WASHINGTON, DC – Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers (NYSE: TOL), the nation’s leading builder of luxury homes, in partnership with CrossHarbor Capital Partners, announced the grand opening of Vermeer, a 13-story luxury apartment community in Washington, D.C. s Buzzard Point neighborhood. Located at 113 Potomac Avenue SW, Vermeer offers 501 thoughtfully designed residences and approximately 37,000 square feet of ground-floor retail space.
Construction was financed with a $162.7 million construction loan facility from Bank OZK and began in late 2022. Vermeer welcomed its first residents in December 2024 and celebrated its grand opening in early May with project partners, residents, and guests.
Vermeer reflects our vision for modern urban living: an elevated residential experience that complements the energy and evolution of Buzzard Point, said John McCullough, President of Toll Brothers Apartment Living. With its sophisticated design, extensive amenities, and unbeatable views of Washington, D.C. and the riverfront, this community delivers the style, substance, and walkability that today s urban renter demands.
Designed by KTGY, Vermeer features a mix of one-, two-, and three-bedroom apartment homes. Each residence is replete with premium finishes, including quartz countertops with tile backsplashes, stainless steel appliances, modern flat-panel cabinetry, oversized closets with built-in storage, and smart home features including app-enabled keyless entry and smart thermostats. Select residences also offer private balconies or terraces with sweeping views of Washington, D.C. including Audi Field and the Potomac and Anacostia Rivers.
The community amenities are curated to enhance residents’ lifestyles, featuring a rooftop pool with expansive sundeck, a fitness center and hydration bar, multiple elevated courtyards with firepits and grilling stations, and a game lounge with billiards and a poker table. Additional amenities include a grand lobby with concierge, a private dining room, multiple coworking spaces, and a pet spa. Throughout the community, residents can enjoy views of Washington, D.C., including near 360-degree views from the rooftop of the Capitol Building, Audi Field, Nationals Park, the Anacostia and Potomac Rivers, and the Frederick Douglass Memorial Bridge.
Vermeer s refined design, paired with its exceptional location adjacent to Audi Field, makes the community an unparalleled destination in this rapidly growing neighborhood, said Michael Skena, Managing Director of Toll Brothers Apartment Living in the Mid-Atlantic region. From its dynamic street-level retail to its rooftop amenities, Vermeer offers residents the rare opportunity to live where elevated urban living and convenience intersect.
Vermeer provides residents with easy access to the Capitol Riverfront, with walkability to Audi Field, Nationals Park, The Wharf, and the Navy Yard-Ballpark Metro station. The community s first retail tenant, a 19,000+ square-foot Gold s Gym location, is set to open this fall.
Vermeer is Toll Brothers Apartment Living s fourth multifamily community in Washington, D.C., and second mixed-use development in the District after Union Place in the NoMa neighborhood.

FORT BEND COUNTY, TX – Vista Residential Partners, a national multifamily development firm, has broken ground on 18.2 acres on The Southwest Freeway in Fort Bend County, Texas, for the development of Williams Ranch Vista, a 375-unit multifamily project adjacent to the Williams Ranch development.
Located along the I-69 Corridor in Fort Bend County, the Project is approximately 21 miles southwest of the Houston Galleria and 28 miles from downtown Houston. The immediate area has seen explosive growth over the past decade and is expected to add over 150,000 residents by 2030. With an overall A+ rating for area schools and four of the nation’s top selling master-planned communities, Fort Bend County’s growth is poised to continue, fueled by new families choosing to live in the area.
“Williams Ranch Vista utilizes the PFC financing structure to deliver the residents of Fort Bend County a high -quality living experience in an area that continues to demonstrate continued growth. Fort Bend County and the overall region continue to be among the nation’s leaders in population growth with no signs of slowing”, says Jason Lentz, Managing Director of Vista Residential Partners. “This significant growth will enable the area to continue on its upward trajectory within the nation, and we could not be more pleased to invest in the market with a quality driven product providing residents first-class finishes and amenity offerings.”
Williams Ranch Vista benefits from its proximity to Brazos Town Center, the 3rd most visited power center in the state of Texas. Brazos Town Center includes over 140 tenants with over 2 million square feet of retail, dining, hotel and entertainment options. Nearby major Fort Bend County employers include Amazon, Houston Methodist Sugar Land Hospital, Schlumberger, UPS, Memorial Hermann Katy and Frito-Lay, who recently expanded its local facility with a $200 million investment.
“We’re excited to partner with the Rosenberg Housing Authority to deliver our high-quality, attainable product”, says Scott Hartley, Chief Investment Officer of Vista Residential Partners. “Alongside Parse Capital, A16Z, and BOK Financial, we’re excited to close on our first development in Texas.”
Williams Ranch Vista will service the growing demand for high quality attainable housing that includes Class-A multifamily finishes and amenities with a mix of 1 and 2-bedroom apartment units. Interior finishes will include granite countertops in the kitchen/bath areas, stainless steel appliances, subway-tile backsplashes, wood-like flooring, tiled shower surround, and washer/dryer in each unit. Residents will benefit from a full amenity set including a resort-style pool, fitness area and clubhouse with coffee machines, package center, and a dog park.

DENVER, CO – Sentral, the leading Class-A multifamily property management company, announced it has added three communities to its portfolio, Quincy in San Francisco, Reveal Playa Vista in Los Angeles and 24Fifty at University Park in Denver. The trio of amenity-rich residential communities build on Sentral’s growing management portfolio of more than $4 billion of Class A multifamily assets across the United States. Quincy expands Sentral’s Bay Area presence to seven communities; Reveal Playa Vista is the tenth community in the Los Angeles area and 24Fifty is Sentral’s second community in Denver.
Quincy, located at 555 Bryant Street in San Francisco, is a new development from Strada Investment Group that will open later this month. Each of the 501 studio, one-bedroom and two-bedroom homes is appointed with luxury finishes and smart appliances, with an emphasis on elevated design, functionality and sustainability. Sentral will deliver its signature full-service model, including a lifestyle team, fitness director and event programming to provide Quincy residents with a refined hospitality-style experience.
Quincy’s broad array of amenities include an indoor/outdoor rooftop lounge and bar with stunning views of Mission Bay and Oracle Park, speakeasy game room, demonstration kitchen, co-working lounge, fitness center, yoga/training room, and lobby atrium. Available services include a 24-hour Experience Ambassador team, dry cleaning, home cleaning, valet parking with EV charging, fitness classes, private training, pet care and dog walking.
“We’ve seen the success Sentral has had with other Class A buildings in the Bay Area with their service-first approach to building a strong community, and we knew that partnering with Sentral would bring our vision for Quincy to life,” said Will Goodman, Principal, Strada Investment Group.
Reveal Playa Vista, located at 5710 Crescent Park East in Los Angeles, is a boutique-inspired oasis that offers 214 one-bedroom and two-bedroom apartments. The luxuriously designed amenities provide residents with ample facilities for work and play, from open spaces to intimate alcoves with complimentary wifi throughout. Lifestyle amenities include an oversized rooftop deck with a heated pool and BBQ stations; a double-height clubhouse featuring a custom pool table, three large HDTVs and a spacious kitchen; and a state-of-the-art fitness room. Reveal Playa Vista is located along the serene landscaping of Crescent Park and minutes from Silicon Beach.
24Fifty at University Park is a luxury residential building located at 2450 South University Boulevard, near the University of Colorado campus and downtown Denver. Designed with modern sophistication and a focus on nature and relaxation, 24Fifty offers thoughtfully curated amenities that bring the community together, including a rooftop pool, jacuzzi and lounge with a firepit; outdoor terrace and grilling area; clubhouse with a kitchen and self-serve coffee bar; TV and game room with a billiard table; yoga studio; 24-hour fitness center with Echelon virtual spin bikes; pet washing station and much more. Under Sentral’s management, 24Fifty plans to offer a number of fully furnished apartments that will be available for any-length-of-stay leases.
24Fifty and Reveal Playa Vista are both owned by the same institutional investor.
Sentral has more than tripled its management portfolio since 2021 and continues to lead the industry thanks to its hospitality-inspired amenities, best-in-class service and flexible mix of furnished and unfurnished luxury units.
“As we continue to grow in markets across the country, we are proud to be recognized by the world’s leading residential developers as the only property manager that can provide this level of hospitality lifestyle experience for residents,” said Roman Speron, president and chief operating officer of Sentral. “We are building engaged communities unlike any that exist in these markets, consistently driving higher revenue for our partners.”
The addition of Quincy, Reveal Playa Vista and 24Fifty at University Park builds on Sentral’s recent management agreements at properties including Sentral Gaslamp Quarter in San Diego and PALMA in Los Angeles as it continues to grow across the United States.

RALEIGH, NC – Aventon Companies, a prominent multifamily developer and general contractor with active projects throughout the Mid-Atlantic and Southeast, has broken ground on Aventon NorthRidge, in Raleigh. Located at 6311 Spring Forest Road, the apartment community will encompass 346 units spread over 13 acres and is set to open its doors in early 2027. Aventon NorthRidge will improve upon the success of the neighboring Aventon Companies’ community, Aventon Nora, which opened in Fall 2023.
Outfitted with Aventon Companies’ signature, high-end finishes, Aventon NorthRidge will offer one, two and three-bedroom floorplans. Future residents can look forward to amenities such as a two-story community clubhouse with an expansive remote work lounge, state-of-the-art fitness center and game lounge overlooking the resort-style pool courtyard. The pet-friendly development will also boast a pet spa and ample green space. Meanwhile, its premier location is in close proximity to booming job markets and destination lifestyle areas like North Hills, downtown Raleigh and Research Triangle Park.
“With incredible opportunities for employment in a variety of top fields, Raleigh is a flourishing market that has it all; including world-class education, unforgettable entertainment options, premier healthcare and more,” said Jeff Furman, Senior Managing Director. “As we continue to grow our footprint in the Carolinas, we look forward to welcoming residents for many years to come.”
The design of Aventon NorthRidge was led by Cline Design Associates with interior design curated by Studio 5 Interiors. Since 2019, Aventon Companies has created nearly 9,000 of its branded apartment homes within the Carolinas, Florida, Georgia, Virginia and Maryland. In addition to Aventon NorthRidge and Aventon Nora, the firm also debuted Aventon Cary in North Carolina last winter.

INDIANAPOLIS, IN – Thompson Thrift, a full-service, nationally recognized real estate company and the master developer of Fishers District, announced that it has officially broken ground on The Union at Fishers District, the final phase of the master-planned development in the Indianapolis suburb of Fishers. This mixed-use development will bring new luxury residences, vibrant retail and office space, and Indiana’s first AC Hotel by Marriott to one of the state’s fastest-growing cities.
“The Union at Fishers District reflects the power of true collaboration across our teams at Thompson Thrift,” said Dan Sink, president and chief financial officer at Thompson Thrift Development. “This final phase brings together our deep expertise in construction, residential, and commercial development to deliver a vibrant, high-quality destination that will serve the community for years to come.”
Located near Interstate 69 and 116th Street, the commercial portion is expected to complete construction late in 2026 and will include 57,000 square feet of retail, restaurant and entertainment space, 70,000 square feet of Class A office space and a 135-room AC Hotel. Additionally, a central event plaza will serve as a vibrant gathering place for both visitors and residents, fostering a lively atmosphere throughout the year.
“The office space at The Union will meet the growing demand of companies seeking a modern, amenity-rich work environment in a prime location,” said Ryan Menard, vice president of development for Thompson Thrift Commercial. “Positioned above retail spaces and framing the central plaza, these offices will benefit from an integrated experience, with restaurants, hotel and entertainment venues just steps away.”
Tenants with signed leases include Piedra, a modern, upscale Mexican restaurant; Niku Sushi.Kitchen.Bar offering contemporary Japanese cuisine; Kitchen Social, a polished casual restaurant serving international cuisine; Everbowl, a health-focused, fast-casual spot; and Thai restaurant, Racha Thai. Medical spa Renova Aesthetics and Sweathouz, a wellness-focused facility offering various health and recovery treatments, will also be among the first to open. Thompson Thrift is actively negotiating leases on the remaining spaces.
The Union Flats will be a Class A multifamily community designed to attract residents seeking a modern, upscale living experience. The 251 apartment homes will be located above ground-floor retail space and are expected to welcome residents in late 2026. A standout feature will be the amenity deck, complete with a resort-style swimming pool, outdoor entertainment kitchen, community grilling areas and electric firepits with seating areas. Other community amenities will include a fully equipped fitness center with 24-hour access, bike storage, focus suites, a dog park with agility equipment, a pet spa with grooming station, and much more.
“The Union Flats will bring a modern, elevated living experience to one of Fishers’ most dynamic and walkable locations,” said Josh Purvis, managing partner for Thompson Thrift Residential. “With thoughtfully designed apartment homes and resort-style amenities just steps away from restaurants, shopping and entertainment, we’re creating a community where convenience and lifestyle come together.”
Inside the studio, one-, two- and three-bedroom apartment homes, residents will find many of the luxury touches Thompson Thrift communities are known for, including elegant quartz countertops, stainless steel appliances, side-by-side refrigerator, a full-size washer and dryer, large walk-in closets and energy-efficient LED lighting.
“Fishers is a city that proudly embraces innovation and quality of life,” said Fishers’ Mayor Scott Fadness. “The Union at Fishers District’s walkable design, gathering spaces and diverse shopping, entertainment and hospitality offerings will provide our residents and visitors with exceptional amenities and experiences.”
Thompson Thrift first began work on the Fishers District development in 2015 and received a Monumental Award from the Indianapolis Chamber of Commerce in 2020 for the first phase. Once completed, the $750 million development will span 123 acres and will offer an array of multifamily, townhome, hotel, office, dining, shopping and entertainment options connected by well-designed walking paths that allow residents and visitors to explore the master-planned development on foot.
Since its founding nearly 40 years ago, Thompson Thrift has invested more than $6 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive multifamily communities and commercial projects across the Midwest, Southeast and Southwest.

FRISCO, TX – Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated developer, property manager and asset manager, announced the start of leasing at The Ansel, its newest luxury community in the heart of Texas.
The Ansel, a mid-rise luxury community featuring 355 apartment homes, draws inspiration from its Ansel Adams namesake to create a tranquil connection with nature amid the spirited lifestyle of Frisco. With a canvas of green landscapes surrounded by sophisticated property features and downtown energy, residents of The Ansel have the opportunity to paint their own living experience.
“The Ansel was designed to invite in its natural surroundings while capturing a modern vibe through technological conveniences and thoughtfully appointed homes,” said Nick Jacob, Director, Texas Development for Quarterra. “Residents are ideally positioned to take advantage of everything Frisco has to offer, from high-end dining to boutique shopping, or tap into outdoor experiences through nearby parks and trail systems. We’re excited to welcome residents to this exceptional living experience and be an active part of this dynamic community.”
The Ansel puts residents just minutes from the retail opportunities at Legacy West, Stonebriar Centre, the Shops at Starwood, Frisco Bridges North and Preston Ridge U141. Nearby destination dining venues include Eddie V’s, III Forks, The Capital Grille, Trick Rider and Lombardi Cucina. Residents will find something for everyone at Grandscape, a local cultural hub featuring concerts, outdoor movies, children’s attractions, interactive entertainment experiences, shopping and dining. And football enthusiasts can revel in a day at The Star — the 91-acre world headquarters of the Dallas Cowboys — just minutes away and offering the ultimate fan experience.
Residents looking to soak in the Texas sun have plenty of options at nearby Cottonwood Creek Greenbelt, Frisco Mountain Bike Trail, Beavers Bend Trail, Arbor Hills Nature Preserve, Frisco Commons, The Rail District and Texas Sculpture Garden.
Situated at 4220 Tributary Way, The Ansel is just blocks from the Sam Rayburn Tollway (121) and 1.5 miles from Dallas North Tollway (DNT) – a 30.2-mile controlled-access route running from Interstate 35E near Downtown Dallas to U.S. Highway 380 in Frisco. It provides a direct commute to much of the Dallas-Fort Worth metroplex. Residents of The Ansel also have quick access to The Colony, a neighboring city to the south, and Plano, a larger city slightly farther south that is the corporate headquarters for several major companies. Top regional employers include Toyota, JP Morgan, The Star, Marriott, Hilton, Bank of America and Grandscape, as well as various healthcare providers and local municipalities. In addition to top quality Lewisville Independent School District schools, residents can find extensive coursework options at the University of North Texas, Collin College (Frisco campus), Amberton University and the University of Texas – Dallas.
The Ansel is composed of studio, one- and two-bedroom apartment homes, with spacious floor plans ranging from 588 to 1,384 square feet. Residents can choose from two designer color schemes to match their personal preference. Homes feature expansive kitchens designed for culinary creativity, accented by custom pendant lighting, quartz countertops, stainless steel appliances, undermount sinks with designer faucet hardware to blend functionality with modern elegance. Luxury vinyl plank flooring flows throughout the main living areas, while carpeted bedrooms include generous walk-in closets. Oversized windows provide ample natural light and bring sunsets and cityscapes into the home. Bathrooms include dual vanity sinks and stunning tile flooring and shower surrounds, combining durability with a timeless design. All homes come equipped with keyless entries, smart thermostats and USB outlets, while select units include gourmet kitchen islands.
Residents can recharge poolside and make a day of it with outdoor grilling stations. A state-of-the-art fitness center, modern recreation room, clubhouse with a social lounge, and plush pet park also offer ideal areas to unwind. The community is complete with EV charging stations in the parking structure, Parcel Hub package lockers and a designated bike storage area with a wash and repair center.
The Ansel is Quarterra’s fifth Texas community and its first venture into the Dallas/Forth Worth metroplex.

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.