PHOENIX, AZ – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and Willton Investment Management have announced a new joint venture to develop Lumara, a four-story, 456-unit multifamily rental community in Phoenix, Ariz. The project is being financed through an $86 million construction loan facility from Santander Bank N.A. as agent and Alerus. The equity and debt were arranged by Toll Brothers in-house Finance Department.
The community will consist of 456 rental apartments and more than 700 parking spaces, including some with EV (electric vehicle) charging stations. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a heated resort-style pool, rooftop terrace, outdoor fitness lawn, putting course and virtual sport simulator, sculpture garden and private walking trail, and business conference room.
Lumara is located in the heart of the Deer Valley submarket in North Phoenix, just a 10-minute drive from Taiwan Semiconductor Manufacturing Company s future microchip manufacturing plant.
John McCullough, President of Toll Brothers Apartment Living, said, With strong growth in the area, including a burgeoning tech manufacturing presence nearby, Lumara will be a welcome addition to this North Phoenix location that is poised for further expansion. The high-end finishes and luxury amenities we have planned for Lumara will truly set this community apart in the market.
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, We are excited to be partnering on our first transaction with Willton, whom we have known and admired for many years. We are also pleased to close another construction loan with Santander, whose relationship with us stretches across many projects and many U.S. markets, and to welcome Alerus to our lender family.
Chris Luo, Chief Executive Officer of Willton Investment Management, said We are very excited to begin this new partnership with Toll Brothers and grow our investment footprint in Phoenix. Lumara will benefit from best-in-class sponsorship, market-leading design and quality, and convenient access to employment. We are grateful to the entire Toll Brothers team for their diligence, professionalism, and commitment to excellence throughout the development process.
Including Lumara, Toll Brothers Apartment Living has six multifamily community developments completed or under construction in Arizona totaling over 2,150 units.

MONROEVILLE, PA – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has announced the planned renovation of Cambridge Square Apartments, an affordable housing community just 14 miles east of downtown Pittsburgh. The development consists of eight, two-story residential buildings comprising 204 apartments ranging from one- to three-bedroom layouts. This property is CPP s second investment in Pennsylvania, having acquired Allegheny Commons in downtown Pittsburgh earlier this year.
The community will receive extensive renovations, estimated at $18,827,049 (or $92,289 per unit). CPP s total investment is approximately $47.2 million, which includes a purchase price of $16,600,000.
Built in 1974, and located at 120 Cambridge Square Drive, the development will gain a new community building and see reconstruction of one building consisting of 28 units lost to a fire earlier in the year. The new community building will include space for resident meetings and gatherings, maintenance storage space, and leasing offices. In addition to new construction and new amenities, the property will receive extensive improvements to address deferred maintenance, including updates to accessibility throughout the property, mechanical system replacements, building envelope upgrades, and energy efficiency enhancements that meet National Green Building Standards. Existing amenities include central laundry rooms throughout the residential buildings, a playground, and 329 surface parking spots.
All units will receive interior upgrades with installation of new kitchen countertops, appliances and flooring, as well as bathroom updates including new vanities, fixtures, tub reglazing and new shower surrounds, as needed. New windows and roofs will be installed throughout the property.
With the development of Cambridge Square Apartments, CPP is expanding its footprint in Pennsylvania and doing our part in the revitalization of the greater Pittsburgh area, said Seth Gellis, President of CPP. In addition to a new community building, this project will also be rebuilding all units lost in a recent fire. We are excited to bring new construction and new amenities to the residents.
This project builds on the work that we are already doing downtown at Allegheny Commons and helps to support the community by preserving much needed affordable housing, said Thomas Gibson, Director of Special Projects for CPP. We are thrilled to be moving forward after over two years of planning during a very challenging economic environment.
The project received an allocation of low-income housing tax credits in 2007, when it last received renovations. There are 198 units under the Housing Assistance Payment contract (all units 50% of area median income) and six units that will be reserved for families at 60% or below of area median income. All 204 units will be affordable.
Renovations are expected to be completed in December 2024, with minimal impact to residents. The property will partner with American Healthcare Group in providing supportive services.
Partners on the project include the Pennsylvania Housing Finance Agency (PHFA), who is the bond issuer and awarded 4% low-income housing tax credits; and Key Bank who provided debt financing through the Freddie Mac TEL program.

ATLANTA, GA – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of The Pullman, a 276-unit Class A multifamily community in the Atlanta suburb of Union City in Fulton County. The company expects to begin construction in December and welcome new residents in the spring of 2025.
“The Pullman site is strategically located in a strong demographic pocket where the average household income exceeds $100,000 and the annual population growth has outpaced the national average over the last ten years,” said Josh Purvis, managing partner for Thompson Thrift Residential. “New developments have not kept pace with demand and we believe that The Pullman not only will provide an excellent living experience for our residents, but it also represents an attractive investment opportunity for our partners.”
Located on 15 acres near the major thoroughfares Highway 92 and S. Fulton Parkway, the gated community will consist of garden style apartment homes with one-, two- and three-bedroom layouts with detached garages. The apartment homes will feature architectural details and deluxe features and finishes for an elevated luxury living experience including stainless-steel appliances, timeless tile backsplashes, kitchen pantry, designer fixtures and finishes, hardwood-style flooring, patio and balcony options, a full-size washer and dryer, as well as a suite of Alexa-compatible smart home technology. The Pullman will also offer Signature Collection apartment homes with upgraded options including premium appliances, a dry bar, deluxe closet system with shelving, walk-in shower with full tile surround and glass doors, smart thermostat and premium lighting.
Community amenities at The Pullman will include a fully equipped 24-hour fitness center, resort-style heated swimming pool, gas firepits with seating area, community grilling areas, pickleball court, 24-hour social hub, private focus suites, dog park and pet spa, billiards, and more.
Residents of The Pullman will enjoy a short commute to Atlanta and easy access to major employers in the area, including Amazon, Chick-fil-A headquarters, Coca-Cola, as well as the Camp Creek Business Center/South Fulton Industrial and Hartsfield-Jackson Atlanta International Airport, one of the world’s busiest and most dynamic airports. Additionally, Atlanta Cold Storage, a brand new, state-of-the-art cold storage facility is directly adjacent to The Pullman. The new development is also less than two miles from a Publix Super Market. The Parkway Village, Shannon Square and Camp Creek Marketplace also offer various retail options for residents to enjoy.
Atlanta has experienced excellent job growth in recent years, adding more than 615,000 jobs in the past decade, an annual average of 2.4%. Similarly, more than 350,000 households have been added to the market during that same timeframe. Atlanta consistently remains at or near the top of many desirable rankings including #1 Metro Area for Economic Growth Potential; #1 Moving Destination in the U.S.; #1 Airport in the World; and #10 Largest Economy. In light of this rapid growth, the Atlanta MSA has experienced a significant shortage of new apartment deliveries, especially in the Southern Crescent, where The Pullman site resides. Atlanta’s Southern Crescent area has received just under 8,300 market rate units, compared to the 92,000 units delivered in Atlanta’s northern region.

ROCHELLE, IL – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on the future site of Willis Senior Lofts, an affordable housing development for lower-income seniors in Ogle County, during a ceremony with community leaders and financing partners.
The 60-unit property represents LAC’s second new construction deal in Illinois. Willis Senior Lofts will serve residents aged 55 and older, with 45 units restricted to households earning less than 60 percent of the area median income (AMI) and 15 units restricted to 30 percent AMI.
“Lincoln Avenue Communities is thrilled to begin construction on our second ground-up development in Illinois,” said Russell Condas, LAC Senior Vice President, Development. “We’re especially proud to provide a deeper range of affordability for seniors who face unique barriers to securing high-quality homes in their communities.”
Construction of Willis Senior Lofts is expected to finish in spring 2025. The property will be Enterprise Green- and Net Zero-certified and will include a fitness center, theater room, walking path, raised community garden and other amenities.
The development was financed using 9% Low Income Housing Tax Credits, a soft first mortgage from the Illinois Housing Development Authority, $4.9 million in IHDA soft funds, and 45L energy efficiency credit equity. CREA purchased both the LIHTC and 45L credits, and Chase will provide a construction loan for the development.
“The Willis Senior Lofts groundbreaking comes at a time when senior housing is in great need, and Chase is proud to help finance the first non-subsidized affordable housing development within the Rochelle community,” said John Bernhard, Executive Director, Chase Community Development Banking. “These modern, quality, affordable housing units will give seniors in the Rochelle area a place to call home, where they can thrive and enter the next chapter in their lives.”
The ceremony featured remarks from Rochelle Mayor John Bearrows and Congressman Darin LaHood, among other state and local leaders. Following remarks, LAC formally broke ground on a section of the property to mark the beginning of construction.

NEW YORK, NY – Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, announced the acquisition of 630 affordable apartments for families and seniors across North Carolina. Located in fast-growing markets including the Raleigh-Durham Research Triangle, Charlotte MSA and the North Carolina Coast, the 12-property portfolio is home to nearly 1,800 residents and is Tredway’s first acquisition in the state.
“We’re pleased to bring affordable housing opportunities to North Carolina while launching Tredway’s new partnership with Affordable Housing Institute and The Federation Companies,” said Will Blodgett, Founder & CEO, Tredway. “The issues North Carolinians are facing, including years-long waits for affordable apartments and the loss of units to market pressures, are emblematic of a larger crisis that touches every community across the country. Together, we can make a tangible difference by preserving and improving existing affordable properties and ensuring residents’ needs are met.”
“Affordable Housing Institute is excited for our partnership with Tredway while we look to continue providing affordable housing across North Carolina and beyond,” said Bryan Hartnett, President, Affordable Housing Institute, Inc. “As we all know, affordable housing is a major issue facing North Carolinians and families everywhere. We look forward to improving the communities we are serving and preserving their affordability for years to come.”
“As a born-and-bred North Carolinian, I’ve witnessed rapid growth as influential corporations have chosen to put down roots in our beautiful cities,” said AJ Casavant, Managing Principal, The Federation Companies. “Although this exciting boom has brought new opportunities to our state, it’s also ushered in the conversion of critical affordable housing units to market-rate. Economic progress should not come at the expense of working families or result in their displacement.”
As a result of the acquisition, Tredway, its North Carolina-based non-profit partner Affordable Housing Institute, Inc., and The Federation Companies will extend the Section 8 contracts covering all 630 units thereby preserving affordability for at least the next 20 years. The new owners will also undertake immediate work to address critically needed repairs across the portfolio, including energy efficiency and ADA needs.
The properties are located in Clayton, Elizabeth City, Enfield, Fairmont, Franklinton, Fuquay-Varina, Hamlet, Laurinburg, Mebane, Mount Airy, Statesville, and Yanceyville.

FORT COLLINS, CO – CA Ventures, an international real estate investment, development and management company, is excited to announce the sale of 281 Willow, an apartment building ideally located in Fort Collins, Colorado.
The $65 million sale was made possible due to the leadership of CA Ventures CEO Tom Scott and Chief Investment Officer John Diedrich. The sale was arranged by the Walker & Dunlop Denver Investment Sales team on behalf of CA Ventures, the client, and Borello Asset Management Inc., which was the buyer.
281 Willow is a 197-unit, newly constructed Class A apartment community conveniently located in the flourishing market of Fort Collins, Colorado, which has strong multifamily fundamentals.
Located directly adjacent to downtown Fort Collins, the apartment community offers residents central access to everything that the city has to offer, including abundant restaurants, retail and recreation outlets to employment opportunities.
281 Collins is also a little more than one mile from the heartbeat of Fort Collins — the campus of Colorado State University, which is home to 33,000 full-time students and 2,600 faculty.
Residents who live at the apartment community will have an easy commute to downtown Fort Collins, the CSU campus, numerous UTHealth hospitals as well as major employment centers throughout the city.
281 Collins isn t just about the ideal location, though. The amenities of the property are quite impressive, too — from rooftop decks to an oversized spa, fitness center, resident lounges and more.
The features inside the apartments are just as attractive. All are designed in a trendy, upscale and modern way. There are studio, one- and two-bedroom floor plans, and most come with a personal patio or balcony to provide outdoor space.
Each unit features quartz countertops throughout, oversized windows, programmable thermostats, open-concept living areas, a washer and dryer, stainless steel appliance package, designer faucets and tile backsplashes.
Some units even come with large walk-in closets, expansive nine-foot and vaulted ceilings and a kitchen prep island.
Other conveniences and security features include online rent payments, service requests, leasing and applications, as well as professional on-site management and maintenance. Covered parking is also available for select units.
CA Ventures has grown from a small niche company started in 2004 to a multi-faceted, global commercial real estate firm. Today, it has more than $10 billion in global assets.
Based in Chicago, CA Ventures is led by founder and CEO Tom Scott and Chief Investment Officer John Diedrich.

CLEVELAND, OH – Local Cleveland officials joined The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, and University Hospitals (UH), one of the nation’s leading health care systems, for a ribbon-cutting ceremony to celebrate the grand opening of The Davis Apartments (The Davis), a 52-unit affordable housing apartment community, and the UH Community Wellness Center in Cleveland s Glenville neighborhood.
The community is The NRP Group s third “Health and Housing” development, conceived to address social determinants of health (SDOH). The first project, Residences at Career Gateway in Columbus, Ohio, opened in 2018; the second, Via Sana in the Clark-Fulton neighborhood of Cleveland opened in 2022. Each of these affordable housing communities was created in partnership with the City of Cleveland, leveraging cross-sector collaboration, and aiming to address historic neighborhood disinvestment through new construction. This is the second of UH s Community Wellness Centers; the first opened in Bedford, Ohio, earlier this year.
The history of University Hospitals as an anchor institution in this community dates back 155 years, said Dr. Daniel Simon, President, Academic & External Affairs and Chief Scientific Officer at University Hospitals. We re proud to celebrate the completion of this community, and grateful to have had an opportunity to partner with The NRP Group. By providing high-quality housing and supportive services to its residents, The Davis enables our hospital staff to reach beyond our four walls to address SDOH in a historically disinvested neighborhood. This directly aligns with our institution s mission: ‘To Heal. To Teach. To Discover.
The Community Wellness Center serves as a venue for UH caregivers to engage with Glenville residents by delivering preventive health care and other solutions addressing SDOH. The center s offerings include healthy cooking demonstrations, a Food For Life Market, support for pregnant women and young mothers, programs to combat senior citizen isolation, telehealth services and training in workforce and financial literacy.
Located at East 105th Street and Churchill Road on the site of the former Harry E. Davis Elementary School, which had been vacant since 2006, The Davis comprises one-, two-, and three-bedroom apartment homes, along with four three-bedroom townhomes, and serves as home to individuals and families with incomes equal to or below 60 percent of the Area Median Income (AMI).
Amenities at The Davis include a community room, a fitness center, laundry facilities, a playground, a business center, trash/recycling rooms on each floor, a pet-friendly atmosphere and controlled access for added security.
Glenville is located less than a mile from University Circle, home to Case Western Reserve University, the Cleveland Clinic, the Cleveland Museum of Art and the Cleveland Museum of Natural History, as well as shops, restaurants and grocery stores. The Davis proximity to these anchor institutions and employment opportunities lays a strong foundation for making these centers of learning and jobs accessible to individuals of all income levels.
“We acknowledge that a substantial portion of the direct medical costs for our Black, Latinx, and Asian-American neighbors are avoidable and related to health inequities. Today, the UH wellness center at Glenville is one way we are working to change that, said Celina Cunanan, Chief Diversity, Equity & Belonging Officer, at University Hospitals.
Funding for the project, which was designed by RDL Architects, was provided by Ohio Finance Housing Agency (OHFA), as well as RiverHills Bank and PNC Bank.
The NRP Group is dedicated to creating affordable communities that provide residents with opportunities for long-term success, said J. David Heller, President and CEO of The NRP Group. We wouldn t be standing here at The Davis today without the tireless efforts of City of Cleveland officials and University Hospitals staff.
The Davis is named after Harry E. Davis, a Cleveland native who served four consecutive terms in the Ohio State House before becoming the first African American member of the Cleveland Civil Service Commission and serving as an Ohio State Senator.

TAMPA, FL – Covenant Capital Group, a leading real estate investment manager with an exclusive focus on value-add investments in apartment communities, sold Seven Lakes at Carrollwood, a 640-unit multifamily property located in Tampa, Florida.
Seven Lakes at Carrollwood, a garden style apartment community located in Tampa, Florida, sold in October. The multifamily property sits on over 39 acres and offers residents unique amenities like a sparkling swimming pool, fully equipped fitness center, and an upscale clubhouse. Seven Lakes at Carrollwood required a comprehensive renovation of the interiors, exteriors and amenities of the property to be in line with current renters expectations.
The property is nearby abundant retail options at the Plaza Citrus Park Mall, Westfield Citrus Park Mall and the Westchase Town Center – all within a ten-mile radius of Seven Lakes at Carrollwood. Also, the property s strategic location in Tampa offers one of the most dynamic economies in the state, driven by financial services, healthcare and education.
Seven Lakes at Carrollwood exemplifies Covenant s philosophy of revitalizing and extending the lifespan of strategically important apartment communities. According to NMHC and NAA s latest research on housing demand, an estimated 4.3 million housing units need to be built by 2035 and an additional 3.7 million after 2035 to keep up with annual projected demand.1
The U.S. can t meet the growing nationwide need for apartment inventory without preserving and extending the lifespan of existing units that are falling into disrepair, said Govan D. White, managing partner and co-founder of Covenant Capital Group. Covenant has invested heavily to update communities and make vast improvements in environmental efficiencies, adding to long-term sustainability. This keeps valuable housing inventory in high-growth areas affordable and accessible.

FORT WORTH, TX – Local real estate developers, community partners and residents celebrated the grand opening of Cowan Place Senior Living. It was built with the assistance of a $750,000 Affordable Housing Program (AHP) subsidy provided by the Federal Home Loan Bank of Dallas through one of its members, Texas Capital Bank in the Stop Six neighborhood of Fort Worth, Texas.
The development is part of a transformation plan designed to improve the Stop Six neighborhood in Fort Worth with affordable housing and neighborhood amenities. The plan includes replacement of the former Cavile Place public housing community with new, mixed-income rental residences in six phases of development. It includes a neighborhood hub for recreation, educational, health and safety services, commercial districts and space for healthcare and educational, economic and other support services.
In addition to affordable housing for seniors, Cowan Place amenities include rooms for a library and theater, fitness studio, salon, billiards, crafts and other spaces for private meetings with health care professionals.
The AHP funds were vital in closing funding gaps to make sure that we could finish construction on this project, said Mary-Margaret Lemons, Fort Worth Housing Solutions president. We could not have finished this project without the money provided by the Federal Home Loan Bank of Dallas and Texas Capital as a partner. It was critical for us to get over the finish line and finish this during COVID, and so it was really a game changer for us to be able to have full funding of this project to get started.
FHLB Dallas awards AHP subsidies through its member financial institutions to benefit very low- to moderate-income households across its five-state District.
These are the type of projects that we get involved in because of the impact that they have on communities such as this; we want to assist in making life better for the individuals, businesses and communities in Fort Worth, said Worley Barker, director of Community Development Lending and Investments for Texas Capital.
Affordable Housing Program (AHP) funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in their community. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
It can be difficult to develop affordable housing, and the AHP is a funding source that can help fill the gap to make a deal like this work, said Melanie Dill, community development and AHP rental manager at FHLB Dallas. Not only does the AHP help to fill a funding gap, but it can also help our members create new business opportunities, support their communities and meet CRA objectives.

TEMPE, AZ – MG Properties, a leading real estate investment and management firm, announced its $100.25 million acquisition of NOVO Broadway Apartments (formerly known as Parc Broadway), a residential community located in Tempe, Arizona recently completed by Evergreen Devco, Inc..
Key features of NOVO Broadway Apartments include its prime location in Tempe, offering residents easy access to growing employment centers anchored by large technology, manufacturing, and health care companies. The property’s luxurious amenities, contemporary architecture, and commitment to fostering a sense of community distinguish it as a sought-after residential destination.
“NOVO Broadway Apartments is a high-quality community that is well positioned to benefit from regional employment growth, making it an ideal fit for our long term investment strategy,” said Jeff Gleiberman, President of MG Properties.
The sellers, Evergreen Devco Inc., were represented by Steve Gebing and Cliff David of IPA. Financing for the transaction was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant of IPA.