WALDORF, MD – North Bethesda, Maryland-based CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $6 billion of multifamily assets in the U.S., announced it has acquired two apartment communities in Charles County featuring a combined 360 homes.
The workforce-housing communities, Palmer Apartments and Smallwood Gardens, are adjacent to one another, just south of St. Charles Parkway in south Waldorf. CAPREIT is set to undertake a series of capital improvements on the properties, designed to elevate them to a premier choice for the discerning modern workforce renter.
“As a leading workforce and affordable housing provider, we are always aiming to grow our portfolio in stable markets,” said Andrew Kadish, CEO of CAPREIT. “We’re excited to expand to Waldorf with the acquisition of these two communities, which are right in the backyard of our company headquarters. With a large footprint and vast institutional knowledge of the greater Mid-Atlantic market—which is our largest market with multiple regional headquarters—we viewed this as a prime opportunity with an abundance of upside. We look forward to getting started on the capital improvement process.”
CAPREIT has dedicated $5 million toward upgrades, which will include a significant refresh of building exteriors, amenities, common areas, landscaping and additional community enhancements. Home interior renovations are also planned to help elevate the spaces to modern standards. Additionally, CAPREIT plans to implement energy-saving measures that have the potential to reduce utility costs by up to 25%.
Palmer Apartments, located at 3008 Pilgrims Square, was originally built in 1980 and features 152 one- and two-bedroom homes. Smallwood Gardens (formerly Smallwood Gardens at Village Center of St. Charles) is positioned at 2640 Hamilton Place. Originally built in 1976, the two-story community features 208 one-, two- and three-bedroom homes.
Each property features a swimming pool, playground, laundry facility and onsite maintenance. Apartment interiors include fully equipped kitchens, large walk-in closets, air conditioning and in-home climate control. Select homes feature private patios or balconies.
The properties sit across from Smallwood Village Center, a 173,000 square-foot shopping center, and within walking distance of a stop on the VanGO bus line. The St. Charles neighborhood is located approximately 22 miles south of Washington, D.C., making it a popular option for those who commute to the key employment centers in the city.
“Waldorf is a stable but improving location, and we’re delighted to join the St. Charles neighborhood,” said Stephen Catarinella, chief investment officer for CAPREIT. “We believe that there is significant operational upside with these communities that we can unlock through an infusion of capital improvements and our resident-centric approach to property management.”
To enhance the resident experience, CAPREIT plans to employ its systematic program of surveying residents at key points within the leasing process to evaluate guest and resident sentiment regarding the property’s maintenance, amenities, safety, response time and overall value.

HOUSTON, TX – Hanover Company has closed its Hanover Opportunities Fund (HOF) at $125 million in capital commitments and is actively acquiring land and underutilized commercial properties, such as vacant buildings and distressed office assets, for redevelopment into multifamily or industrial projects. HOF can close acquisitions quickly, with or without entitlements in place, and offers flexible deal structures to accommodate sellers.
For site owners, lenders, and intermediaries, HOF can offer quick-close, all-cash solutions with a trusted development sponsor, said Brandt Bowden, CEO of Hanover.
Rather than acquiring stabilized assets, HOF targets early-stage opportunities that can be executed through Hanover s vertically integrated development platform.
Today s real estate environment is seeing a massive demographic shift and accelerated obsolescence in office, all against a backdrop of capital scarcity, Bowden added. HOF is built to take on the risk to reposition assets, while providing immediate liquidity to sellers—often before entitlements are in place.
Led by Bowden and Hanover Managing Director Drew Willson, the fund was created to address capital dislocation and the growing need for pre-development risk capital.
HOF has already made three acquisitions: an industrial development site in York, Pennsylvania, and two multifamily development sites in San Jose, California.
With its capital base in place, HOF is actively pursuing acquisitions across Hanover s national footprint, which includes Sun Belt, West Coast, Northeast, and Mid-Atlantic markets.

ARVADA, CO – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, hosted a groundbreaking ceremony at the future site of Marshall Pointe Apartments, a four-story, 260-unit affordable housing community in Arvada, Colorado expected to begin leasing in September 2026.
“We are proud to commence work today on LAC’s second ground-up development in the Denver metro area,” said Ben Taylor, LAC vice president and project partner. “Marshall Pointe will provide high-quality, affordable housing for families in one of Colorado’s fastest-growing communities.”
Comprised of mostly one- and two-bedroom units, Marshall Pointe will lease its units to residents earning between 30% and 70% of the Area Median Income (AMI). Communal amenities will include two courtyards: one for adults featuring a covered dining area, hammock grove, flex lawn space, and lush landscaping; and one for children including a climbing wall, playground, movie wall, and garden. Additional indoor amenities include a fitness center, game room, package and mail rooms, and a lounge with a kitchenette. All units will be equipped with stainless steel Energy Star appliances, balconies, walk-in closets, linen closets, and hard-surface countertops.
LAC is partnering with Family Tree, a non-profit human services agency in the Denver Metro Area, to offer full-time permanent supportive housing (PSH) at the site for all 13 units at the property, including eight that will have Project-Based Housing Choice Vouchers from the Arvada Housing Authority (AHA). As a result of the partnership with LAC, residents at Family Tree’s nearby under development supportive housing property will have the opportunity to move to Marshall Pointe when ready, creating a Corridor of Housing Advancement between the sites and supporting long-term residency in the area.
The project was financed in partnership with AHA and the Colorado Housing and Finance Authority (CHFA), which provided Federal and Colorado State Tax Credits, along with the permanent financing. Additionally, the Colorado Department of Local Affairs provided $5 million of bridge funding for the land acquisition through their Operation Turn Key program, which allowed LAC to acquire the land 18 months ahead of the construction finance closing. Additional partners include the National Equity Fund (NEF) and JP Morgan Chase.

SARASOTA, FL – Wolfson BTR, Florida s first large-scale Build-to-Rent (BTR) developer, announced it has officially broken ground on Symphony Lakes, a fully-amenitized 274-unit Build-to-Rent community located strategically between the Sarasota / Bradenton and Tampa / St. Petersburg metropolitan areas.
Spread across approximately 50 acres, Symphony Lakes is a two-phase development featuring 3- and 4-bedroom townhomes and 4-bedroom detached single-family homes, each with private backyards and attached garages. Phase I will deliver 220 townhomes and 18 single-family homes, while Phase II will bring an additional 54 townhomes to the community.
The project will offer a full suite of lifestyle amenities, including a resident clubhouse, fitness center, resort-style pool, playground, meeting spaces, and extensive dog-walking and running trails—all designed to meet the evolving needs of today s renters who seek more space, privacy, and a higher standard of living.
Symphony Lakes represents our continued commitment to bringing thoughtful, community-driven Build-to-Rent projects to markets that desperately need quality housing options, said Adam Wolfson, CEO and Founder at Wolfson BTR. We are focused on delivering homes and communities that provide a bridge for those who are not yet ready for homeownership but seek a living experience beyond that of traditional multifamily apartments inclusive of more space, privacy, and community connection
Site work formally began in October 2024, with vertical construction scheduled to commence in August 2025. The first units are expected to be delivered beginning in early 2026.
Situated within a three-minute drive of I-275, Symphony Lakes offers residents easy connectivity to major employment hubs, retail, dining, and coastal amenities in both the Tampa Bay and Sarasota regions.

NORFOLK, VA – The Port at East Beach, a premier waterfront multifamily community, has successfully completed its initial lease-up in less than eight months, exceeding expectations despite construction delays. Professionally managed and leased by Drucker + Falk, this achievement underscores the team’s ability to navigate challenges in a highly competitive market.
This newly constructed apartment community offers a sophisticated living experience with one-, two-, and three-bedroom floor plans featuring high-end apartment interior finishes and stunning water views. Residents enjoy exceptional amenities including a resort-style pool, convenient grilling areas, and inviting lounge spaces with amazing water vistas.
The resident clubhouse provides a perfect gathering spot, complemented by a convenient parking garage, smart apartment locks for modern living, and a secure package room. Adding to its unique appeal, the community features the newly renovated The Port at East Beach Marina, offering over 100 wet docking slips up to 60 feet in length that start at $270 per month. The onsite restaurant, Longboards, further enhances the vibrant lifestyle available right at home to this distinctive community’s residents.
Deidre Brown, Director of Multifamily Management at Drucker + Falk, shared, “I am thrilled that DF could complete this record-breaking lease-up in a highly competitive market, all while providing outstanding customer service. This is just another example of our ability to successfully lease-up a Class A Multifamily project with owners’ goals at the forefront of everything we do.”
The rapid lease-up of The Port at East Beach further solidifies Drucker + Falk’s reputation as a leader in multifamily property management, consistently delivering results and creating exceptional communities.

LAC DU FLAMBEAU, WI – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, hosted a grand opening ceremony for Forest Edge Apartments, a 40-unit, townhouse-style affordable housing development in Lac du Flambeau.
“We are proud to partner with Cinnaire Solutions and Wisconsin Management Company to bring high-quality, affordable housing to the heart of the Wisconsin Northwoods,” said Kevin McDonell, LAC Vice President and Regional Project Partner. “Forest Edge Apartments will support the local economy by giving workers and families a place to call home.”
Forest Edge Apartments features a mix of two- and three-bedroom homes with energy-efficient appliances, large closets, and complimentary internet packages for residents. The majority of units will be leased to those earning between 30 and 60% of the area median income (AMI), with 8 units reserved for residents with disabilities via Section 811 Housing Vouchers. Communal amenities include a fitness center, community room, business and meeting center, and a parcel room for package delivery. A significant portion of the property’s energy consumption will be offset by solar panels installed on each building.
The development was made possible through a partnership between LAC, Cinnaire Solutions, Quasar Development Group, and Wisconsin Management Company (WMC), with financing assistance from the Wisconsin Housing and Economic Development Authority (WHEDA), the Federal Home Loan Bank of Chicago, the Wisconsin Department of Administration, Cinnaire Lending, the Couillard Solar Foundation, Focus on Energy, and an Energy Innovation Grant.

ANNA, TX – Bridge Tower marked a major milestone with the grand opening of the Amenity Center at The Reserve at Arden Park, officially welcoming residents, partners, and city officials to the new construction Build-to-Rent community.
Located in the heart of Anna, a city rapidly emerging as a residential hotspot just north of McKinney, the 142-home development introduces a new standard of luxury rental living. The community blends the privacy and space of single-family homes and townhomes with resort-style amenities designed for modern lifestyles.
Now open to residents, the Amenity Center features a resort-style pool, indoor/outdoor yoga space, grilling stations, a full gym, a multi-purpose room, pool table, covered patio, and a playground. It also connects directly to the scenic Natural Springs Park trail, offering an active lifestyle and seamless access to nature.
“This isn’t just another housing development—it’s a community designed to meet the expectations of today’s renters,” said West Rathbun, Director of Property Operations at Bridge Tower. “We’ve created a place where people can thrive—where elevated design, comfort, and convenience come together.”
The grand opening event drew support from local real estate professionals, investment partners, and representatives from the AnnaChamber of Commerce, who participated in the official ribbon cutting ceremony.
Arden Park is the latest addition to Bridge Tower’s growing portfolio and reflects broader trends in the housing market, where high-quality rental homes are in increasing demand among families, young professionals, and relocating homeowners.
“Anna is growing quickly, and with that growth comes a need for housing options that deliver both quality and flexibility,” said Rathbun. “We’re excited to help meet that need and invest in a city that continues to show so much promise.”

MESA, AZ – Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, the nation’s leading builder of luxury homes, in partnership with Canyon Partners Real Estate, announced the grand opening of Navona, a new luxury apartment community in Mesa, Arizona. Located at 10141 East Williams Field Road in Mesa, Navona was financed with a $78 million construction loan from Bank OZK and welcomed its first residents in December 2024. The community marked its grand opening this month with a ribbon cutting celebration with project partners, residents, and guests.
Navona reflects our commitment to delivering exceptional living experiences in the most desirable markets, said John McCullough, President of Toll Brothers Apartment Living. Mesa is one of the fastest-growing submarkets in the Phoenix metropolitan area, driven by strong economic growth and a dynamic mix of lifestyle offerings. We re proud to introduce a community that meets the demands of the market with the quality, luxury, and thoughtful design for which Toll Brothers Apartment Living is known.
Navona offers 400 one-, two-, and three-bedroom apartments and townhomes, featuring open-concept floor plans with high-end finishes and modern conveniences. Each residence has quartz countertops, stainless steel appliances, kitchen islands with designer pendant lighting, and flat panel cabinetry with under-cabinet lighting. Additional features include multi-speed lighted ceiling fans and smart home technology, including keyless entry and programmable thermostats. Select residences offer built-in work-from-home spaces and private patios or balconies.
The community s resort-style amenities were designed with connection, wellness, and relaxation in mind. The expansive outdoor amenity offerings include a resort-style pool, a wading pool, a spa, and elegant cabanas. Residents can enjoy two pickleball courts, bocce ball, a putting green, a sand volleyball court, a three-quarter-mile jogging trail, and an entertainment pavilion with an outdoor kitchen, a pizza oven, and games. Indoors, Navona offers a distinctive clubroom with a poker table and billiards, a private dining room, a social café with beverage taps, a sports lounge with an interactive simulator, a coworking lounge, and a 24/7 micro market. The immense indoor/outdoor fitness center features state-of-the-art equipment and spin and yoga studios. Additional amenities include a maker space for creative pursuits, two dog parks and a pet spa, and numerous multifunctional lawns throughout the community. Navona s location places residents at the heart of everything that makes the East Valley so desirable, and our intent was to significantly raise the bar on what a new apartment community could offer in this vibrant area, said Todd Bowden, Managing Director of Toll Brothers Apartment Living in the Southwest & Mountain region. With proximity to top-rated golf courses, expansive hiking and biking trails, and cultural attractions, as well as the convenience of the Mesa Gateway Airport just minutes away, Navona offers a connected, active lifestyle paired with exceptional luxury and design.
Navona provides convenient access to the SR-24 expansion and Phoenix-Mesa Gateway Airport and is near major employment centers, including Intel s Chandler Campus. Residents are minutes from shopping, dining, and outdoor recreation, all within the highly desirable East Valley corridor.

RALEIGH, NC – JAG Management Company continues its portfolio growth in North Carolina with Taryn at 401 in Raleigh, a recently delivered development by Virginia Beach-based RST Development.
Taryn at 401 is a 251-unit luxury community set on 24 acres. It is comprised of a mid-rise building, three garden-style buildings, and a clubhouse. Located at 310 Taryn Avenue, residents have direct access to Route 401 straight into Downtown Raleigh.
This is the fifth RST Development asset in North Carolina to be operated by JAG Management Company, which also manages three other RST communities in Maryland and Florida. JAG Management Company is an affiliate of Jefferson Apartment Group (JAG).
JAG Management Company values our ongoing relationship with RST Development, and we re excited to execute our first lease-up with them, said Patty Holt, President of JAG Management Company. Taryn at 401 is a beautifully designed, amenity-rich community, and we look forward to setting the tone for its long-term success.
Residents of Taryn at 401 will enjoy a leading-edge fitness center with CrossFit and yoga studios, game room with billiards, a library with fireplace, lounge with entertainment kitchen, co-working space with focus rooms, and a pet spa with grooming stations.
Outdoor amenities feature a resort-inspired pool with a sun-shelf and immersed chaises, multiple lounge areas with hammocks and firepits, a courtyard with ample green space and gardens, a private walking trail, and a dog park.
The apartments are a mix of 1-, 2-, and 3-bedrooms featuring stainless steel appliances, granite countertops, high-end fixtures and finishes, oversized picture windows, ceiling fans, large patios and balconies, and in-unit washers and dryers.
Getting things right out of the gate is important, especially with a new development, said Scott Copeland, President of RST Development. With JAG Management Company at the helm, we re confident in their ability to perform a seamless lease-up that seeds strong business results now and in the future.

MARICOPA, AZ – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on The Ranches at Gunsmoke Apartments, a ground-up development that will provide 271 units for individuals and families in Maricopa earning up to 60% of the Area Median Income.
“We are excited to break ground on LAC’s first Build-to-Rent development and to partner with WNC & Associates to bring high-quality affordable housing to Arizonans,” said Ben Taylor, LAC vice president and project partner. “The Ranches at Gunsmoke will provide sorely needed units in one of the nation’s fastest-growing metro areas.”
The Ranches at Gunsmoke is LAC’s first Build-to-Rent (BTR) development and will consist of two- and three-bedroom duplexes and standalone homes, with each unit featuring a patio, walk-in closets, and private fenced backyards. Communal amenities will include a fitness center, pool, grilling areas, a clubhouse, and rental storage units. Additionally, a solar carport system will be installed to offset approximately 50% of the community’s electricity usage. Construction is expected to be completed in 2026.
“We’re excited to see this new community taking shape thanks to Lincoln Avenue Communities,” said Maricopa Mayor Nancy Smith. “This new development addresses the needs of those who work in the city of Maricopa, whether they’re hourly workers, teachers, new police officers, or even our retired senior citizens who want to be a part of a community in which they don’t have to take care of the property itself.”
The development’s financing includes back-to-back construction and permanent loans from Citibank, $65 million in tax-exempt bonds issued by the Arizona Development Authority, and $49 million in Low-Income Housing Tax Credits (LIHTC) and solar equity from WNC.