ROCHELLE, IL – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, hosted a grand opening ceremony for Willis Senior Lofts, a 60-unit, four-story affordable housing community for adults aged 55 and over.
“We are proud to officially open Willis Senior Lofts and make these high-quality, affordable homes available to seniors in Rochelle,” said Hume An, LAC Vice President and Regional Project Partner. “Investing in rural communities like Ogle County is a key pillar of LAC’s mission to tackle the housing crisis by finding and implementing solutions in communities that need it most.”
In addition to An, speakers at the ribbon-cutting included funding partners, community leaders and elected officials such as Congressman Darin LaHood, Rochelle Mayor John Bearrows and Thom Amdur, Executive Director of Fairview Housing Partners, an affordable housing nonprofit that partnered with LAC to help finance the development.
“Seniors in Rochelle deserve a beautiful community like Willis Senior Lofts,” said Amdur. “We’re so proud that we were able to partner to make this happen and hope to continue to serve our seniors for many years to come.”
Willis Senior Lofts features a mix of one- and two-bedroom apartments and communal amenities including a fitness center, theater room and community garden. 45 of the building’s 60 units will be leased to residents earning up to 60% of the area median income (AMI), with the remaining 15 units reserved for those earning up to 30% AMI. The building was designed to achieve Enterprise Green and Net-Zero certifications.
The project was financed with a 9 percent Low Income Housing Tax Credit (LIHTC), a first mortgage and $4.9 million in soft funds from the Illinois Housing Development Authority (IHDA) and 45L energy efficiency credit equity. CREA purchased both the LIHTC and 45L credits, and a construction loan was provided by Chase.
“These deeply-affordable homes are made possible through a partnership with the Ogle County Housing Authority, which committed 15 budget-based vouchers over 15 years. It’s about how we can serve those most in need without compromising the project’s financial viability,” An added.

JERSEY CITY, NJ – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, in partnership with G&S Investors and Rockwood Capital, announced the completion and official opening of Oliver on the Hudson, a luxury multifamily community in the sought-after Port Liberté neighborhood of Jersey City. Just steps from the Hudson River and a 15-minute ferry ride away from Manhattan, the 401-unit development delivers scenic waterfront views complemented by a full suite of resort-style amenities.
Strategically located at 190 Chapel Avenue, Oliver on the Hudson delivers direct access to downtown Jersey City, New York City s financial district and vibrant green spaces including Liberty State Park. Residents can access a seamless commute to Manhattan via the Port Liberté Ferry Terminal, just a four-minute walk from the property. Two Hudson-Bergen Light Rail stations and immediate access to Interstate 78 further enhance connectivity. The community spans 2.7 acres alongside the prestigious Liberty National Golf Course and includes bike-friendly paths and landscaped green spaces that connect to the Hudson River Waterfront Walkway.
It is no secret that Jersey City has arrived as the premier regional destination for renters seeking luxury, connectivity and lifestyle. We are proud to be a part of Jersey City s story by delivering this vibrant waterfront community near public transit to working professionals and families in Port Liberté, said Jonathan Gertman, Senior Vice President of Development at The NRP Group. Oliver on the Hudson delivers thoughtfully curated amenities and seamless access to the waterfront and Manhattan. Oliver reflects the future of urban living in one of the region s most dynamic markets.
Residences at Oliver on the Hudson range from studio to three-bedroom layouts, with many featuring private balconies and sweeping skyline views. Interior finishes include fully equipped kitchens with stainless steel GE Appliances, sleek graphite fixtures, polished quartz countertops, porcelain tile backsplashes and modern flat-panel cabinetry. All units include full-size front-load washers and dryers and oversized, backlit mirrors. Select homes with larger floorplans feature cathedral ceilings, spacious breakfast bars or islands, wine and beverage centers and walk-in closets.
Oliver on the Hudson presented an opportunity to meaningfully contribute to one of the region s most dynamic residential corridors, said Abe Naparstek, Partner at G&S Investors. We leveraged our expertise to integrate top-tier design and an exceptional resident experience into a vibrant transit-oriented community. From site selection through lease-up, this community reflects both the character of Port Liberté and the expectations of today s renters.
A robust set of resort-inspired amenities are designed for daily retreat and effortless entertaining. At the heart of the community are two expansive interior courtyards, one of which features a hotel-inspired pool with a cabana house. Both offer lush green space, numerous lounge areas and walking paths that encourage relaxation and connection. A fifth-floor sky lounge with an outdoor terrace provides unobstructed views of the Manhattan skyline.
A clubhouse anchors the indoor amenity experience with a multi-level fitness center, mezzanine yoga and cardio studios, interactive activity zone, catering kitchen with a private dining room, coworking spaces and a 24/7 package concierge system. The development also includes a 602-space secure parking garage, 201 bicycle parking spots, a commuter lounge and secure bike storage. Pet owners benefit from an on-site pet spa and spacious dog park.
KTGY Architecture and Planning served as the lead architect for the five-story building, with Bergmeyer overseeing interior design. Financing for the project includes senior construction loans from Citizens and Fifth Third Bank, with Rockwood Capital providing joint venture equity.

WINSTON-SALEM, NC – Carter and Front Street Capital announced the groundbreaking of Creekside at The Grounds — a new purpose-built student apartment community and the first vertical development within the highly anticipated mixed-use district known as The Grounds.
Centrally located within the 100-acre development overlooking the newly restored Silas Creek, Creekside at The Grounds marks a significant milestone in the transformation of Winston-Salem’s sports and entertainment district, directly adjacent to Wake Forest University. The project represents the first new vertical construction in a dynamic master plan that will blend public amenities, residential, retail, office, and hospitality to create a walkable, year-round community. Since its announcement last year, The Grounds has continued to grow in scale and vision; Creekside now symbolizes the first major step in turning that vision into reality.
Creekside will feature a 229-unit, 521-bed fully furnished residential community tailored for upperclassmen and graduate students. The project will offer: Fully furnished units with each bedroom having a private bathroom; Multiple floor plan options all with high-end, modern finishes; Clubhouse with study rooms and fitness center; Outdoor swimming pool, kitchen, and entertainment area; Direct frontage of the newly remediated Silas Creek and newly constructed multi-use path connecting to The Grounds retail village and Wake Forest University.
“This is the first of several transformative projects that will define the future of The Grounds,” said Adam Parker, Senior Vice President at Carter. “With Creekside, we’re delivering an unprecedented residential experience in Winston-Salem, designed to meet student needs while anchoring this sports and entertainment mixed-use community.”
With demand for high-quality, off-campus student housing continuing to grow, Creekside fills a distinct need in the market, providing a lifestyle-focused student apartment option adjacent to Wake Forest s campus and Winston-Salem s premier event venues, all within the vibrant, dynamic new setting of The Grounds. Creekside also directly connects to the larger trail system and infrastructure improvements currently underway at The Grounds, promoting a walkable, pedestrian-friendly environment that enhances connectivity and supports community living.
“Creekside is unlike anything else in our market. It represents a bold first step for the residential vision of The Grounds, offering students walkable access to everything from football games and concerts to trails and retail to campus and class,” added Coleman Team, President and Managing Partner of Front Street Capital. “We re proud to launch this next step of development with a project that directly supports and connects Wake Forest students and the broader Winston-Salem community.”
Construction of Creekside is underway, with initial sitework and grading beginning this week for a Fall 2027 delivery. The project was designed by The Preston Partnership and is being built by Brasfield & Gorrie. Stimmel Associates is the engineer of record. Carter and Front Street Capital s financial partners on Creekside are Kayne Anderson Real Estate, a national leader in alternative investments, and Truist Financial Corporation, a top-ten commercial bank, which underscores the project’s strong market fundamentals and long-term growth potential. Creekside anchors a Phase One vision now exceeding $215 million in planned investment. Additional projects within Phase One of The Grounds, including an office building and retail village, are in design and scheduled to break ground in early 2026.

PHOENIX, AZ – Toll Brothers Apartment Living®, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury homes, in partnership with Willton Investment Management, announced the opening of Lumara, a new luxury apartment community in North Phoenix, Arizona. Lumara, which welcomed its first residents this past week, sets a new standard for refined desert living with modern apartment homes and resort-style amenities.
The four-story community offers 456 apartment homes with a mix of one-, two-, and three-bedroom floor plans. Residences include gourmet kitchens with stainless steel appliances, quartz countertops, custom cabinetry, and spacious kitchen islands. Additional features include bathroom vanities with integrated LED lighting and smart home technology. Select residences feature built-in work-from-home spaces and private patios or balconies with desert views.
We are thrilled to introduce Lumara to North Phoenix, marking our fourth multifamily community in Arizona, said John McCullough, President of Toll Brothers Apartment Living. Lumara represents our commitment to delivering exceptional living experiences with thoughtful design and unparalleled amenities. This community offers a lifestyle of comfort, convenience, and connection and we are proud to be part of the exciting growth of the North Phoenix regio
Lumara’s extensive amenity offerings include two resort-style pool decks with private cabanas, dual state-of-the-art fitness centers with yoga studios and on-demand fitness programming, a rooftop lounge with grills and firepits, and a sports lounge featuring an interactive simulator. Residents can also enjoy a clubroom with demonstration kitchen and private wine cellar, an Excursion Pub with a bar and gathering spaces, a coworking suite with individual and collaborative workspaces, a two-thirds-mile jogging trail, two dog parks and a pet spa, a maker space for creative pursuits, and various gaming lawns and outdoor lounge areas throughout the community. Additional conveniences include a package system with cold storage, rentable storage spaces, and a mini market.
Lumara offers a unique blend of luxury and convenience, providing residents with a vibrant community in the heart of North Phoenix, said Todd Bowden, Managing Director of Toll Brothers Apartment Living in the Southwest region. Its location near major employers and retail centers makes the community the ideal choice for those seeking a dynamic lifestyle.
Located at 25255 North 19th Avenue, Lumara seamlessly connects residents to everyday adventures and the best of shopping, dining, and entertainment in North Phoenix. The community s location offers easy access to I-17, The Shops at Norterra, and Happy Valley Towne Center, as well as regional employers. Lumara is a short drive from downtown Phoenix, Scottsdale, and outdoor recreation, including the Sonoran Preserve and Lake Pleasant.

PORTLAND, OR – WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and the Portland Housing Authority have announced the redevelopment, rehabilitation and expansion of Riverton Park, a 182-unit affordable housing community in Portland, Maine.
Located at 2 Riverton Drive and approximately four miles northwest of downtown Portland, Riverton Park represents one of the most significant investments in affordable housing in Maine and the region. This project will have significant benefits to the Riverton community and provide greater housing options for a neighborhood close to major employers, retail, transit, and schools.
The $117 million development includes the renovation of 118 existing units and the new construction of a 4-story building with 64 additional units. Riverton Park targets households earning between 50% and 80% of the Area Median Income (AMI). Notably, 110 units will include project-based rental assistance, ensuring long-term affordability for residents.
The community will offer a diverse mix of floorplans — ranging from studios to six-bedroom townhomes — designed to accommodate households of all sizes. Each residence will feature energy-efficient appliances and modern interiors, including washer/dryer hookups in townhouse units. The renovation will significantly improve the energy efficiency of existing buildings. New continuous insulation, new windows, new roofs, and air sealing will make homes healthier and more comfortable for families. The new construction building will obtain Passive House certification and feature controlled access and elevator service.
Riverton Park has long been a vital part of Portland s affordable housing landscape, said Anil Advani, Executive Vice President of Originations and Finance at WNC. This project continues that legacy while modernizing the community for today s residents. By combining preservation and new construction, we re meeting urgent demand while enhancing the quality of life for hundreds of families.
Beyond the homes themselves, Riverton Park is being reimagined to foster community, health, and opportunity. In the new building, a health clinic will be built for Greater Portland Health, a local non-profit health care provider. This will quadruple the size of the current health center and enable a significant expansion of basic, affordable healthcare services to be provided to the Riverton community. Other amenities include a community garden, recreation field, after-school educational study center, teen center, activity room, and community kitchen. The entire community will have access to on-site playgrounds, laundry facilities, surveillance cameras, and on-site management.
Riverton Park will be financed through a combination of public and private funding sources. This includes equity from the Low-Income Housing Tax Credit (LIHTC) program, along with construction and permanent financing from Maine State Housing Authority. Additional support includes funding from the City of Portland and Portland Housing Development Corporation. Construction is expected to be completed in late 2027.

MIAMI, FL – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera Aventura South, a contemporary mixed-use community near premier shopping, dining and entertainment destinations approximately 15 miles north of Downtown Miami.
The high-rise community, which will feature 251 homes and 2,510 square feet of ground-floor retail space, represents the second phase of Modera Aventura, which is projected to begin leasing in October. The original phase features 420 homes and 6,400 square feet of retail space. First move-ins at Modera Aventura South are anticipated for fall 2027.
“We’re excited to get started on Phase II of the Modera Aventura master plan, which will benefit from its strategic location near the Brightline commuter rail and Aventura Mall, Florida’s renowned shopping destination and one of the top malls in the country,” said Andrea Rowe, senior managing director of development in South Florida for Mill Creek Residential. “While Modera Aventura South will be smaller than its predecessor, the communities will combine to feature nearly 700 homes and nearly 9,000 square feet of retail space, which we believe will serve as key additions to an area that continues to emerge as a prime living destination. We’re eager to deliver a top-of-market living option in a flourishing neighborhood with thoughtfully planned areas for new development.”
Situated at 2681 NE 191st Street, Modera Aventura South sits in the emerging Ojus neighborhood of northeast Miami-Dade County and adjacent to Aventura, a master-planned suburban city with premier shopping and dining destinations. The community is positioned between Biscayne Boulevard and the West Dixie Highway in a former industrial area undergoing a rapid and lively revitalization. The commuter-friendly location is a few blocks south of a Brightline train station and within a short drive of Interstate 95, the gateway to the greater Miami metropolitan area.
Modera Aventura South will offer one-, two- and three-bedroom homes with select den and penthouse layouts. Community amenities will include a sky terrace with city views, sky lounge with game room and wine lounge, elevated rooftop pool deck with resort-style swimming pool, spa with salt room and sauna, clubhouse lounge with hosting-ready kitchen, outdoor kitchen and dining area, grilling area, pet spa, landscaped courtyards and a club-quality fitness center with cardio equipment, TRX system, Peloton bikes, yoga/Pilates studio, group fitness area and kid’s play area. The community will also offer a conference room, coworking spaces, private workstations, controlled-access garage parking with EV-charging stations, bike storage and repair station, dedicated storage area including cold storage and controlled-access guest technology.
Homes will feature up to 10-foot ceilings, wood-style plank flooring, stainless steel appliances, quartz countertops, pull-down faucets, tile backsplashes, kitchen islands with storage, custom cabinetry, built-in desks and shelving, in-home washers and dryers, spacious closets, smart thermostats, keyless entry and private patios or balconies. Select homes will offer breakfast bars and separate dining areas. Bathrooms will feature spa-like soaking tubs, tile shower surrounds and linen closets. The community will be built to, and is pursuing, an NGBS Silver certification.

LAS VEGAS, NV – CONAM Strategic Investments Fund IV LP, a discretionary fund sponsored by The CONAM Group, announced the purchase of Reverb at Spring Valley, a 180-unit multi-family community in Las Vegas, NV. This property adds to CONAM’s portfolio within the Las Vegas market and is the latest acquisition in Fund IV.
Completed in 2000, Reverb at Spring Valley features two-story garden style buildings with large floor plans and majority two-bedroom floor plans. The community amenities include a clubhouse with a coffee bar, game room, fitness center, and a pool deck with assorted outdoor games, fire pits, and barbeques for residents.
“CONAM, which has long enjoyed a robust presence in the Las Vegas market, has been focused on expanding its presence seeking quality, well located assets at an attractive cost basis. We are pleased with the addition of Reverb at Spring Valley to our portfolio as it complements our fund investment strategy and holdings throughout the Las Vegas market,” says Zach Markell, CONAM’s Western US Acquisitions Director. “Reverb at Spring Valley will continue to flourish in the dynamic Summerlin/Spring Valley market with its robust population growth, strong lifestyle amenities, and diversifying economy.”
Reverb at Spring Valley is located along the Las Vegas Beltway at the nexus of Summerlin and Spring Valley, which provides residents with easy access to major employers in Southwest Las Vegas and on the Las Vegas Strip. Nearby, residents can access major retailers such as Target and Albertsons, a multitude of dining options, the Las Vegas Athletic Club, and the dynamic retail and lifestyle amenities in Downtown Summerlin and The Curve.
CONAM continues to evaluate opportunities that align with our investment strategy in Fund IV. We are active buyers within the market and are excited to continue to grow the portfolio nationally.

ARLINGTON, VA – Penzance, a leading owner, operator and developer in the Mid-Atlantic region for over two decades, has received approval from Arlington County for its proposed redevelopment of Ballston One. The approved plan will convert the existing office building into a vibrant new residential community, adding another milestone in the company’s ongoing transformation of the Rosslyn-Ballston Corridor.
The new project will deliver 328 multifamily units in a 7-story building, ranging from studios to two-bedroom plus dens, as well as 13 two-story loft homes, all designed around gateway architecture with an emphasis on biophilic living and sustainability. Penzance’s plans feature the adaptive reuse of the existing underground parking garage, dramatically reducing environmental impact while supporting a thoughtfully scaled new residential structure. The project is committed to LEED Gold certification and incorporates bird-friendly glass, dark-sky compliant lighting, and a green roof to exceed Arlington County’s environmental and stormwater management standards.
“Ballston One is a transformational project that is a continuation of Penzance s strong history of community-forward work in Arlington County,” said John Kusturiss, Partner at Penzance. “Our team is excited to reimagine this exceptionally-located property in Ballston to deliver a best-in-class residential offering that improves connectivity, walkability and quality of life for future residents and the neighborhood as a whole.”
The amenity-rich building will feature a landscaped courtyard with a pool, outdoor kitchen, and lounge areas, as well as a rooftop terrace with grills and social spaces. Indoor amenities include a fitness center, yoga studio, golf simulator, coworking lounge, makerspace, club room, playroom, and 24/7 concierge service—providing approximately 80 square feet of amenity space per unit, more than double the industry standard. The building will also feature over 130 bicycle parking spaces and 65 EV-ready parking spaces, adding to its robust sustainability features.
Located at the edge of Route 66 and adjacent to the revitalized Ballston Wetland Park, Ballston One will serve as a true gateway to Ballston. The site benefits from proximity to major retail corridors and the future second entrance to the Ballston Metro Station, just 800 feet away. The project brings transformative public improvements, including a new shared-use path for pedestrians and cyclists along North Fairfax Drive to enhance accessibility, safety, and connectivity. Additional upgrades—such as expanded tree canopy coverage and ADA-compliant intersections and crossings—complete this transportation corridor, linking the revitalized Rosslyn-Ballston network with the Custis and Bluemont trails.
The project is the result of a strong community engagement process, shaped by local input to maximize public and environmental benefits. As part of an extensive community benefits package, Penzance will contribute approximately $3.2 million toward affordable housing, adding to Arlington County’s ongoing sustainable growth and equity efforts.

AUSTIN, TX – Turner Impact Capital, one of the country s largest real estate investment firms dedicated to social impact, has acquired a 222-unit multifamily community in Austin, expanding its presence in Texas amid the firm s nationwide drive to deliver innovative, market-driven solutions to the housing affordability crisis.
Lotus Village marks the seventh acquisition by Turner Multifamily Impact Fund III (TMIF III) in less than a year. Austin, where Turner Impact already owns a workforce housing community, is a high-demand market where strong economic and population growth are pushing rents beyond the reach of low- and moderate-income households.
We are delighted to expand our presence in Austin to ensure that more working families can afford quality housing near jobs in this dynamic, growing city, said Turner Impact Capital CEO Bobby Turner. Our acquisition of Lotus Village will preserve urgently needed workforce housing and demonstrate how well-designed impact investing can enrich residents lives while delivering strong and consistent financial returns.
A garden-style community, Lotus Village consists of 10 three- and four-story residential buildings on an eight-acre site. It has 222 one-, two-, and three-bedroom apartments, with community amenities that include a swimming pool and spa, fitness center, clubhouse with a business center, playground, barbeque stations, and dog park. A park, elementary school, and shopping center are within walking distance. A large majority of its units are currently affordable to low- or moderate-income residents, and will remain affordable after the acquisition.
Lotus Village is located in a fast-growing neighborhood conveniently located between a North Austin employment hub, home to major tech companies, and downtown Austin, 10 miles to the south. Two nearby interstate highways offer easy access to other job centers and employers such as Dell, Samsung, Tesla, the University of Texas, and the state government.
TI Communities will serve as property manager for Lotus Village and will soon offer tailored enrichment programs in areas such as youth education, adult financial literacy, healthcare, and wellness to enhance residents quality of life, economic opportunity and satisfaction.
Lotus Village is TMIF III s second recent Texas transaction, following the purchase of a 376-unit community in the Dallas suburb of McKinney with a joint venture partner. The Fund is on course to unlock more than $2 billion in investment potential to acquire existing, or develop new, affordable workforce housing in diverse, high-demand metropolitan areas.
Properties acquired by the Turner Multifamily Impact Funds are designed to remain affordable for middle-income earners including teachers, police officers, healthcare workers, and other community-serving professionals who may earn too much to qualify for subsidized housing but struggle to afford many market-rate rents. This also allows workers to live closer to their jobs, shortening lengthy commutes, freeing up more time to spend with family, and reducing overall environmental impacts.
As the housing affordability gap widens, we are more committed than ever to delivering on our mission to keep high-quality housing within reach for residents facing many other demands for their resources, said Gary Rodney, Managing Director of Turner Impact s Multifamily Housing Initiatives. Austin is an important market for us, and we look forward to pursuing additional opportunities to provide housing solutions here and in other high-demand markets throughout the nation.
Overall, since launching its first housing fund in 2016, Turner Impact Capital has preserved and enriched more than 15,000 units for 61,000 low- to moderate-income residents while generating strong risk-adjusted returns for the firm s institutional investors.

LEWISVILLE, TX – SPI Advisory and FCP announced the acquisition of Crest Manor Apartments, a premier 600-unit multifamily community located in the heart of Lewisville, Texas. This off-market transaction marks a major milestone for SPI, concluding more than five years of discussions with the original developer and seller.
Crest Manor was delivered in two high-quality phases in 2010 and 2016. Designed with a tenant-first mindset, the property offers a resort-style living experience, featuring two swimming pools, a large clubhouse and fitness center, tennis courts, walking and jogging trails, and spacious one-, two-, and three-bedroom layouts averaging 933 square feet.
“From the moment we first toured Crest Manor, it was clear this wasn’t a typical construction,” said Sean Mabarak, Principal and Co-Founder at SPI Advisory. “No expense was spared during development. Every detail—materials, design, amenities—was carefully curated to elevate the resident experience. That also translates directly into a lower capital expenditure profile for us over the hold period.”
The acquisition was structured through the assumption of long-term HUD financing, with a blended interest rate of 3.6% and over 30 years of term remaining. This attractive in-place debt, combined with the property’s best-in-class physical condition, provides SPI with a strong foundation for long-term performance.
The joint venture plans to make strategic enhancements to the amenity package and selectively modernize unit interiors to better align with newly delivered properties in the market, while preserving the community’s well-established character and appeal.
“This was a unique, generational asset that we’ve pursued for years,” added Michael Becker. “After navigating a challenging capital market environment and a protracted escrow process, we’re thrilled to officially bring Crest Manor into the SPI portfolio and look forward to continuing its legacy as one of Lewisville’s premier apartment communities.”