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.”

HOUSTON, TX – Venterra Realty announced the grand opening of The Delta Pearland, a newly developed luxury multifamily community strategically located at 7300 Magnolia Pkwy in Pearland, Texas. Delivering 358 one- and two-bedroom units on an over 18+ acre site, the community represents a tactical expansion of Venterra’s development portfolio in one of Houston’s fastest-growing and most attractive suburban submarkets.
The Delta Pearland meets rising demand for quality housing driven by Pearland’s rapid growth, top-ranked schools, and access to major employers. Located under five miles from Highway 288 and Beltway 8, the community offers a quick 25-minute commute to Downtown Houston. It’s less than a mile from its zoned Pearland ISD elementary school and borders the 3,300-acre Shadow Creek Ranch, featuring over 300 acres of lakes and 22 miles of trails.
This project represents the first development completed under Venterra’s new joint venture (JV) program, which is focused on identifying and building relationships with high potential and emerging developers. Venterra now fully operates all aspects of the day-to-day operations at the property.
“The successful delivery of The Delta Pearland underscores Venterra’s commitment to strategic site selection and thoughtful development,” said John Foresi, CEO of Venterra Realty. “This project brings to market a high-quality, highly amenitized community in a location that aligns with long-term positive economic trends. Pearland continues to lead the metro in livability, connectivity and education, making it a key target for our portfolio.”
The community features upscale one- and two-bedroom apartment homes with quartz countertops, stainless steel appliances, luxury vinyl flooring, large kitchen islands, garden tubs, stand-up showers, and full-size washer/dryers. Residents benefit from resort-style amenities including a pool and outdoor lounge, coworking spaces, private offices, a fitness center with yoga room, bark park, pet spa, sports court, car care and bike stations, and SmartPackage lockers. The community is pet-friendly and supported by Venterra’s SmartHub system and 48-hour maintenance guarantee.
A standout feature of the development is its offering of exclusive Live & Co. Suites—Venterra’s innovative hybrid live/workspaces that integrate commercial workspace below private living areas. These flexible hybrid units cater to remote workers and entrepreneurs seeking to eliminate commutes and optimize productivity—offering a differentiated product aligned with evolving workforce trends.
“The Delta Pearland represents the type of thoughtful, market-responsive development that positions Venterra for long-term growth,” said ;Andrew Stewart, Chairman of Venterra Realty. “This project strengthens our Houston portfolio and supports our mission to create high-quality communities in locations with enduring demand.”

CHARLOTTE, NC – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and International Capital, LLC have announced a new joint venture to develop The Airedale, a three-story, 348-unit luxury multifamily rental community in Charlotte, North Carolina. The joint venture has secured a $56.8 million construction loan facility from TD Bank. The equity and debt were arranged by Toll Brothers in-house Finance Department. Toll Brothers Apartment Living will manage the development of The Airedale.
The Airedale will offer 348 apartment homes in a mix of one-, two-, and three-bedroom floor plans. Each apartment home will offer sophisticated features and finishes, including quartz countertops, stainless steel appliances, soft-close cabinetry, under-cabinet lighting, and modular closets, as well as smart home technology. The community s amenities will include a resort-style pool and sun deck with cabanas, a state-of-the-art indoor/outdoor fitness center, a pet spa and half-acre pet park, a coworking suite with individual work pods and a conference room, a clubroom with a private dining room, and a grab-and-go mini market.
“The Airedale represents a milestone for Toll Brothers Apartment Living as we expand into North Carolina and underscores our commitment to delivering exceptional luxury multifamily communities in high-growth markets,” said John McCullough, President of Toll Brothers Apartment Living. “We are excited to bring a best-in-class living experience to South Charlotte with thoughtfully designed apartment homes and upscale amenities.”
The Airedale will be located at 13607 Choate Circle in the vibrant Steele Creek area of Charlotte. The community will be ideally situated in proximity to Charlotte Douglas International Airport and major thoroughfares such as I-77, I-485, and South Tryon Street, providing access to Charlotte s employment centers in South End and Uptown. Residents of the community will have easy access to outdoor recreation, including the Walker Branch Greenway, and will be within a short drive of several grocery stores, including Sprouts Farmers Market and Publix, and the RiverGate Shopping Center, which offers a diverse selection restaurants and retail, including Target, Best Buy, and The Home Depot.
International Capital is thrilled to begin development on The Airedale, sparking our first partnership with Toll Brothers Apartment Living. We have been searching for the right partner, location, and timing for our entrance into the Charlotte market and believe The Airedale checks all the boxes, said Andrew Doster, Vice President of Investments for International Capital. Toll Brothers Apartment Living’s focus on design, quality, and incorporating the local culture into the project will set The Airedale apart in this affluent area of South Charlotte. We’d like to thank the entire Toll Brothers Apartment Living team and our lending partner, TD Bank, for such a smooth and flawless closing process.

CLEBURNE, TX – Founders Development Company, a seasoned leader in residential and commercial real estate, announced its latest multifamily development project: RailRoad Lofts. It is part of the master-plan Railhead Addition in Cleburne, Texas. The development is now officially open for investment, with private capital opportunities available for qualified partners.
Strategically located adjacent to the well-known baseball stadium, La Moderna Field, home of the Cleburne Railroaders minor league baseball team. The project s access to the junction of US Highway 67, SH 171, and the Chisholm Trail Parkway, RailRoad Lofts represents a rare blend of accessibility, lifestyle, and long-term growth potential. This fully entitled mixed-use project will ultimately include townhomes, build-to-rent homes, retail, restaurants, a hotel, and a medical center, making it one of the most ambitious developments in Cleburne s history.
This project checks every box: growth corridor, entitlement-ready land, high-demand multifamily housing, and a mixed-use vision that builds real community, said the developer and founder of Founders Development Company. After evaluating countless opportunities, this is the first one in over a year that lit up green from every angle, from land to demand price, rent growth potential, and location. We re proud to offer our investors a stake in something substantial, sustainable, and transformational.
RailRoad Lofts offers a thoughtfully curated mix of one-, two-, and three-bedroom floor plans and a suite of high-end amenities designed for modern urban living. Residents will enjoy a luxury clubhouse with a full kitchen and coffee bar. Resident lounge and business center with conference rooms, full-service fitness facility, and resort-style swimming pool and outdoor cooking stations. It will also have crushed granite walking trails lit with festoon lighting, leading to an adjacent entertainment district, options for surface parking, covered carports, & enclosed garages, and on-site EV charging stations.
The development is being financed through a 40-year fixed-rate HUD loan, one of the most coveted financial tools in multifamily real estate. Approximately, $57 million will be funded through HUD, with the remaining $13 million open to private investors as limited partners.
Multifamily is one of the most stable, scalable, and tax-advantaged investment strategies available today, Clarke stated. For those looking to diversify their portfolios with high-growth real estate opportunities backed by proven management and institutional-quality financing, RailRoad Lofts is a premier option.
Founders Development Company brings over 25 years of experience in ground-up construction, value-add projects, and commercial development. The firm prides itself on identifying high-potential opportunities in emerging markets, offering investors transparency, efficiency, and results.

RICHARDSON, TX – Caroline Eastside, a newly completed multifamily community developed by Hunt Development Group, is now leasing in Richardson, Texas. This modern and thoughtfully designed property not only reimagines apartment living but also contributes to the vitality and evolution of Richardson, a city widely recognized for its progressive growth and thriving community.
Caroline Eastside joins The Mallory Eastside, another premier multifamily community in Richardson developed by Hunt Development Group, in showcasing the company s commitment to creating vibrant, resident-focused living spaces that enhance the city s dynamic lifestyle.
Strategically positioned at the intersection of Highway 75 and the George Bush Turnpike, Caroline Eastside offers residents unmatched access to the Dallas-Fort Worth metroplex. With walkable proximity to retail, dining, and a DART station, the community places urban mobility and everyday convenience at the forefront.
Richardson s vibrant growth and innovation make it the ideal location for Caroline Eastside, said Ben Wullschlager, Senior Vice President at Hunt Development Group. This community reflects our commitment to elevating the resident experience, with thoughtfully designed amenities that support how people live, work, and unwind today.
Caroline Eastside offers 384 residences, ranging from efficient studios to spacious three-bedroom homes, catering to diverse lifestyles. Each unit is crafted with open layouts, modern finishes, and ample natural light, with an average size of 812 square feet. Designed to integrate seamlessly into Richardson s energetic growth, the community provides a living experience that balances sophistication, wellness, and urban connectivity.
What makes Caroline Eastside stand out are its extensive amenities, tailored to fit the multifaceted needs of today s residents:
Wellness-Focused Living: A two-level fitness center includes HIIT equipment, a Zen room for yoga and meditation, and spaces to support both physical activity and relaxation.
Resort-Style Recreation: From a resort-inspired pool with grilling stations to an indoor air-conditioned pool house and a game lawn, the amenities invite year-round relaxation and entertainment.
Work-from-Anywhere Features: A Cyber Lounge, private and group meeting rooms, and a rooftop Sky Deck with a coffee bar provide flexible, connected spaces for remote work and collaboration.
Pet-Friendly Design: Fur-friendly features include a dog park, walking trail, multiple green spaces, and an on-site dog wash, catering to pet lovers.
With high-speed Wi-Fi throughout and a design that balances comfort with sophistication, Caroline Eastside offers a seamless blend of home, wellness, and community.

MCKINNEY, TX – Turner Impact Capital, one of the country s largest real estate investment firms dedicated to social impact and Kalterra Capital Partners, a Dallas-based private real estate company, have acquired the 376-unit Kinstead housing community in McKinney, Texas, in a move to help address the region s growing housing crisis.
Just five years old and well-positioned in a high-demand area, Kinstead has historically commanded rent levels beyond the reach of many working families. As part of the acquisition, the joint venture between Turner Multifamily Impact Fund III and Kalterra will convert more than half the units, 191 in total, into income- restricted housing affordable for renters earning 30% to 80% of Area Median Income.
The joint venture leverages the unique strengths of each organization. Turner Impact Capital has a decade-long track record of successfully acquiring, preserving, and enriching workforce housing throughout the nation. Kalterra brings a wealth of familiarity and local expertise in the greater Dallas marketplace and extensive relationships with partners in the public and private sectors.
The Kinstead acquisition will add to the supply of urgently needed, high-quality housing that s affordable for working families in one of the highest-demand markets in the country, Turner Impact Capital CEO Bobby Turner said. Working with private and public partners, we are adapting our successful market-driven model to deliver innovative, scalable and sustainable solutions to address the nation s severe housing affordability gap.
We see an opportunity to meet housing needs through thoughtful partnership-driven acquisitions, said Nic Balsamo, Partner at Kalterra Capital Partners. Our collaboration with Turner Impact, the City of McKinney and its Housing Authority allows us to deliver lasting affordability in a thriving area, through a transparent structure that benefits both residents and the broader community. It s a model we believe can be scaled across Texas.
Turner Multifamily Impact Fund III (TMIF III) now owns more than 1,850 units in six diverse, densely populated markets, and continues to announce new acquisitions. The Fund is on course to unlock more than $2 billion in investment potential to acquire existing, or develop new, affordable workforce housing communities in major metropolitan areas. The Kinstead acquisition marks the first time Turner Impact will convert market-rate apartments into affordable housing.
Turner Impact Capital has invested in over 2,000 units in the greater Dallas area. Dallas is also home to TI Communities, an affiliate of Turner Impact Capital that provides property management services to the firm s multifamily properties nationwide.
Kalterra Capital Partners is expanding its platform to include strategic acquisitions that preserve and enhance housing affordability. With deep roots in the Dallas-Fort Worth market, Kalterra is focused on investments that align market opportunity with community benefit, working directly with local jurisdictions to deliver high-quality housing through transparent, public-private partnerships.
Kinstead is a garden-style community consisting of six three-story residential buildings on a 14-acre site. It has 376 one-, two- and three-bedroom apartments equipped with smart home systems and modern appliances. Community amenities include two swimming pools, a clubhouse with a catering kitchen, gaming room and yoga studio; individual and shared workspaces; dog park and pet spa; and electric-vehicle charging stations.
Under the agreement with the Housing Authority of the City of McKinney, the Turner-Kalterra joint venture holds a 99-year master lease and will restrict 29 Kinstead units (7.7%) to 30% AMI renters and 162 units (43.1%) to 80% AMI renters, with the remaining 185 units (49.2%) priced at market.
Located approximately 30 miles northeast of downtown Dallas in one of the nation s fastest-growing areas, Kinstead offers convenient access to a wide range of employment opportunities across Collin and Dallas counties. It is situated near McKinney s city center and major thoroughfares within the Dallas-Fort Worth MSA.
TI Communities will serve as property manager for Kinstead 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.
We are thrilled to complete this joint venture, expanding our presence in greater Dallas with the acquisition of this modern housing community in a dynamic market, said Gary Rodney, Managing Director of Turner Impact s Multifamily Housing Initiatives. Kinstead demonstrates our commitment to developing innovative, lasting solutions to increase access to workforce housing for families and individuals. We look forward to pursuing additional opportunities with Kalterra and other best-in-class partners.

BROOKLYN, NY – Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, announced the assumption of a ground lease and the acquisition of 240 Willoughby Street, a residential rental building, offering 463 units, 147 of which are designated for affordable housing, in the heart of Fort Greene, Brooklyn.
The purchase price was $209.5 million and $141.5 million with a senior loan provided by M&T Realty Capital Corporation (MTRCC).The Project was purchased at construction completion, and prior to lease up.
JLL played an integral role in the transaction by representing the seller in the sale and the JV partnership of Fetner, MCB and Farallon on the financing.
In anticipation of the closing, the Fetner team opened leasing on Memorial Day weekend. Since then, 25% of the building is already leased. “This rapid lease-up shows how much the neighborhood has embraced 240 Willoughby,” said Hal Fetner, President and CEO of Fetner Properties. “We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market rate housing to the city.” Over the past two years, Fetner has bought or developed over 1500 homes across Brooklyn, Manhattan and Queens
MCB Real Estate leveraged its strong track record of major urban investments to quickly underwrite and execute the acquisition. “We jumped at the opportunity to acquire this one-of-a-kind, premier asset. It is a true standout among competitive projects, located in one of Brooklyn’s high-growth submarkets and uniquely positioned to meet the evolving needs of today’s renters,” said P. David Bramble, Managing Partner at MCB Real Estate. “Partnering with Farallon and Fetner brings together a powerhouse team with the insight, experience, and executional strength to unlock long-term value in one of the most competitive real estate markets in the country.”
With Fort Greene Park directly adjacent to the building, residents will enjoy a park for a front yard, an unbeatable amenity in New York. 240 Willoughby features many large private terraces, allowing residents to fully take advantage of the protected open views and fresh air. This is a rare opportunity to enjoy modern, high-quality living in one of the borough’s most sought-after neighborhoods.
Apartments range from studios to two-bedrooms and feature in-unit washer/dryers, premium finishes, custom integrated Bluetooth sound systems, and floor-to-ceiling windows offering unobstructed sensational city views and an expansive living experience. In addition to the many large private outdoor terraces throughout the building, the top four floors feature incredible penthouse units. The striking glass facade is accented by a signature gold-hued framework, running in a grid pattern along the edge of the balconies.
Residents can enjoy over 30k square feet of amenities, including a business lounge, yoga studio, fitness center, bike room, screening and karaoke room, pet spa and dog run, video game and sports simulator rooms, as well as numerous family-friendly spaces, such as a large game room outfitted with shuffleboard, a golf simulator, a ping pong table, and a billiards table, as well as an interactive children’s playroom adorned with playful murals. A huge, landscaped roof deck and terrace offer ample space for enjoying fresh air and wide-reaching views. Onsite parking is available, as is a private party room with an attached catering kitchen.

SEATTLE, WA – Fourth Avenue Capital (FAC) acquired Village on Broadway, a 148-unit Class B workforce housing community located in Spokane Valley, Washington. The acquisition expands FAC’s portfolio to 26 properties, including three others in the Spokane–Coeur d’Alene MSA.
Built in 1996, Village on Broadway sits on 7.3 acres and consists of 148 apartment homes across 13 residential buildings and a standalone leasing office. The community offers a diverse mix of one-, two-, and three-bedroom floorplans, averaging 926 square feet per unit. Residents benefit from multiple parking options, including 270 total spaces—featuring one carport per unit, as well as garage and surface parking.
Each apartment includes full-size washers and dryers, air conditioning, and built-in desks—a rare and differentiating feature for properties of this vintage, particularly attractive to residents working from home.
Strategically situated between downtown Spokane and Coeur d’Alene, the property offers convenient access to I-90, placing residents within easy reach of the region’s major employment hubs, shopping, and recreational destinations.
FAC plans to elevate Village on Broadway through targeted capital improvements. This includes enhancing the sense of arrival, upgrading amenities, and repainting the exterior.
“Village on Broadway is a well-located asset in a growth market with differentiated floorplans,” said Davis Vaughn, Managing Partner at Fourth Avenue Capital. “As a Spokane-based company, we are excited about the opportunity to invest locally and continue our commitment to quality housing in our home market.”