COLUMBUS, OH – CREC Real Estate, a private equity real estate investment firm, announced that it closed its second real estate fund, CREC Real Estate Fund II L.P., with $80 million in investor commitments.
CREC Real Estate Fund II L.P has a value-add focus within multi-family real estate investment. CREC’s investors include institutions, family offices and high net worth investors.
As the fund manager, CREC is focused on acquiring value-add multifamily properties in dynamic and fast-growing secondary markets throughout the U.S. CREC targets properties where job and population growth have led to an undersupply of housing. The fund will continue to pursue a value-add investment thesis, increasing asset values through management efficiencies, unit interior renovations, remediation of deferred maintenance, and improvements to the amenity package. With CREC’s approach, the end result is an improved apartment community with the interior finishes and amenities that modern renters desire.
Aaron Dixon, President of CREC, said, “CREC is delighted by the reaction from our loyal base of investors. We have attracted the support of many sophisticated investors who believe in our team, have conviction in the investment strategy, and who appreciate the operational excellence of our experienced professionals. We will continue to exercise discipline every day to source the highest quality multi-family real estate for our fund investors and bring each asset to its fullest potential.”
CREC’s Founder and Chairman, Jeff Coopersmith, commented, “As we closed our 54th real estate investment during our 20th year as a sponsor, I appreciate the confidence and continued investment of our limited partners. After these past two years of significant challenges across the economy, I believe we will continue to find significant opportunities for CREC to source additional investments and improve the value of those assets through value-add renovations coupled with sophisticated property management.”
The fund has invested in value-add multifamily acquisitions in the following MSAs: Tucson, AZ; Atlanta, GA; Cincinnati, OH; Hilton Head Island, SC; Charlotte, NC; Seattle, WA; and Phoenix, AZ. Two additional acquisitions are in contract in Dallas, TX and Charleston, SC. CREC anticipates making four additional acquisitions throughout 2022.

SAN DIEGO, CA – Titan Development, Malick Infill Development and Thornburg Real Estate Ventures announced that they have formed a joint venture and broken ground on 4250 Oregon, a 53,805-square-foot, Class-A multifamily project in San Diego, California. The property is Titan’s first investment in California.
This six-story, 94‐unit boutique residential community will be located at the southwest corner of El Cajon Boulevard and Oregon Street in North Park, one of San Diego’s trendiest neighborhoods. The property is adjacent to the iconic North Park Water Tower and Community Park which has sporting facilities including tennis courts, soccer fields, a softball field, basketball courts, and picnic areas. The project is also within walking distance to vibrant restaurants, bars, breweries, farmers’ markets, and coffee shops. The location has an enviable Walk Score of 94 and a Bike Score of 80; nearby dedicated bike lanes and the Bus Rapid Transit (BRT) lines connect residents to Downtown San Diego and San Diego State University, while San Diego International Airport is just an 11-minute drive from the site. The development will feature communal gathering spaces on the top floor, which offers sweeping views of the city and the Laguna Mountain range.
Ben Spencer, Partner and a Principal of Fund Management at Titan, said, “We are thrilled about our expansion to San Diego, a city that has long been an attractive and competitive real estate market particularly as work-from-home flexibility has risen nationally, and more and more people have chosen to relocate to this appealing city.” Kurt Browning, Partner at Titan, added, “North Park is an excellent location for our first multifamily investment in California. We are excited to be partnering with the talented designers and developers at Malick in San Diego and with the innovative real estate investment team at Thornburg.”
“North Park is where I live and work,” said Andrew Malick, Founder and Principal of Malick Infill Development. “I am proud to be developing another project in my neighborhood and can’t wait to open the doors and meet my new neighbors.”
“Malick and Titan have proven track records of owning and developing successful real estate projects similar to 4250 Oregon,” said David Bennett, Director of Real Estate at Thornburg. “Their partnership on this attractive and high-quality development in the competitive San Diego market allows us to continue adding to a diversified mix of real estate investment opportunities for our investors.”

HOUSTON, TX – ClearWorth Capital announced its recent off-market acquisition of Parc at Woodmoor Apartments. Built in 1999, Parc at Woodmoor is a Class B, 220-unit asset located in The Woodlands submarket of Houston.
Parc at Woodmoor offers one and two-bedroom units along with a pool, clubhouse, and detached garage units. The property is surrounded by numerous high-end shopping centers, restaurants, and new single-family development.
“We are thrilled to be entering this highly sought-after submarket in Houston,” said Jordan Tabbert, SVP of Investments. “The Woodlands has solidified itself as arguably the best suburb in Houston. The area continues to attract new residents due to award-winning schools, high-quality retail and dining, and a diverse employment base. Parc at Woodmoor’s location offers easy access to the surrounding amenities with pricing at an exceptional value to residents. The property will benefit immediately from a new professional management team in addition to targeted capital improvements.”
New ownership will implement a multimillion-dollar renovation plan including new unit interiors, social amenities, and exterior enhancements.
ClearWorth Residential, an affiliate of ClearWorth, will be the new management company.

NASHVILLE, TN – Sentral SoBro, Nashville’s newest flexible living community within the Sentral brand, announces opening and availability to lease. With unprecedented demand for housing in the Music City, Sentral’s SoBro community located in the vibrant South Broadway neighborhood blends the comforts of home with the needs of the ever-growing population of mobile adventurers. The nearly 300-unit community is the latest in Sentral’s growing network of urban residential properties located in the country’s most sought after cities, offering spacious accommodations, premium amenities, adaptable workspaces and Sentral-curated local cultural experiences and events.
Featuring 12 stories and 226,427 square feet, Sentral SoBro presents sweeping views of the historic Nashville skyline and quick access to the city’s central business district and thriving cultural scene. Situated on Lea Avenue, the community is a short distance to The Gulch, Broadway’s famed honky-tonks, and iconic destinations, including the Country Music Hall of Fame and Ryman Auditorium. Residents and guests are also a short walk to many of Nashville’s popular outdoor destinations, such as the Street Workout Park at Ascend Amphitheater and the picturesque Cumberland River Greenway trails.
“The real estate market has evolved. With much of the country no longer tied to a specific location, cities that were previously unattainable for many are now an option. Nashville is in a unique position where the city’s inventory cannot match the demands of the influx of new residents; with SoBro, we hope to help balance the scales by bringing the best of flexible living to the city.” said Jon Slavet, Chief Executive Officer of Sentral. “Nashville is a leader in southern hospitality; a destination rich in culture and Sentral SoBro offers an inclusive living experience that is as dynamic as the city itself.”
In 2021, 45% of full-time U.S. employees worked from home either all or part of the time, according to a recent study by Gallup. Sentral’s innovative, adaptable platform allows residents and guests to customize their living experience to match their evolving lifestyle, offering any length of stay, including a night, month, quarter or for multiple years, across their portfolio of urban locations of vibrant and walkable neighborhoods.
The pet-friendly SoBro presents a variety of studio, one-bedroom and two-bedroom floor plans boasting panoramic views, fully equipped kitchens, in-unit washer and dryers and sleek finishes. Guests and residents have the option to select apartments that are unfurnished, or designer-furnished by Sentral that already feel like home. Furnished spaces boast custom pieces intended for modern living and present nimble options for those working from home, including consoles that can double as a desk or dining table and custom nightstands with convenient power plugs and built-in safes. “At Sentral, we understand the needs of the majority of today’s workforce and feel that those seeking to visit or relocate to Nashville will find that we designed this space with their needs top of mind,” says Slavet.
Elevated touches reach beyond the apartment homes at Sentral SoBro. Through Sentral’s success in other sought-after cities, we understand that our residents and guests are seeking a living experience that is all inclusive,” says Slavet. The fourth floor reveals a resort-style pool and amenity deck, an outdoor kitchen with community barbeque grills, a 24/7, state-of-the-art fitness center with private yoga and cycling studio, resident clubroom lounge, and pet spa with professional-grade wash and drying stations. On the street level, four retail spaces are available to lease, encouraging local businesses to join the Sentral community.
Sentral SoBro is the prop-tech company’s 11th community to open under the Sentral flag. The innovative brand currently operates in eight gateway cities Atlanta, Austin, Chicago, Denver, Los Angeles, Miami, Nashville, and Seattle.

ATLANTA, GA – Atlanta Housing announced a major new development that will make living on the Atlanta BeltLine a reality for 116 working and low-income families. The Madison Reynoldstown development at 872 Memorial Drive will house working families earning up to 80 percent of the area median income, and Atlanta Housing will provide long-term subsidies to 46 families. The project is 100 percent affordable.
“Atlanta Housing is proud to help spearhead this partnership to bring affordability to one of the fastest growth areas of our city,” said Eugene E. Jones, Jr., president and CEO of Atlanta Housing. “Madison Reynoldstown demonstrates that by working together, we can bring working and low-income families close to the city’s jobs and some of its best amenities.”
The $43.6 million development sits on a 1.2-acre site in the Reynoldstown community at Memorial Drive and Chester Avenue. With direct frontage on the Atlanta BeltLine Eastside Trail extension, the property is within walking distance of jobs and neighborhood amenities including a grocery store, entertainment facilities, restaurants and a host of retail shops and services in the Madison Yards development.
Atlanta Housing will invest $8.87 million for construction, permanent and acquisition funding, in addition to long-term housing subsidies for 46 families. Both private and public financing sources make Madison Reynoldstown possible, including a $3.6 million loan from Bank of America, a $4.4 million award from the National Housing Trust Fund, low-income tax credits from the Georgia Department of Community Affairs, a $21.5 million tax-exempt bond commitment from Invest Atlanta, and a $2 million grant from the BeltLine Affordable Housing Trust Fund.
“Madison Reynoldstown is an exemplary example of interagency cooperation, bringing together private banking, Atlanta Housing, Invest Atlanta, Atlanta BeltLine, Inc., the Georgia Department of Community Affairs, the National Housing Trust Fund and the City of Atlanta,” said CEO Jones. “By working together, we will continue to build affordable housing for those in need in Atlanta.”
Madison Reynoldstown will include 71 one-bedroom, one-bath units; 36 two-bedroom, two-bath units and nine three bedroom, two-bath units in two midrise elevator buildings. The development will also include 2,700 square feet of commercial or retail space.

BETHESDA, MD – Walker & Dunlop, Inc. announced that it structured $302,241,000 in Freddie Mac financing for a portfolio of ten multifamily properties in central Connecticut. The portfolio comprises 2,286 units in total, over 75% of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency (FHFA) guidelines.
Taylor Williams, Managing Director in Walker & Dunlop’s Capital Markets group, structured the financing on behalf of Beachwold Residential, a repeat client and family-owned real estate company headquartered in New York City. The team provided support to the client throughout the entire deal process, working to ensure the latest rental rate increases were captured in the appraisal and underwriting processes. The new loan effectively provided the borrower with an attractive fixed rate and additional proceeds.
“Taylor Williams and his team are experts,” said Gideon Friedman, CEO of Beachwold Residential. “They provided clear and prescient guidance throughout the process, and their reaction time to any queries we had was exceptional. They are truly professionals when it comes to dealing with this type of transaction.”
“It was an honor to be chosen for this transaction by Gideon Friedman and the Beachwold team,” Mr. Williams added. “We were able to effectively execute the deal with an excellent rate, thanks to our skilled team and solid partnership with Freddie Mac.”
The ten-property portfolio is comprised of a diverse and unique set of communities with construction dates ranging from 1926 to 2008. The oldest property, 278 Main, was originally a schoolhouse, which was converted to apartments. Another distinctive property is Lofts at the Mills, a former mill that was recently converted to loft apartments. Most of the properties within the portfolio are situated in irreplaceable infill locations throughout Connecticut.

SCOTTSDALE, AZ – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Roadrunner on McDowell, a 356-unit multifamily asset in Scottsdale, Arizona. The property sold for $193.5 million, which equates to $543,539 per unit. The price per unit is the highest in Arizona s history for an institutionally sized apartment building. The transaction is also the largest single asset core multifamily sale and second-largest single asset multifamily sale overall in Arizona history.
An incredible acquisition opportunity for the buyer, Roadrunner on McDowell is a newly constructed landmark asset that juxtaposes timeless mid-century architecture with modern, resort-style luxury to establish a new standard of Arizona apartment living, said Steve Gebing, IPA executive managing director. Developed by JLB Partners, the property was built to attract a top-tier resident profile of high-wage earning professionals supported by 15,500-plus businesses within a 10-mile radius and Scottsdale s outstanding citywide demographics. Renter demand for South Scottsdale apartments has led to strong operational fundamentals and the imbalance of supply and demand is driving outsized forecasted rent growth. Gebing and IPA executive managing director Cliff David represented the seller and procured the buyer.
Roadrunner on McDowell was built as an homage to the history and context of mid-century architecture that is so present in South Scottsdale, said Kevin Ransil, Arizona partner for JLB Partners. As a community at the gateway entrance into Scottsdale, it was important to pay exceptional attention to detail with artistic nods to the past while also embracing today s modern design. We focused on place-making and incorporated fun and unique features such as a linear park that follows the Arizona Canal, Vespa wall, Zen Garden and a vintage Airstream that make the property recognizable across the Valley as a completely distinct, one-of-a-kind multifamily asset.
Completed in 2022, the mid-rise, garden-style asset is located in the center of Greater Phoenix, adjacent to Papago Park. The potential renter pool of working professionals living within a 10-mile radius of the property is 700,000. Major employers in the area include General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health, and Opendoor. Old Town Scottsdale, home to designer art galleries, lively nightlife, and Scottsdale Stadium is three miles away.
Apartments at Roadrunner on McDowell feature high-end finishes, including hand-scraped hardwood floors and walk-in closets with custom wood shelving. Ceilings are nine feet high or taller and three-panel sliding Arcadia doors lead to private patios or balconies. Select apartments have city views and spacious walk-in showers with seats and glass enclosures. Common area accommodations including an expansive, resort-style swimming pool and spa with private poolside cabanas reflect the property s first-class setting and dedication to luxury living. Adjacent to the poolside amenities, an outdoor entertainment ramada with social seating, flatscreen televisions, a misting system, and barbecue grilling stations are a pass through to a Zen Garden. The leasing office and clubhouse are accentuated by lofty ceiling heights and wood accents that lay the foundation for a Wi-Fi-enabled entertainment lounge with flat-screen television, plush seating, and a dedicated co-working area with individual offices and a conference room.

NEW YORK, NY – Asia Capital Real Estate (ACRE), a global real estate private equity and debt firm, announced the sale of four multifamily communities across the Southeast in Georgia, Florida and North Carolina.
Each of the dispositions come after the completion of a strategic value-add repositioning of the properties, executed by ACRE over a period of 3 to 5 years. The sales are as follows:
The Palms at Palisades, a 125-unit multifamily property in Brandon, Fla., was sold to ZMR Capital LLC. The 15-building garden-style community features a mix of one-, two-, and three-bedroom units averaging 845 square feet. ACRE purchased the development in 2016 and recapitalized it in 2018. ACRE performed numerous value-add initiatives, renovating individual units and the property s exterior, and improving its suite of amenities to include a community clubhouse, business center, children s play area, swimming pool with a sundeck, picnic areas with grills, tennis court and dog park.
Mount Vernon and Williamsburg Village, a 230-unit multifamily portfolio in Gainesville, Fla., was sold to a private investor based in Orlando, Fla. Prior to the sale, ACRE made significant improvements to enhance residents experience, including upgrades to both individual units and the properties exterior, and its suite of amenities including a swimming pool, poolside fire pit and BBQ station, on-site laundry.
Foxfire Apartments, a 354-unit garden-style multifamily community located in North Durham, N.C., was sold to Ebex Holdings. ACRE purchased the property in May 2017 in an off-market transaction, and infused significant capital to improving its building exteriors, landscaping, and amenities. The firm also performed interior updates to a large percentage of the units by installing new appliances, countertops, and flooring – allowing for increased market rents on new lease agreements and creating steady occupancy nearing 100%.
Concord Crossing, a 190-unit garden-style multifamily community located in Smyrna, Ga., was sold to Wolf Acquisitions LLC. ACRE purchased the property in April of 2016 through the federal Low-Income Housing Tax Credit program. Over the next 3 years, the firm made significant capital improvements to the property, transitioning the asset to a full market-rate community. The property was then recapitalized in 2018. Occupancy rates remained healthy over that period and rents rose at an above-average rate thanks to the property s status as a rare alternative housing option in an otherwise-high priced submarket of Atlanta.
ACRE has been actively investing in the Southeast for nearly a decade, as we recognized the migration patterns and potential for rent growth across the region, said Michael Van Der Poel. These dispositions are a testament not just to our ability to forecast this fast-expanding market, but also to execute strategic value-add campaigns and generate significant returns for our investors. We are extremely proud of our work on all of these projects, and look forward to playing an active role in meeting the incredible demand for high-quality rental housing across the Southeast and the rest of the country.

CLEVELAND, OH – The Millennia Companies confirmed that it is the recipient of a $40 million Transformational Mixed-Use Development (TMUD) tax credit award from the Ohio Tax Credit Authority and the Ohio Department of Development for the historic rehabilitation and adaptive reuse of The Centennial, located at 925 Euclid Avenue in Cleveland, Ohio.
To support this catalytic project, the largest in the state of Ohio, Millennia received the maximum amount permitted for any one development project under this newly created tax credit award program, which is designed to support the new construction and/or improvement of vacant buildings that will have a transformational economic impact on the site and the surrounding area.
We are thrilled to be selected for this inaugural TMUD tax credit award, says Tom Mignogna, Vice President at Millennia Housing Development, Ltd. This new economic development tool is further evidence of Ohio s progressive commitment to supporting significant developments that meet critical needs throughout the State and, in this case, the City of Cleveland s need for increased access to quality housing and new job opportunities.
Millennia has thus far secured more than $476 million in private, federal, state, and local financing commitments that comprise a complex capital stack inclusive of funding from the City of Cleveland, Cuyahoga County, Cuyahoga County Port Authority, the Ohio Historic Preservation Tax Credit Program, the State s Low Income Housing Tax Credit Program and, of course, the inaugural TMUD Tax Credit Program.
Millennia plans to rehabilitate and reinvigorate the approximately 1.4 million-square-foot space with a dynamic mix of proposed uses including workforce housing apartments, retail and office space, a boutique hotel, a museum, and a high-end restaurant – all to be incorporated into the existing historic fabric of one of Ohio s iconic buildings containing the world s largest bank hall.
This project is a perfect blend of Millennia s expertise in multifamily housing, hospitality, and commercial real estate,” says Frank T. Sinito, Chief Executive Officer at Millennia. We have employees at the hotel, corporate headquarters and restaurants who will now have a unique affordable opportunity to live near their workplace, public transit and entertainment.
The former Union Trust Building, now known as The Centennial, has had a celebrated history at the preeminent downtown intersection of Euclid Avenue and East 9th Street. Built in 1924, the Chicago-based architecture firm of Graham, Anderson, Probst, & White originally designed the building in the neoclassical style. Unfortunately, it has sat mostly vacant in the heart of Cleveland s central business district for nearly a decade.
Everyone who walks into The Centennial agrees that it is breathtaking, and this piece of Cleveland history has been inaccessible for too long, says Sinito. We look forward to when the public can enjoy the beauty and grandeur of these incredible historic spaces, which include a barrel-vaulted main lobby with murals by the American artist Jules Guérin, and towering, fluted Corinthian columns.
In the bank halls, The Century Club restaurant will be akin to the Marble Room Steaks and Raw Bar, and The Cleveland Exposition will feature exhibits curated by the Western Reserve Historical Society that celebrate the rich history and prominence of Cleveland and northeast Ohio.
I am grateful to the coalition of partners who helped to create this program that supports major projects such as The Centennial, says Sinito. I would also like to congratulate the other recipients who have secured the award, especially CrossCountry Mortgage who is in the process of creating their corporate campus in downtown Cleveland; a project that is also contributing to the city s revitalization by creating additional jobs and attracting residents.

MACON, GA – Carter Multifamily announced its acquisition of Adrian on Riverside for $41.1 Million. Built in two phases in 2003 and 2009, Adrian on Riverside has 224 units and spans 32.47 acres of land in a desirable location in Macon, Georgia, with proximity to area employers, as well as local dining, shopping, and recreation.
The community features well-designed one, two, and three-bedroom units. The high-quality amenities include a resort-style swimming pool, fitness center, grill and sundeck, playground, game room, movie theater, and more.
The property is located in the Macon, GA submarket, which has a strong rental market and a low vacancy rate of 2.3%. The market is projected to continue making significant rent gains and limited supply is expected in the area in 2022.
“We’re excited to continue to grow our footprint in a market supported by excellent growth fundamentals, favorable renter demographics, and limited new supply. We believe that Macon’s growing job base, high average household incomes, and favorable rent trends will continue to fuel demand growth for high-quality, affordable multifamily housing,” said Ray Hutchinson, Chief Investment Officer of Carter Multifamily.
Carter Multifamily intends to execute a value-add strategy which will include operational improvements, including implementing institutionally based property management best practices, upgrades to community amenities, interior unit renovations, and exterior plant improvements.