JUPITER, FL – S2 Capital announced it has acquired Jupiter Isle Apartments, a 359-unit multifamily community in Jupiter, Florida, from Northland. S2, a national value-add multifamily investor with more than $9 billion in transaction volume, is making this investment from its fund, S2 Multifamily Value-Add Fund 1. Terms of the transaction were not disclosed.
Jupiter Isle is a Class B two-story garden style apartment complex built in 1984. It features one-and two-bedroom units, multiple swimming pools, and other outdoor amenities. Over the next two years, S2 expects to complete a $5 million plus renovation to enhance common areas and remodel unit interiors. Improvements will include exterior painting and balcony repair; renovation of the leasing center, fitness center, and gym; and interior unit upgrades including stainless steel appliances, hardware and countertop upgrades, and the installation of new floors and ceramic tile showers. The refurbishment will position the property for future buyers as a premium asset in a supply constrained market with exceptional demographics.
Located at 6705 Mallard Cove Road on 30 acres, the property lies in the Jupiter/Palm Beach Gardens submarket of Palm Beach County, approximately 16 miles north of Palm Beach. It boasts convenient access to nearby jobs, retail establishments and entertainment. The Palm Beach area is enjoying record demand for apartments and is benefitting from migration trends driving relocation to the region.
“We are excited to invest in Jupiter Isle and believe the property represents a compelling investment for both the community and our investors,” said Davey Leach, VP of Acquisitions. “The county as a whole is enjoying growth, but with constrained supply and very limited new construction, the Jupiter submarket in particular offers tremendous opportunity to transform an older community into a market-leading option for its growing number of residents.”
Nathan Stone, Brad Mason and Guy Griffith of Berkadia helped secure financing for S2. Jaret Turkell of Berkadia represented the seller throughout the transaction.

WASHINGTON, DC – The Neighborhood Development Company (NDC) was joined by Ward 7 Councilmember Vincent C. Gray, DHCD’s Director Drew Hubbard, and city officials for a ribbon cutting to celebrate the completion of construction on Park27, a new residential community in Hillcrest. Park27 is a collection of 26 brand-new 100% affordable duplex condos and studios, ranging in size from 500 SF to 1,250 SF and delivering much needed affordable home ownership opportunities to Ward 7.
“As a native Washingtonian, I’ve seen firsthand the dramatic changes in our city that have made it harder and harder for longtime residents to own their own homes. With Park27, we not only wanted to increase affordable housing opportunities within the Hillcrest community, but we also wanted to go further and create an opportunity for families to build intergenerational wealth and security,”said Adrian G. Washington, CEO & Founder, NDC. “With our partners, the DC Department of Housing and Community Development and LISC, we are proud to be doing our part in achieving Mayor Bowser’s housing goals.”
As part of Mayor Bowser’s affordable housing initiative, Park27 adds 26 new homes east of the river. There has been a historic generational gap east of the river in homeownership, and the completion of this project marks new and exciting opportunities for Ward 7 households to create intergenerational wealth. Developed by NDC, Park27 offers a fresh change of pace with homes that have room to breathe and feature high-end amenities. The project will be an Enterprise Green Community / Energy Star Certified building.
“Park27 is possible because of historic investments by Mayor Bowser, a great team at DHCD, and committed partners like NDC, LISC, and The Menkiti Group”, said DHCD Interim Director Drew Hubbard. “Together we’re turning a formerly vacant lot into an affordable homeownership opportunity for families in Ward 7”.
Located just steps away from the corner of Minnesota Avenue SE and Pennsylvania Avenue SE, Park27 is positioned in a desirable location in D.C.’s Hillcrest neighborhood with a wide variety of amenities within walking distance. Within a mile radius residents can enjoy a public park, walking trails, and a commercial corridor with prominent developments like MLK Gateway which offers restaurants, coffee shops, and more. Off-street parking is available on a first come first served basis for residents and there is ample street parking.
“I am thrilled that we are adding additional homeownership opportunities to the Ward. Park 27 will not only create more affordable housing, this 100% affordable housing project adds value to the District by providing quality affordable homeownership opportunities for Ward 7,” said Ward 7 Councilmember Vincent C. Gray. “It is imperative that we continue to move with urgency to also include other basic amenities like full-service grocery stores, sit-down restaurants, and retail amenities, while providing a more diverse housing stock in Ward 7. Park 27 is a wonderful addition to our efforts to improve the quality of life for Ward 7 residents and bring more neighborhood amenities and quality housing and homeownership options to Ward 7.”
Park27 is well situated for direct access to the District of Columbia’s strong transportation network, including a “Priority Corridor Network of Metrobus Routes.” The site is also relatively accessible to Metro with the nearest Metro station being the Potomac Avenue Metro subway station located on Pennsylvania Avenue approximately one mile to the west. Additional amenities include the Anacostia Art Center, the Smithsonian Anacostia Museum, the Anacostia House, 11th Street Bridge Park, the BIG Chair, Capitol River Front, and Kenilworth Aquatic Gardens.
“With a small area plan underway on Pennsylvania Avenue it’s great that we are seeing residential and mixed-use development along the corridor to increase density and help ensure that small, locally owned businesses who come into our community can thrive,” said Commissioner Travis R. Swanson. “While I support increased housing density, I strongly believe that it needs to be done responsibly so new developments don’t come at the expense of our long-term residents. Affordable housing is a tool that can help create homeownership opportunities while not displacing long-term residents of the community. I’m thrilled to see that this project will offer 100% of their units as affordable units for the community.”
Park27 was financed by a combination of a senior loan provided by LISC, funds from DHCD through the Housing Production Trust Fund (HPTF), and private equity. HPTF is the major tool used to produce and preserve affordable housing in the District of Columbia.
“Pennsylvania Avenue is perhaps DC’s most famous street, but when on the east side of the Anacostia, it has yet to fully blossom. For years, neighbors have seen these vacant, triangular parcels as symbol of disinvestment. But now they’re a jewel. We’re tremendously proud to have helped NDC bring Park 27 to life. 26 new homeowners will have a permanent stake in Twining and be able to raise families and contribute to the renaissance of the neighborhoods East of the Anacostia River,” said Ramon Jacobson, Executive Director of LISC. “As we celebrate LISC’s 40th anniversary, Park 27 represents our ongoing commitment to helping Washingtonians of all incomes to have an equitable stake in the nation’s capital.”
The sale of all duplex condos and studios at Park27 will be provided exclusively by MG Residential, the residential sales arm of The Menkiti Group, in addition to homeowner education services and all marketing for the project.
“We are proud to celebrate the ribbon cutting and completion of this impactful project and sell these brand-new homes east of the river. As a community-based project that is making a difference towards Mayor Bowser’s affordable housing initiative, it’s great to partner on projects like Park27 that help advance our commitment to facilitating homeownership,” said Bo Menkiti, Founder and CEO of The Menkiti Group. “It’s an honor to be the sales team on another new development project to play a role in facilitating affordable homeownership opportunities in a community we have been closely connected to and dedicated to serving for nearly a decade.”
At the ribbon cutting ceremony, Adrian G. Washington and NDC were joined by DHCD Interim Director Drew Hubbard; Ward 7 Councilmember Vincent C. Gray; Commissioner Travis R. Swanson; Executive Director of LISC, Ramon Jacobson; Founder and CEO of The Menkiti Group, Bo Menkiti, and community members as well as representatives and partners of the project.

TULSA, OK – Elkhorn Capital Partners, one of Oklahoma City’s largest multifamily investment firms, expanded its commitment to the state with the acquisition of three separate Tulsa multifamily communities during December, totaling $22.4 million. In aggregate, this adds 505 units to Elkhorn’s growing portfolio in the region, which now includes twelve multifamily communities within the Oklahoma City and Tulsa MSA.
The three acquisitions included a heavily distressed Freddie Mac foreclosure known as Ivy Place Apartments. Ivy Place is a 260-unit garden-style apartment community with frontage on Highway 244. The transaction was brokered by David Dirkschneider and Mike Marrara from Capstone.
Elkhorn’s success is driven by its experience with distressed assets and financial acumen. “The receiver & Freddie Mac selected Elkhorn as the buyer due to our demonstrated ability to execute under challenging situations and our reputation for doing what we say we are going to do – including closing within their very tight timeline requirements with no financing contingency. This asset profile is right in our wheelhouse,” said Bruce Fraser, Elkhorn’s Managing Partner.
He added, “This investment demonstrates another example of Elkhorn’s ability to work through special-situation acquisitions and execute on a distressed sale, including heavy CAPEX needs with non-stabilized occupancy.”
Elkhorn completed four distressed situation acquisitions in Oklahoma City during COVID and now controls over 2,000 units in Oklahoma between Oklahoma City and Tulsa. The recent December acquisitions in Tulsa also included Meadowbrook and Madison Park apartments.
When asked about Elkhorn’s entry into the Tulsa market, Fraser stated, “Elkhorn has benefited from our many investments in Oklahoma over the years. We do extensive quantitative analysis in targeting new markets, and based upon the metrics that we target, Tulsa was identified in the top-10 markets warranting our attention. With our significant existing presence in Oklahoma City, it made sense to prioritize Tulsa as our next logical move.”
“These acquisitions represent ongoing successful execution of our disciplined quantitative approach to investing in distressed yet well-located assets that we turn into high-quality housing for residents at affordable rents,” said Fraser. “Between our acquisitions and planned capital improvements, we will be investing over $25 million in three properties within a two-mile radius, with a significant portion of that capital earmarked to improve the quality of life for our residents and enhance the curb appeal of each community, contributing to a positive social impact. In addition, our investments will contribute to the revitalization of this neighborhood. We are excited to strategically grow our portfolio within the Tulsa market and plan on completing numerous additional investments throughout the area. Ultimately, we expect to invest well over $100 million in the Tulsa market – illustrating Elkhorn’s ongoing commitment to Oklahoma.”
“Elkhorn has a highly developed sense for spotting value,” explained Dirkschneider. “Where most saw complications in the CAPEX needs and the non-stabilized occupancy of the foreclosure property, Elkhorn saw opportunity. This is an exceptional investment opportunity as they bring another multifamily community back online to benefit residents, the community, and investors. I have seen them do it numerous times previously.”

PHILADELPHIA, PA – The University of Pennsylvania and Greystar Real Estate Partners, the global leader in the investment, development and management of high-quality rental housing properties, announced their partnership in the mixed-use redevelopment of existing student housing at 3600 Chestnut Street. The project will provide 588 beds in 473 units of furnished, attainably priced, graduate-focused housing and a rich amenity base designed to serve the needs of today’s Penn graduate students.
“The University enthusiastically joins in this partnership with Greystar, as specialists in rental housing for the collegiate marketplace, to kick off the construction and repositioning of this campus asset,” says Ed Datz, Executive Director of Real Estate at Penn. “We are glad we can preserve the existing building structure while meeting the goal of improving the offerings and better aligning the residential living needs of today’s graduate students.”
Greystar has teamed with local Philadelphia team of Barton Partners Architecture and Hunter Roberts Construction Group to complete a comprehensive renovation and modernization of Sansom Place East, while maintaining the exterior design integrity. This approach will create best-in-class housing for Penn’s graduate student population while maintaining Richard and Dion Neutra’s original architecture. The redeveloped Sansom Place East will provide complete bed-to-bath parity, wherein each bed will have a corresponding private bathroom, including in the 2-bedroom units. Each of the 473 units will also have its own washer/dryer. Greystar will also be delivering more than 12,000 square feet of state-of-the-art amenity space to include a fitness center, co-working lounges, a test kitchen, study rooms and large multi-function rooms. Additionally, Greystar will fully renovate the existing outdoor plaza with a deck, landscape, hardscape, and seating along with an indoor-outdoor connection to the new amenity space.
“The project team has worked hard over the last ten months to make this complicated redevelopment a reality. We are excited to see this project come to fruition as another step in our long-term commitment to the Philadelphia region,” said George Hayward, Sr. Director of Development, who oversees development for Greystar in the Pennsylvania, New Jersey, & Delaware region.
The existing building, built in 1970, was previously the only on-campus residence dedicated to graduate students. Ideally located, the redeveloped student housing will be only a block away from the Penn Law School; two blocks from both the Wharton School and the Graduate School of Education; and four blocks from the School of Engineering and Applied Science. Adjacent to the Sansom Place East property, the existing occupied commercial retail at street level and the Philadelphia Institute of Contemporary Art will remain open during construction.
“We are excited to partner with Penn to transform the graduate residential experience, strengthen connections to campus and to honor the architectural legacy of Dion and Richard Neutra through this innovative public-private partnership,” said Julie Skolnicki, Senior Managing Director of University Partnerships for Greystar. “Well-located, high-quality, attainable housing is critical to graduate student success and an important part of Greystar’s commitment to higher education.”
This is Greystar’s second development start in the City of Philadelphia in the last six months and Greystar’s eighth student housing development start in the US over the last 12 months. Construction began January 2022, with an opening in time for the beginning of the 2023-2024 academic year.

SACRAMENTO, CA – Soma Capital Partners, a privately-held real estate investment and advisory firm, announced the purchase of 1430 Q Street Apartments in Sacramento, CA, for $57.1 million. The Property is located in the highly desirable Midtown neighborhood of the city.
The Property, an 8-story, Class A building totals approximately 95,000 square feet, comprised of 8,700 square feet of ground-floor retail and 75 luxury apartment units. The Property was delivered in 2021 and is currently 95% leased with condo-quality unit finishes and ample parking. Located one block off the R Street Corridor, the Property is walking distance to countless dining, retail, and entertainment options in both Midtown and Downtown.
SCP acquired the property in partnership with a core-plus investment vehicle managed by Argosy Real Estate Partners. During escrow, SCP/AREP negotiated a sale and 99-year lease-back of the land with iStar Financial s SafeHold REIT, a pioneering strategy for the Sacramento market.
Peter Horn, Partner with SCP, commented, We re thrilled to acquire a best-in-class asset in a market with such strong multifamily fundamentals as Sacramento. Utilizing a creative capital structure, we hope to deliver outsized risk-adjusted returns for a core-profile investment.
Jordan Caspari, Partner with SCP, added, This Property checks all the boxes for us to attract interest from both tenants and investors over the long term with an A+ location in Midtown, new construction of high-quality residences, ample parking, and excellent access to downtown and the freeways at the intersection of Q and 16th Streets.
Tye Palonen represented SafeHold in the transaction. Scott MacDonald and Jason Parr from Cushman & Wakefield represented the sellers on the transaction. Chris Botsford and Rene Alvarez with Walker & Dunlop provided loan advisory services to secure leasehold financing for the Property.

CARSON CITY, NV – As demand for homes continues to grow and residents seek new living options, Kingsbarn Capital & Development announced it has officially broken ground on a 140-unit, garden-style, multifamily development called The Marlette.
Located at Little Lane and Janas Way in Carson City, the apartment complex is being developed on a 6.1-acre site. The community will feature 10 two-story buildings, each with 14 units, a 3,000 square-foot clubhouse, leasing office, fitness center, dog park, a playground, and a swimming pool area complete with cabanas, firepit seating, and an outdoor kitchen for resident use.
“We’re really excited to bring a new multifamily offering to the Carson City market. The Marlette development will fulfill a much-needed demand for multifamily rentals in this rapidly growing area,” said Kingsbarn Capital and Development President Phil Mader. “The community is only a short distance from the Nevada State Capitol and has great access to nearby shopping, walking paths and restaurants.”
The community will be comprised of 80 one-bedroom, one-bathroom units, and 60 two-bedroom, two-bathroom units. The living spaces will include timeless interior finishes, energy-efficient appliances, kitchen islands, walk-in closets, 8-foot patio sliders, and Wi-Fi.
The construction firm for the project is Neeser Construction, and the architect is Terry Novak of Novak Architecture. The first units are expected to be completed in spring of 2023.

AUSTIN, TX – Silverstone Partners announced it has acquired SeventyTwo 27 Apartments, a value-add multifamily community located in the Windsor Park neighborhood of Austin, Texas.
The acquisition of the Property is aligned with Silverstone’s investment strategy to acquire multifamily communities with meaningful value-add upside potential in high-growth US markets. Originally constructed in 1984, the Property is comprised of 160 apartment units across ten garden-style buildings on five acres, and includes studio, one- and two-bedroom layouts.
The Property offers a compelling opportunity for Silverstone to execute a specific business plan to make key improvements to both the interiors and exterior, including a resort-style pool and other community amenities. These improvements are expected to create value for all stakeholders, most of all both current and future residents.
Austin is one of the fastest-growing major metros in the US, with the city’s expansion driven by a large and rapidly growing technology sector and significant in-migration of new residents. These dynamics are creating significant tailwinds for multifamily real estate, further supported by the strong demand for well-located, affordable living space. Silverstone’s analytics-driven approach identified Windsor Park as an attractive neighborhood for multifamily investment, along with 100 other neighborhoods in key US markets.
Manoj Ramprakash and Adam Brueckner, Managing Principals at Silverstone, said, “We are thrilled to launch Silverstone Partners with this terrific opportunity and look forward to building successful partnerships with our key stakeholders. The Property will greatly benefit from more active asset management and a refresh of both the interiors and exterior. This acquisition represents an important milestone for the launch of Silverstone, and we expect to deploy over $100 million of equity over the next two years into these types of opportunities.”

SARASOTA, FL – FCP and Crescent Communities announce a joint venture for the development of RENDER Legacy Trail at 15560 Render Way in Laurel, FL, the second such partnership between the two companies this year. The 450-unit, Class A multifamily community will be built within a mixed-use village featuring retail space and residential homes and will provide access to exceptional nearby amenities.
“FCP is excited to partner with Crescent Communities on this exciting new development,” said FCP’s Bruce Gago, who heads the firm’s Florida office. “Sarasota has experienced strong job growth and continued substantial in-migration that has only accelerated during the pandemic. The new apartments will help alleviate the significant housing shortage in Sarasota County, while providing its residents with a best-in-class living experience and amenities.”
“We are excited to continue the evolution of our multifamily products by introducing RENDER to the Florida market,” said Tim Graff, Managing Director of Florida for Crescent Communities’ multifamily business. “RENDER offers residents thoughtfully crafted communities that are rich in character at a more approachable price point. RENDER Legacy Trail will be part of a larger master-planned community with additional residential offerings, including the forthcoming HARMON Legacy Trail, Crescent Communities’ BTR (build-to-rent) offering, and more than five acres of future retail space.”
RENDER Legacy Trail will provide residents with rapid access to the recreational and amenity features that have attracted so many people to the area. The property has direct access to the Legacy Trail, a continuous 20-mile recreational trail that connects downtown Sarasota with downtown Venice, and winds through Oscar Scherer State Park, a lush 1,400-acre nature preserve. Nokomis Beach, a tranquil white-sand seashore, is just a few miles from the community. The new 65-acre Sarasota Memorial Healthcare Venice Campus is less than five miles from the property and local arterials provide easy drives to many employment centers in the region.
Community amenities will focus on delivering what matters most to residents and their needs and encouraging a highly social and energetic environment. Offerings will include a centralized lobby and leasing area, self-service package area, fitness center, and multipurpose rooms that can serve as coworking lounges. Abundant outdoor space will provide opportunities for residents to grill, dine, socialize, swim, and relax.
Residences at RENDER Legacy Trail will feature functional design elements that will intentionally contribute to the space’s overall feel of a home, rather than a typical apartment unit. These details will include entryway mudrooms with built-in storage, home office workspaces separate from the living room and kitchen, and enhanced closet systems to provide added in-home organization. Configurations from one- to three- bedrooms will be available.

CHEVY CHASE, MD – FCP with partners Insight Property Group and AHC announce the acquisition of Camden Largo Town Center apartments in Largo, MD for $71.9 million. The 245-unit community at 9701 Summit Circle will be rebranded Haven Largo.
“FCP is excited to continue investing in our home market with the acquisition of a well-maintained and high performing asset in one of the top submarkets in suburban Maryland,” said FCP’s Scott Reibstein. “As part of our commitment to the preservation of moderately priced apartment communities in the Washington, DC region, we plan to offer resident services and implement affordability requirements to a portion of the units.”
“Insight is thrilled to partner with Prince George’s County, AHC and FCP on this acquisition, where we will be able to create much-needed affordable housing in an exceptional location,” said Tim White, Partner at Insight Property Group.
“AHC is delighted to acquire our first community in Prince George’s County in partnership with the County, Insight Property Group, and FCP,” said Mary Claire Davis, AHC Greater Baltimore Director. “We appreciate the County’s commitment to providing long-term rental affordability in such a prime location, and look forward to adding programming and services to further enhance residents’ quality of life.”
Haven Largo is a low-density, garden apartment community offering a tranquil setting in a quickly growing submarket in Prince George’s County, MD. The community is minutes from the Largo Town Center Metro Station and the Capital Beltway. Residents of the spacious one-, two-, and three-bedroom apartments have access to major employment centers including the nearby University of Maryland Capital Region Medical Center. Apartment amenities include in-unit washers and dryers, vaulted ceilings, kitchen pantries, and rentable garages. The community has a fitness center, swimming pool, grilling areas, and an outdoor gazebo.

COLLEGE STATION, TX – Officials of The Preiss Company (TPCO), one of the nation s largest, privately-held, student housing owner-operators, announced the acquisition of the 828-bed University Trails College Station student housing community. Located within walking distance of Texas A&M University, it is centralized in one of two central student housing hubs in College Station.
While this acquisition marks our first entry into College Station, it also is our 17th transaction in Texas, said Susan Folckemer, chief acquisition and development officer, TPCO. The property services the largest university in the nation with 73,284 students. With a committed Aggies football fan base, University Trails College Station benefits from its close proximity to Kyle Field. Following a planned upgrade, the property will take its rightful place as a leading choice of off-campus housing for Texas A&M students.
Located at 1101 Luther Street West, the off-campus apartments offer 1-, 2- and 3- and 4-bedroom layouts. The fully furnished units include private bedrooms and bathrooms with vinyl flooring in the common area. Additionally, each apartment provides a washer and dryer, new stainless steel appliances and a private patio/balcony. The pet-friendly student housing community also provides trash and sewer services, high-speed internet and water. Additional amenities include a sand volleyball court, resort-style pool and hot tub, basketball court, two fitness centers, business center/café lounge and multiple study rooms.
TPCO will invest significant capital to renovate interior units, upgrade the property and completely redo the clubhouse.