CHARLOTTE, NC – FCP announced the $41.25 million acquisition through FCP’s Housing Preservation Fund of Cottages of Monroe (formerly Yardly Monroe), a 151-unit cottage-style apartment community in the rapidly growing suburb of Monroe, in Union County, near Charlotte, NC. The one-story, detached and semi-detached cottages were purpose-built in 2024 as a rental community.
“The Cottages of Monroe investment supports our fund mandate to maintain affordability in a key growth market,” said Summer Haltli, Partner and Co-Founder of the FCP Housing Preservation strategy. “FCP’s acquisition of Cottages of Monroe is driven by the opportunity to acquire a well-occupied, newly delivered, rental community in a favorable submarket at a favorable basis.”
Residents at the Cottages of Monroe benefit from the opportunity to live in stand-alone, newly constructed homes in a strong school district at a discount to home ownership in the same submarket. Cottages of Monroe provides a high-quality living experience for the numerous healthcare, education, and aerospace workers nearby. The submarket has experienced some of the strongest population growth in the Charlotte region over the past 5 years.
Cottages of Monroe, with one- and two-bedroom options, provides all the conveniences and amenities of multifamily living in family-friendly, private cottages with private, enclosed back yards and one-story accessibility.
FCP has retained Greystar to manage the property. FCP will integrate resident services focused on education, economic mobility, and health to improve the resident experience and increase resident retention.

CHARLOTTE, NC – Sherman Residential acquired Elan Prosperity Village, a Class A multifamily property in Charlotte, NC, and renamed it The Wrenley. The Wrenley is a 300-unit luxury apartment community located in the heart of the rapidly growing Prosperity Village submarket of Charlotte.
Situated just off Interstate 485 the property offers exceptional connectivity to major employment centers, with access to more than 300,000 jobs within a 20-minute drive, including Uptown Charlotte, University Research Park, and the Concord industrial corridor. With the recently added Vanguard campus in University Research Park, The Wrenley’s residents will drive only five minutes to reach top employers such as Vanguard, Allstate, TIAA, and Wells Fargo.
Within the Prosperity Church Road neighborhood, The Wrenley delivers walkable retail and restaurants at three major shopping centers. Students can enroll in Charlotte-Mecklenburg public schools with ten magnet schools within five miles. Plus, the University of North Carolina’s main campus is just one neighborhood away.
The Wrenley’s midrise property and its resident-focused amenities provide: Studio to two-bedroom apartments expanding to over 1,200 square feet; A designer clubhouse with marble and natural wood finishes; Luxury options, such as quartz countertops and matte black fixtures; Focused spaces to work or study while using property-wide wifi; A private park with multiple fireside lounges and a gaming lawn; and Conveniences like in-unit washers and dryers, two EV chargers, and a 24-hour fitness center.
Sherman Residential s Senior Vice President stated: We’re proud to add a second property to our Charlotte portfolio within just four months of returning to North Carolina. After selling out of the market in early 2025, we’re entering 2026 with renewed momentum and a strong foothold in north Charlotte.
Sherman Residential has been in the real estate business for over 100 years and currently owns assets in six states. The family-owned company is headquartered in north suburban Chicago.

SAN DIEGO, CA – Canyon Partners Real Estate and MG Properties announced their acquisition of the Shift Apartments, a multifamily building in the Downtown submarket of San Diego, CA.
Shift Apartments is comprised of a 21-story and 5-story multifamily community with 368 residential units, 18,840 square feet of ground floor retail space, and a 501-space structured parking garage. The property was completed in 2018 and includes units with high-quality finishes including quartz countertops and kitchen islands, designer kitchen and bath plumbing fixtures, and stainless-steel appliances.
Building amenities include a modern fitness facility, dog park, EV charging stations, and a co-working space with WiFi and private offices. The 21st floor also includes a sundeck, pool, spa, and sky lounge, which offers barbecue grills, bar seating, a fire pit, and clear views of San Diego Bay and the Downtown skyline.
The property is located in the East Village neighborhood of Downtown San Diego with walkable proximity to bustling pedestrian areas including Petco Park and the Gaslamp Quarter while being a convenient drive from Little Italy, Seaport Village, and Balboa Park. The Park and Market Trolley Station connect the property to major employment hubs throughout San Diego County, including UC San Diego, Sorrento Valley, and the Naval Base San Diego.
“East Village is undergoing a meaningful transformation, supported by strong demographic trends, infrastructure investment, and proximity to San Diego’s major employment centers,” said MG Properties President Jeff Gleiberman. “We are pleased to be expanding our apartment portfolio in San Diego and partnering with Canyon on this transaction, as this asset presents a unique opportunity to apply our operational expertise.”
Canyon has been an active provider of equity and debt capital across California for more than two decades and continues to invest in high-quality real estate projects in major markets throughout the United States. Since its inception, Canyon has capitalized ~$7.1 billion of total projects across all asset types in the state of California.

WASHINGTON, DC – Penzance, a vertically integrated real estate fund manager, acquired approximately $200 million in multifamily and residential assets totaling 1,100 units and over 1.2 million square feet during the fourth quarter of 2025, significantly expanding its footprint across Virginia and the Carolinas. The four projects target a mix of high-growth markets with strong employment drivers and limited new supply.
The acquisitions include stabilized communities purchased well below replacement value, along with a build-to-rent development, deploying capital across a range of risk-adjusted strategies. By combining selective redevelopment, operational upgrades, and new development, Penzance positions each of the four assets to capitalize on local market strength while diversifying its portfolio
These acquisitions highlight the attractive opportunities we are seeing in residential projects with solid fundamentals and represent meaningful growth opportunities in target markets, across Virginia and the Carolinas, said Jacob Rosenberg, Senior Vice President, Investments at Penzance. A portfolio of well-located assets with attractive yields, complemented by strategic development, allows us to deliver strong risk-adjusted returns for our fund investors. We are grateful to the advisors, partners, and brokerage teams who helped us close these transactions expeditiously, adding meaningful scale for Penzance while meeting sellers and partners individual needs.
Having worked with Penzance for years and on multiple transactions, I continue to be impressed with its solution-oriented approach to acquisitions, allowing Penzance to meet the needs of various sellers on tight timelines, said Drew White, Investment Sales Senior Managing Director from Berkadia.
The fourth-quarter acquisitions include:
Presley Oaks (Charlotte, NC): A 318-unit multifamily community located in North Charlotte, inside the I-485 loop near University City and Research Park, with convenient access to Uptown. Built in 1996, Presley Oaks offers strong value to tenants with spacious apartments, 9 ceilings, private garages, a pool, and a fitness center. Its proximity to major employers, retail, and dining supports robust rental demand.
Compass at City Center (Newport News, VA): A 396-unit garden-style multifamily community in the heart of Newport News and Hampton Roads. Built in 1985, the property comprises a mix of one-, two-, and three-bedroom homes averaging 995 square feet each. Situated adjacent to the City Center at Oyster Point live-work play district, the community offers walkable access to retail, dining, major employers, and transportation corridors, including I-64, supporting ongoing demand in a market with limited new supply.
Nexus Luxury Apartments and Retail (Virginia Beach, VA): A 268-unit four-story multifamily and retail community built in 2018 in Virginia Beach s Kempsville corridor. Residences feature one and two-bedroom units designed to maximize space and comfort, along with 30,000 sf of on-site retail and amenity areas that support a high-quality resident experience. Its central location in the Hampton Roads area, near I-264 and I-64, offers convenient access to shopping, dining, and employment hubs. The asset was purchased from the original developer, providing liquidity for future projects.
Arden Ridge (Asheville, NC): A planned 109-unit build-to-rent townhome development on a 10-acre site near Asheville. Arden Ridge will deliver three and four-bedroom townhomes with private garages and shared community space, offering family-oriented rental housing in a market with growing demand and limited family options. Pre-construction is underway, with a groundbreaking expected early 2026 and the first homes slated for delivery in the second quarter of 2027.
In 2026, Penzance plans to make new investments across the Mid-Atlantic, from New Jersey to South Carolina. The firm s expanding portfolio reflects continued growth across multifamily, industrial, data center, and other commercial assets, demonstrating its ability to execute across asset types and geographies while delivering consistent, risk-adjusted returns.

PALM BEACH GARDENS, FL – Aventine Development and Seawood Builders celebrated the groundbreaking on Phase I of Arbor House, a refined new residential community designed to pair timeless sophistication with an easy, connected way of living.
Arbor House is a luxury multi-family development with 13 stories and 302 units, offering a mix of studio to three-bedroom apartments. An attached garage with 480 parking spaces complements amenities, including a 7,000-square-foot deck on the eighth floor featuring a wellness center, state-of-the-art fitness center, golf simulator, cold plunge, sauna, resort-style pool, and a ground-floor work-from-home lounge.
“High-rise luxury rental apartment living is something new and different for Palm Beach Gardens,” said Ed Masi, President/CEO of Seawood Builders. “Arbor House will meet the high demand for new Class-A multifamily residential during a time where there is clearly a shortage. Its prime location is convenient to popular retail outlets, including Trader Joe’s and Whole Foods, and will be a magnet for young professionals and their families.”
“Arbor House is part of a broader master plan that includes replacing outdated developments with new, modern uses,” added Bill Spruce, Cofounder/Managing Partner of Aventine Development. “Palm Beach Gardens is becoming a luxury market for living. By transforming an aging office park into a vibrant luxury living environment, we are part of the movement that already includes The Ritz-Carlton Residences, Palm Beach Gardens, opening later this year.”
“Arbor House is an important project for the City of Palm Beach Gardens,” stated Mayor Marcie Tinsley. “There is a strong, cooperative spirit between the City and our development partners to address the need for high-quality developments while also helping to spur interest in a rail station within PGA Station, a mixed-use development within our Transit-Oriented District that will serve our community.”
“Today’s celebration includes a ceremonial tree planting—a lasting symbol of Arbor House and the natural spirit of Palm Beach Gardens,” explained Alexandra Masi, Director of Marketing and Communications, Seawood Builders. “It will be preserved and placed on-site as construction progresses.”
Phase II of Arbor House will include a second 13-story tower and attached garage offering 318 apartments for a total of 620 units when both projects are completed.

SAN DIEGO, CA – Properties, a San Diego-based multifamily real estate investment firm, announced the acquisition of Dylan Point Loma Apartments, a multifamily community located in the highly sought-after Point Loma neighborhood of San Diego.
Dylan Point Loma is situated in one of San Diego’s most desirable coastal submarkets, offering residents convenient access to major employment centers, beaches, dining, and entertainment. The community features oversized floorplans averaging 1,134 square feet and garages for each unit. The acquisition aligns with MG Properties’ long-term strategy of investing in high-quality apartment communities in strong West Coast markets.
“This acquisition represents a compelling opportunity to expand our footprint in San Diego, a submarket where our business first started,” said Jeff Gleiberman, President of MG Properties. “Dylan Point Loma is well positioned to benefit from the area’s strong fundamentals, and we look forward to enhancing the community while continuing to deliver an exceptional living experience for residents.”
MG Properties plans to implement targeted capital improvements and operational enhancements designed to further elevate the property while preserving its neighborhood character.
The transaction underscores MG Properties’ continued expertise in the San Diego multifamily market and its commitment to long-term ownership of well-located communities.
MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. MG’s current portfolio is comprised of over 32,000 rental homes in California, Washington, Arizona, Nevada, Colorado, Texas, and Oregon, across 115 communities.

LOS ANGELES, CA – Bascom Northwest Ventures announced the sale of Tempo at Riverpark Apartments. The 235-unit property was sold by a Bascom affiliated venture for $105,000,000 to a venture led by Hines. Tempo at Riverpark is located less than a mile from the Pacific Ocean in Oxnard, California and just outside Los Angeles.
Bascom Value Added Apartment Investors Fund IV (“Fund IV”), an affiliate of The Bascom Group, LLC, and a private investment group led by Bascom Northwest purchased property for $75,250,000 in 2018. Brian Wirtz, Managing Director of Bascom Northwest, assisted throughout the investment execution process.
Oxnard is less than an hour’s drive from Downtown Los Angeles and only minutes’ drive to the Pacific Ocean. Located between Thousand Oaks and Ventura, Oxnard has established itself as a premier upscale coastal beach town in Ventura County. With its pristine beaches, unbeatable weather, charming Channel Islands Harbor, and captivating Victorian-era architecture, Oxnard offers a diverse range of breathtaking sights that span from the ocean to the mountains.
Tempo at Riverpark is a 235-unit apartment community located in Oxnard, California. This class “A” suburban multifamily community spans approximately 6.14 acres, offers spacious floor plans averaging 955 square feet, and is accompanied by luxurious interior finishes such as in-unit laundry, stainless steel appliances, custom sliding barn doors, large bedrooms with spacious open floor plans, balconies or patios, and much more. Amenities include an outdoor pool and spa, poolside cabanas, outdoor BBQ area, and fireplace, 24/7 fitness center, yoga/spinning room, and attached garages.
The rental community is located adjacent to The Collection at RiverPark, with a California Coastal blend of retail stores, restaurants, cafes, grocery, and outdoor spaces anchored by Whole Foods Market, REI, 16-screen Cinemark movie theater, Bowlero and over 30 food and beverage options. Tempo at Riverpark was developed and constructed by the Wolff Company in 2015. It consists of 105 one-bedroom one bath units at 804 square feet, 118 two-bedroom two bath units at 1,036-1,065 square feet, and 12 three-bedroom two bath units at 1,270 square feet.
This combination of Oxnard’s intrinsics and property upgrades totaling $1 million set the stage for a successful investment execution by Bascom Northwest. Apartment Management Consultants (“AMC”) managed the community for Bascom over the holding period. Both parties were represented in the sale by Blake Rogers, Alex Caniglia, and Kip Malo at JLL.

NEW ORLEANS, LA – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on NSA East Bank Apartments, a landmark adaptive-reuse development that will transform a decommissioned naval base into 294 affordable housing units and 30,000 square feet of ground-floor retail in New Orleans’ Bywater neighborhood.
NSA East Bank Apartments will serve as the residential anchor of a landmark rehabilitation of the Naval Support Activity (NSA) complex, which has sat vacant since 2011. The multiphase development will include the NewLab innovation hub—a cutting-edge facility dedicated to advancing energy industry breakthroughs and tech startup growth—and future phases including the Railyard Marketplace and a riverfront estuary park.
“This project will be transformative for the Bywater community and will bring new life to these historically significant buildings,” said David Garcia, LAC Vice President and Project Partner. “LAC is proud to play a role in preserving the architectural heritage of New Orleans while creating sorely needed affordable housing for local families.”
NSA East Bank Apartments will feature 1-, 2-, and 3-bedroom units serving families earning between 20% and 60% of Area Median Income (AMI), including 74 Project-Based Voucher (PBV) units. Resident amenities include a rooftop pool and clubhouse, first-floor community space, outdoor play structures, dog park, pet wash station and bike storage. The development will achieve Enterprise Green Communities Certification (LEED equivalent) and feature a rooftop solar array that will offset a portion of common-area electricity, reducing both environmental impact and operating costs.
NSA East Bank Apartments builds on LAC’s successful track record of historic rehabilitation projects in New Orleans, following the recent completion of the $35 million rehabilitation of the century-old Tivoli Place Apartments. The Tivoli Place project, LAC’s first rehabilitation in Louisiana, demonstrated the developer’s commitment to protecting the city’s historic past while delivering high-quality affordable housing.
NSA East Bank Apartments was designated a priority project by the U.S. Department of Housing and Urban Development (HUD). The project received overwhelming support from the City of New Orleans and the State of Louisiana, whose commitment was essential to making this complex undertaking possible.
The landmark NSA complex dates to June 1919, when the U.S. Army Quartermaster Corps constructed a 1.5 million-square-foot logistics center on the East Bank of the Mississippi River. The complex comprises three six-story buildings, each covering over 84,000 square feet, and is listed on the National Register of Historic Places for its crucial role in supporting military logistics during both World Wars.
LAC was joined at the groundbreaking ceremony by local leaders and elected officials, as well as development partners and representatives from J.P. Morgan, Capital One, Boston Financial, Stonehenge Capital, Customers Bank and Raymond James, each of which helped finance the new development.
“Through historic tax credit equity, bridge financing and strong public-private collaboration, we’re proud to support the revitalization of NSA East Bank — preserving New Orleans’ heritage and building a brighter future for its residents,” said Tim Karp, Managing Director, J.P. Morgan Community Development Banking. “By transforming a long-dormant historic site into a thriving district, NSA East Bank is creating affordable housing and lasting opportunities for the people of New Orleans.”
“Housing is the cornerstone of economic opportunity, and Capital One is proud of our track record as a top community development lender, ” said Dan Miller, Community Finance Capital Officer at Capital One. “We are proud of our partnership with Lincoln Avenue Communities and their commitment to empowering people throughout the region. The groundbreaking of NSA East Bank is a testament to how local leaders, public, and private partners can come together to deliver not just housing, but lasting opportunities for families and communities to thrive.”
The project, which fosters continuity and sense of place within the Marigny and Bywater districts, is part of a broader vision to create a mixed-use campus that will serve as an innovative economic catalyst for both the city and the region. Construction will begin immediately, with substantial completion anticipated in September 2027.

FORT WORTH, TX – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, announced the completion and grand opening of Thrive on Crawford, a 67-unit mixed-income development in Fort Worth, Texas. The majority of homes are reserved for families earning 30%, 50% and 60% of the Area Median Income (AMI), with seven market-rate units available. The development integrates high‑quality housing with access to essential health services to improve long‑term outcomes for residents. The development includes 2,200 square feet of Class‑A commercial space leased to JPS Health Network.
Thrive on Crawford was designed to go beyond traditional affordable housing – integrating wellness services, quality amenities and convenient access to healthcare into a single community, said Max Whipple, Vice President of Development at The NRP Group. As our first Health and Housing development in Texas, this development reflects The NRP Group s commitment to delivering thoughtful, high-quality housing in high-opportune cities.
Located at 1310 Crawford Street, adjacent to a key site in JPS Health Network s $2.1 billion bond program expansion, Thrive on Crawford is part of a broader vision to enhance healthcare services across Tarrant County. The new community provides essential housing options for healthcare workers, young professionals and families, offering an urban lifestyle close to boutique shops, restaurants and entertainment along Magnolia Avenue with direct access to I-35W.
“Thrive on Crawford is a prime example of how healthcare can extend beyond traditional clinical settings to address the determinants of health, said Karen Duncan, MD, MBA, President and Chief Executive Officer at JPS Health Network. Our partnership with The NRP Group demonstrates what is possible when healthcare systems and developers come together to build healthier communities.
The development features one-, two- and three-bedroom apartments with high-end finishes, accompanied by modern cabinetry and private patios with storage units. Amenities include a business center with individual work pods, 24-hour fitness center, luxurious lounge center with a cafe, communal laundry facility and an outdoor playground. Thrive on Crawford also offers comprehensive resident service programs onsite, including adult literacy workshops, financial training and youth afterschool and summer programs.
As housing and health become increasingly connected, developments like Thrive on Crawford play a critical role in enhancing the well-being of Tarrant County residents, said Dustin Austin, Board Chair of the Tarrant County Hospital District Public Facility Corporation. This community was built on the premise that affordable housing is foundational to healthier, more resilient communities and offers a unique opportunity for healthcare providers to engage directly with residents to support their overall well‑being.
Project financing was provided by J.P. Morgan Chase and Berkadia, along with a tax credit equity investment through an investment fund managed by Red Stone Equity Partners. Additional financing was provided by the Near Southside Financing Zone TIF and Texas Department of Housing and Community Affairs. Wynne Jackson and Servitas helped co-develop the community
Thrive on Crawford is raising the bar on community redevelopment by providing housing, health services and opportunities to families in Tarrant County,” said Annette Reschke, Executive Director of J.P. Morgan Community Development Banking. “We are proud to support this vision, ensuring residents have access to affordable housing and vital healthcare services in a community designed for long-term success.
This health and housing collaboration not only allows JPS and other local healthcare professionals the opportunity to live within the communities they serve, but also provides residents with immediate access to important services such as primary care, pediatric, behavioral health, orthopedics, cardiology and oncology.
Thrive on Crawford marks The NRP Group s fourth Health and Housing development. The Dallas metro area remains a priority market for The NRP Group. The firm has developed over 6,000 units across 27 properties in the region and previously broke ground on a new affordable housing development, The Fielder, in Mesquite.

CANTON, GA – The Milestone Group announced the acquisition of Legends at Laurel Canyon, a 266-unit, garden-style apartment community located in the rapidly growing North Atlanta suburb of Canton, GA. The purchase price was not disclosed.
“Legends at Laurel Canyon represents a compelling opportunity to acquire a high-quality, newer vintage asset in one of metro Atlanta’s fastest-growing submarkets,” said Milestone Managing Director of Acquisitions, Jason Wise. Cherokee County has grown over 12% in the last five years and is expected to grow an additional 51% by 2050.
Canton is in the northern suburbs of Atlanta in Cherokee County, where more than 62,000 residents and close to 30,000 jobs have been added over the last decade. The community offers immediate access to a Publix-anchored shopping center and is proximate to more than three million square feet of retail, dining, and lifestyle amenities within a five-minute drive. Excellent connectivity to major employment centers, state-of-the-art healthcare facilities, highly rated schools, and an abundance of recreational resources enhance the attractiveness of the area.
Legends at Laurel Canyon offers large floorplans averaging 1,227 square feet and features an expansive clubhouse, fitness center, resort-style saltwater swimming pool, and convenience amenities, including Amazon Hub Lockers, a car care center, bike racks, and a pet park and spa within the gated community. One-, two-, and three-bedroom units feature gourmet island kitchens, quartz countertops, and ceramic-tiled backsplashes, along with Nest thermostats and wood-style flooring in sunlit units with 9-foot ceilings.
Wise added, “The property’s location benefits from favorable long-term supply-demand fundamentals and was acquired at a significant discount to replacement cost through assuming attractive existing financing. This acquisition offers downside protection with substantial upside potential in a market exhibiting the kind of structural growth fundamentals we are actively seeking.”