asking rents are now up roughly 25 percent since the start of the pandemic, well ahead of the national average. Most recently, as of the first quarter of 2022, occupancy in Austin increased three percent to 96.4 percent according to Witten Advisors.
“This acquisition signifies another step in expanding Embrey’s acquisition platform and capital base,” says Sampson. “As a vertically integrated, diversified real estate investment company, we continue to seek acquisition opportunities like this to create value for our capital partners.”
Embrey partnered with Black Salmon Capital on this acquisition with debt being funded by an affiliate of Heitman LLC, a global real estate investment management firm. Embrey and its partners were assisted in this transaction by Walker & Dunlop investment sales brokers Matt Pohl and Spencer Roy, as well as debt brokers Patrick Short and Tom Toland.

WESTERVILLE, OH – The Champion Companies has completed the purchase of Cameron Ridge Apartments, a 208-unit community in the Gahanna submarket. The transaction total, including planned capital improvements for the 20-year-old community, neared $35 million.
The acquisition took 12 months to complete as the community had 13 different ownership groups. Champion negotiated with all the owners to purchase their units and bring the whole community under one cohesive ownership and management.
Unfracturing multiple-owner communities is a strategy that s unique to Champion in the market, said Brian Hoar, Champion s Chief Investment Officer. We re willing to invest the time into these deals because we can see the value that is created for the residents and the greater community.
Renovations and capital improvements at Cameron Ridge will include improved amenities and common spaces for residents, landscaping, roofing, and other exterior updates, as well as all new quartz countertops, stainless steel appliances, new cabinets, flooring, and fixtures for the unit interiors. Construction is expected to be completed by the end of 2022 and existing residents will have the option to transfer to upgraded units as they become available.
Cameron Ridge is the perfect example of what we do best at Champion: Identify communities where we can add value through our award-winning management team, through renovating, and through adding amenities to the property to enhance the quality of life for residents, said Champion President and CEO Brian Yeager.

DALLAS, TX – Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, the nation s leading builder of luxury homes, announces the grand opening of Aster, the company s new 22-story, 270-unit luxury high-rise apartment building in the Turtle Creek neighborhood of Dallas, TX.
The firm recently hosted a grand opening celebration at the property with senior executives from Toll Brothers and its Apartment Living division, along with Aster s development partners, leaders of local civic and neighborhood associations, local elected and appointed officials, and members of the media. Following a cocktail hour, opening remarks, and exclusive tours, the celebration continued with a party for current Aster residents.
As our flagship new community in Texas, Aster stands tall as the premier rental community in the Turtle Creek and Oak Lawn neighborhoods, said Charles Elliott, President of Toll Brothers Apartment Living. Aster represents the very best of what Toll Brothers Apartment Living stands for — from its design and brand to its exceptional resident experience. This project embodies a new standard of luxury development that we will build upon with several upcoming projects throughout Texas, and elsewhere across the United States.
Designed by WDG Architecture, the 22-story, 270-unit luxury high-rise apartment building is situated on Congress Avenue between Oak Lawn Avenue and Turtle Creek. Aster s construction began in 2019 and was completed in 2021, offering first occupancy in October. With a name inspired by the iconic Texas wildflower, Aster draws on deep roots in Dallas history while also joining the prestigious Turtle Creek neighborhood with a vibrant, sophisticated new persona.
Aster is located in a decidedly different area from the busy commercial districts in which many others are building, said Tommy Rhodus, Texas Regional Director of Toll Brothers Apartment Living. Instead, Aster sits in a much quieter and more established residential neighborhood. We focused intently on designing a neighborhood-scale building by setting it back and surrounding it with townhome-style apartments along the street and a corner park.
Aster includes 260 studio, 1-, 2-, and 3-bedroom residences, as well as 10 2-story penthouse residences, about 20,000 square feet of interior and exterior amenity space, and a 6-level above- and below-grade structured parking garage with 418 spaces, including 14 EV charging stations. Throughout the property residents enjoy custom lighting, high-end finishes, secure keyless entry, and Wi-Fi.
First- and second-floor amenities include a concierge lobby, conservatory, library, package room, and pet spa. On the fourth-floor amenity deck, residents can enjoy a clubroom bar and lounge featuring a fully equipped kitchen, 2-story fitness center, coworking space, and exterior amenity deck featuring a pool with infinity-edge water feature and custom trellis with waterfall feature, grill stations, outdoor lounge seating and lawn games. On the seventeenth floor, resident amenities include a sky lounge with expansive views of the Dallas skyline, private dining room, sky deck with lounge seating and television, and sports lounge with multi-sports simulator.
The apartments feature luxurious wide-plank walnut flooring, quartz countertops, Calacatta marble backsplashes, European-style cabinets with soft-close doors and drawers, stainless steel appliances, custom lighting fixtures throughout, manual roller shade window treatments, walk-in closets, smart thermostats, and private balconies and terraces. Exterior-facing units feature private fenced yards.
Penthouses located at the top of the tower introduce 2-story floor plans with double-height living and dining areas and floor-to-ceiling glass windows, appliances from Sub-Zero and Wolf, faucets and plumbing fixtures from Brizo, contemporary apron-front kitchen sink, wet bar with wine chiller, spa-inspired showers and freestanding bathtubs, and mechanical roller shades window treatments in living, dining, and primary bathrooms.
Aster is the third project completed by Toll Brothers Apartment Living in Texas, following Kilby in Frisco and Westerly in Dallas, both of which were sold in 2020 and 2021 respectively. Aster represents the continued rapid expansion of Toll Brothers Apartment Living in Texas, with the firm currently poised to begin construction on nearly 3,000 residences across eight projects anticipated to be actively under construction across the state before the end of 2022.

FRESNO, CA – The Bascom Group has continued their multifamily acquisition spree by acquiring two more apartment communities in the Central Valley. Casa de Luna Apartments and Casa del Sol Apartments are located in Fresno, California, and mark Bascom’s 25th multifamily acquisition in the Central Valley and 130th in California. Bascom purchased the 236-unit portfolio for $44,500,000, or $188,559 per unit.
California Bank & Trust provided the debt financing for the acquisition and was arranged by Charles Halladay, Annie Rice, and Jamie Kline of JLL Capital Markets. SD Cap will provide construction management services and Apartment Management Consultants (AMC) will provide property management services.
The communities were built in 1967 and 2006 with an abundance of amenities and ideal features desired by today’s renters. Each property has a pool and fitness center coupled with oversized floorplans and a unit mix consisting of 76% two- and three-bedroom floorplans. The unit interiors are in original condition or have only received minor upgrades, presenting a tremendous opportunity to upgrade the properties.
Bascom Sr. Principal, Lee Nguyen, states, “We have seen high demand for renovated apartment units in the Fresno market over the last few years. Casa de Luna and Casa del Sol will undergo renovations targeting unit interiors, exteriors, and amenities. Our focused renovation plan will present renters with a variety of unit interior finish levels and price points. The properties will offer best-in-class apartment living at attractive pricing, offering renters relative value to higher priced properties in the area. In addition, we plan to rebrand the communities with new names, signage, and fresh marketing material.”
Casa de Luna and Casa del Sol are located in the Central Valley, an area known for its low cost of living, high quality of life, and favorable business atmospheres. Apartment fundamentals have been strong in Fresno, driven by population growth of more than 25% since 2000. Bascom’s Senior Vice President & Principal of Acquisitions, Jim Singleton, adds, “Fresno has seen tremendous growth over the last decade, and we are excited about continuing to invest in the community. Driving industries in Fresno like healthcare, information technology, and logistics, which complement Fresno’s robust agricultural activity, have attributed to Fresno’s economic prosperity and strong apartment occupancy.”
Bascom has been one of the most active apartment buyers in California and the Central Valley partnering with institutional and private capital. Prior to purchasing Casa de ;Luna and Casa del Sol, Bascom had acquired 128 multifamily properties and 20,537 units in California, with 23 of those properties and 3,521 units located in the Central Valley. Over the past year, Bascom has completed roughly $1 billion in multifamily acquisitions nationwide.

NORTH KANSAS CITY, MO – Star Development, a fully integrated commercial real estate company with proven experience in development, acquisitions and management, and Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in Mid-Atlantic and Southeastern regions, celebrated the groundbreaking of 23rd & Swift, a Class A multifamily community located in North Kansas City, Missouri. Maxus Properties is an investor and will be handling property management for this project.
Liberty, Missouri-based Star Development is leading the development of 23rd & Swift and Bonaventure is overseeing the property s design and construction. Star Development chose to partner with Bonaventure given the firm s reputation as one of the country s most prolific rental housing developers and its longstanding relationship with Jeff Price, leader of Bonaventure s design team. The 294-unit property, which will feature a diverse mix of one- and two-bedroom apartments, will contribute to the area s housing supply and help revitalize an underdeveloped stretch of land near downtown.
As a lifelong resident of the Northland and for someone who was actually born at 20th & Swift in NKC, this is truly an exciting project and one that hits close to home, said Tim Harris, Founder and Managing Principal of Star Development.
23rd & Swift derives its name from its prime location on an approximately six-acre block bounded by 23rd and 25th avenues and Swift and Buchanan streets. Residents of 23rd & Swift will enjoy easy access to major transportation routes and benefit from the property s proximity to all the downtown area has to offer. In addition to its stunning exterior and interior design features, 23rd & Swift will boast a number of high-end amenities including a pool, clubhouse, game and media rooms, fitness facility, coffee bar, and computer center. The property is expected to open during the summer of 2024.
We are pleased to join forces with Star Development, one of the region s most experienced and respected property developers, to deliver a truly transformational multifamily project, said Dwight Dunton, founder and CEO of Bonaventure. This mandate demonstrates the unique capabilities of our vertically-integrated platform, which has been continuously refined over two decades to effectively manage all parts of the development lifecycle. Whether we are managing a project s full build or partnering with others, we are unwavering in our promise to deliver an exceptional living experience.
With a long track record of creating value, Virginia-based Bonaventure is recognized among residents, investors, development partners, and townships for its operational excellence, creative vision and commitment to the communities it serves.

SAN ANTONIO, TX – FCP with joint venture partner, One Real Estate Investment (OREI) announce the acquisition of The Summit apartments, a 284-unit community in San Antonio, Texas. The Summit is a 1984-build, Class B multifamily property located at 1955 Larkspur Drive in the primary economic hub of San Antonio, proximate to the South Texas Medical Center, National Security Agency, Central Security Service Headquarters, Southwest Research Institute, USAA, University Health, and Valero, which combined employ over 140,000 people.
The Summit was sourced through an off-market opportunity based on an existing relationship through a previous OREI asset transaction. Terms of the transaction were not disclosed.
The property benefits from convenient access to freeways I-410 and US-281, and close proximity to the San Antonio International Airport three miles away. The partnership will enhance the common areas and exteriors with a $5.1Mrenovation that will include adding exterior paint, resurfacing the pool, pressure cleaning, upgrades to the outdoor kitchen, renovations to the clubhouse, fitness center, landscaping, and enhanced signage amongst others. In addition to the exterior, interior value-add renovations will be implemented utilizing premiere upgrades including new flooring, granite countertops, backsplashes, light fixtures, cabinetry and stainless-steel appliances.
“FCP is excited to be working alongside an experienced San Antonio investor in OREI,” said FCP’s Cole Kellogg. “Our robust value-add investment into the community will improve the resident experience and bring the property in line with other top properties in the Castle Hills submarket.” The Summit is the 13th multifamily investment for FCP in Texasand the second in San Antonio.
“OREI’s historical performance in Texas has proven fruitful for our investors and we have continued confidence in the San Antonio market to sustain its trajectory of job, population, and rental growth,” said OREI President and CEO, Jeronimo Hirschfeld. “As The Summit marks our fourth investment in San Antonio, OREI will utilize the expertise and resources established in the market to implement our value-add program and drive returns.” In addition to acquiring The Summit, OREI has a Texas portfolio that includes 10 multifamily communities located in Houston, Dallas, College Station, San Antonio, and Austin, bringing total units under management in Texas to over 2,750.

CARY, NC – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Amberwood at Lochmere, 340-unit apartment complex located in Cary, North Carolina. The property was built in 1991 and 1996. Amenities at the property include two swimming pools, two fitness centers, two dog parks, a renovated leasing center, a clubhouse with a coffee bar, a car wash station, a playground, a grilling station area, and a sports court with tennis and basketball equipment.
Steve Good, TerraCap Partner and Director of Acquisitions, said, “Amberwood at Lochmere is our first apartment acquisition in the Raleigh MSA. We are excited for this opportunity and potentially adding more Raleigh apartments to our portfolio in the future. We enjoyed working with the seller and their representatives and wish them the best.”
Amberwood at Lochmere features one, two, and three-bedroom units and sits on 31 acres. Unit interiors feature different levels of renovation, leaving room for further upgrades to enhance the tenants’ living experiences. The property is centrally located, providing access to several employment nodes in the Research Triangle Park and in downtown Raleigh. The Town of Cary was recently ranked as the third safest mid-sized City in America by AdvisorSmith Solutions and offers a variety of shopping and recreational amenities.
Matt Stewart, TerraCap Partner and Director of Asset Management said, “The Raleigh market has all the investment elements we look for with strong population and job growth rates and a highly educated workforce that ranks among the top cities in the country. The Town of Cary, with some of the highest average incomes in Raleigh, is an attractive place to live, with easy access to employment centers, robust shopping options, and a highly ranked public school system.”

CLEVELAND, OH – The NRP Group, a vertically-integrated, best-in-class developer, builder and manager of multifamily housing, has officially broken ground on a 52-unit mixed-income multifamily community in the Glenville neighborhood of Cleveland, Ohio.
The four-story, 52-unit apartment building located at East 105th and Churchill Road will include one-, two-, and three-bedroom apartments, as well as four built-in, three-bedroom townhomes. All apartment homes will be available to individuals and families earning 60 percent or less than the Area Median Income (AMI).
The Davis Apartments will be developed in collaboration with University Hospitals, one of the nation’s leading health care systems. This development is the third “health and housing” project spearheaded by NRP to improve Social Determinants Of Health (SDOH) in underserved neighborhoods by partnering with hospitals, nonprofits and municipalities. The first health and housing development, Residences at Career Gateway in Columbus, Ohio, opened in 2018; the second, Via Sana in the Clark-Fulton neighborhood of Cleveland, is scheduled to open in 2022.
“By viewing the neighborhood itself as a patient to be healed, health and housing developments provide high-quality affordable housing as a means to bring critical supportive services to both residents and the broader community,” said Scott Skinner, Vice President of Development at The NRP Group. “These services, such as career development training, health screenings and financial literacy, are not readily available within many underserved neighborhoods. We look forward to working with the City of Cleveland and University Hospitals to bring this project to fruition and to address the most pressing needs of the Glenville community.”
With headquarters located just one mile from The Davis Apartments, University Hospitals will collaborate with NRP to offer health and wellness education and programming that will be open to the broader community. In addition, NRP will develop a 2,800-square-foot Community Outreach Center that University Hospitals will utilize to provide preventative healthcare and SDOH solutions such as healthy cooking demonstrations, food pantry services, programs for pregnant women and young mothers, programs to fight senior citizen isolation, telehealth services, and workforce and financial literacy training. University Hospitals’ goal with this development is to actively engage with local Clevelandneighborhoods by reaching beyond its four walls to address key SDOH in disinvested communities.
“As an anchor institution, one that has been deeply rooted in this community for 155 years, University Hospitals holds dearly our responsibility to care for our community. At University Hospitals, improving the health of the people we serve and the communities in which they live is our priority,” said Dr. Daniel Simon, President, Academic & External Affairs and Chief Scientific Officer, University Hospitals. “We are pleased to collaborate with The NRP Group to further revitalize the area and provide quality housing and services to residents. We are confident this new community will bring significant and lasting benefits to the Glenville neighborhood.”
The Glenville neighborhood is part of Cleveland’s Neighborhood Transformation Initiative, a city-wide effort to spur economic growth through healthy, sustainable, and equitable opportunities to build wealth and stabilize historically fringed neighborhoods. Glenville is less than one mile from University Circle, which is home to Case Western Reserve University, the Cleveland Clinic, the Cleveland Museum of Art, the Cleveland Museum of Natural History, and dozens of shops, restaurants and grocers. The Davis Apartments’ proximity to these anchor institutions and job opportunities creates a strong foundation to build upon and an opportunity to make those institutions and jobs more accessible to people of all income levels.
Skinner added, “The City of Cleveland played a crucial role in collaborating with our team and University Hospitals to help bring this project to fruition. NRP worked directly with the City’s Community Development department to prepare the site for The Davis Apartments. We’re incredibly grateful to our partners at the City of Cleveland for their tireless work on this development.”
The Davis Apartments is named after Harry E. Davis, a Cleveland native who served four consecutive terms in the Ohio State House before becoming the first African American member of the Cleveland Civil Service Commission and serving as an Ohio State Senator.
Early lease-up of the community is expected to occur in 2023, with a completion date slated for 2024.

CLEVELAND, TN – Solinity announced the grand opening of the new assisted living and memory care neighborhood in east Tennessee. Remember Me Senior Care, a licensed five-home farmhouse style neighborhood in Cleveland welcomes residents who have been diagnosed with Alzheimer s or other forms of dementia. Solinity leads the operations and also serves as the marketing agency with sister company, Solinity Marketing.
CEO Josh Crisp led the development of the neighborhood after hearing the vision of the local owner s dream to provide world class care in their mother s honor. Brothers Tracy Sneed and Andy Sneed cared for their mother during her thirteen-year battle with Alzheimer s and wanted to create a community to serve other families facing the same situation.
The leadership team prides itself on providing the highest quality of care in an environment where healthcare meets hospitality in a home-like setting, Josh Crisp, Solinity CEO says. The partnership between Solinity and the local ownership team provides the best of all worlds to the Cleveland community. They are equipped and trained to deliver care services through a local culture and autonomy to make local decisions with supportive tools. This business is local and our model ensures culture, care, and relationships are top priority.
The homes are situated in a subdivision-like design with ample walking paths, gazebo and pavilion for residents and families to enjoy. Each home includes a private family gathering room, living room, private apartments, a residential style kitchen where meals are prepared and served, outdoor common spaces, and large hallways.
Solinity led the formation of the team including DKLEVY Architectural Design, Diaz Fritz Construction Group, and Z-Creative Interior Design to complete the project.