ROCKLEDGE, FL – CONAM Multifamily Partners Fund III, a discretionary fund sponsored by The CONAM Group, announced the purchase of Rockledge Flats, a Class A, 247-unit multi-family apartment community near Florida s Space Coast in Rockledge, Florida.
Completed in late 2021, the 10-acre luxury apartment community consists primarily of two four-story elevator-served structures housing 247 units. A standalone, single-story building serves as the leasing office and amenity clubhouse and features a 24-hour fitness center, resident lounge with billiards table, and conference room.
Positioned north of the indoor amenity structure and between the two four-story residential structures is an outdoor kitchen with two gas grills and an oversized zero-entry pool with pergolas, lounge seating, and a poolside firepit. The best-in-class apartment interiors boast 10 ceilings, abundant natural light, stainless steel appliances, quartz counters, ample storage and closet space, and full-size washers and dryers.
Residents at Rockledge Flats have an easy commute to the robust job centers of the Space Coast, and an influx of local businesses attracted to Rockledge s main street initiative has contributed to a thriving local community centered almost directly in front of the property. In further benefit to Rockledge Flats residents, the broader region has seen surging employment in technology industries, specifically the high-wage scientific research and development sector, which has grown over 75% in the past five years. Residents also benefit from the newly constructed Publix-anchored retail center located a short distance from the property, plus the abundance of desirable amenities in the master-planned Viera community quickly accessible via US HWY 1.

RIALTO, CA – Plant Prefab, the first Certified B Corporation building technology company dedicated to sustainable design, materials, and operations, announced that it has secured $42 million in Series C and other funding to support the company s capacity expansion and increased multi-unit housing production. The Series C was led by Gerdau Next Ventures, the corporate venture capital program of Brazilian steel producer Gerdau, with additional investments by Asahi Kasei, Brown Angel Group, ICT Capital and Unreasonable Collective. The round also included debt and equipment financing from Western Technology Investments and ATEL Capital Group. All parties are existing investors in Plant Prefab, reflecting strong belief in the company s growth and market opportunity.
We are gratified by this vote of confidence from our investors, who recognize the opportunity to further scale our solutions for multifamily and single-family community developments, said Plant Prefab Founder & CEO Steve Glenn. The Series C funding will enable completion of the Arvin Hub — Plant Prefab s first automated factory and regional production hub and the country s first hybrid panel and module manufacturing facility — which will provide the additional capacity, increased velocity, and expanded geographic reach to serve our target markets.
With a national housing shortage estimated at four million homes, the most in-demand urban infill and resort markets have been especially difficult for builders to address due to diverse local zoning and code requirements, skilled labor shortages, high labor costs, and/or short building seasons, all of which dictate tailored solutions. Plant Prefab s patented Plant Building System™ was specifically designed for such challenges, utilizing advanced engineering in combination with specialized Plant Panels™ and Plant Modules™ to accommodate modular, panelized, and hybrid modular/panelized building solutions. The system addresses the design and buildability problems of all-modular or all-panelized approaches as well as the unpredictable timelines and labor challenges that can lead to massive schedule and cost overruns in site-based building.
The Arvin Hub will enable full industrialization of the Plant Building System, allowing Plant Prefab to take on larger multifamily and single-family community developments. At scale, the factory will be capable of producing over 900,000 square feet of housing (equivalent to over 800 housing units) per year, far more time and cost efficiently than the company s existing two factories. The Arvin Hub will also expand Plant Prefab s service area to the entire Western U.S., where the nation s housing shortage is especially severe. The company s pipeline reflects this demand: As of August 2022, contractual backlog totaled more than $85M and prospective business totaled more than $660 million, representing year-over-year growth of 58 percent and 110 percent, respectively. Contracts include workforce, affordable and market-rate housing spanning multifamily, single-family, single-family community and student housing developments.
In addition to completing the Arvin Hub, funds from this financing will also be used to bolster Plant Prefab s engineering, product management, supply chain and project management infrastructure. Digital building data — produced by the company s proprietary engineering platform — will be used to drive automated manufacturing equipment in addition to providing detailed instructions to project partners for efficient on-site installation and finish. The development of curated finish packages for all segments of the market will further streamline project planning and mitigate supply chain-related delays.
Plant Prefab s end-to-end solution ensures optimal efficiency throughout the project lifecycle. This holistic approach and proven ability to standardize almost any design into repeatable components makes the company uniquely suited to address the most high-demand segments of the housing market, especially urban infill, second home, and resort communities in the Western U.S., says Rafael la Porta de Castro, Corporate Development Director for Gerdau North America. Gerdau is proud to support Plant Prefab s leadership in sustainable housing design, production, and operations.
Plant Prefab s data-driven processes produce 30 percent less construction waste than site-based methods, and corporate responsibility initiatives spanning everything from material sourcing to component shipping efficiency have helped the company achieve carbon-neutral operations since 2020. The Arvin Hub is being constructed to Plant Prefab s strict environmental standards for minimal resource consumption and will be fully solar-powered. The company plans to continue scaling its sustainable housing production through a hub-and-spoke model that will eventually serve the entire continental U.S. Standardized Plant Panels will be produced at highly automated, high-volume regional hub facilities with consolidated resources, while Plant Modules will be assembled at spoke facilities that are located closer to customers to minimize shipping costs and on-site finish work.

INDIANAPOLIS, IN – Real estate private equity firm Gray Capital has closed on their acquisition of Sycamore Terrace Apartments, a 250-unit luxury multifamily apartment community located in Terre Haute, IN.
Gray Capital’s strategy for this project includes repainting exteriors to enhance curb appeal, installation of a controlled access and gate system at the property, cosmetic improvements for the club house, and improved on-site management of the property through Gray Capital’s property management company, Gray Residential.
“Sycamore Terrace is already a best-in-class asset, and our improvements at the property will ensure that Sycamore Terrace continues to set the standard for luxury apartment living and meet the needs of a growing community” says Spencer Gray, President and CEO of Gray Capital.
George Tikijian, Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield represented the seller in the transaction, with Gray Capital representing itself.
Sycamore Terrace is the third property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund, and follows the acquisition of Club Meridian in Lansing, MI and Indianapolis apartment property Stonybrook Commons earlier this year.
Gray Capital’s acquisitions in 2022—Sycamore Terrace, Club Meridian, and Stonybrook Commons—total over $127 million and are part of Gray Capital’s $775+ million in assets under management and more than $2 billion in commercial real estate transactions to date since its founding in 2015.

RANCHO CUCAMONGA, CA – Wood Partners announced the groundbreaking of Alta Cuvee, located in Rancho Cucamonga, CA. Located within the Inland Empire, Alta Cuvee marks Wood Partners’ second development within the area, which has been experiencing one of the highest growth rates in the nation. With the construction currently underway, the community is set to open in late 2024 with pre-leasing in Fall 2024.
“As the Inland Empire continues to experience a massive amount of growth and development, we are excited to break ground on our second Wood Partners residential community, Alta Cuvee,” said Joe Gambill, Managing Director for Wood Partners. “Alta Cuvee is being developed on the heels of the very successful Wood Partners developed community, Alta Upland. We are thrilled to continue expanding in the Inland Empire.”
Located in Rancho Cucamonga at the intersection of Foothill Boulevard and Etiwanda, Alta Cuvee residents will have access to several major employers—including XPO Logistics, Kimberly-Clark, Amazon and several major hospitals. The residential community is also near Victoria Gardens, a 1.5 million square foot open air entertainment and shopping center. Located only 1.5 miles away, Victoria Gardens includes 170 upscale retailers like Apple, Pottery Barn and Williams Sonoma, as well as a performing arts center and weekly Farmer’s Market.
Once complete, Alta Cuvee will offer 260 apartment homes comprised of one-, two- and three-bedroom floor plans, including a limited selection of two-story floor plans. All homes will feature high-end finishes including stainless steel kitchen appliances and front-load washer and dryer sets, as well as wood-style flooring in main living spaces.
Alta Cuvee residents will also have access to a variety of attractive amenities, including a resort-style pool with a tanning deck and spa, outdoor fire pits and BBQ areas, bike storage areas and an on-site pet park. Community amenities include an indoor clubhouse with an entertainment kitchen, fitness center with a yoga suite, business center and conference room, and commercial retail spaces. There are also multiple courtyards with beautiful gardens for socializing.

HOUSTON, TX – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, announced that The Oliver, an art-inspired community, is now pre-leasing.
The Oliver, which is named after the creator of the grain elevator Oliver Evans, is the only podium project in the market and is in the heart of the Sawyer Yards neighborhood, which is home to the largest concentration of artists in Texas – nearly 5,000 artists work within a quarter mile of the community in old grain silos and warehouses that have been repurposed for studio space.
“We are extremely excited about the neighborhood, Sawyer Yards, for this incredible project,” Ned Dodington, Director of Development, said. “Thoughtfully designed, with smart home technology in each apartment and great community amenities, like the Horizon Skyline Lounge and The Kiln Outdoor Kitchen & Grill, The Oliver creates an environment based on a curated art gallery, which includes the community’s podium style design that provides a more-refined experience with higher views and an overall more attractive building. It translates fine art and art collection into a residential experience in a prime location.”
The Office of Michael Hsu —Texas’ foremost architecture and interiors group—designed The Oliver’s interior with a style that blends clean lines and the industrial history of the neighborhood with a color and materials palette of contemporary art. The community features a refined and invigorating atmosphere, amid 2- and 3-dimensional art collections curated by Capital Integrated Art from Sawyer Yards artists.
Individual apartment homes are available in studio, one- and two-bedroom floorplans with some micro units available. Many of the units will feature floor-to-ceiling glass windows. The Oliver also works with owners of local businesses to secure resident-only perks and discounts – for example, various local breweries welcome new residents’ home with a round of beers in their family-friendly taprooms.
The fitness room, club room and pool deck will have uninterrupted views of Houston’s downtown sky lounge and feature best-in-class equipment.
The neighborhood is walkable, packed with nightlife amenities and is becoming the new center focus point for Houston. The community is well positioned with easy access to employment being just 3 minutes from downtown and 15 minutes from the energy corridor.

CHICAGO, IL – Interfaith Housing Development Corporation (IHDC) announced the groundbreaking of the Conservatory Apartments. Situated just north of the landmark Garfield Park Conservatory in Chicago, the Conservatory Apartments will serve two populations that in need of permanent, supportive housing with forty-three new, affordable units which are targeting goals that, when achieved, would set a new standard for affordable housing.
IHDC is poised to demonstrate that the Passive House Certification for large, affordable, multi-family housing projects is within reach in a Midwestern climate. “IHDC is committed to providing the healthiest and safest affordable living environments possible, that’s why we continue to push for programs that advance human and environmental health through sustainable design,” says Perry Vietti, President of Interfaith Housing.
Conservatory Apartments was designed by national architecture and engineering firm HED, who has worked with IHDC before on affordable housing developments with aggressive sustainability goals. “IHDC’s goals for this project are twofold,” says Susan King, FAIA, LEED AP BD+C, LFA, Sector Leader with HED and Principal in Charge of the Conservatory Apartments design team, “First, the building is being designed to meet Passive House Standards and achieve Passive House certification through the Passive House Institute of the United States (PHIUS), which is a next-generation passive house standard that combines thorough design verification protocol with a stringent QA/QC program to deliver better buildings. Secondly, the project has been selected to be a participant in the Living Building Challenge (LBC) Pilot Program for affordable housing.” As a pilot participant in the LBC Pilot Program the design team was able to participate in a biophilic design workshop which then informed the interior design. The design team utilized the simulation of natural forms throughout the interior via specified light fixtures and patterned glass. The incorporation of a low maintenance moss wall in the building lobby is both a way of bringing nature inside as well as a nod to the namesake conservatory a block away. Through a biophilic design approach, the Conservatory Apartments will tell a story about nature that will tie it to its place and time.
Once successfully constructed, Conservatory will be the largest multi-family building in Chicago to meet this PHIUS standard. This is significant because it will demonstrate that achieving these goals is not only attainable at a practical scale, but in a region with a demanding four seasons climate. This sends a strong message about not just the possibility but necessity for affordable housing to prioritize resident and environmental health through innovative design. To date, the only other Passive House Certified affordable housing project in Chicago holds six units, compared to Conservatory’s forty-three. To meet these goals, Conservatory will be equipped with a variety of energy saving and efficient features, including complying with the ComEd energy efficient guidelines, 14 kw photovoltaic systems (solar panels), energy saving appliances and lighting, and through the specification of water saving plumbing fixtures, indoor water use will be reduced by 25%. Conservatory will also be transit-oriented, placed on a site less than 1,500 ft from the Conservatory green line stop. The project will be constructed by the locally-based Henry Bros Co.
Of the Conservatory’s forty-three new units, thirty-four will target individuals who are chronically homeless and who have a disability, and nine are set aside for persons from the Illinois State Referral Network (SRN). To provide these populations with supportive programming in addition to housing, IHDC is partnering with Deborah’s Place, a nonprofit provider of housing and services to persons who have experienced homelessness, and Trilogy Behavioral Health, a comprehensive integrated care agency that enables people in mental health recovery to build meaningful and independent lives.
“Deborah’s Place and Trilogy will provide services and care to the formerly homeless residents that will reside in Conservatory’s forty-three units,” says Vietti, “Our mission is to create high-quality, financially and environmentally sustainable, affordable housing for low-income individuals and families that provide a safe, healthy and thriving environment with supportive services as a foundational strategy. Conservatory is an excellent example of that mission taking form in Chicago.”
Residents will benefit from the partnership of service providers as has been demonstrated in other projects. Susan Doig, Interim Chief Executive Officer at Trilogy says, “We are so excited to partner again with IHDC. Conservatory will allow us to serve more people with disabilities moving out of long-term care into independent apartments and people who have lived experience with homelessness will be housed in their own apartment. We have found that collaboration is what makes these projects successful, and we are honored to be a part of this innovative team.”

FAIRFAX, VA – The Milestone Group has announced its acquisition of a three-property, value-add, multifamily portfolio totaling 870 units in Fairfax County, Virginia, executing an off-market acquisition through a loan assumption that saved significant prepayment costs. The purchase price was not disclosed.
“The properties in this portfolio are well-located and of institutional quality, providing Milestone with a strong mark-to-market opportunity to improve performance through strategic capital enhancements and a sophisticated operating platform,” said Milestone Vice President for Acquisitions, Jason Wise. “These communities reflect Milestone’s continued interest in acquiring assets in resilient, high barrier-to-entry markets, close to major employment centers, great schools, and abundant amenities. We look forward to executing our business plan and modernizing the assets to improve their position in the market.”
The Acquisition Included:
The Ellipse at Fairfax Corner in Fairfax, VA features one and two-bedroom apartments conveniently located near the amenity-rich Fairfax Corner and Fair Oaks Mall destination retail centers. The property is minutes from I-66, Route 50, and Route 28, providing exceptional access to job destinations in Fairfax, the Dulles Corridor, Tysons, and Washington, D.C. Residents enjoy spacious apartments with fireplaces, a fitness center, pool, business center, and tennis courts in a mature, wooded setting.
Windsor at Fair Lakes in Chantilly, VA provides one, two, and three-bedroom floor plans in luxury apartments within walking distance to Whole Foods and minutes to Fairfax Corner and Reston Town Center amenities. A resort-style pool, state-of-the-art fitness facility, dog park, and convenient access to the WO&D bike trail provide residents with exceptional outdoor activity options while living close to key transportation routes.
The Townes at Herndon Center near historic downtown Herndon, VA features two and three-bedroom open floorplan townhome apartments in a walkable setting convenient to grocers Whole Foods, Trader Joes, and Harris Teeter, and minutes from destination retail at Reston Town Center. The community features a pool and fitness center as well as one and two-car attached garages for each unit.
Milestone acquired the portfolio in its discretionary value-add fund, Milestone Real Estate Investors V, LP (Fund V), bringing Fund V to nearly 6,000 multifamily units and Milestone to 10,000 multifamily units across the United States. Fund V seeks to create growth for investors by capitalizing on risk-adjusted, value-oriented opportunities through direct purchases, entity purchases, joint ventures, and recapitalizations. Milestone has a reputation for specifically solving for a seller’s strategic or structural requirements.
“We focus on creative deal structures to generate win-win solutions with sellers. In this case, we were able to save over $20M in prepayment costs by assuming the existing financing,” said Chris Bartlett, Milestone’s Head of Capital Markets. “Although loan assumptions can be an arduous process, a significant number of our investments during the last five years have been through loan assumptions, which we believe differentiates us when working with sellers as we are able to efficiently work through the process while saving substantial prepayment penalties.”

SAVANNAH, GA – Aventon Companies, a prominent, vertically integrated multifamily developer with active projects throughout the Mid-Atlantic and Southeast, announces its newest project, Aventon Victory in Savannah, Georgia. The community will be a 280-unit, four-story, Class-A development, located near the intersection of Victory Drive and Harry Truman Parkway, just two miles from historic Downtown Savannah and just two blocks from Daffin Park.
Spanning over 11 acres, Aventon Victory will offer one, two, and three-bedroom apartment homes outfitted with Aventon’s signature modern finishes and surrounded by first-class amenities. Inside, future tenants can look forward to a hospitality-inspired clubroom with an entertainment bar, billiards and shuffleboard, fireplace, remote working lounge, and state-of-the-art fitness center. Outside, the resort-style pool with outdoor lounge and festival lawn will be centered by a champion live oak tree for which Savannah is famous for. The pet-friendly community will also feature a pet spa and on-site dog park. Aventon Victory is within walking distance to high-quality retailers such as Whole Foods, and is just minutes from the expansive Daffin Park, home of the Savannah Bananas.
“Aventon Victory marks our third project in the state of Georgia and second in the Savannah market which continues to rapidly expand in terms of population and job growth, major contributors to its flourishing economy,” said Ron Perera, Senior Managing Director. “With Aventon Victory, we are thrilled to offer residents the opportunity to fully immerse themselves in this exciting and historic city at a reasonable price point.”
Aventon Victory’s buildings were designed by Watts Leaf Architects, with interior design curated by Alpharetta-based Studio 5 Interiors, Inc. Landscaping and hardscaping have been designed by Thomas & Hutton. The community is located at 2840 Wicklow Street, Savannah, GA 31404 and is expected to begin leasing in early 2024. 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.

ALBUQUERQUE, NM – Titan Development, Alliance Residential, RS21, and the City of Albuquerque announced a large-scale public mural on the eastern side of Broadstone Nob Hill, a multifamily property developed by Titan and Alliance at 4101 Central Avenue Northeast in Albuquerque’s East Nob Hill neighborhood. Based on a concept by Titan Development, the muralist Todd Hebenstreit has worked alongside Resilient Solutions 21 (“RS21”), a data science company that also specializes in design and visualization, to produce the city’s first augmented reality mural inspired by the historic Route 66 highway.
“We are thrilled that Titan’s Broadstone Nob Hill property will be the site of this future landmark mural in the heart of the historic Route 66 in East Nob Hill,” said Josh Rogers, Senior Vice President at Titan. “The original concept of the mural was to bring back some of the iconic feeling of the cars and neon signage that made Route 66 so unique, combined with state-of-the-art 3D and an augmented reality feature. We worked with the City of Albuquerque, the talented local muralist, and the great team at Resilient Solutions 21 to rekindle the Route 66 story for visitors and residents.”
“The City of Albuquerque’s Public Art Board has enthusiastically supported our community’s most cutting-edge public art opportunities and collaborations. This dynamic Route 66-themed mural that comes to life with augmented reality features is the first of its kind for our city and we’re excited to support more artists and technology partnerships to enliven our public spaces and corridors in the coming year,” said Sherri Brueggemann, Public Art Division Manager.
The mural is a combination of a painted 2D mural and an augmented reality (AR) 3D component. The 2D, 35 by 35-foot, 1,225 square-foot mural draws inspiration from the iconic Route 66, the two-lane highway connecting Chicago to Los Angeles whose landscape was once bustling with the sounds of V8 engines and illuminated by vibrant neon signs, symbols that continue to influence the artistic scene and heritage of Albuquerque, but in a neighborhood that may have lost this connection to its historic culture. Alongside elements that recognize the area’s Hispanic roots, Hebenstreit is creating a mural that vibrantly celebrates the city’s shared culture.
Superimposed 3D imagery viewable through a cell phone, tablet, or other electronic mobile device will bring the mural experience to life through Instagram and SnapChat. Vintage cars and neon signs will extend from the building in real time and headlights will “glow” at night, but without visibly disturbing nearby residents. Both an attractive and unique addition to East Nob Hill, Titan is supporting the mural as part of a continued effort to revitalize the neighborhood and promote walkability and safety, which public art has been shown to accomplish. With the 2D mural already underway, the 3D superimposed imagery is targeted to be completed in December 2022.
“We are delighted to be working alongside Titan, the City and Todd Hebenstreit to bring this iconic mural to life,” said Annemarie Henton, RS21 Director of State & Local Services. “It has been wonderful working with people who love Albuquerque as much as we do and who are committed to cultivating our community. We are excited for pedestrians to experience the sights and sounds of Route 66 as the city’s first augmented reality mural jumps off the wall.”
“I’m very honored to have been a part of designing this mural for Titan, Alliance, and the city of Albuquerque,” said Todd Hebenstreit, muralist. “There are many firsts with this mural, from the size and height to the AR component – the list goes on. This is not your average mural, and it has been a such a fascinating project.”

CHICAGO, IL – Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced the acquisition of Drexel Court & Lake Park East, a site project consisting of four multi-family buildings in Chicago’s Bronzeville neighborhood: 4420 S. Drexel Blvd, 4700 S. Drexel Blvd., 4530 S Drexel Blvd and 4725 S. Ingleside Ave.
The acquisition marks HVPG’s entrance into the Chicago market as part of a larger expansion to the Midwest beyond its footprint across the East Coast. The deal presents an opportunity for HVPG to improve and preserve 155 units of affordable housing while furthering its goal of uplifting and revitalizing communities through HVPG’s investments in high-quality, sustainable neighborhood assets.
“As a firm committed to ‘doing well by doing good’ across the nation, we are thrilled to expand our mission to the Midwest region,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “We look forward to working closely with the City of Chicago, HUD and the IHDA to bolster the city’s supply of quality, affordable housing in a time of increased demand.”
HVPG is planning an approximately $13.1M renovation at the Drexel Court & Lake Park East that will prioritize building modernization, high-end security, energy efficient upgrades and resident quality of life improvements with new common spaces including an outdoor picnic area and business center. To ensure long-term affordability for its residents, HVPG secured a new 20-year term HAP contract with U.S. Housing and Urban Development (HUD) as well as a new 30-year LIHTC regulatory agreement.
The project will be financed with equity from Hudson Valley Property Group’s latest fund, as well as 4% low-income housing tax credits and tax-exempt bonds through the Illinois Housing Development Authority (IHDA).