WASHINGTON, DC – 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 Rivergate, a luxury 402-unit multifamily community in the Washington, D.C. suburb of Woodbridge, Virginia. The community was acquired on behalf of CS1031 Rivergate Apartments, DST.
“I thought it could not get any better than the acquisition of Class A+ 2000 West Creek in 2019 for $103 million for Capital Square’s 1031 exchange/DST program, but then we continued to acquire a large portfolio of comparable Class A+ apartment communities and, now, Rivergate Apartments in Woodbridge, Virginia,” said Louis Rogers, founder and chief executive officer of Capital Square. “These Class A+ acquisitions perfectly fit the DST acquisition strategy of buying best in class multifamily assets for stable returns and capital appreciation. The acquisition of best-in-class assets demonstrates the maturation of the DST industry.”
Located at 13175 Marina Way, along the picturesque Occoquan River in the Potomac River basin, Rivergate is in a scenic area with excellent community amenities that include a resort-style swimming pool and sundeck, a rooftop terrace with cabanas, outdoor sofas and a bar, a courtyard with a firepit, gas grilling stations, a state-of-the-art fitness center, two resident clubrooms, a business center, a paw spa with a self-service wash and grooming suite, a volleyball court, kayak and bicycle storage, a multi-level parking garage, a package concierge, on-site management and maintenance and controlled access.
The Greater Washington, D.C. and Northern Virginia economy has experienced consistent growth and diversification over the past several years, supported by the federal government and largely devoid of highly cyclical industries. The area is home to several international companies, including Amazon, Booz Allen Hamilton, Capital One Entities, Freddie Mac, GEICO, Hilton Worldwide Holdings, Inc., Marriott International and Northrop Grumman.
“Rivergate is ideally located in a thriving economic sector of Northern Virginia that continues to enjoy significant employment growth and will soon welcome Amazon, which will open its second global headquarters nearby in 2023,” said Whitson Huffman, chief strategy and investment officer. “The Amazon facility is just 20 miles from Rivergate and is expected to employ 25,000 people. Amazon joins a host of other major international companies that call the region home.”
Rivergate is just four miles from both the 183-bed Sentara Northern Virginia Medical Center and a new, $200 million Kaiser Permanente medical center. Together, these employers support approximately 1,500 workers.
Potomac Mills, Virginia’s largest enclosed outlet shopping and dining destination with more than 200 storefronts and restaurants, is just five miles from Rivergate. Stonebridge at Potomac Town Center, a 500,000-square-foot open-air lifestyle center, is just six miles from the property. Stonebridge features a Wegmans Food Market, full-service health club, Alamo Drafthouse Cinema, and a splash pad water park for children. Rivergate residents enjoy ready access to both Ronald Reagan Washington National Airport, situated 20 miles northeast of the property, and Dulles International Airport, located 30 miles to the northwest.

SAN DIEGO, CA – MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its Sacramento presence, with the acquisition of Eleanor and H16 Midtown Apartments. The two newly combined communities are located along the 16th street corridor in the Midtown submarket of Sacramento.
Each community has an attractive contemporary design where residents benefit from a robust set of common area amenities, and can easily access a variety of walkable dining and entertainment options surrounding the properties.
“We are pleased to welcome these two additions to our portfolio of communities,” announced Jeff Gleiberman, President of MG Properties. “Both Eleanor and H16 allow us to further scale our regional portfolio while investing in a submarket that we believe has substantial growth potential.”
The sellers, The Grupe Company, SKK Developments, and Guardian Capital, were represented by Marc Ross and Hasina Ahmadi of CBRE. Financing for the transaction was led by CBRE Capital Markets’ Andrew Behrens, Jesse Weber, and Stephen Baird.

LAS VEGAS, NV – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Alicante Apartments in the desirable Las Vegas-Paradise submarket of Las Vegas, Nevada. The firm purchased the Class B+ community in February 2017 and the sale closed on July 19, 2022.
During their ownership, Hamilton Zanze completed many successful renovations focused on making the property run more efficiently. These projects include exterior lighting advancements, new furniture implementations, landscaping improvements, plumbing upgrades, an Amazon package locker installation, and gate replacements.
“Alicante was right down the fairway for Hamilton Zanze,” said Anthony Ly, senior director of dispositions at Hamilton Zanze. “When acquiring the property, the value-add potential was very clear. We were able to capture higher rents through unit upgrades and enhancements to amenities throughout the property.”
Alicante Apartments was built in 2001 and is located at 4370 S Grand Canyon Drive. The property comprises 232 one-, two-, and three-bedroom units averaging 1,092 square feet. Unit amenities include walk-in closets, outdoor storage, kitchens with microwaves, dishwashers, and private patios/balconies. Community amenities feature a resort-style pool and spa, playground, fitness center, barbecue, and covered picnic area, and business center with high-speed internet.
Alicante is located in Las Vegas, NV, just off Interstate 215 and W Flamingo Road, providing residents with easy access to Downtown Las Vegas, Downtown Summerlin, and major retail and employment centers. Alicante is located near several of Las Vegas’s largest economic drivers, such as Southern Hills Hospital, Downtown Summerlin, Spring Valley Hospital, and McCarran International Airport. Las Vegas is one of the world’s most-visited tourist destinations, the metro attracted 32.3 million visitors in 2022. The strength within the tourism industry has fueled job growth and strong apartment fundamentals.

FORT WORTH, TX – 37th Parallel Properties, a ;Richmond, VA-based multifamily real estate investment firm, announced the recent acquisition of The Heights of Cityview, a 344-unit, 1998-built multifamily asset located in Fort Worth, Texas on behalf of their investors and joint venture partners. This marks the firm’s seventh (7) acquisition in the Dallas-Fort Worth metro and twenty-seventh (27) in Texas, investing over $525 million in the state since its inception.
“We are excited to expand our Dallas-Fort Worth footprint with The Heights of Cityview acquisition, an institutional-quality asset in one of the fastest growing Fort Worth submarkets,” said Dan Chamberlain, Managing Partner. “With its affordable cost of living, business-friendly climate, and record in-migration, Dallas-Fort Worth has become a top choice for corporate relocations and expansions, driving robust population and job growth. The property is strategically located in Southwest Fort Worth near the Chisholm Trail Parkway, a $1.4 billion tollway connecting the Benbrook suburbs with downtown Fort Worth. This tollway has transformed the submarket, giving residents the ability to commute within minutes to some of the city’s largest economic centers,” says Chamberlain.
The property features a mix of one-, two-, and three-bedroom units with large floorplans averaging 984 square feet. The all-brick construction, low-density, and direct access garages provide a neighborhood feel. Apartment and community amenities include nine and ten-foot ceilings, 116 direct-access garages, renovated leasing center, clubhouse, and fitness center, as well as a resort-style pool with poolside putting green.
“The Heights of Cityview acquisition marks a continuation of our thematic investment strategy focused on acquiring institutional, core-plus, low-density product located in dynamic submarkets within the South and Southeast’s leading growth markets,” said Doug Fraser, who heads the acquisition efforts for the firm. “The property has experienced significant rental growth as demand for high-quality, low-density, garden product has quickly outpaced supply, in large part due to the effects of the COVID-19 pandemic and expanded work from home policies. We look forward to continuing to expand our presence in the Dallas-Fort Worth metro as we look for attractive opportunities amid market volatility,” says Fraser.
The asset will benefit from floating-rate agency debt, arranged by Cutt Ableson of Berkadia. The property will be managed on-site by RPM Living, founded in Austin, which manages over 112,000 units nationwide. 37th Parallel extends its appreciation to Taylor Hill of Institutional Property Advisors, who represented the Seller in the transaction.

HOUSTON, TX – A partnership consisting of Better World Holdings and Crown Capital Ventures has acquired Serenity at Cityside, a 362-unit rental development situated in the Galleria neighborhood of Houston, TX. The property, to be renamed Aura Galleria, is located at 6061 Beverly Hill Street.
Constructed in 1968, the development consists of a mix of one-, two- and three-bedroom floorplans distributed among 32 two-story buildings. It is centrally located within the Galleria area two blocks from the Southwest Freeway, Houston’s principal Center City highway artery. The property is situated on a residential block immediately adjacent to popular and upscale nightlife and entertainment offerings.
The new owners plan a $6-million modernization initiative that will include interior renovations and a range of community amenities. The acquisition price was not disclosed.
Last November, the partnership acquired the 449-unit Skylar Pointe Apartments in Houston’s Clear Lake neighborhood.
“The joint venture will initiate an intelligently applied capital improvement program that will boost this property’s value, as well as its appeal to young professionals,” said Reuven Bisk, president of Better World Holdings. “Our goal is to provide current and future residents with an enhanced, urban living experience.”
“We’re delighted to secure our second Houston acquisition in partnership with Reuven Bisk and the Better World team,” said Shia Grunzweig, founder and principal of Crown Capital Ventures. “In just a few short months, Better World has already demonstrated its expertise at building value at Skylar Pointe Apartments through a regimen of thoughtful, capital expenditures.”
“Aura Galleria will offer an upscale Galleria living experience at a price that’s affordable for upwardly mobile, urban professionals,” said Terri Clifton, founder and president of Better World Properties LLC. “By implementing Better World’s time-tested reinvestment strategies, this appealing property will soon reach its full potential.”

HOUSTON, TX – Olive Tree Affordable Housing, an affiliate of Olive Tree Holdings, a real estate investment firm focusing on value-add multifamily projects in dynamically growing markets across the United States, unveiled its $7.8 million modernization plan at The Life at Westpark, a 312-unit affordable multifamily complex in Houston, Texas. Property improvements are currently underway, with final completion slated for Q1 of 2023.
The interior upgrades, which consist of comprehensive improvements to 188 of Westpark s residences, 78 of which are designated Fair Housing Accessibility (FHA) units, include new flooring, cabinets, countertops and vanity tops, new sinks and service lines for both the kitchen and bathrooms, upgraded appliances and two-tone painted walls, with select units receiving new water heaters and HVAC systems. 30 residence upgrades have been completed to date, with an additional 52 currently in progress. Exterior upgrades completed to date include full roof replacements throughout, and the addition of exterior gate water valves.
When we acquired the Life at Westpark in 2019, preserving the property s affordable longevity as well as ensuring that Houston-area residents continue to have access to high-quality and safe affordable housing options was of paramount importance, said Ian Bel, Managing Principal and Chief Executive Officer of Olive Tree Holdings. As a mission driven organization, our team engages with community leaders to ensure that the needs of current and potential tenants are heard and implemented. We re thrilled to share our capital improvement plans with the local community and look forward to celebrating final completion with our residents early next year.
Remaining rehabilitation efforts at The Life at Westpark include the completion of the interior residence upgrades, the installation of new windows and sidewalks throughout the complex, the addition of new accessible parking offerings, building siding and wood repairs and the creation of a refurbished leasing office.
Built in 1994 and acquired by Olive Tree Holdings in 2019, The Life at Westpark is an amenity-rich, pet-friendly community comprised of two-, three- four- and five-bedroom apartment homes reserved for those earning up to 60 percent of the area median income (AMI). In 2022, Olive Tree Holdings acquired a Housing and Urban Development (HUD) insured mortgage to undergo substantial capital improvements to preserve Westpark s affordability status, which was previously set to expire in 2025 and will now be extended for an additional 75 years.
To date, Olive Tree Affordable Housing manages more than 4,000 affordable units nationwide, including preserving the affordability of 865 units within the Houston-metro area, totaling $125 million in development costs.

ORLANDO, FL – Middleburg Communities, a fully integrated multifamily development, investment, construction and management company operating in the southeastern and mid-Atlantic United States, announced the start of construction on Mosby Citrus Ridge, a Class A multifamily community located in Davenport, Florida, less than one hour from Orlando and Tampa. The project is being developed by a joint venture between Middleburg as development manager and Parse Capital, a subsidiary of The Wolff Company, as an investment partner.
Mosby Citrus Ridge is strategically located at 100 Orlando Breeze Circle along Highway 27 and Interstate 4. The community is less than one hour s drive from many of the major economic drivers in Orlando and Tampa, including the corporate headquarters of numerous Fortune 500 companies, amusement parks, sporting arenas, world-class dining and entertainment and award-winning beaches. Middleburg leveraged its proprietary data and analytics platform to select the development site and identify its value potential.
We are excited to further strengthen our footprint in the Orlando MSA, one of the fastest growing markets in the country, said Chris Finlay, CEO of Middleburg Communities. As a result of this growth, there is a significant need for the type of high-quality, attainable multifamily units we are developing at Mosby Citrus Ridge, especially along the heavily traveled I-4 corridor between Orlando and Tampa. Our vertical integration will help us maximize efficiencies and minimize disruptions throughout the construction process, enabling us to bring these units to market more quickly and manage them effectively so we can begin delivering returns for our investors and an exceptional living environment for local residents.
Mosby Citrus Ridge will consist of five, 4-story luxury residential buildings, and will feature many resort-style amenities including, high-end interiors with luxe finishes, state-of-the-art technology throughout the community, a saltwater pool, a fully-equipped fitness center, outdoor pavilions with fire pits and grilling stations, a yoga lawn and more. The 300-unit lifestyle-oriented, attainable housing community will offer a variety of 1-, 2- and 3-bedroom floor plans, with monthly rents starting at less than $2,000. Construction on the multi-million dollar project is expected to be completed by May 2024.

MINNEAPOLIS, MN – Norhart broke ground on Impact, their new 7-story, 328-unit apartment building. The modern apartment complex, which will be the tallest building in the city of Oakdale, includes a wide assortment of studio, one-, two-, and three-bedroom floorplans, plus four luxurious two-story penthouse residences on the top level overlooking the beautiful Minneapolis – St. Paul skyline.
In addition to Impact’s modern apartment units, the new building will feature a vast collection of amenities both inside and out, including an extensive rooftop pool, private movie theatre, free game room, state-of-the-art fitness center, multiple yoga spaces, a relaxing and calming spa room, large community center, third-floor outdoor courtyard, and more.
“We want to reimagine the multi-home industry with a focus on world-class design, customer experience, and creating apartments of the future that people love. We are focused on innovating and disrupting our industry,” said Mike Kaeding, CEO of Norhart. “That long-term vision starts today with Impact apartments in Oakdale, MN!”
Norhart’s Impact apartments will also feature over 6,500 square feet of retail space on the main level, providing a coffee shop and full restaurant to the area. Nearby, residents can enjoy the Tamarack Village Shopping Center, Xcel Energy Center, countless restaurants, Lake Elmo Park Reserve, and the St. Croix River.
With the convenient location off 694 and proximity to downtown Minneapolis and St. Paul, Norhart’s Impact apartments will offer easy access to anywhere in the twin cities. The new METRO Gold Line transit system’s Helmo Avenue stop will also be conveniently available to residents. The Gold Line will be Minnesota’s first dedicated Bus Rapid Transit system, connecting St. Paul, Maplewood, Landfall, Oakdale, and Woodbury along I-94.

HOUSTON, TX – RPM Living Investments has announced the acquisition of San Paloma in the heart of Houston s Energy Corridor, the city s third-largest employment center. The 372-unit garden property was purchased from Blackstone/Livcor through a joint venture with DRA Advisors. The transaction is the second joint venture between DRA and RPM in Texas and is RPM s 16th acquisition in greater Houston.
San Paloma presents an incredible opportunity with the community s superb Energy Corridor location, forecasted to maintain its position as one of Houston s strongest submarkets. The community is surrounded by 22MM square feet of office space, high-end infrastructure, and benefits from its location in the path of Houston s western-leaning growth and a limited multifamily construction pipeline.
Built by Sueba in 2006, one of Houston s highest quality builders, San Paloma features an unmatched amenity set, and unique floorplans with an average unit size of over 1,050 square feet that include arched doorways, vaulted ceilings, and built-ins throughout.
San Paloma is an excellent property that provides tremendous opportunity in one of Houston s premier locations. We are excited to add such a great asset to our portfolio and to capitalize on its maximum potential, says Hank Farrell, Chief Executive Officer of RPM Living Investments.
San Paloma is the perfect addition to grow our successful partnership with RPM. It is a high-quality asset in an A+ location with strong demand in a supply-constrained submarket, and we are excited to execute our business plan alongside the RPM team, says Brett Gottlieb, Managing Director of DRA Advisors.

NEW YORK, NY – Sunrise Senior Living, a leading provider of personalized senior living services, together with partners Hines and Welltower (NYSE: WELL), announced the name of its second luxury senior lifestyle community in New York City, The Apsley.
Located on the vibrant Upper West Side at 2330 Broadway between 84th and 85th Streets, the community will be able to accommodate up to 178 residents and feature 76 assisted living and 80 memory care residences designed to support each resident s independence and well-being. From beautifully appointed homes with generous amenities, concierge services and an extensive programming schedule, The Apsley will continue to reinvent the notions of a senior lifestyle in New York City and beyond.
We have always known there is a strong demand for high-quality, elevated senior living in Manhattan, said Denise Falco, Senior Vice President of Operations at Sunrise Senior Living. With the success of our sister property, Sunrise at East 56th, we are confident that The Apsley will serve the needs of New York seniors and their families who hold the Upper West Side neighborhood close to their hearts.
The Apsley is a celebration of the Upper West Side lifestyle – created for New Yorkers with a sophisticated urban pulse who are excited about this new chapter in life. With architecture by SLCE Architects, the building s key features and amenities will include a spa, a care center, landscaped outdoor terraces, a dining bistro, an art studio, a theater, and a library curated by a local bookseller. Interiors were designed by award winning Champalimaud Design, who were inspired by the deep history and vibrant culture of the neighborhood, taking on design notes from pre-war residential buildings such as The Dakota and landmarks such as the Cathedral of Saint John the Divine. Thoughtfully designed residences range from studio to two-bedroom units, and feature design elements that feel both luxurious and comfortable.
The Apsley marks an important milestone in our New York City portfolio and will offer residents a curated lifestyle tailored to their unique interests and individual needs, said Sarah Hawkins, CEO of Hines East Region. Hines looks forward to delivering a truly unique senior living experience and continuing our partnership with Sunrise and Welltower.
As Sunrise s second community in Manhattan, The Apsley will offer some of the most robust cultural collaborations available in New York City and has already developed partnerships with key community organizations for programming and off-site excursions.
The Upper West Side is one of New York City’s most desirable areas, and we sought out this location to give many lifelong New Yorkers the opportunity to remain in their chosen neighborhood at The Apsley, a modern, technologically advanced community that will cater to their unique lifestyles, said John Olympitis, Senior Vice President, Head of Corporate Development at Welltower.