GILBERT, AZ – Wood Partners, a leading national multifamily real estate developer and manager, announced the grand opening of its newest luxury residential community, Alta Cooley Station, in Gilbert, Arizona. Located just southeast of Phoenix, Alta Cooley Station marks Wood Partners’ first development in the Gilbert area, ranked as one of the fastest growing cities in America.
Located at 2550 South Recker Road, Alta Cooley Station puts residents within minutes of the Phoenix-Gateway Airport, San Tan Mall, Verde Cooley Station, the 202 freeway, as well as a wide range of amenities and entertainment options in the East Valley area. The community is also near several of the area’s major employers including ASU Polytechnic Campus, East Valley Institute of Technology (EVIT), Deloitte, Merrill Lynch, GoDaddy and Liberty Mutual.
“With its amazing growth rate, Gilbert is becoming one of the most desirable areas to live in the metro-Phoenix area,” said Clay Richardson, Managing Director at Wood Partners. “We are pleased to open the doors to Alta Cooley Station and look forward to providing our residents with the high level of luxury and comfort synonymous with Wood Partners, and also serve as a true partner for the growing Gilbert community.”
Alta Cooley Station offers 248 apartment homes, providing a mix of studio, one-, two- and three-bedroom floor plans, as well as townhomes with attached garages. Homes features an array of high-end finishes including stainless steel GE appliances, sleek cabinetry with modern accents, quartz kitchen countertops with tile backsplash, wood-style plank flooring, lighted bathroom mirrors, walk-in closets for every unit, as well as full size washer and dryer sets. Select homes feature an upgraded Tech Package for added convenience.
Throughout the community, Alta Cooley Station residents have access to a suite of attractive amenities including a resort-style pool and jacuzzi and BBQ grills. Inside, residents have access to a 24-hour fitness center and yoga studio, club room, performance stage, micro-offices and conference area, Wi-Fi lounge and coffee bar, game room and a speakeasy.
Alta Cooley Station is situated next door to Verde at Cooley Station, Gilbert’s newest retail entertainment center. Verde at Cooley Station offers an array of shopping, dining and entertainment. In addition, Alta Cooley Station’s prime location places residents near more than 2.3 million square-feet of retail and dining space at SanTan Village, as well as the rich history and culture of downtown Gilbert’s Heritage District.

SCOTTSDALE, AZ – Avanti Residential has sold the vibrant 193-unit Dwell Apartment Homes for $41.6 million to Chicago-based 29th Street Capital. The sale allows Avanti to realize its investment objective for the property and continue to reallocate the firm s 9,000-unit apartment portfolio toward newer core-plus properties nationwide.
The authentic mid-century project is located near the intersection of Scottsdale and McDowell Roads and benefits from Scottsdale s high-end employment, retail, dining and entertainment offerings.
Avanti acquired Dwell in 2016 with the expectation that the McDowell Road corridor to the south was ideally positioned for transformational improvements, said Christian Garner, president of Avanti Residential. We are very pleased with the performance of this investment to date, especially given the impressive rental rate growth in the greater Phoenix area over the past few years.
The transaction is accretive to the new owner as well, with 78% of the apartments poised to benefit from planned interior upgrades that will further position the property as an attractive option amid a challenging affordability gap in Scottsdale s new apartment inventory.
Transacting in the current market environment is no small challenge, added Garner. Both sides saw this as a win-win proposition given the yields we have achieved thus far and the value-add opportunity that remains ahead.
Steve Gebing and Cliff David with Institutional Property Advisors represented Avanti in the transaction, while the buyer represented itself.
Dwell was built in two phases in 1963 and 1975, with a mix of studio, one- and two-bedroom apartments and a colorful and charming retro appeal. The complex features three swimming pools, a fitness facility and clubhouse, and courtyard with a barbeque area.
Denver-based Avanti Residential most recently recapitalized its Sunset Peak apartment community in the Denver area, where Avanti plans a $5.3 million renovation. The firm continues to acquire select core-plus and value-add apartments on behalf of its institutional and private capital partners.

CENTERTON, AR – Elevate Commercial Investment Group, a vertically integrated multifamily investment firm based in Dallas, TX announced the acquisition of Watercolors of Centerton, a 232-unit multifamily complex in the booming NW Arkansas.
This is Phase 1 & 2 of the entire complex. Phase 3, another 144 units, is currently under construction and expected to be completed in Summer 2023. Elevate is already set to close on the acquisition of Phase 3 once construction is complete, which will make Watercolors a 376-unit community.
Elevate focuses on a strategy called real estate syndications. This is a term for a group investment among many different investors. Elevate works with busy professionals who want all the benefits of real estate, but don’t want to manage the deal themselves. That’s what Elevate and their team do. Elevate CIG raises capital from high-net-worth investors to acquire the deal and help with any repair/upgrade costs. In exchange for their capital, investors earn real equity in the deal. After closing, Elevate executes their business plan, provides monthly updates, and gives investors a substantial return on their investment.
NW Arkansas is one of the hottest real estate markets in the U.S. right now. A recent Skyline Survey found that the apartment vacancy in this market is “functionally 0%.” The property Elevate just acquired, Watercolors of Centerton, is just 8 minutes away from the new Walmart HQ in Bentonville, which will house 19,000 employees.
“We continue to buy quality assets in thriving markets. There is still a huge demand for housing in the U.S. and especially here in NW Arkansas,” said Jorge Abreu, Co-Founder and CEO of Elevate. “NW Arkansas is experiencing a huge influx of jobs and people moving to the area.”
Watercolors of Centerton is conveniently located at the intersection of SW 14 street and Greenhouse Blvd. Complex amenities include a resort-inspired pool, gym, pickleball court, basketball court, pool tables, and pet park. Elevate plans to invest $1.5M into the property for improvements.

HOMEWOOD, IL – Preservation Equity Fund Advisors (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced their recent acquisition of Freedom Village, an existing apartment community in Homewood, Cook County, Ill. This is PEF Advisors second acquisition in Cook County, Ill. in the past 12 months.
Originally built in 1998 with tax credits from the Illinois Housing Development Authority, Freedom Village is a single 3-story building which serves low-income seniors. Comprised of 198-units, the property includes a mix of 124 one-bedroom units and 74 two-bedroom units. All of Freedom Village s 198-units are allotted at 60% area median income (AMI).
Freedom Village is 98.5% occupied (as of November 2022) and provides an abundance of amenities, both in-unit and within the apartment community. Units include fully equipped kitchens with refrigerators, ranges, dishwashers, 6-panel wood doors, in-unit heating/cooling systems, vinyl plank & carpet flooring and walk-in closets for the two-bedroom units. Within the property, there is a community room with a kitchen, elevators, lounges, outdoor patio with BBQ grills, library, laundry facilities, fitness center and a game room with a pool table. Parking consists of 40 garage spaces and 93 surface spaces.
This project sits in a unique part of Cook County as residents are walking distance to major retail corridors and public transportation, said Ann Caruana, President & Chief Investments Officer at PEF Advisors. There is a high demand of housing in the area, and we hope through our dedication in the preservation of affordable housing, Freedom Village will further serve the community.

SAN DIEGO, TX – Leading affordable housing developer Affirmed Housing announced the grand opening of The Orchard at Hilltop, a mixed-use, urban infill development located in San Diego s Chollas View neighborhood. Situated across multiple parcels on Hilltop Drive, The Orchard at Hilltop delivers apartment homes for lower-income residents, as well as approximately 6,500 square feet of commercial space. The opening marks the completion of the first of a multi-phase effort to redevelop the underutilized surrounding area.
A severe shortage of affordable housing continues to plague so many of our hard-working residents. The Orchard at Hilltop is a great example of how to tackle our housing and homelessness crisis — demonstrating what s possible when we work with community-minded partners like Affirmed Housing, said San Diego Mayor Todd Gloria. Not only have they delivered a beautiful complex that residents can be proud to call home; they have also revitalized an entire swath of land that paves way for new opportunities and new beginnings for many more San Diegans. This project raises the bar, and I look forward to seeing more thoughtful projects and approaches like this in the city s future.
The Orchard at Hilltop enriches the Chollas View community with 113 affordable apartment homes, a hospitality venue destined to become a local landmark, and a renewed stormwater channel that creates a natural wildlife habitat amidst the busy urban context. The development also paves the way for new, market-rate home construction across the arroyo, benefiting San Diego residents at all income levels.
The Orchard at Hilltop breathes new life and fresh opportunities into the neighborhood and demonstrates what s possible when multiple stakeholders come together to execute on common goals, said Jimmy Silverwood, President of Affirmed Housing. By working together, we are able to add much-needed inventory to the region s housing market and deliver a beautiful community that supports quality of life goals for its residents. Affirmed Housing is proud to work with fellow forward-looking partners to make a difference for hard-working families and individuals who deserve to live their best lives.
To activate the land, Affirmed Housing led the mapping charge, combining and cleaning up what were originally a dozen different parcels on nine acres and dividing them into three separate parcels to accommodate the affordable and market-rate developments and the renewed stormwater feature. The overall process involved negotiations with state and federal environmental agencies to uncover creative solutions for bringing housing and economic development opportunities to the community while also protecting the existing natural resources. Affirmed Housing also engaged with the community, applying member feedback to help ensure the design of The Orchard at Hilltop will serve as a valuable resource in the long term.
The Western Alliance Affordable Housing Investments group is very pleased to play a role in bringing essential affordable housing to the Chollas View neighborhood, said Philipp Smaczny, Senior Director of Affordable Housing Finance for Western Alliance Bank. Our team specializes in delivering tailored, flexible financing solutions for residential projects across the country. This exciting investment in San Diego exemplifies our commitment to our clients and communities.
The apartment homes, which range in size to accommodate single-member through large-family households, are spread over two four-story buildings and one three-story building. Each building includes its own laundry room and elevator. A separate, single-level building contains a community room with outdoor amenities, such as an adjacent swimming pool, recreational lawn, basketball half-court and a tot-lot. A mix of surface and tuck-under parking is available throughout the complex, including multiple EVCS parking spaces and secured bicycle parking in one of the residential buildings. Additionally, The Orchard at Hilltop residents have access to services that are customized to meet the needs of the multi-generational community.
Affirmed Housing s funding partners for The Orchard at Hilltop are Civic Communities, Boston Financial, Boston Capital Finance, Western Alliance Bank, the San Diego Housing Commission, the City of San Diego, the California Tax Credit Allocation Committee (CTCAC) and the California Debt Limit Allocation Committee (CDLAC). It was funded in part with HOME Investments Partnerships Grant funds provided to the City of San Diego by the U.S. Department of Housing and Urban Development (HUD) and administered by the San Diego Housing Commission. Project development partners include Studio E Architects, LandLAB, Kettler-Leweck, HA Builders and Project Design Consultants.

AUSTIN, TX – Greystar Real Estate Partners, a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, has broken ground on Interport, a residential development that brings best in-class rental housing, within a mile of Tesla’s Gigafactory and Global Headquarters.
“We’re really excited to be able to bring Interport to the Del Valle neighborhood, an area of Austin that has an immense need for housing,” Alex Perkins, Director of Development, said. “The community itself will feature a large clubhouse with indoor-outdoor fitness and coworking spaces. Given the community’s proximity to Tesla’s Headquarters, sustainability and ample greenspace were major driving forces behind the design. This area is ripe for growth, and we are excited to help pave the path for other major developments to come.”
Interport, a garden style community, will have 396 apartment homes in studio, one-, two-, and three-bedroom floorplans that range from 609 to 1,548 sq. ft. Each one will feature high-end finishes with stainless steel appliances and other luxury touches.
The outdoor amenities headline the amenity offerings. The community will feature a large central park in the middle of the community that will include a dog park and beer garden, along with a luxury pool, outdoor kitchen and lounge space, a pickle ball court and fitness lawn, and a community garden. The clubhouse was designed in partnership with Meeks Partners and Michael Hsu Office of Architecture and will feature interior spaces such as an indoor-outdoor coworking study and library, two clubrooms, and a fitness facility programmed by Technogym. Additionally, the community will have EV chargers available.
The community expects to begin preleasing in late 2023 with the first units delivering in early 2024.

NASHVILLE, TN – Security Properties and Enterprise Community Investment partnered to acquire Hickory Hollow Towers and Colony Square Apartments. This acquisition marks the 10th and 11th joint venture between Security and Enterprise. Financing was provided by Fannie Mae through Berkadia.
Hickory Hollow is a 154-unit, senior affordable housing community located in Antioch, TN and Colony Square is an 80-unit, family affordable housing community located in Smyrna. TN. Both properties will benefit from significant renovations, including parking lot asphalt, roof repairs, energy efficiency upgrades, plumbing repairs, and community amenity improvements.
These transactions mark Security Properties’ first acquisition of affordable properties in the state of Tennessee. “We are excited about planting a flag in the Nashville MSA and investing in these communities for the future as we continue to grow our footprint in Tennessee,” said Chase Olson, Associate Investment Manager with Security Properties.
Sean Burrowes, Director, Affordable Housing added “Hickory Hollow Towers and Colony Square are important assets that provide crucial affordable housing in a market that has seen a significant increase in rents and a decrease in market-rate affordability. Security Properties is committed to providing safe, high quality and service enriched housing at Hickory Hollow Towers and Colony Square and looks forward to ensuring that these properties remain affordable for future generations of seniors and families in the Greater Nashville area.”
Both properties will be managed by Security Properties-affiliate Security Properties Residential.

BETHESDA, MD – Alliant Capital, a Walker & Dunlop company, announced its $40 million investment for Shiloh Crossing, a new construction of 171 Low Income Housing Tax Credit (LIHTC) units in Windsor, Sonoma County, CA.
The team, including Dudley Benoit, senior vice president and chief production officer, and Jennifer Erixon, managing director, led Alliant s LIHTC syndication of the tax credits to the project’s development and ownership team, Integrated Community Development (“ICD”) and Corporation for Better Housing (“CBH”), a California nonprofit corporation. Together, the teams will build housing for families with incomes up to 30% to 70% of the area median income (“AMI”).
“Working closely with CBH and Alliant Capital enables us to deliver on our vision and belief that our work creates communities that uplift people’s lives,” said Jake Lingo, senior vice president at ICD. “Shiloh Crossing embraces the concepts of transit accessibility, pedestrian-friendly design, inclusiveness, and sustainability to create a vibrant development that will help to alleviate the housing shortage in Windsor. Having a strong syndicator in today’s volatile market is paramount, and we are thankful for the relationship we have forged with Alliant Capital.”
“Alliant has been key in closing this property,” said Lori Koester, executive director at CBH. “Alliant has partnered with CBH to build 59 properties totaling over 3,730 units, and this one is no different. We are glad to continue to make a difference in affordable housing with Alliant by our side.”
Alliant, ICD, and CBH recently worked on a similar project in Sonoma County, a new construction consisting of 101 LIHTC units generating $26 million of federal LIHTC equity called Baumgardner Terrace.
“Alliant is pleased to work with CBH yet again on another much-needed affordable property,” said Jennifer Erixon. “Shiloh Crossing will generate $40 million in Federal LIHTC, $5.5 million in California state tax credits, and over $300,000 in energy credits. The state and federal LIHTC programs are essential tools to address the growing housing crisis throughout the country.”
Shiloh Crossing is a new construction project consisting of two buildings. The five-story “U”-shaped North Building will have 130 units, and the four-story mixed-use South Building will have 43 units with two large commercial spaces, administrative offices, and community space. Located in a mixed-use neighborhood in northeast Windsor, Shiloh Crossing is in a good location for multifamily use, and its proximity to schools, employment, public transportation, retail, and other area services is expected to have a positive impact on its marketability.
Alliant Capital, a Walker & Dunlop company, is the nation’s sixth largest LIHTC syndicator. Today, Alliant Capital’s portfolio exceeds $14 billion in assets under management and has provided housing for over 400,000 low-income families, seniors, and veterans.

TACOMA, WA – USG Realty Capital, a leading investment sponsor specializing in opportunity zones, announced the details of its ground-up opportunity zone project, Market Square Apartments, as part of its Investors Choice OZ Fund, an investor-directed, multi-asset opportunity zone fund offering. The 176-unit fully entitled multifamily project, located in Tacoma, Washington, will also include ground-floor retail space. The property will be developed in partnership with Plus Capital Partners and is scheduled for completion in June 2024.
“When looking for our next qualified opportunity zone project to include in our portfolio, the Tacoma submarket stood out as an exceptional area that meets our strict standards,” said Greg Genovese, founder of USG Realty Capital. “Tacomahas strong fundamentals, with an impressive occupancy rate, rent growth rate and apartment sales volume, all of which have exceeded recent averages. We are very pleased to partner with Plus Capital Partners, a leading development firm, and to add Market Square Apartments to our portfolio.”
Located in the exceptional submarket of Tacoma, near Seattle, Market Square Apartments will be an eight-story multifamily building located directly adjacent to the Greater Tacoma Convention Center and the University of Washington’s Tacoma Campus. The luxury apartment building will include several highly desirable amenities, such as a fitness center, storage for 184 bikes, a pet grooming area, a conference room, two rooftop amenity decks, two resident lounges with kitchen and dining and five laundry facilities.
Tacoma is a booming hub for tech startups and small businesses, due in part to its robust broadband infrastructure and convenient freeway and rail line access, which offers an easy commute to Seattle and its large regional employers. Major roadways Interstate 705 and State Route 509 are within 2,000 feet of the Market Square Apartments property. Several downtown Tacoma employers, including St. Joseph Medical Center and Columbia Bank, are just a short drive away. Additionally, the University of Washington’s Tacoma campus, ranked as one of the top pubic universities in the West by U.S. News & World Report, is expected to grow to 10,000 students in the upcoming years, potentially increasing demand for nearby housing. As it is located in one of the area’s six designated opportunity zones, the project also allows for potential tax benefits.

ST LOUIS, MO – Aptitude Development is set to develop The Marshall St Louis, a 508 bed development across from St Louis University. The Marshall St Louis will be the 10th ground up development for Aptitude since its inception in 2014 and the 7th iteration of its Marshall brand. Construction will begin this spring and be completed for Fall 2025.
Amenities at the property will include an expansive hot tub, best in market fitness facility, gaming lounge, collaborative and individual study lounges, café areas and fire pits. The Marshall will have two-story 5 bedroom townhouses on its top floors offering some of the most unique living opportunities in the market.
“We are excited to expand our brand and bring this exciting project to the St. Louis University market. SLU has seen strong growth of its enrollment and the supply of quality off campus student housing has not kept pace,” said Jared Hutter, Founder and Chief Snow Shoveler for Aptitude Development. “The proximity to campus and to the adjacent City Foundry development make this an incredible opportunity for both Aptitude and ultimately the students who will live there”. The City Foundry, located right next door is a neighborhood transforming mixed use development with retail, restaurants, office space and residential units that locally brings much needed offerings to the SLU area as well as the adjacent Cortex Innovation District. “The Marshall St Louis is the next of a great lineup of projects we plan to build in the coming years,” Hutter added.
St Louis University, founded in 1818, is a world class institution and one of the nations oldest and most prestigious Catholic Universities. With more than 13,000 students, SLU boasts more than 15 graduate and undergraduate programs ranked in the top 50 in the US.