CHARLOTTE, NC – Flournoy Development Group announced the completion of Ellison Mallard Creek, a premier mixed-use community in Charlotte’s rapidly expanding University City submarket. The newly finished development delivers a thoughtfully crafted living experience with 341 modern multifamily units, 56 for-rent townhomes, and flexible ground-floor retail, office, and commercial spaces within a walkable “Main Street”-style streetscape.
This premier community integrates best-in-class amenities, including a spacious central greenspace, resort-inspired pool and entertainment courtyard, communal and private co-working spaces, state-of-the-art fitness and wellness center, and specialty spaces such as a hobby/craft studio and an elevated resident club room featuring gaming and grab-and-go market areas. Designed to foster connection, relaxation, and convenience, Ellison Mallard Creek joins Flournoy’s Ellison premier multifamily brand to set a new standard for rental living in Charlotte’s burgeoning University area.
“Charlotte’s University City region continues to flourish, driven by corporate investment, educational growth, and strong residential demand,” said Ryan Foster, Senior Vice President of Development at Flournoy Development Group. “We are thrilled to introduce this vibrant community, which exemplifies our commitment to delivering exceptional living environments that enrich the surrounding neighborhood.”
Located in one of Charlotte’s largest employment centers, Ellison Mallard Creek provides residents with unparalleled connectivity to key business, commercial, and academic hubs. Residents enjoy immediate access to I-85 and I-485 and close proximity to the JW Clay Blue Line Station, offering direct light rail service to Charlotte’s key employment and entertainment hubs.

LOUISVILLE, KY – Morgan Properties, the nation s largest private owner of multifamily communities, announced its entry into Kentucky with the $39 million acquisition of Blankenbaker Crossings, a 236-unit garden-style apartment community in Louisville. Kentucky is now the 20th state in Morgan Properties rapidly growing portfolio, solidifying the company s presence as a leader in multifamily and marking a strategic expansion into one of the Heartland region’s most promising markets.
Entering Kentucky and adding the 20th state to our growing portfolio is a pivotal way to kick off Morgan Properties 40th-anniversary year, said Jonathan Morgan, Co-President of Morgan Properties and President of Morgan Properties JV. As a company, Morgan Properties remains bullish on the Midwest and will continue to strategically identify opportunities where we can leverage our four decades of success in multifamily to enhance the living experience for residents in high-growth markets here and across the country.
Blankenbaker Crossings offers convenient access to public transportation, major employment hubs such as UPS, Norton Healthcare, and Ford Motor Co., and local Louisville attractions like Waterfront Park and a thriving dining and entertainment scene. Built in 2005-2006, the property maintains a 96% occupancy rate and provides a significant repositioning opportunity, as most units remain in original condition. Morgan Properties plans to invest $2.1 million in renovations and upgrades including kitchen and bath renovations, the addition of washers and dryers, smart apartment features, and new community amenities such as a pickleball court, dog parks, and Amazon package hubs. These investments aim to enhance the property s curb appeal and deliver an exceptional living experience for residents.
Expanding into Kentucky is a natural extension of our robust footprint in neighboring states like Ohio and Indiana, said Jason Morgan, Co-President of Morgan Properties and President of Morgan Properties Special Situations. Blankenbaker Crossings presents a compelling opportunity to bring our proven professional management expertise and value-add repositioning strategies to a new, highly desirable market while capitalizing on Louisville s strong rent growth and economic stability.

CHARLOTTE, NC -The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with the City of Charlotte, announced the opening of a 200-unit affordable housing community in Charlotte, North Carolina. The development provides high-quality, amenity-rich housing to residents earning between 30% and 60% of the Area Median Income (AMI). A limited number of workforce housing units are also reserved for residents earning up to 80% AMI.
Residences at Cedar Creek demonstrates our unwavering commitment to delivering affordable housing developments that prioritize quality and convenience, said Jason Mochizuki, Vice President of Development at The NRP Group. With a robust amenities package tailored for working professionals and families in the area, this community will ensure residents enjoy a high standard of living. With its prime location along the I-77 corridor, residents will enjoy seamless connectivity to employment hubs, schools and essential services throughout Charlotte.
Located at 7224 Forest Point Boulevard in the Southeast district, the development offers easy access to I-77 and is a 15-minute drive to Charlotte Douglas International Airport. The development is also located near ample retail and dining options, as well as pharmacies, schools and job centers.
Residences at Cedar Creek represents a pivotal step forward in our mission to ensure every Charlotte resident has access to safe, affordable, and high-quality housing, said Warren Wooten, Assistant Director of Affordable Housing at the City of Charlotte. As our city continues to grow and attract new families and businesses, developments like this play a crucial role in addressing housing needs and fostering economic inclusivity.
Residences at Cedar Creek consists of three four-story buildings designed to accommodate both working professionals and growing families. Each apartment boasts open-concept layouts complete with private patios/balconies, spacious walk-in closets and sleek modern cabinetry. The development offers one-to-four-bedroom floorplans to suit diverse needs and features best-in-class amenities such as a 24-hour fitness center and a conference center with a WiFi-enabled cyber café ideal for remote work. Additionally, family-friendly amenities include an onsite playground and covered picnic areas.
Bank of America and KeyBank provided financing for the project. The City of Charlotte invested $2.5 million in Housing Trust Fund gap financing in this development and the North Carolina Housing Finance Agency provided $22 million in 4% Low-Income Housing Tax Credits.
Bank of America is pleased to help finance Residences at Cedar Creek, providing much-need affordable housing to families in Charlotte, said Miles Cary, Senior Vice President of Community Development Banking at Bank of America. Working with our partners at The NRP Group, we are helping build safe and strong communities that are retail- and commuter-friendly.
KeyBank is thrilled to have provided a permanent source of financing for the citizens of Mecklenburg County, said Robbie Lynn, Senior Vice President at KeyBank. The partnership between Mid Atlantic, NRP, the county and city shows what can be achieved with strategic public-private partnerships accomplishing much-needed housing inventory and affordable home goals.
The NRP Group has developed more than 4,000 units in North Carolina. Residences at Cedar Creek is the company s eighth development in Charlotte, comprising over 2,000 units to date.

WASHINGTON, DC – Clear Investment Group announced the acquisition of the iconic 681-unit Marbury Plaza in Southeast Washington, D.C. The property, once home to notable residents including Isaac Hayes, will undergo a transformative rebranding to become Langston Views, a name that reflects both the community’s vibrant history and its promising future, given Clear’s inclusive approach to community building.
Marbury Plaza has been a cornerstone of the local community for decades. Clear Investment Group’s revitalization efforts will feature modern amenities that enhance the living experience for current and future residents. Planned upgrades include a new fitness facility, upgraded locker rooms and swimming pool areas, advanced security systems, and renovated common spaces. Additionally, an on-site convenience store will provide everyday essentials within arm’s reach.
The acquisition and rebranding were made possible through collaboration with the Office of the Mayor and the Attorney General. This partnership underscores Clear’s commitment to working closely with local authorities to bring about positive change, while strengthening local partnerships.
“This acquisition exemplifies Clear’s mission to revitalize distressed multifamily housing using ethical, sustainable, and transparent practices,” said Amy Rubenstein, CEO of Clear Investment Group. “Langston Views will honor its historic legacy while offering modern amenities and fostering a thriving, diverse community. We are proud to work alongside city leadership to provide housing solutions that benefit Washington, D.C. residents and align with our commitment to positive social impact.”
Clear’s acquisition of Langston Views dovetails seamlessly with its portfolio strategy, focusing on revitalizing urban multifamily housing to deliver long-term value for both investors and the community. The rebranding of Marbury Plaza into Langston Views symbolizes a new chapter—one rooted in community engagement, modern living, and respect for the property’s rich heritage, while demonstrating its ongoing dedication to improving housing standards and creating vibrant, sustainable communities.
“Langston Views is a prime example of Clear Investment Group’s dedication to identifying opportunities for impactful investment and creating dynamic livable spaces,” stated Razi Uddin, Clear Investment Group’s CFO and Managing Director. “The rebranding and upgrades will strengthen the property’s legacy while supporting the city’s ongoing efforts to provide welcoming, safe, quality, affordable housing – not just a house for our residents, but a home.”
With this Washington D.C. acquisition, Clear Investment Group significantly enhances Clear Opportunities Fund I, with its 5th portfolio acquisition, reinforcing its position as a leader in the strategic acquisition and disposition of multifamily assets, delivering value for its investors across a growing national footprint. “”We are thrilled to acquire our first property in the Washington D.C. area which aligns perfectly with our growth strategy and commitment to finding distressed assets in the workforce-housing sector,” added Rubenstein. “By acquiring these units at the current price point, we see an excellent opportunity to generate attractive returns for our investors while expanding our portfolio in key geographic areas.”

TEMPE, AZ – Construction is completed at Northbend, a 310-unit community featuring three garden-style apartment buildings in Tempe, Arizona. McShane Construction Company built the development on behalf of repeat clients Banyan Residential and Milhaus.
“We are proud to have delivered Northbend, a community that seamlessly blends modern design, high-quality construction, and resort-style amenities,” commented Scott Salyer, Vice President & Regional Manager at McShane. “It was an honor to partner with Banyan Residential and Milhaus to bring their vision to life in the vibrant city of Tempe.”
Designed by Todd & Associates, the property offers generous amenity space, including a 4,300-square-foot clubhouse. Residents can enjoy a resort-style pool and sun deck, a fully equipped fitness center and yoga studio, a trading post with outdoor equipment loans, and outdoor spaces including a courtyard with fire pits, an entertainment lawn, and a dog park overlooking downtown Tempe.
Each unit boasts an open-concept floor plan complemented by nine-foot ceilings and large windows. Residents can choose from multiple finish options and will find high-end features such as large kitchen islands, quartz countertops, stainless-steel appliances, wood-style flooring, and designer light fixtures. Additional amenities include keyless entry systems, in-unit washers and dryers, and walk-in closets. Select units offer courtyard, pool, or city views and private patios or balconies.
The property also boasts a small number of live-work units providing separate “store front” style entrances for small business owners.
The garden-style buildings integrate wood frame construction with facades of stucco, thin brick, and wood-look metal lattice.

WILMINGTON, NC – Middleburg Communities, a leading developer of rental housing throughout the Southeast and Sunbelt announced that it has secured construction financing for Mosby Barclay West, a 290-unit Class-A apartment community in Wilmington’s rapidly growing Midtown market. The development represents a joint venture partnership with Cincinnati-based Eagle Realty Group and marks Middleburg’s third development in Wilmington since 2021, following the successful completion of another Class A multifamily community, Mosby Riverlights, and Hamlet Barclay West, a 280-unit build-to-rent neighborhood currently under construction and delivering its first units in Spring 2025. Construction on Mosby Barclay West will commence immediately.
Mosby Barclay West will be strategically positioned within the Barclay West master plan, which at full buildout will feature a complementary mix of residential, retail and commercial uses. The community will be situated adjacent to Middleburg’s Hamlet at Barclay West, creating a dynamic residential district that offers prospective residents choice between traditional apartment living and professionally managed single-family rental homes. Both communities will benefit from walkable access to The Pointe at Barclay, a thriving retail and entertainment destination featuring 150,000 square feet of space anchored by The Pointe 14 Theatre and numerous dining options. The property offers excellent connectivity to major employment centers, with Downtown Wilmington, UNC Wilmington, and the region’s beaches all accessible within 15-20 minutes.
Wilmington has emerged as the fastest-growing rental market in the country since 2020, with the number of renter households increasing by 25.2% from 2020 to 2023, according to data from RealPage Market Analytics. This remarkable growth underscores the strong demand for rental housing in the area.
“Wilmington’s economic success and population inflows over the years have resulted in robust demand for high-quality rental communities like Mosby Barclay West,” said Spencer Merritt, Development Partner for the North Carolina region at Middleburg. Our investment in Wilmington reflects our strategy of expanding our presence in fundamentally strong Southeast markets with above-average job and population growth and sustained rental demand. By strategically positioning the project within the Barclay West master plan, it will be part of a vibrant, connected community that meets the evolving preferences of today s renters.
Mosby Barclay West will offer a variety of one, two and three-bedroom floorplans across five residential buildings, all with elevator access and conditioned corridors. Residents will enjoy modern interiors with hard stone countertops, stainless steel appliances, shaker cabinets, tile backsplashes, in-unit washers and dryers, and luxury vinyl plank flooring. The community will provide an extensive array of amenities, including a clubhouse with a resort-style pool and fitness center, a dedicated dog park with a pet spa, and convenient features like electric vehicle charging stations, 24/7 package reception, and collaborative coworking spaces.
The project is slated to open in the summer of 2026. Upon commencement, Mosby Barclay West will join Middleburg’s active development pipeline, which currently includes 14 communities under construction throughout the Southeast and mid-Atlantic, totaling nearly 4,000 units.

ASHEVILLE, NC – Set against the stunning backdrop of Busbee Mountain, Ellison at The Preserve officially welcomed its first residents, redefining luxury apartment living in Asheville. Combining elegant design with resort-style amenities, this premier community offers residents the perfect blend of modern convenience and tranquil surroundings, just minutes from the vibrant heart of downtown Asheville.
Staying true to Flournoy’s mission of elevating the way people live, the 315-unit community is designed to offer an unparalleled lifestyle, featuring best-in-class amenities to include:

A resort-style heated saltwater pool and sundeck for ultimate relaxation
A state-of-the-art fitness center to support active lifestyles
A co-working lounge complete with communal and private workspaces
Outdoor entertainment spaces with gaming, community grills, fire pits and more
A convenient grab-and-go market for everyday needs
Pet Spa with Pet Washing Station for Ellison’s furriest residents
Private garages to keep residents’ vehicles looking new
Resident Mail Lounge and Private Package Room for safe and secure package receiving

Inside Ellison’s premium apartment homes, residents can choose from thoughtfully designed one-, two-, and three-bedroom floor plans, each showcasing quartz countertops, stainless steel GE appliances, and luxury wood style flooring. Many of Ellison’s meticulously designed units feature balconies with unobstructed views of the beautiful Blue Ridge Mountains. The community is built to harmonize with its natural surroundings, reflecting Asheville’s commitment to sustainability and livability.
“Ellison at The Preserve represents the perfect balance of modern luxury and natural beauty,” said Ryan Foster, Senior Vice President of Flournoy Development Company. “We’re proud to deliver a community that embodies our vision for elevated living and are thrilled to welcome residents to this stunning community.”

DALLAS, TX – Knightvest Capital, a vertically integrated multifamily investment firm, announced the acquisition of the Mockingbird Flats apartment community in Dallas, Texas. This successful close marks the fifth acquisition in Knightvest’s Fund II.
Built in 2012, the 417-unit apartment community is centrally located next to Southern Methodist University (SMU) and the Park Cities in Northeast Dallas. The five-story mid-rise property features ground floor retail and offers an average unit size of about 800 square feet. Knightvest plans to fully renovate the majority of the units and make substantial enhancements to the community’s amenities. As part of the renovation efforts, Knightvest has renamed the community to Belclaire.
“This acquisition marks a unique opportunity to apply our expertise in renovating and repositioning properties to such a marquee Dallas multifamily community,” said David Moore, Knightvest founder and CEO. “As we look at macro trends impacting our industry, it’s clear that younger generations including Gen Z increasingly view apartment communities as longer-term destinations, and this acquisition bolsters our footprint with this core demographic in a high growth market.”
Belclaire’s proximity to Downtown and Uptown Dallas, combined with its walkable retail options, makes it a unique and attractive living space. The property’s location near SMU further enhances its appeal, with the recent success of the university’s football team and its impending status as a Research 1 (R1) institution driving a remarkable increase in student applications. Knightvest is enthusiastic about the Dallas market as it continues to be one of the fastest-growing major cities with a robust economic outlook.

NASHVILLE, TN – Olympus Property announced the acquisition of The Griff, a 255-unit luxury apartment community located in the heart of Germantown, one of Nashville’s most dynamic and historic submarkets. Built in 2019, The Griff exemplifies modern urban living while providing unparalleled access to the economic and cultural vibrancy of Nashville.
Building on its strong track record in the multifamily real estate sector, Olympus Property’s acquisition of The Griff further strengthens its presence in key growth markets. This acquisition marks Olympus’ entry into the Germantown submarket, bringing its Tennessee portfolio to over 1,200 units across owned and managed properties and contributing to its Southeast region portfolio which now exceeds 7,300 units. Established in 1992, Olympus Property has grown to own and manage more than 35,000 units across 16 states, driven by a hands-on approach and a commitment to delivering exceptional living experiences. Leveraging its extensive experience and operational expertise, Olympus is well-positioned to ensure strong performance at The Griff while consistently providing value to both residents and investors.
“The acquisition of The Griff is a testament to Olympus Property’s focus on investing in high-growth markets with significant economic momentum,” notes Wade Madden, Chief Executive Officer at Olympus Property. “The property’s premier location in Germantown, coupled with its luxury amenities and proximity to transformational developments, makes it a valuable addition to our portfolio.”
Strategically located in the heart of Germantown, The Griff benefits from its proximity to redefining developments, such as the Neuhoff District, a $563 million, 900,000-square-foot mixed-use destination featuring blue-chip employers, retailers, and acclaimed dining, and Oracle’s $1.2 billion East Bank campus, which is set to bring 8,500 high-paying jobs. A planned pedestrian bridge will connect The Griff directly to these developments, enhancing its walkability and appeal. Nashville’s pro-business environment has attracted major companies like Amazon, Oracle, and Meta, driving $8.6 billion in recent investments and another $16 billion expected in the next five years. With daily in-migration averaging 80-100 new residents, the area has become a top destination for upscale living, offering unmatched access to employment, dining, and entertainment.
The Griff seamlessly blends historic charm with modern luxury, offering studio to two-bedroom apartments ranging from 589 to 1,251 square feet. Residences include floor-to-ceiling windows, stainless steel appliances, wine refrigerators, and private balconies or patios. Community amenities feature a sky lounge with panoramic views, a fitness center with a Peloton studio, a private recording studio, a riverfront courtyard with a fire pit, a pet park, and a multi-level parking structure.

DALLAS, TX – S2 Capital, a national vertically integrated multifamily investment manager, announced the acquisition of a distressed multifamily portfolio consisting of five properties facing foreclosure in Dallas, TX, Nashville, and Knoxville, TN.
S2 invested $60 million of rescue capital in a new joint venture with the existing Limited Partner through a structured preferred equity investment and secured a new 5-year $170 million senior loan through ACORE Capital. S2 will take over as the general partner with full operational control across property, asset, and construction management plus major decision rights to protect the preferred equity investment. The transaction was sourced off-market.
The five properties are located in markets with growing demand for multifamily housing and limited new supply:
Landmark at Gleneagles at 4909 Haverwood Lane, Dallas, TX, offers spacious 1 and 2-bedroom units, swimming pools with natural landscaping and easy access to shopping, dining, and entertainment.
Stone Ridge at 500 Piccadilly Row, Antioch, TN (a Nashville suburb) offers generously sized 1 to 3-bedroom units with patio/balcony, 2 swimming pools and sundeck.
Hickory Highlands at 100 Hickory Highlands Dr, Antioch, TN, offers 1 and 2-bedroom units, 9-foot ceilings, 3 swimming pools, and is located near Percy Priest Lake.
North Park Apartments at 5237 Tillery Rd, Knoxville, TN, offers 1 to 3-bedroom units and a park-like setting with biking and hiking trails.
The Park at Fountain City at 2132 Adair Dr, in Knoxville, TN offers 1 to 3-bedroom units and nearby walking and biking trails.
Ryan Everett, Managing Director, Head of Acquisitions of S2 Capital, said, “This transaction is a great representation of how S2 is taking advantage of targeted distress in today’s market. Our vertically integrated operating platform, in tandem with our discretionary capital, positioned us as the preferred partner to step in as the new GP and programmatically address the in-place operating issues through the implementation of a new business plan.”
“This investment allows us to expand our geographic footprint to Tennessee, where we have planned to invest in the Nashville and Knoxville markets for several years. Our internal data analytics platform projects Southeast Nashville to be a top quartile submarket for investment, given the continued year-over-year demand growth of 11% while supply and permits have plummeted by 80% to less than 2.5% of inventory, coupled with expected strong household formation and in-migration.”