CHICAGO, IL – Core Spaces, a vertically-integrated real estate developer, owner, and operator, is driving the expansion of Oxenfree, its flagship Build-to-Rent (BTR) brand. Core’s portfolio now encompasses nearly 3,000 homes across rapidly growing markets, including Dallas-Fort Worth, Denver, Nashville, Charlotte, Austin, Raleigh, and Florida’s Gulf Coast.
Notable milestones include the completion of Oxenfree WeHo in Nashville’s booming Wedgewood-Houston neighborhood, marking the brand’s first fully delivered community; and Oxenfree Princeton near Dallas now offering move-in ready homes and completed amenities. Four additional communities in Dallas and Denver are slated for pre-leasing this year.
Core’s innovative approach to development, design, and property management distinguishes its purpose-built BTR communities in the Oxenfree portfolio. Rooted in new urbanist principles, these neighborhoods prioritize walkability, communal spaces, and seamless integration with the surrounding environment. The residences, ranging from spacious single-family homes to stylish townhomes, boast sophisticated interiors, premium finishes, cutting-edge smart home technology, and private garages, elevating the living experience. Meticulously planned green spaces and an array of high-end amenities, including resort-inspired pools, multi-functional fieldhouses, and state-of-the-art fitness facilities, foster a strong sense of belonging and community engagement.
“The housing landscape is changing, with supply challenges and shifting consumer needs,” said Cliff Payne, Chief Investment Officer of BTR at Core Spaces. “We believe our design-build approach can continue to help meet these needs through Oxenfree. As the Build-to-Rent sector grows, we’re focused on delivering quality living options and expanding our portfolio in a way that addresses the evolving housing market.”
Situated in Nashville’s vibrant Wedgewood-Houston neighborhood, Oxenfree WeHo offers 96 homes featuring three- and four-bedroom, multi-level townhomes, each equipped with a private garage. Residents enjoy thoughtful amenities, including a resort-style pool and an expansive outdoor entertaining space with a lush amenity lawn. Oxenfree Princeton has move-in ready homes and is slated for full delivery of its 408 homes and townhomes in late 2025. Residents now have access to a wide array of premium indoor and outdoor amenities, including a resort-style pool, a communal clubroom fieldhouse, a sport court, and a state-of-the-art fitness center.
Several additional Oxenfree communities are advancing in the development pipeline and are targeting pre-leasing for late summer 2025 including three locations in Dallas-Fort Worth: Oxenfree Rowlett offering 158 single-family homes townhomes, Oxenfree West Oak offering 323 homes, and Oxenfree Stonebriar offering 95 townhomes along with Oxenfree Clear Creek in Denver, CO offering 116 duplex-style homes. Oxenfree Parklin in Charlotte, N.C. and Oxenfree Commerce City in Denver, CO are scheduled for delivery in 2026, further expanding Core s presence in key markets.
“At Core, our goal is to create lasting connections with our residents throughout their lives,” noted Dan Goldberg, President at Core Spaces. “Building on our experience in student and conventional housing, we’re now bringing our expertise in design and hospitality to the next chapter of their journey with Oxenfree. We see tremendous potential in single-family rentals to redefine the living experience and set a new benchmark for purpose-built communities that truly meet the evolving needs of our residents.”
Core s BTR portfolio draws on its established success in student housing. Its award-winning student portfolio consists of over 70 communities and over 49,000 beds across the country, with a pipeline of over 45,000 beds. With a winning track record in ground up development and property management, Core brings the same level of innovation, design, and hospitality to transform single-family, residential living.

SUMMERVILLE, SC – URS Capital Partners has successfully acquired The Palms at Edgewater, a 288-unit Class A multifamily community located in the rapidly growing Charleston suburb of Summerville, South Carolina. The $58.5 million transaction closed in under 60 days, showcasing URS’s ability to execute efficiently in a time-sensitive environment.
Built in 2023, The Palms at Edgewater features a high-quality construction profile with modern amenities, strong in-place occupancy, and day-one cash flow. The property was acquired at an attractive basis with positive leverage and long-term upside.
“We’re proud of the speed and precision our team demonstrated on this deal,” said Chris Urso, Managing Partner of URS Capital Partners. “In a volatile rate environment, we were able to secure 5-year fixed agency debt at 4.77%—a rare win, with timing on our side. That speaks to the strength of our lending relationships and discipline in underwriting.”
“Uncertainty creates windows of opportunity,” Urso continued. “We’re not retreating—we’re growing strategically, with great partners by our side.”
Chris Gorman, Managing Director of Investments, added: “We’re excited to re-enter the Charleston market with a 2023 vintage asset that offers strong in-place cash flow at an attractive cost basis. It’s a great example of our ability to stay patient yet move decisively when the right opportunity emerges.”
This acquisition is URS’s eighth since the beginning of 2024 and further reflects the firm’s continued strategy of leaning into market dislocation to capture long-term value.

BEAVERTON, OR – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., has welcomed its first residents at Modera Beaverton, a mixed-use community located in the heart of Downtown Beaverton.
Modera Beaverton, which features 312 homes and 4,145 square feet of retail space, offers a walkable, bikeable location in one of the most vibrant locales in the western Portland metropolitan area. The wrap-style community is built to, and is pursuing, a LEED Silver certification.
“We’re excited to have opened our doors at Modera Beaverton, which offers residents a little bit of everything,” said Sam Rodriguez, senior managing director of development in Portland for Mill Creek. “In addition to the serene backdrop and small-town charm of Beaverton, residents have quick access to the key employment centers within the city and are within a 20-minute drive of Portland’s Central Business District. We are proud to offer a best-in-class experience within one of the region’s most charismatic downtown areas.”
Situated at 12230 SW Broadway Street, Modera Beaverton possesses a superb Walk Score of 98 and Bike Score of 81. The community is surrounded by a variety of dining options, brewpubs, nightlife opportunities and transit options, including a nearby stop on the MAX Light Rail. Additionally, key north-west thoroughfare Highway 217 is a few blocks west of the community and serves as the gateway to the greater metro area. Residents will be within a quick commute of some of the area’s most notable employers, including Nike World Headquarters, Columbia Sportswear, Tektronix, Intel and Kaiser Health.
Modera Beaverton features studio, one-, two- and three-bedroom homes with various layouts and private patios or balconies. Community amenities consist of a rooftop deck and bar lounge with a covered outdoor terrace, lush landscaped courtyards, expansive clubroom with catering kitchen and fireplace, game room, speakeasy lounge, hotel-inspired lobby with coffee bar, coworking space with private workstations, complimentary high-speed WiFi in common areas, pet spa, club-quality fitness studio with TRX system and spin bikes, yoga studio and multi-sport simulator lounge. The community also offers a bicycle repair station and storage area, additional storage, 24/7 self-serve package lockers, controlled-access parking garage with EV-charging stations and controlled-access guest technology.
Home interiors include quartz countertops, custom cabinetry, under-cabinet lighting, tile backsplashes, ENERGY STAR stainless steel appliances, bedrooms with large closets, wood-style plank flooring, bathrooms with quartz counters and backlit mirrors and oversized windows. Smart features include keyless entry, USB outlets and smart thermostats. Select homes offer bathrooms with pass-through closets and 10-foot ceilings.

TAMPA, FL – S2 Capital, a national vertically integrated multifamily investment manager, announced the acquisition of Amberly Place, a 1989-vintage, 770-unit, garden-style multifamily apartment community in the Tampa, Florida market. With this transaction, S2 has now acquired over 50,000 units since inception in 2012. Terms of the transaction were not disclosed.
The property was acquired off-market through a deal arranged by Shelton Granade of commercial real estate brokerage firm Institutional Property Advisors (IPA). IPA’s Harry Krieger assisted S2 in securing Freddie Mac financing. S2 acquired the asset on behalf of its current value-add fund, S2 Real Estate Fund II, along with two institutional co-investors, including an overseas group based in London.
Michael Bippus, Managing Director of Acquisitions, said, “We are excited to add to our activity in Florida with this terrific asset in a top growth market for us. The equity void for large value-add housing acquisitions has created a unique pricing opportunity for GPs with discretionary capital and deep lending relationships, and we are delighted to acquire an asset that fits so squarely in our wheelhouse.”
Amberly Place is located in the Northeast quadrant of the master-planned Tampa Palms community. S2 will undertake comprehensive interior renovations to bring the property’s original apartments up to the design scope and standards of those units that have already been upgraded. The firm intends to make additional enhancements to interior and exterior amenity spaces and targeted capital improvements to address deferred exterior capex items.
The surrounding area is expected to experience strong projected population growth in the coming years. With high market demand and no new nearby supply expected over the next 24 months, S2 anticipates its proven value-add strategy and operating platform will enable the firm to execute on its business plan to reposition the asset and improve operating efficiencies successfully.

PALM BEACH GARDENS, FL – Vista Residential Partners, a national multifamily development firm, has broken ground on 6.7 acres on Central Boulevard in Palm Beach Gardens, FL for the development of Gardens Vista, a 221-unit, 4-story luxury apartment community.
The Project is located in the heart of Palm Beach Gardens and benefits from being in close proximity to major throughfares servicing the area (I-95, 0.5 miles away, 149,000 ADT; PGA Blvd, 1.5 miles away). Palm Beach Gardens is a high growth (over 3.3% annually) and affluent submarket ($105K median income) of South Florida and Palm Beach County (Palm Beach Gardens median home sale price $850,000). Additionally, a Publix-anchored shopping center is less than one mile from the Project. Other nearby points of interest include the Gardens Mall, Downtown PBG, PGA Station, Nova Southeastern University and Joseph Russo Athletic Complex (less than one mile from the Project).
The Spanish colonial styled complex will include 131 one-bedroom, 68 two-bedroom, and 22 three-bedroom apartments. Community amenities feature a nature preserve, two pickleball courts, resort style swimming pool, spacious gym, interactive game room, co-working space, 24/7 package concierge, vehicle charging stations, and a dog park. Designed by Niles Bolton Associates, the apartments will include stainless steel appliances, fully tiled backsplashes, wood-like flooring, tiled shower surrounds, and a washer/dryer in each unit.
“We’re excited to launch this vibrant new project as a compliment to the established Palm Beach Gardens community that is in such high demand,” says Beck Daniel, Development Partners for Vista Residential Partners.
Vista has agreed to reserve 10% of its units to comply with the City’s workforce housing requirement. This aligns with Vista’s corporate commitment to provide workforce housing with attainable rents for those who want to live, work, and play in a well-planned community with modern finishes and desirable amenities.
“Although this development took over 3 years to come to fruition, that fact alone speaks volumes about the very high barriers to entry in Palm Beach Gardens. This is a critical reason we were able to attract sophisticated institutional capital to partner with Vista in this exciting project,” says Eduardo de Guardiola, Chairman – Founder of Vista Residential Partners.

MILWAUKEE, WI – PPR Capital Management (PPR), a private equity real estate investment firm, announced the acquisition of The Villas at Foxwood, a 232-unit townhome-style multifamily community located in Brown Deer, Wisconsin, approximately 15 minutes northwest of downtown Milwaukee. This $38.3 million acquisition represents PPR’s first investment in the Milwaukee Metropolitan Statistical Area (MSA) and marks the firm’s expansion into the upper Midwest region.
The property spans 21 acres and features amenities including private entrances, attached garages, fireplaces, and in-unit washers and dryers. With current rental rates below market value, The Villas at Foxwood presents a compelling value-add opportunity. PPR plans to implement modernized unit upgrades such as stainless-steel appliance packages and premium flooring.
“The Villas at Foxwood acquisition aligns perfectly with our evolving investment strategy focusing on communities with strong fundamentals in growing markets,” said Steve Meyer, CEO of PPR Capital Management. “This transaction exemplifies PPR’s disciplined approach to portfolio diversification and our commitment to identifying properties with substantial value creation potential that deliver attractive risk-adjusted returns for our investors.”
The Milwaukee MSA demonstrates robust multifamily performance metrics, ranking as the nation’s 8th lowest vacancy rate at 5.6% according to CoStar. The market achieved 2.4% rent growth, outpacing the national average of 1%. With limited new supply projected for 2025 and beyond, coupled with favorable housing affordability dynamics, Milwaukee is well-positioned for continued strength.
Christopher Cordes, Director, Multifamily Investments at PPR Capital Management, added, “The Villas at Foxwood represents an ideal opportunity to enter the Milwaukee market, which is experiencing steady growth driven by the area’s expanding lifestyle and entertainment options throughout downtown and along Lake Michigan. The property’s distinctive townhome characteristics and market potential make this an especially compelling investment for our portfolio.”
The investment structure includes a total equity investment of $19.4 million, with PPR contributing over $18 million as the primary equity partner. PPR worked alongside Archstone Capital as the General Partner and Harmoniq Residential as both Co-GP and property manager for the 1990-constructed community.
“We’re proud to partner once again with PPR on an acquisition that fits squarely within our investment thesis. Our teams are aligned on the vision for The Villas at Foxwood, and we are excited to execute a comprehensive business plan that enhances value for both residents and investors,” said Chris Salazar, Founder & CEO of Archstone.

WASHINGTON – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced construction is underway at Modera Lady Bird, a contemporary mixed-use community bordering the premier Spring Valley and American University Park neighborhoods of the nation’s capital.
Modera Lady Bird, which broke ground in December, will feature 234 homes, an 18,000-square-foot organic grocery store and boasts an unparalleled location in Washington, D.C.’s Northwest quadrant. The midrise community is positioned along Massachusetts Avenue, a key artery connecting downtown D.C. to the Upper NW and Maryland suburbs. First move-ins are anticipated for summer 2027.
“Modera Lady Bird represents the first Class A community along the Northwest portion of Massachusetts Avenue in more than four decades, and the first sizeable residential development ever delivered in the immediate Spring Valley neighborhood,” said Peter Braunohler, managing director of development in the Mid-Atlantic for Mill Creek. “This will be a unique offering for the area, which mostly consists of single-family homes and where land suitable for such a community is extremely scarce. We look forward to joining the neighborhood and offering a best-in-class living experience.”
Located at 4330 48th Street NW, Modera Lady Bird is surrounded by an array of upscale retail amenities that include Crate & Barrel, Wagshal’s Market, Millie’s, Starbucks, Pizza Paradiso and Compass Coffee. The community’s ground-floor organic grocer will provide the neighborhood with a walkable grocery option, which does not currently exist for residents in the immediate vicinity. The area also features key employers and demand drivers, including D.C.’s top-ranked hospital, Sibley Memorial, which sits within a mile of Modera Lady Bird. Additionally, American University, a private federally chartered research university, is within a half mile of the community.
Modera Lady Bird, which will be built to, and is pursuing, a LEED Gold certification, will offer studio, one-, two- and three-bedroom homes with select den layouts and penthouses. Community amenities will consist of a rooftop lounge and deck, a ground-level courtyard with fire pit and outdoor dining, resort-style outdoor swimming pool, resident clubhouse, demonstration kitchen, coffee bar, additional landscaped courtyards, pet spa and a club-quality fitness center with cardio equipment, individual TVs, steam rooms and a yoga/Pilates studio. The community will also include coworking spaces, controlled-access garage parking, EV-charging stations, dedicated bike storage and additional storage space.
Home interiors will feature nine- and 10-foot ceilings, wood-style plank flooring, stainless steel appliances, quartz countertops, pull-down faucets, tile backsplashes, pendant lighting, moveable and fixed kitchen islands, custom soft-close cabinetry with under-cabinet lighting, oversized bedrooms with spacious closets, built-in storage, in-home washers and dryers and private patios/balconies. Smart features will include programmable thermostats, key fob access, keyless guest entry, bulk WiFi and smart leak detection. Bathrooms will feature backlit mirrors, double vanities, linen closets, soaking tubs and tile shower surrounds.

CHANDLER, AZ – TGM announced the acquisition of TGM Ocotillo Bay, a lakefront community in the Ocotillo Master Plan, an upscale residential enclave with outstanding recreational amenities. The 296-unit garden style community with resort-inspired Spanish architecture and unique lakefront setting has a low-density site plan over 19 acres.
This acquisition marks TGM’s reentry into Phoenix, a market in which TGM has invested in the past, acquiring and disposing of approximately 2,300 units. TGM Ocotillo Bay is managed by TGMs’ property management company, TGM Communities LLC.
TGM Ocotillo Bay is within a mile of the Price Road Corridor, largest high-tech employment hub in Arizona, including Intel’s largest manufacturing facility in the world. TGM believes Chandler has some of the strongest fundamentals of the Phoenix submarkets because of its convenient access to desirable live/work/play opportunities. In addition to having the number 1 school district in the state of Arizona, Chandler ranked at number 37 in Fortune’s 2024 “50 Best Places to Live for Families” list, the sole Arizona city to make the cut. The City of Chandler is one of the most financially stable cities in the United States, which is reflected in the city receiving AAA ratings from each of the major bond rating agencies (Moody’s, S&P Global, Fitch from 2023 through June 2024).
Completed in 1997 and partially renovated in 2015, we believe the design, layout and construction of the apartments are excellent with one- two- and three-bedroom apartments. TGM will be undertaking renovations of apartment interiors with new kitchen cabinets, countertops, appliances, flooring, lighting, and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen. Community amenities include two swimming pools with sundecks and grills, a landscaped entertainment courtyard with bocce ball, an outdoor fireplace, lounge, and grill area, a contemporary fitness center with yoga/spinning room, and lake views from many buildings and amenity areas. TGM plans to transform the current clubhouse with modern, state-of-the-art amenities.
“We believe TGM Ocotillo Bay is an excellent community with exceptional bones and an irreplaceable lakefront location. The community presented the ideal opportunity to re-enter the Phoenix market,” said TGM’s Managing Principals Zach Goldman and John Gochberg. “We look forward to implementing our signature renovation strategy to add value for our residents and investors alike.”

AUSTIN, TX – Hunt Capital Partners (HCP), in collaboration with developers SGI Ventures, Inc., and Austin Affordable Housing Corporation (AAHC), a nonprofit subsidiary of the Housing Authority of the City of Austin, celebrated the grand opening of Cady Lofts, a 100% Permanent Supportive Housing (PSH) community that offers housing stability to individuals who are experiencing chronic homelessness or have a disability that makes finding stable, affordable housing difficult to find. Cady Lofts adds 100 studio homes, supported by project-based vouchers, which will assist in covering residents rents and utilities, helping to alleviate financial burdens and promote long-term stability for residents. Residents will also benefit from free onsite support services and case managers.
To mark the special occasion, speeches were provided by key partners, city officials, and a resident including SGI Ventures, Inc. President Sally Gaskin, Austin City Mayor Kirk Watson, Housing Authority of the City of Austin President and CEO Mike Gerber, City of Austin District 9 Councilmember Zo Qadri, City of Austin Housing Interim Director Mandy de Mayo, and City of Austin Homeless Strategy Officer David Gray. The grand opening was followed by presentations and light refreshments.
HACA, and its subsidiary AAHC, are fully committed to efforts to end homelessness in Austin, said HACA President and CEO Michael Gerber. Collaborative projects like Cady Lofts, coupled with our commitments of housing vouchers and our partnerships with city leaders, and services agencies and philanthropic partners, are essential to securing stable housing and offering social and medical services to our most vulnerable populations.
In 2023, Austin Point-in-Time Count, an annual federally mandated count that captures the number of individuals experiencing homelessness, revealed a total of 2,374 individuals—of which 41.8% were facing homelessness for the first time. Cady Lofts is a part of a citywide initiative to tackle the urgent housing needs of chronically homeless individuals, serving as one of nine PSH projects launched in the past year to provide effective housing solutions for Austin s most vulnerable residents.
Each studio home is fully furnished, featuring resilient flooring, solid surface kitchen countertops and bathroom vanities, air conditioning units, low-flow plumbing fixtures, along with Energy Star-rated appliances such as a stovetop, refrigerator, and microwave. The property includes central laundry, a computer lab, an outdoor courtyard, free wireless internet, elevators, a community warming kitchen, on-site recycling, and on-site offices with meeting/training rooms that can accommodate up to eight case management workers for service coordination. The property has 24/7 controlled access and full-time onsite staff.
Cady Lofts offers a range of wraparound services guided by Housing First best practices, which promote self-sufficiency and overall independence. Provided free-of-charge to residents by Endeavors, these services include access to benefits assistance, health screenings, job training, and a variety of classes ranging from fitness and nutrition classes to personal finance and tax preparation.
As a longtime affordable housing developer, I recognized the critical need for Cady Lofts to be permanent supportive housing—addressing not just affordability but specifically serving our chronically homeless neighbors, said SGI Ventures, Inc. President Sally Gaskin. Cady Lofts will advance our citywide PSH goals while offering residents stable housing in a walkable, transit-rich location where they can fully participate in central Austin s resources and amenities.
The development is strategically located in an opportunity-rich area near essential amenities and public transportation, offering residents easy access to jobs, healthcare, and educational resources without needing to drive. Cady Lofts is proximate to over 30,000 jobs within a one-mile radius and is within walking distance to high-frequency bus stops, St. Davids Medical Center, and the Hancock Shopping Center which includes an HEB and a CommUnityCare Walk-In Clinic.
Cady Lofts provides a much-needed lifeline for Austin s unhoused community, offering crucial support through its PSH model, said HCP Chief Operating Officer Amy Dickerson. By providing not only stable, affordable housing but also comprehensive support services, Cady Lofts addresses the multifaceted challenges of its residents, which include mental health issues and unemployment. This holistic approach fosters a sense of belonging and stability, which are essential to re-establish roots with the community.
Cady Lofts was financed, in part, with $16.5 million in federal Low-Income Housing Tax Credits (LIHTCs) and $2 million in state LIHTCs syndicated by HCP. Lenders included Cadence Bank, the City of Austin, Central Texas Housing Accelerator Fund, Texas Department of Housing and Community Affairs, Austin Affordable Housing Corporation, and Texas State Affordable Housing Corporation.

WINTER GARDEN, FL – Ashcroft Capital, a fully integrated multifamily investment firm, announced its acquisition of Birchstone Waterleigh, a luxury garden-style community in Winter Garden, Fla. Birchstone Residential, Ashcroft Capital’s in-house property management and construction management company, is now providing services for the residents of the community, which was built in 2023.
The Class-A Birchstone Waterleigh (formerly Ascend Waterleigh Club) features 300 apartment homes and is located in the 22,000-acre Horizon West, one of the fastest-growing master-planned communities in the country. The community becomes Ashcroft’s second multifamily property in Winter Garden (the company acquired the adjacent Halston Waterleigh in late summer 2024) and its seventh in metro Orlando. The acquisition was completed through a joint venture that includes Temerity Strategic Partners and Pearlmark.
“Birchstone Waterleigh is a Class-A luxury community with high-end interior design and resort-like amenities,” said Frank Roessler, founder and CEO of Ashcroft. “This acquisition is another step in our ongoing pursuit of high-quality assets, and we could not be more excited to add this property to our portfolio. We continue to remain bullish on Orlando in general and Winter Garden in particular. When you combine the strong renter demand in this market with limited future apartment deliveries, it creates the exact opportunity we are seeking. Properties like this allow us to lean into our focus on excellent customer service with an emphasis on resident satisfaction and retention.”
Located at 9405 Ascend Falls Drive, Birchstone Waterleigh features one-, two- and three-bedroom homes ranging from 782 to 1,563 square feet. Community amenities include a resort-style saltwater pool, coworking lounge, 24-hour fitness center, enclosed dog park, 24-hour emergency maintenance service, game lounge, outdoor barbecue grills and dining areas, parcel lockers with 24-hour access, EV charging station and housekeeping services. Homes feature stainless steel appliances, built-in microwaves, hardwood-style flooring, full-size washers and dryers, modern lighting, ceiling fans, gray quartz counters and walk-in closets.
“Ultimately, we were attracted to Birchstone Waterleigh for multiple reasons,” said Scott Lebenhart, chief investment officer of Ashcroft Capital. “In addition to its obvious caliber, the community sits in a submarket that will see limited competitive new multifamily supply in the future because of its location in Horizon West and the restrictions of the master-planned community. Also, given its proximity to Halston Waterleigh and our other communities in the Orlando area, Birchstone Waterleigh should further enable us to create economies of scale and operational efficiencies in central Florida. Finally, the community is located in a top-rated school district that serves as a powerful draw for renters.”
“Birchstone Waterleigh represents a great opportunity to acquire a high-quality, stabilized asset directly from the developer within the in-demand Horizon West master plan,” said Stephen Quazzo, CEO and co-founder of Pearlmark. “The property also benefits from its proximity to Walt Disney World, top-rated schools, and will benefit from Birchstone Residential’s experience in the market. Pearlmark is proud to acquire this best-in-class investment with our like-minded joint venture partners.”