TEMPE, AZ – Transwestern Development Company broke ground on a 333-unit multifamily community at Tempe s Novus Innovation Corridor on the Arizona State University Tempe campus. TDC, along with equity partners Griffin Capital and University Realty, will begin construction this month on the seven-story building located on 2.36 acres at the southeast corner of 6th Street and Rural Road.
We are excited to expand our presence in the greater Phoenix market, said TDC Development Associate John Beckworth. Tempe continues to experience increased demand for quality multifamily product due to the market s high levels of in-migration. We look forward to delivering another attractive housing option in Tempe.
Tempe continues to be one of the fastest growing cities in the county driven by strong job growth and continued investment from Arizona State University. We are thrilled to partner with Transwestern, University Realty, and Catellus in this exciting opportunity to provide additional rental housing for Tempe residents, commented Eric Kaplan, President of Griffin Capital.
The mid-rise complex will feature a host of amenities, including a resort-style pool with a clubhouse including a gourmet kitchen, a state-of-the-art fitness center, a coworking lounge, package lockers, and bike storage. Each unit will include a washer and dryer, stainless steel appliances, quartz countertops, and hardwood-style flooring.
This is an important residential project that will add more housing and amenities to Novus, which promises to be a transformational development in Tempe, said Jay Donnelly, Vice President of Real Estate Development at Arizona State University.
Located approximately five miles from Phoenix Sky Harbor International Airport and walking distance from the University Drive metro light rail line, the project is situated in the master-planned Novus Innovation Corridor, a 10-million-square-foot, 355-acre mixed-use development adjacent to Arizona State University s Tempe campus. Nearby attractions include Novus Place, a main street retail district, Sun Devil Stadium, Desert Financial Arena, and the university s recently opened Mullett Arena.
Transwestern is a valued partner to Novus, delivering exceptional residential communities in a high-demand market, said Charley Freericks, Senior Vice President of Catellus Development Corporation, the master developer of Novus. The third phase of Novus is nearly complete and Transwestern is helping us get to the finish line.
Under the terms of the agreement, the project will be developed on a ground lease with a primary term of 99 years.
This marks TDC s second development in the Novus Innovation Corridor in the past year, with a 200-unit multifamily community also underway at 651 E. 6th St. Transwestern Real Estate Services, specifically Bill Zurek and Jim Achen, continues to be instrumental in TDC s success in the greater Phoenix market. TDC currently has 14 multifamily projects totaling 4,366 units under construction, in pre-development, or recently delivered nationwide, including 1,089 units in the West region. TDC s total sales value has amounted to over $8.4 billion.

MIAMI, FL – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Parkland Apartments, a 396-unit Class A multifamily community in the affluent Miami suburb of Parkland, Florida. The community was acquired on behalf of CS1031 Parkland Apartments, DST.
“Parkland Apartments is all about the location near many of South Florida’s major employment hubs, nationally recognized schools, and retail opportunities,” said Louis Rogers, founder and co-CEO of Capital Square. “Parkland Apartments is a very special property for Capital Square’s 1031 exchange and cash investors.”
Located at 5851 Holmberg Road, the 95.5% occupied property features spacious one-, two- and three-bedroom apartment units that average 1,118 square feet and offer stainless steel appliances, quartz countertops, wood-inspired flooring, a private patio or balcony, and in-unit washer and dryers. Community amenities include two resort-style pools, a clubhouse, 24-hour fitness center, hammock garden, two outdoor kitchens, picturesque walking trails and a 4.75-acre lake. Parkland Apartments has direct access to Covered Bridge Park, a 2.9-acre park owned and managed by the City of Parkland that includes wooded nature trails, a meditation area, yoga lawn and butterfly garden.
Since 2018, the property has received $9.4 million in capital improvements, including $6.8 million in interior renovations.
Parkland Apartments is one of only two apartment communities in the exclusive Parkland school district. Beyond Parkland’s nationally recognized, A-rated elementary, middle and high schools, multiple nearby colleges and universities are also in close proximity to the property, including Broward College, Lynn University, Florida Atlantic University and the South Florida Education Center.
“With nationally recognized, A-rated schools and proximity to some of South Florida’s strongest employment, entertainment and natural points of interest, Parkland offers a high quality of life and many resident experiences,” said Whitson Huffman, co-chief executive officer. “Amid Florida’s continuing migration boom, Parkland experienced a 44.7% population increase from 2010 to 2020 with continuous growth projected in the years to come and the region continues to attract some of the nation’s leading companies, which demonstrates a positive long-term outlook for the area.”
Parkland is a highly affluent community with one of the strongest home markets in the state of Florida, with an average home price of $970,000 and household income that surpasses $100,000 annually. The Parkland submarket averaged effective multifamily rental increases in excess of 20% between June 2021 and June 2022. Rent growth is projected to increase 6.4% in 2023 and to remain above 5% through 2027.
Several of South Florida’s major employers are in close proximity to the property, including Microsoft, Zimmerman Advertising, American Express and Broward Health. In addition to South Florida’s already strong employment landscape, additional significant companies continue to relocate or move a portion of their operations to the area, including Goldman Sachs Asset Management, which has reported revenues near $8 billion annually; Blackstone, the private equity giant with nearly $1 trillion in assets under management; and Nucleus Research, a global provider of ROI-focused technology research and advisory services. This corporate migration and relocation trend demonstrates a positive long-term outlook for the region.

OAKLAND, CA – The Martin Group and STARS REI announced the acquisition of two apartment properties located in Oakland, California. The partners closed on the acquisition of Anton Edge, a brand-new 91-unit luxury apartment complex located in the heart of Oakland’s Pill Hill neighborhood. The partners also closed on the recapitalization of Alice House, a recently completed 79-unit luxury apartment complex located in Oakland’s Lakeside neighborhood. Anton Edge will be rebranded as Edson House and operated in conjunction with Alice House to create a 170-unit portfolio.
“We are long term believers in Oakland’s growth trajectory based on the strength of its medical and other non-technology focused employment base,” said Justin Osler, Co-Managing Partner at The Martin Group, a leading multifamily developer in the San Francisco Bay Area. “We think the Pill Hill neighborhood will continue to flourish as centralized, large-scale medical facilities increase their physical footprint in the face of strong demand. Similarly, the Lakeside neighborhood’s access to Lake Merritt, BART and Oakland’s vibrant food scene as well as the upcoming pedestrian and cyclist improvements on 14th Street bode well for Alice House’s continued growth. We are thrilled to close both these transactions with STARS REI who has been an excellent partner.”
Both Alice House and Edson House consist of a mix of studio, one-, and two-bedroom units, all outfitted with quartz countertops, backsplashes, stainless steel appliances, full size washer dryers, wide plank flooring, kitchen islands, smart access control, as well as private outdoor space in some units. The buildings are both highly amenitized with abundant open space along with dog wash stations, chef’s kitchens, clubrooms, co-working spaces, BBQs and outdoor TVs.
“We maintain our long-term conviction on the Bay Area due to its irreplicable business ecosystem. Great opportunities appear in uncertain times, so instead of putting our pencils down, we are trying to be as active as possible in finding high-quality buildings such as these two. This was a unique opportunity to purchase a fully stabilized trophy mid-rise portfolio at a basis significantly below current replacement cost,” said Felipe Bertoni, Vice President at STARS REI, a privately held real estate investment management company headquartered in Santiago, Chile. “We are very excited to expand our Bay Area portfolio in these great neighborhoods with an experienced partner.”
JLL represented the Seller of Anton Edge. Additionally, financing for both transactions was arranged by JLL and provided by First Republic Bank. The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Brandon Geraldo, Matt Kroger, Ryan Wagner and Max Machiorlette and the JLL Capital Markets Debt Advisory team was led by Senior Director Brandon Roth.

CHARLESTON, SC – Aventon Companies, a prominent multifamily developer and general contractor with active projects throughout the Mid-Atlantic and Southeast, announced that it has broken ground on its very first luxury apartment community in the state of South Carolina. Located in the booming West Ashley submarket of Charleston, Aventon Bees Ferry will be a 30-acre project encompassing 394 units and proximate to major employers as well as world-class dining and shopping options including the historic downtown Charleston peninsula.
With spacious one, two and three-bedroom floorplans, each apartment within Aventon Bees Ferry will be outfitted with the company’s signature high-end finishes, with details normally found only in luxury single family housing. The expansive amenity package at Aventon Bees Ferry will include a community clubhouse with hospitality-inspired design and spaces for lounging, remote work and fitness. Amongst its two courtyards, residents will enjoy a resort-style pool and gaming lawn in the primary courtyard, and a nature-centered space for tranquility and relaxation in the secondary courtyard. This pet-friendly community will also feature a pet spa and on-site dog park. Each of the four-story buildings within the development will offer elevator access. Aventon Bees Ferry is expected to open in early 2024.
“With Charleston consistently experiencing year-over-year employment growth while seeing its economy and tourism industry reach unparalleled heights, Aventon decided to launch our first project in South Carolina here. South Carolinais a key part of our regional growth plan,” said Ron Perera, Senior Managing Director. “Aventon Bees Ferry will provide luxury living amongst all that the city has to offer.”
The property’s buildings were designed by Watts Leaf Architects, with interior design curated by Studio 5 Interiors, Inc. Landscaping and hardscaping for Aventon Bees Ferry was designed by local South Carolina firm, Thomas & Hutton. The community is located near the intersection of Bees Ferry Road and Savannah Highway. Since 2019, Aventon Companies has assembled an impressive $2 billion portfolio of ground-up developments bringing over 9,000 Aventon-branded apartment homes to Florida, Georgia, the Carolinas, and the Mid-Atlantic.

MIAMI, FL – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of Oak Enclave Miami, a newly developed, 420-unit, mid-rise multifamily community in Miami Gardens, Fla. The community adds to HGI’s growing Miami portfolio, marking the eighth property under HGI’s ownership in Miami-Dade County, comprising nearly 2,000 units. HGI will assume the in-place loan for the property.
Completed in June 2022, HGI will work to finish the lease-up and stabilize operations of the community upon assuming ownership and management.
“Through our deep knowledge of the Miami multifamily market, we were able to coordinate with the seller to acquire this asset at an attractive basis and close on a fast timeline,” said Richard Litton, President, HGI. “As the Miami MSA continues to experience strong in-migration, both outside of and within Florida, we see opportunity in submarkets such as Miami Gardens as residents seek well-located housing at an affordable price point.”
HGI has continued to be an active investor in commercial and multifamily real estate amid ongoing market volatility. During the second half of 2022, the firm acquired 10 multifamily properties throughout the U.S., totaling over 4,000 units, inclusive of Oak Enclave Miami. In 2022, HGI completed a total of $6.7 billion in transactions, spanning acquisitions and dispositions.
Oak Enclave Miami offers residents a commuter-centric location with direct access to the area’s employment centers. The community is near several transportation options, including the Palmetto Expressway, Interstate-95 and the Florida Turnpike, offering access to approximately 820,000 jobs within a 25-minute drive. The community is also in proximity the Golden Glades Tri-Rail Station, connecting residents to the Miami Health District, Miami International Airport, Aventura, Hollywood and Fort Lauderdale, with a planned expansion to downtown Miami.
Oak Enclave Miami’s amenities include a 24-hour fitness center, multi-purpose clubhouse, playground, swimming pool and 24-hour monitored gate access. The community sits across 14 acres, with more than a third of the property designated as outdoor space. Units feature a private balcony or patio, 10-foot ceilings, stainless steel appliances and modern finishes.

RICHMOND, VA – Watercrest Senior Living Group and joint venture partner, Harbert Seniors Housing Fund II proudly announce that the construction of Watercrest Richmond Assisted Living and Memory Care has been completed by builder, EMJ Corporation. The 98-unit luxury senior living community, financed by Trustmark Bank, is preparing to welcome founding residents to their new home in Richmond, Virginia.
Watercrest Richmond is a signature Watercrest product offering 76 assisted living and 22 memory care apartments with resort-style amenities and exceptional care. The architecture and design boast a stunning fountain and promenade, art studio with gallery, music room, fireplace, multiple dining venues, theater, salon and spa, and the charming atmosphere of Bogey’s Cigar and Scotch lounge.
“We are thankful to each and every partner contributing to the completion of this stunning community and greatly anticipate welcoming future residents to their new home at Watercrest Richmond,” said Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group.
Watercrest Richmond provides seniors a host of amenities purposefully designed to improve residents’ connectivity and interaction with nature. The design elements include a signature water wall, live moss walls, and expansive windows allowing abundant natural light. The community’s Southern style exterior gathering spaces and one-of-a-kind greenhouse offer opportunities for engagement and activity amongst the lushly landscaped grounds and illuminated walking paths. Additionally, residents may enjoy the coveted Spa W offering world-class wellness amenities including light and salt therapy, and a state-of-the-art fitness and physical therapy center.
Watercrest Richmond is conveniently located at 5250 Grandin Avenue in Moseley. Known as a top destination by Travel + Leisure, Richmond offers plentiful dining, entertainment and cultural venues, just minutes from the rolling hills of Virginia farms, gorgeous state parks, and charming wineries. For information or to schedule a tour, contact the community at 804-294-3508.
Watercrest principals, Marc Vorkapich, CEO and Joan Williams, CFO, are setting new standards of quality for seniors and their families in the development of upscale senior living communities from South Florida to Virginia. This is the first senior living development project partnered between Watercrest and Harbert Seniors Housing Fund II.

AUSTIN, TX – Security Properties purchased Brightleaf at Lakeline, a Class-A multifamily property located in Austin, TX in an off-market transaction. Security Properties now owns 112 assets totaling approximately 23,000 units across its portfolio, including one other 204-unit, market-rate property in Austin as they continue to grow in Texas.
Brightleaf at Lakeline was completed in 2022 and consists of 304 dwelling units spread across 3 midrise buildings and 5 carriage-style buildings on 12.3 acres. The Property features one and two-bedroom floor plans averaging 880 square feet. Unit interiors consist of granite countertops, designer backsplashes, GE stainless steel appliances, kitchen pantries, faux-wood flooring in living and wet areas, carpet in bedrooms, full-sized washer and dryers, spacious closets, and high ceilings (9-10 feet). From an amenity perspective, the property offers a contemporary clubhouse/leasing center, 24-hour fitness center with on-demand virtual trainers, yoga studio, business lounge & conference center, game room, BBQ area with grills, resort-style pool and sundeck, pet park and spa, and controlled-access gates.
Brightleaf at Lakeline is located 17 miles north of downtown Austin within the highly desirable Cedar Park submarket. The submarket is anchored by the super-regional Lakeline shopping district which is bisected by two major interstates (US-183 and SH-45). Within a 1.5-mile radius of the Property there are nearly 5 million square feet of retail, including Lakeline Mall, Lakeline Market, Lakeline Plaza, and Parkline Shopping Center.
The pivotal location also provides immediate access to the area’s premier schools and some of Austin’s largest employers. The Northwest Austin submarket is home to the largest concentration of office space in the Austin MSA with over 16.5 million square feet of space. This corridor has been targeted by major technology companies in recent years due to the presence of talent and the ability to build expansive office campuses. The most notable recent example is Apple, which has an existing operations center and is currently constructing a new 3M SF campus just 5 miles south of the Subject. Other employers include State Farm’s regional service center, Amazon, eBay/PayPal, and Visa.
According to Davis Vaughn, Managing Director at Security Properties, “The acquisition of Brightleaf at Lakeline helps cement our footprint in the Austin market as we continue our expansion there. This is a high-quality asset at a significant discount to replacement cost in one of Austin’s most highly desired submarkets. Cedar Park’s population has been booming in recent years and will likely continue to grow as residents flock to the suburbs in search of space, affordability, and proximity to some of Austin’s largest employers.”

MANCHESTER, CT – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of The Pavilions, a 932-unit, garden-style multifamily community in Manchester, Conn., a Hartford suburb. The property was acquired through a joint venture partnership between HGI and Cammeby’s International Group. HGI and Cammeby’s will assume all loan obligations from the seller.
The Pavilions is located just outside of Hartford and is near several transportation options. The community sits along Manchester’s Buckland Hills Drive thoroughfare, connecting residents to Interstate-84 and Interstate-91 and providing convenient access to downtown Hartford and nearby employment centers. Notable companies in the area include Pratt and Whitney, a large manufacturing firm and defense company headquartered in East Hartford, as well as Prudential, Travelers Insurance, Aetna and Hartford Hospital.
“The Pavilions acquisition represents HGI’s ability to identify and transact on attractive investments at all cycles of the market,” said Richard Litton, President of HGI. “In an environment of increased interest rates, we are confident that the investment will benefit from the long-term financing with a below market rate.”
Built in two phases in 1990 and 1992, The Pavilions includes a mix of studio, one-, two- and three-bedroom units. The property features a strong amenity package, including two outdoor swimming pools, two fitness centers, a picnic and grilling area, multiple resident lounges, two tennis courts, two racquetball courts, a sand volleyball court and a dog park. HGI plans to implement a $21.2 million capital improvement program for unit renovations, common area and amenity upgrades and building exterior improvements.
Cammeby’s will assume management of the community. Cammeby’s, founded in 1967, owns and manages a large portfolio of real estate assets, primarily located in New York, New Jersey, Pennsylvania and Connecticut. Cammeby’s has partnered with HGI on several transactions, including HGI’s acquisition of a 5,302-unit portfolio of properties in New Jersey.

BURLINGTON, WA – CEP Multifamily CEP) announced their acquisition of Cascade Meadows, a 97-unit apartment community in Burlington, WA. Cascade Meadows is the third acquisition for CEP’s Workforce Housing Fund, a core-plus multifamily investment fund launched in early 2022 by the vertically integrated Everett-based firm.
This acquisition grows CEP’s existing portfolio to 1,509 ;units. The acquisition price was $27.5 million, or $283,505 per unit, according to Josh Jansen, CEP Multifamily’s President and Managing Partner.
“Cascade Meadows is an ideal fit for our suburban, core-plus investment strategy and an excellent addition to our Workforce Housing Fund,” said Jansen. Skagit and Whatcom Counties offer a high quality of life, relative affordability, strong local economic fundamentals with direct linkages to regional employment hubs, and a diverse labor pool to support long-term population and employment growth trends we believe will accelerate in the coming years.”

ATLANTA, GA – ECI Group (ECI) announced the sale of The Columns at Timothy Woods apartments at 2035 Timothy Road in Athens, GA to Fogelman Properties. The 204-unit, 1996-vintage community was acquired by ECI in April 2019. ECI upgraded the unit interiors and improved and modernized the community’s amenities during its ownership period. The sales price was not disclosed.
“We are very proud of our business plan execution at The Columns of Timothy Woods,” said Jimmy Baugnon, Chief Investment Officer at ECI Group. “Through our renovation program and management repositioning, we created value for our residents, the Athens community, and the ownership group. We have known the buyer (Fogelman) for many years. We have great respect for them, and we know they will continue to operate the property in a first-class manner and ensure it remains an asset to the Athens community.”
The Columns at Timothy Woods is ideally located near Athens’ robust retail district, offering residents more than 5.3 million square feet of retail amenities nearby. One-, two- and three-bedroom units offer family-friendly residences, and, with the renovations conducted by ECI, luxury touches including granite countertops, stainless steel appliances, and vinyl-plank style flooring. Recent amenity additions include a dog park, enhancements to the fitness center, and new tennis and pickleball courts. The community boasts an exceptional school district and is proximate to the University of Georgia, the I-85 Industrial Corridor, and other major job centers.