PORTLAND, OR – Guardian, a Pacific Northwest leader in multifamily operations, development, and investment, announced the closing of a landmark $497 million portfolio acquisition spanning Oregon and New Mexico.
The acquisition represents Guardian s largest single transaction to date and one of the largest in the United States for 2025. In total, 15 properties and 3,050 units were acquired, all built after 2000, characterized by historically high occupancy and low turnover. Each property in the portfolio is a post-15 LIHTC community at risk of conversion to market rate. The profile perfectly matches Guardian s mission to preserve affordability for the long term. Demonstrating that commitment, Guardian will voluntarily convert a portion of existing market-rate units to 60% AMI, further strengthening affordability for working families.
This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” said Tom Brenneke, President, Guardian. “Partnering with NEF allows us to safeguard thousands of homes while expanding our footprint into New Mexico and deepening our presence in Oregon. Together, we are proving that large-scale preservation can be both financially sound and rooted in community well-being.
Guardian completed the transaction in two separate phases. The first phase included two Portland-area properties totaling 310 apartment homes, completed with institutional capital partner AEW. The second phase included 13 properties and 2,740 units throughout the Portland, Oregon and Albuquerque, New Mexico metro regions in a venture with NEF and JPMorgan Chase. Working closely with state regulatory agencies, Guardian secured approvals of ownership transfers under an accelerated timeline, ensuring long-term stability for residents.
At NEF, we remain committed to connecting people, providing innovative capital solutions and investing in brighter futures, said Daryl Shore, senior vice president of structured finance at National Equity Fund. Our integrity and stability as an organization stem directly from developing deep, meaningful relationships with our partners, which allows us to push boundaries and engage across every aspect of the multifamily affordable housing space through a mission-oriented, socially impactful approach.
The investment significantly expands Guardian s footprint while solidifying its presence in Oregon and establishing a meaningful entry into New Mexico. The properties acquired will remain affordable for current and future residents, reinforcing Guardian s mission as a steward of long-term housing preservation.
Guardian has always believed that stability in housing creates stability in lives, said Brenneke. This acquisition represents the type of large-scale, mission-driven investment we will continue to pursue in partnership with like-minded organizations, ensuring families across the Northwest and Southwest have access to safe, stable, affordable homes.

HOUSTON, TX – Sixth Street Real Estate and Madera Residential announced the formation of a new joint venture focused on multifamily properties throughout Texas and the Southeast, which was initiated with the recapitalization of a six-property, 1,967-unit, Class A portfolio located in Houston, Texas (the Seed Portfolio ).
The Seed Portfolio encompasses six multifamily communities strategically positioned across Houston. The portfolio includes Domain at CityCentre, The Lofts at CityCentre, La Maison River Oaks, Chelsea Museum District, Vantage Med Center and The Montrose at Buffalo Bayou.
We are excited to partner with the Madera Residential team to identify and acquire high-quality assets in high growth markets at a discount to underlying replacement cost and positioning them for long-term growth said Adam Rapport at Sixth Street.
The partnership between Madera Residential and Sixth Street marks a strategic shift for Madera, expanding beyond its traditional network of high-net-worth investors to also include institutional joint venture partners.
The combination of our local expertise with Sixth Street s institutional backing creates a compelling partnership poised to capitalize on the region s strong fundamentals and we look forward to continued collaboration , said James Kane at Madera Residential.
KingsRock Advisors, CommerceStreet Capital Dallas, and CBRE Debt and Structured Finance Dallas served as Madera Residential s advisors on the recapitalization of the portfolio and formation of the Joint Venture. Kirkland and Ellis served as legal counsel to Madera and Latham & Watkins represented Sixth Street.

SAN MATEO COUNTY, CA – Affirmed Housing, a leading provider of affordable housing throughout California, announced that construction has commenced on Monarch at Redwood, a new, $70.4M, affordable housing community located in the North Fair Oaks neighborhood. Once completed, Monarch will feature 86 sustainably conscious apartment homes with onsite services and amenities for households earning less than 60 percent of the area median income.
I m so proud that Monarch at Redwood is in my district and in my backyard! In a region where affordability is becoming increasingly rare, this project shows what s possible when the County, community, and development partners come together with shared values and purpose, said San Mateo County District 4 Supervisor Lisa Gauthier.
Monarch will be a six-story development with thoughtfully designed studio, one-, two- and three-bedroom apartment homes. Of the total 86 apartments, 39 are designated Permanent Supportive Housing (PSH) for residents participating in Healthy Housing California (HHC) and Mental Health Services Act (MHSA) programs, ensuring critical housing access for those most in need.
Our goal with Monarch is to strengthen North Fair Oaks by providing housing and support that allow residents to stay close to friends, schools, and the local businesses, keeping the heart of the community vibrant and inclusive, said Jimmy Silverwood, president at Affirmed Housing. This project will create homes where people can truly put down roots. We re grateful to all our partners who share this vision and help make it possible.
Promoting energy efficiency and affordability, each home will be equipped with Energy Star-rated appliances, and rooftop photovoltaic panels will help offset the property s utility costs. Several shared amenities will be featured throughout the property, including secure bike storage, parking spaces, and a welcoming lobby with a mail room, all situated on the building s ground level. On-site laundry facilities are located throughout the building, and a landscaped courtyard and a community room provide space to host gatherings and events. Signature to Affirmed Housing projects, Monarch is placed within a high resource area, allowing residents easy access to off-site amenities, such as public transit, grocery stores, restaurants, and retail businesses.
In addition to housing, Monarch residents will have exclusive access to adult education programs focused on job training, career development, and health and wellness. Those experiencing mental and physical health challenges will have access to dedicated on-site service coordinators and a robust network of wrap-around supportive services provided in partnership with local organizations, like the Mental Health Association of San Mateo County (MHA).
Funding for Monarch comes through a collaboration of key financing partners, including Lument, Redstone Equity Partners, First Citizens Bank, the County of San Mateo, Housing Trust Silicon Valley, Corporation for Supportive Housing, the California Debt Limit Allocation Committee (CDLAC) and the California Tax Credit Allocation Committee (CTCAC).
Affirmed Housing s development partners for Monarch include HA Builder Group, Van Meter Williams Pollack, BKF Engineers, DCI Engineers and Jett Landscape Architecture + Design.

DALLAS, TX – MG Properties, a leading private real estate investment firm specializing in multifamily properties, is excited to announce its expansion into the Texas market with the acquisition of Ovation at Galatyn Park, a premier luxury apartment community located in Richardson, Texas, a thriving suburb of Dallas.
This milestone marks MG Properties’ first investment in the Lone Star State, underscoring the company’s ongoing commitment to strategic growth and market diversification. Ovation at Galatyn Park adds to MG’s growing portfolio of high-quality residential communities across the western United States.
“We are proud to enter the Texas market with such a high-caliber asset,” said Jeff Gleiberman, President of MG Properties. “The Dallas-Fort Worth region represents one of the most dynamic and resilient rental markets in the country. We’re excited to bring our platform to Texas and continue growing our presence in the region.”
Ovation at Galatyn Park offers residents a blend of luxury, convenience, and connectivity. With modern interiors, premium amenities, and proximity to major employment centers, retail, and transit, the community stands out as a sought-after living destination in Richardson.
This acquisition continues MG Properties’ robust growth trajectory, bringing its total portfolio to over 32,000 units across multiple states.

LOS ANGELES, CA – Linc Housing, a nonprofit developer of affordable and supportive housing, joined Atlas residents, leaders from the City and County of Los Angeles, and community partners to celebrate the grand opening of Atlas, a 127-home affordable and supportive housing community. Sixty homes are for people who were chronically homeless and 66 are for people at risk of losing their housing. By addressing both urgent need and prevention, Atlas represents an important step forward in Los Angeles’ efforts to reduce homelessness.
“Every home we create is a lifeline,” said Council President Marqueece Harris-Dawson, Los Angeles City Council. “Atlas not only offers dignity and stability to people who have struggled with homelessness, it also helps prevent others from ever experiencing it in the first place. This new community is proof that when the city, county, state, and nonprofit partners work together, we can move the needle on homelessness.”
Named after the Atlas butterfly – a global symbol of transformation and rebirth – this is Linc’s first completed Project Homekey development in the region. Homekey is the State of California’s groundbreaking initiative to transform underused properties into long-term affordable and supportive housing.
“Atlas embodies the power of collaboration,” said Rebecca Clark, CEO, Linc Housing. “Thanks to Governor Newsom’s Project Homekey initiative, and the commitment of the state, city, and county, we’re able to bring more of the housing and services that people urgently need. At Linc, we know that solving homelessness requires both providing homes for people already on the streets and preventing others from losing their housing. Atlas does both.”
Before its renovation, Atlas, located at 1650 Florence Avenue in Los Angeles, was an uninhabited, recently constructed market-rate apartment building. Today it offers 126 one-bedroom homes and one manager’s unit, along with a community room with computer stations, case management offices, long-term bicycle parking, outdoor courtyards, and a rooftop deck.
The Housing Authority of the City of Los Angeles (HACLA) worked with the city and state to purchase the building with State Homekey funding and provided project-based Section 8 vouchers that insure rent stability for residents.
“Without rental support, too many Angelenos risk falling into homelessness simply because market rents are out of reach,” said Lourdes Castro Ramírez, President & CEO, Housing Authority of the City of Los Angeles (HACLA). “HACLA is proud to be part of this partnership; not only to make sure our most vulnerable neighbors are housed, but also to ensure their security to remain housed long term.”
Many residents came to Atlas through the Los Angeles County Coordinated Entry System and the County’s Department of Health Services’ Housing for Health program, which provides the funding for wraparound services for residents who were homeless. Housing for Health also operates an innovative Homeless Prevention Unit that uses predictive analytics to identify and assist people who are likely to fall into homelessness. About 35 residents were referred to Atlas through this effort.
“It takes far more resources to help someone recover from homelessness than to prevent it in the first place,” said Leepi Shimkhada, interim director of Housing for Health at the Los Angeles County Department of Health Services. “Through Atlas, we’re doing both: supporting people who have lived on the streets with housing and care, while also preventing others from ever becoming homeless. With strong partnerships across the City of L.A., the state, and organizations like Linc, and guided by a ‘whatever it takes’ philosophy, we’re making sure people not only stay housed but also feel part of a community through on-site wraparound services.”
Residents who were chronically homeless receive wraparound services including mental and physical health care, employment counseling and job placement, education, substance use counseling, financial coaching, and community referrals. All residents also benefit from case coordination, health and wellness programs, workforce and financial development workshops, and digital equity initiatives.
For Roderick, a new resident, Atlas has been life-changing. After decades of homelessness and challenges with substance use, he is now stably housed and committed to his health. He also helps care for his mother who is living with dementia nearby at a care facility. “This new home has changed my life tremendously,” Roderick said. “I’m stable now, and I get to see my mom every day. I finally feel like I can build a future.”
The majority of financing for the initial acquisition came from Project Homekey funds from the State of California Department of Housing and Community Development, administered by the Los Angeles Housing Department (LAHD). LAHD also contributed HOME/American Rescue Plan (ARP) funds, Proposition HHH funds, and funding from the Community Development Block Grant program. Additional HOME/ARP and LAHD reserve funding supported construction.
Renovations on Atlas began in May 2024 with designs by Y&M Architects and construction by T. Morrissey Corporation. The building is now fully occupied with residents moving in since March. All homes are for households at or below 30% of area median income.

CHARLOTTE, NC – Ginkgo Residential announced that it has acquired a five-property multifamily portfolio totaling 647 units across the Charleston, South Carolina metropolitan area. The off-market opportunity marks a continuation of Ginkgo s strategic focus on high-growth, high-barrier-to-entry Southeastern markets and represents the company s second acquisition in 2025.
The multifamily communities include: Brackenbrook Apartments (168 apartments), North Bluff Apartments (144 apartments), The Landing (119 apartments), Sawbranch Apartments (112 apartments) and Woodlocke Apartments (104 apartments).
The acquisition was completed in a joint venture between Ginkgo REIT Inc. and J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT).
Originally developed between 1975 and 1985, the portfolio has been owned and professionally managed by the same group for many decades. The properties are located in established workforce housing submarkets with strong proximity to major area employers such as Boeing, Mercedes-Benz Vans, and Trident Health. The communities are currently 93.5% occupied and average 991 square feet per unit.
The prior ownership invested heavily in long-term capital improvements. Ginkgo plans to build on this strong foundation by creating a strong resident experience and better positioning the assets within their respective competitive set.
This is a portfolio we ve been tracking for several years, and we re excited to have the opportunity to acquire it. Its long-term ownership and strong physical condition provide a rare foundation for both operational improvement and long-term value creation, said Bill Green, Co-CEO and Principal at Ginkgo Residential.
The Charleston MSA continues to exhibit strong housing fundamentals, bolstered by consistent population and job growth. According to the U.S. Bureau of Labor Statistics, the Charleston MSA added approximately 43 jobs per day from 2023 to 2024. Concurrently, U.S. Census Bureau data shows that the area welcomed an average of 50 new residents per day during the same period—further underscoring the demand for quality housing options. Apartment absorption in 2025 is expected to exceed new deliveries for the first time since 2021, a trend expected to continue as future supply additions moderate.
These communities have been very well maintained, and with our proven operating platform, we believe we can unlock significant additional value while continuing to serve the growing demand for quality housing in Charleston, said Kiel Bollero, Director of Acquisitions at Ginkgo Residential.
This acquisition follows Ginkgo s recent purchase of a 219-unit multifamily community in Wilmington, N.C., as the company continues to execute its value-add investment strategy across the Southeast.

MIAMI, FL – FCP acquired District West Gables, a 427-unit midrise apartment community in West Miami, FL. The acquisition marks FCP’s third investment in South Florida within the past nine months, underscoring the firm’s continued momentum and conviction in one of the nation’s most dynamic rental markets.
“Executing in today’s environment requires conviction and capital, and FCP is proud to continue expanding in South Florida with a high-quality core-plus asset in Miami-Dade,” said Bruce Gago, Senior Vice President at FCP and head of the company’s Florida investments. “Despite a challenging capital markets environment, we continue to deploy capital into markets where we see long-term fundamentals driving durable demand. Miami-Dade—and West Miami in particular—offers exceptional demographic and employment tailwinds that align with our investment strategy.”
FCP plans to implement a value-enhancement program focused on modernizing common areas and amenities while executing renovations on unit interiors. The company has engaged Greystar as property manager to support operational execution and leasing performance.
District West Gables provides residents with direct access to Miami’s key employment nodes, including the University of Miami, Florida International University, Miami International Airport, and Brickell/Downtown. The property is located less than three miles from Coral Gables’ vibrant downtown and Miracle Mile retail corridor.
Built in two phases (2015 and 2017), District West Gables comprises studio, one-, two-, and three-bedroom residences in mid-rise structures with structured parking. The community features a robust amenity package, including two resort-style pools, dual fitness centers, EV charging stations, a movie theater, cabana-lined sun decks, and expansive resident lounges.
This transaction reinforces FCP’s ability to identify and close on high-conviction assets, even amid market volatility, and further establishes the firm’s footprint in Florida—a region where it continues to actively seek new opportunities across the risk spectrum.
FCP extends its appreciation to Hampton Beebe of Newmark for his representation of the seller and to Matt Williams, Daniel Matz, and Rob Wright of Newmark for their representation of FCP in securing financing.

ATLANTA, GA – ECI Group celebrated the groundbreaking of The Averly Richmond Hill, a $60 million, 291-unit, mixed-use development with retail acreage along Ford Avenue in Richmond Hill, GA. ECI Construction is the general contractor, with construction financing provided by Synovus and CIBC, and will deliver pad ready retail sites in Q1 2026 for tenants. ECI has been active in the Savannah Metro since 2015, having constructed one project and purchased another.
Ashley Smith and Tyler Mouchet of Colliers | Savannah have been selected to market the 3.5+ acres of retail pad sites, which are available for ground lease. Behind the commercial acreage, ECI is constructing 291 residential units, composed of 243 one-, two-, and three-bedroom apartment residences along with 48 three-bedroom, two-car garage townhome residences.
“We are very excited to move forward on this mixed-use development,” said ECI Vice President of Development, Stephen Stover. “We feel strongly that continued job growth across the Savannah MSA, particularly in the industrial and logistics sectors, as well as population growth in the affluent Richmond Hill submarket, offer an exciting opportunity for retailers to locate on our site.”
“Richmond Hill is one of the most dynamic and rapidly growing submarkets in the Savannah region, and The Averly Richmond Hill presents a rare opportunity for retailers to secure high-visibility frontage along Ford Avenue,” said Tyler Mouchet, Associate Vice President at Colliers | Savannah. “With strong population growth, proximity to major employers, and exceptional access to I-95, this project is ideally positioned to attract a diverse mix of tenants to serve the surrounding community.”
The Averly Richmond Hill is located less than one mile from I-95 in the center of Richmond Hill’s growing retail and commercial district, with direct access to primary highways and area job centers. Major local employers include Hyundai, Gulfstream, Georgia Ports, and Fort Stewart. The community’s younger residents can attend Richmond Hill’s highly rated school district.

PORTLAND, ME – WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry; Avesta Housing, a regional nonprofit developer of affordable homes; and Reveler Development, the master developer on the project which specializes in constructing and redeveloping multi-family and mixed-use properties in the Maine area; have announced the start of construction on 89 Elm Apartments, a 201-unit affordable housing community in downtown Portland, Maine.
This is the fourth community for WNC in Portland, following the recent completion of nearby Riverton Park.
Located at 89 Elm Street within walking distance of restaurants, grocery stores, health services, and public transit, 89 Elm Apartments will provide a critical infusion of high-quality, income-restricted housing in one of the state s most in-demand rental markets. The community will target households earning up to 60% of the Area Median Income (AMI).
With virtually no vacancies and extensive waiting lists at comparable properties, the need for affordable housing in Portland is clear, said Anil Advani, Executive Vice President of Originations and Finance at WNC. 89 Elm represents a transformative opportunity to bring thoughtfully designed, energy-efficient homes to the heart of the city. We re proud to partner with Avesta Housing and Reveler Development to make this vision a reality.
The community will feature a mix of 39 studios, 141 one-bedroom apartments, and 21 two-bedroom apartments, all located within a six- to eight-story elevator-served building. Each residence will include modern finishes and energy-efficient appliances such as a refrigerator, dishwasher, electric range, and window or wall air conditioning. Other features include composite plank flooring, window blinds, and secure storage options.
Beyond individual units, 89 Elm is designed to foster connection and enhance residents daily lives. The community will feature a community room, kitchenette, and social services office, as well as a fitness center and inviting common patio and lounge spaces. Residents will also have access to bike storage and lockers, on-site management, laundry facilities, and common area Wi-Fi. To promote security and peace of mind, the property will include controlled-access entry and security cameras throughout.
This is an exciting project for Reveler Development – our vision for this master-planned site has always included a diversity of housing options, said John Laliberte of Reveler Development. Our partnership with Avesta is a great model for addressing the housing shortage in this challenging environment. We look forward to welcoming these new residents to Bayside.
89 Elm is being financed through a combination of public and private sources, including $35.5 million in equity from WNC through the Low-Income Housing Tax Credit (LIHTC) program. In addition to the 4% LIHTC equity, the project will be financed with tax-exempt bond proceeds. MaineHousing will provide a $54 million construction loan, which will be paid down to a permanent loan of $21.73 million. During construction, a soft loan from MaineHousing totaling $23.72 million will also be funded. Additional financing includes a $2.14 million Brownfield Revolving Loan Fund (RLF) loan and a $1.04 million loan to the partnership from Avesta Development comprised of Efficiency Maine funds. The total development cost is estimated at $87.8 million. Construction is expected to be completed in 2027.

LAKE WORTH, FL – The Milestone Group announced the acquisition of the 206-unit Casa Brera at Toscana Isles apartment community in Lake Worth, FL. The purchase price was not disclosed.
“Casa Brera was acquired at roughly a 20% discount to replacement cost in the supply-constrained Lake Worth submarket of South Florida,” said David Giles, Vice President of Acquisitions at Milestone. “By assuming the existing financing, we were able to close quickly while offering surety of execution to the seller. Our plan includes modernizing the exterior and amenities, along with selective interior upgrades to enhance the resident experience and strengthen property performance.”
“This is a great addition to our growing South Florida portfolio,” added Jason Wise, who leads East Coast investments for Milestone. “With two recent acquisitions in Palm Beach County, we remain confident in South Florida’s long-term fundamentals, driven by strong in-migration and ongoing corporate relocations.”
Casa Brera at Toscana Isles features one-, two-, and three-bedroom apartments at 4725 Via Bari in Lake Worth. Located between Palm Beach and Boynton Beach, the community provides its residents with convenient access to nearby shopping and recreation areas as well as to rapidly growing job centers.
Community amenities include a resort-style pool, a private movie theater, a state-of-the-art fitness center, a dog park, a multi-purpose sport court, a luxurious clubhouse, and a social lounge and entertainment bar. The residences feature open floor plans with granite countertops and stainless steel appliances, private balconies or patios, hardwood floors, and washers and dryers in every unit.