Author: ipgocorp

DENVER, CO – An affiliate of Oberndorf Real Estate Management (OBREM) and The Bascom Group, announced they have closed on the acquisition of the 360-unit Hearthstone at City Center, located at 932 South Helena Way in vibrant Aurora, Colorado, for $74 million.
Hearthstone marks Bascom’s fourth acquisition of 2024 and comes shortly after the recent acquisitions of The Overlook, a 344-unit garden style multifamily property located in Albuquerque, New Mexico and Texan26, a 204-bed student housing community in Austin, Texas. Once the largest multifamily owners in the state of Colorado, Hearthstone is Bascom’s 37th acquisition in the state and 10th acquisition in the city of Aurora.
Constructed in 1984 as a low-density community comprised of forty-one buildings across 18.25 acres, Hearthstone features ample onsite outdoor space and a diverse mix of one-, two- and three-bedroom floor plans. The community is conveniently located southeast of Aurora City Center, a midway point between Downtown Denver and Denver International Airport, just minutes from the I-225 highway, the Aurora Metro Center Station RTD Line, and a 20-minute drive to Downtown Denver.
Residents at Hearthstone can access hundreds of thousands of employment opportunities within a 20-minute commute from the property. Nearby employment hubs include Fitzsimons Medical Campus, Buckley Space Force Base, Denver International Airport, Denver CBD, Denver Tech Center and Cherry Creek. Hearthstone’s location offers superb access to key quality of life attractions and recreation given a diverse selection of shopping, dining and retail in the vicinity, and outdoor activities in Aurora’s many parks, in-town trails and reservoirs, including the scenic 4,000-acre Cherry Creek State Park, and outdoor art and golf courses, all within the backdrop of the Rocky Mountains.
The community has been well-maintained over numerous renovation programs throughout the years and offers select units with contemporary appliances, in-home washers and dryers, hardwood-style flooring, walk-in closets, fireplaces and private patios and balconies. The highly amenitized property has a resort-style pool, outdoor grilling and picnic areas, fitness center and sauna, pet park, playground, basketball court and on-site laundry.
Renters enjoy a 50% discount relative to the costs of home ownership in the immediate area. The partnership believes it is acquiring this property at an attractive basis and yield resulting from the highly volatile economic environment over the last twenty-four months. Peter Oberndorf, Managing Director at Oberndorf Real Estate Management, said, “While there is some softness in rents due to elevated supply deliveries, the partnership is positive on the long-term trajectory of the Aurora submarket and greater Denver MSA as new supply becomes harder to build given the higher interest rate environment and recent development restrictions, which will stagnate supply for the foreseeable future.”
The partnership’s business plan includes an extensive value-add renovation program that includes upgraded appliances, countertops and lighting; additional in-unit washers and dryers; added kitchen backsplashes; new cabinets and fixtures; and wood plank flooring. Common area improvements are planned for the fitness center, leasing center and pool, as well as a completely redesigned multipurpose activity area, façade enhancements and revamped landscaping.
Jim Singleton, Bascom’s Senior Vice President & Principal of Acquisitions, shared, “We are thrilled to make yet another multifamily investment in the city of Aurora and state of Colorado. Despite a challenging transaction market, we are finding select opportunities that we anticipate will be strong investments for our company and our highly valued partners such as OBREM.”
Bascom’s Senior Vice President of Portfolio Operations, Paul Zakhary, added, “Bascom plans to further elevate the Property by strategically repositioning and improving operations that will make Hearthstone a top choice among multifamily product in the immediate area.”
The partnership continues to focus on investments in the multifamily sector across the United States, with a focus on value-add opportunities that arise as pricing resets occur amid significant global macroeconomic pressures.

FORT WORTH, TX – Rise48 Equity, a leading multifamily investment group, announced the acquisition of Copperfield Apartments in Fort Worth, Texas. This 323-unit complex marks the company’s 49th acquisition since 2019 and its 9th in the Dallas market, further strengthening its Texas portfolio.
Rise48 Equity has plans to invest over $9 million in revitalizing Copperfield Apartments, which will soon be rebranded as Rise Spring Pointe. The property renovations include:
Platinum-level interior upgrades: White shaker doors, Quartz countertops, plumbing fixtures, stainless steel appliances, vinyl flooring, and updated lighting.
Transformative exterior: Fresh 3-tone paint, pool area improvements, a redesigned leasing office, landscaping enhancements, and a new LED-backlit monument sign.
Rise48 Equity CEO and Co-Founder, Zach Haptonstall, said “We’re excited to have acquired Copperfield Apartments off-market at a very low basis. It presents a great value-add opportunity for us in a strong submarket in Fort Worth with a lot of growth. We want to thank our investors for partnering with us on this deal, and our team is hungry to get to work and execute the plan for our investors.

PORTLAND, OR – CONAM Strategic Investments Fund IV LP, a discretionary fund sponsored by The CONAM Group (CONAM), announced the purchase of Skylar Grand, a 170-unit Class A multi-family community with 5,698 SF of retail in Portland, Oregon. This property adds to CONAM s portfolio within Portland and is the first deal in Fund IV.
Completed in 2022, Skylar Grand offers a variety of floorplans including studios, one-, two- and three-bedroom units with high-end finishes and features such as premium stainless-steel appliances, air conditioning, full wall tile backsplashes, quartz countertops and designer cabinetry. The property features a highly desirable community amenity package including a top-floor outdoor terrace with panoramic views, BBQ and fire table, social lounge with a full kitchen, large flatscreen TV and shuffleboard table. The community boasts ample bike storage, dog wash, residential lobby, coffee lounge, and a club quality fitness center. Skylar Grand achieved LEED Gold certification, the result of the quality construction and low impact materials used as well as the energy efficiency of the property.
CONAM has been focused on finding high quality assets at an attractive cost basis. We are pleased with the acquisition of Skylar Grand as the first deal in our Fund IV, it compliments our portfolio well as we own two assets within 1-mile of Skylar Grand, says Robin Elihu, CONAM s Western US Acquisitions Director. Skylar Grand is a stunning property with panoramic views of Portland and walkability to award winning restaurants, bars, cafes, and breweries. It offers residents a phenomenal live, work, play environment in an unmatched location.
Located within one of Inner Eastside s newest and most vibrant neighborhoods, Burnside Bridgehead, Skylar Grand is directly on the Portland Streetcar A and B loops while also earning a perfect 100 Bikers Paradise Bike Score, residents have easy access to the best of the Inner Eastside. The asset is minutes away from the Moda Center, home to the Portland Trailblazers and just three blocks away from the Willamette River and Eastbank Esplanade pedestrian and bicycle trail that offers quick entry to its 2.7-mile loop connecting to Willamette Greenway on both sides of the river.
Portland ranked as a top tech market in the nation, with over 20% of all new jobs created being in the tech industry. More than $800 million of technology related venture capital has been raised in Portland over the last 5 years. Per the Oregon Employment Department, software jobs are growing at a double-digit rate, placing Oregon third after Washington and Massachusetts for the highest concentration of software developers in the country. Tech companies are drawn to Portland s affordability, culture, and sustainable ethos, along with relatively affordable office lease rates when compared to San Francisco, Seattle, and Boston.
Looking forward, CONAM continues to evaluate opportunities that align with our investment strategy in Fund IV. We are active buyers within the market and are excited to continue to grow the portfolio nationally.

SANTA CLARA, CA – SummerHill Apartment Communities announced that it has sold Prado Apartments, a 251-unit transit-oriented multifamily community located in Santa Clara, CA for $125 million. The site was sold to PCCP of San Francisco, CA and Alliance Residential Company of Scottsdale, AZ.
Located at 3560 Rambla Place, Prado is a seven-story building comprised of 251 residential units that include both one and two-bedroom apartments that was completed in 2021 and is part of the Nuevo master-planned community which SummerHill also developed.
“PCCP and Alliance are world-class real estate operators, and we are excited to see what’s next in store at Prado within this fantastic transit-oriented development,” said Doug McDonald, President of SummerHill Apartment Communities.
With 600+ additional units under construction in Santa Clara, SummerHill is continuing to provide much needed housing in the area. “We love Prado and believe Santa Clara will continue to be a very strong apartment rental market and we are thrilled to continue working with the City of Santa Clara to provide new housing,” added McDonald.
Located adjacent to Lawrence Expressway, Prado is minutes from the Caltrain Lawrence Station and easily accessible to San Jose Mineta Airport. Current and future residents have unrivaled access to Silicon Valley’s technology hub, home to Apple, Nvidia, Google, and many of the largest technology companies in the world. Situated within the Nuevo master planned community, Prado is surrounded by multiple parks and recreation as well as a community center.
KTGY Group, who SummerHill has partnered with on previous projects in the Bay Area, is the architect of record.

WASHINGTON, DC – The first major office-to-residential conversion in Washington, DC’s Golden Triangle Business Improvement District is finishing its final stretch of construction before delivering this summer. The Elle apartments, which broke ground in 2022 on the site of the former Peace Corps headquarters at 20th and L Streets NW, will feature 163 residential units across 185,000 square feet in the heart of Downtown.
“We have seen in other parts of our city how having the right balance of residents and workers can sustain a vibrant and thriving neighborhood. We have a beautiful Downtown that is already bustling with people and activity, and the Housing in Downtown program will allow us to build on that in a very strategic way,” said Mayor Bowser. “Innovative projects like the Elle have already made DC a national leader in office-to-residential conversions, and now we can bring in even more partners to reach our goals and continue the transformation of Downtown.”
Gary Cohen, chair of the development firm Willco, is managing the conversion. He noted that each step of the project required an inventive approach to turn the office building into a place people will call home. For example, windows, plumbing, and electrical needs are all different in terms of individual residential units versus a large office space with a lot of interior areas and shared utilities.
“Going into this, we were excited about how we could adapt the building for the future of Downtown,” said Cohen. “The Elle apartments will offer ample amenities for residents, including a community room, fitness center, dog park, and rooftop pool.”
The progress on the Elle comes as office space across the entire District is evolving to meet new work realities, as virtual and hybrid work has emptied out many offices and prompted new thinking about the way to use those spaces. With nearly 2,500 new apartments in the works in the District, countless more conversions are underway in cities across the country.
The goal is revitalizing downtowns in a way that creates housing and brings people into the area. The Golden Triangle is actively evolving from almost entirely office space that once held desks and copy machines into homes with kitchens and bedrooms, galleries featuring artists and theater productions, and other creative uses.
“It’s exciting to see all the ways Downtown is changing and to help shepherd this transformation,” said Leona Agouridis, President of the Golden Triangle BID. “People approach work and life differently now. We are embracing this change and working to elevate the experience everyone can have in the Golden Triangle.”
Agouridis adds that the Downtown Action Plan highlights, recently released by the Golden Triangle and DowntownDC BIDs recommends many innovative solutions for reimagining the future of Downtown. That plan not only recommends growing the residential base, but also proposes ideas like creating cultural and entertainment corridors, expanding university uses, and developing a large tech hub.
In recent years, the Golden Triangle has grown its menu of programming. The addition of tech events, lunchtime concerts, and other entertainment complement longstanding initiatives like public art and the Golden Haiku writing competition – all of which create a lively Downtown experience in an area historically known primarily for its office space.

SANTA FE, NM – The Bascom Group has acquired San Miguel Court Apartments, a 1974 built, 96-unit garden-style multifamily property located at 2029 Calle Lorca in Santa Fe, New Mexico. Ryan Greer and CJ Connelly of CBRE arranged the debt financing for the acquisition with LaSalle Debt Investors as the lender. Apartment Management Consultants will provide property management, and SD-CAP will provide construction management services.
With the unprecedented interest rate increases over the past year and subsequent decline in apartment values, San Miguel Court continues the brisk acquisition pace for Bascom in 2024, marking the firm’s third acquisition this year. The purchase of San Miguel Court comes on the heels of recent Bascom acquisitions including, The Overlook, a 344-unit garden style multifamily property located in Albuquerque, New Mexico, and Texan26, a 204-bed student housing community in Austin, Texas.
San Miguel Court features a diverse unit mix, including one-, two- and three-bedroom units with in-home washers and dryers, hardwood-style flooring, stainless steel appliances, and large walk-in closets. The low-density property sits in a desirable infill location, offering residents access to a vibrant neighborhood, with proximity to major employment hubs, entertainment, shopping, dining, and recreational facilities.
Tom Gilfillan, Bascom’s Vice President of Acquisitions, expressed enthusiasm about the addition of San Miguel Court to Bascom’s portfolio: “We are thrilled to acquire San Miguel Court, an exceptional asset boasting highly efficient floorplans and ample greenspace within a desirable Santa Fe location. The property is conveniently situated near various key amenities such as shopping centers, highly acclaimed restaurants, and major employers. We are encouraged by the ongoing growth in Santa Fe, propelled by robust job expansion and a favorable economic environment, and we are enthusiastic about delivering high-quality living experiences to residents and contributing to the sustained development of the community.”
Santa Fe’s expanding economy, along with an appealing climate and exceptional quality of life, has fueled recent growth in both the population and labor force. In 2023, Santa Fe saw a significant surge, marked by a 3.9% increase in the labor force and the addition of 2,300 new jobs. Key contributors to Santa Fe’s employment growth include the Los Alamos National Laboratory (LANL), a growing hub for scientific innovation and a major catalyst for economic expansion in New Mexico, the fast-emerging Film and Entertainment Industry, marked by new studio developments in Santa Fe’s Midtown District, and the Christus St. Vincent Regional Medical Center, which recently broke ground on a 72,000 square-foot Cancer Center expansion, expected to open late 2024.
Santa Fe is widely considered one of the country’s great havens for arts and culture, due to its numerous galleries, museums, and installations. Santa Fe is the capital of the state of New Mexico and the fourth-most populous city in the state. Tourism is another major element of the Santa Fe economy, with visitors attracted year-round by renowned five-star resort facilities and numerous outdoor activities.
Paul Zakhary, Bascom’s Senior Vice President of Portfolio Operations, outlined Bascom’s plans to enhance San Miguel Court, aiming to make it a top choice for multifamily living in the area: “Bascom plans significant community amenity improvements including a new fitness center, resident clubhouse, leasing office, dog park, and a large central park with covered BBQ stations, bench seating, outdoor games, and tot-lot. Complimenting the significant community amenity enhancements, Bascom is planning additional upgrades including exterior paint, aesthetic site lighting, landscaping, and unit interior renovations.”
San Miguel Court stands out due to its advantageous infill location, offering easy access to highways, shopping centers, and major employment centers. Within a convenient 10-minute drive, residents can reach the historic Santa Fe Plaza, the developing Midtown District, and key employers such as Christus St. Vincent Hospital, the New Mexico State Capitol, and the Santa Fe office of the Los Alamos National Laboratory.

AUSTIN, TX – CIM Group announced the sale of District at SoCo, a 215-unit apartment community with 328-space parking garage in Austin, Texas, which it acquired in 2013. Built in 2012, District at SoCo is located in the heart of the popular South Congress district.
The contemporary apartment community offers studio, one- and two-bedroom floor plans providing a stylish living environment with modern kitchens and bathrooms, in-unit washer and dryer, and outdoor patios and balconies.
District at SoCo is designed with four-story buildings around two outdoor community gathering areas. Outdoor amenities include a courtyard with games and a firepit, an outdoor kitchen, grilling stations and picnic areas, a resort-style swimming pool, and a dog park. Residents also have access to a Club Room, a full-service business center, and a 24-hour fitness facility.
The apartment community provides residents easy access to Austin s active business hubs, parks and recreation options, and educational institutions in addition to the vibrant entertainment found in the South of Congress neighborhood known for its wealth of live music venues, shops, and dining.
CIM Group is an active owner, operator, and developer in Austin, bringing quality real estate uses to enhance the area as it does in other communities across North America. CIM Group s Austin portfolio includes Onyx183, a 390-unit multifamily community located in Northwest Austin, as well as several office properties including the Penn Field Office Campus, Eastside Village, 1300 East 5th St., 507 Calles, and 1021 E. 7th Street. CIM Group also was a co-developer of the Seaholm Power Plant mixed-use redevelopment as well as The Independent luxury condominium tower.
For 30 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout North America.

CHELMSFORD, MA – Trammell Crow Residential (TCR), the multifamily development platform of Crow Holdings, announced construction has commenced on its latest Alexan community, a 340-unit, luxury multifamily residence in Chelmsford, Massachusetts. TCR will serve as both the developer and general contractor on the project, and construction completion is anticipated for Q4 2025.
Located at 255 Princeton Street, Alexan Chelmsford will redevelop the former UMass Lowell West Campus into a tranquil, 32-acre residential community. Studio, one-bedroom, two-bedroom, and three-bedroom units equipped with stainless-steel appliances, wood-style plank flooring, in-unit washers and dryers, and spacious walk-in closets will be situated within four-story, elevator-serviced buildings. The development will also offer three-bedroom townhome units with premium unit finishes and integrated garages.
First-class amenities will include a resort-style pool, outdoor courtyards, grilling stations, a state-of-the-art fitness facility, a craft room, and a resident clubhouse complete with a gourmet kitchen and gaming room. Alexan Chelmsford s charming New England setting will be enhanced by the 6.75-acre, deed-restricted wetland area at the entrance to the community. The site s location will allow future residents to easily access Greater Boston s largest employment centers including the Route 3 Tech Corridor, the Route 128 Corridor, the I-93 North Corridor, and downtown Boston.
We are incredibly excited to break ground on Alexan Chelmsford. This community will provide future residents with an unmatched residential experience within a country setting and will be an attractive option for residents in the area. This development is a continuation of our company s efforts to meet Greater Boston s housing demand, said Andy Huntoon, Managing Director, Northeast Division of Trammell Crow Residential. We appreciate the team effort, support, and partnership of our financial stakeholders, municipality representatives, and community members who have helped bring this project to the area.
Last year, TCR announced the groundbreaking of Alexan Waltham, a 210-unit luxury multifamily community in Waltham, Massachusetts, slated to be completed in Summer 2025, and the groundbreaking of Alexan Peabody in Peabody, Massachusetts, anticipated to be complete in Q4 2025. With the addition of Alexan Chelmsford, TCR s Northeast apartment portfolio has nearly 2,000 apartment units in various stages of development.

NASHVILLE, TN – Southwest Value Partners and StreetLights Residential, development partners of two multi-family residential towers under construction at Nashville Yards, announced that leasing will begin this summer. Named The Everett and The Emory, the 34- and 35-story towers are expected to open in November 2024 and will together offer more than 650 residences for rent in the heart of Nashville Yards in downtown Nashville.
The Everett and The Emory are at the center of Nashville s finest amenities – a safe, healthy, walkable, 19-acre master planned community with abundant green and open space, and steps away from world class dining, retail, health and entertainment offerings, said Cary Mack, Managing Partner of Southwest Value Partners. These towers are also a short walk to work for the many thousands of great jobs offered by our tenants Amazon, CAA, AEG Presents, Pinnacle, Bass Berry & Sims, PricewaterhouseCoopers and others. Nashville Yards is going to be an exceptional place to live, and we can t wait to welcome our first residents.
Rising above the city skyline, the buildings, which recently “topped out” and entered the final phase of construction, will offer diverse living spaces and private, on-site parking. The spacious residences are marked by thoughtful design, spectacular downtown views, and a variety of high-end amenities, including custom kitchen cabinetry, top-of-the-line kitchen appliances, dine-in islands, spa-grade bathrooms, customizable closets, SONOS sound systems, and wine refrigerators.
The two residential buildings will also offer a variety of luxury features, including a shared third floor amenity deck with a pool, fitness center, game room, resident bar, co-working space, and golf simulator. The Everett s 33rd floor and The Emory s 34th floor will offer their own Sky Lounge complete with a rooftop dog park, additional coworking space and catering kitchen for events. Click here to sign up to receive information about residential leasing opportunities at Nashville Yards.
Southwest Value Partners has created a dynamic destination through their vision of Nashville Yards, said StreetLights Senior Vice President of Development Rob Bratton. We believe residents will be attracted to the thoughtful sense of place as well as the exceptional residential experience we have crafted together. As a design-driven company, our desire is to build communities that enrich the lives of residents and neighborhoods, and our partnership with Southwest Value Partners will help bring this vision to life.
Beyond the best-in-class residential and building amenities, residents of The Everett and The Emory will be able to take advantage of the thriving community at Nashville Yards. Nearby food and beverage options include the forthcoming Ocean Primeand Fogo de Ch&atilde restaurants along with Crisp & Green, a health-conscious fast-casual option, and The Urban Juicer, both already open in the base of Amazon Tower 1. The Pinnacle, a state-of-the-art, 4,500-capacity music theater operated by AEG Presents, and Elevate Entertainment Group s EVO Cinemas, a luxury dine-in cinema and experiential entertainment venue, are both steps away and expected to open in early 2025. Additional dining and retail options will be announced in the coming months.
Residents will also be able to enjoy the more than seven acres of open plazas, courtyards, and green spaces planned at Nashville Yards, including the Ascension Saint Thomas Landing. Nearby wellness offerings include Orange Theory, which is located next to Crisp & Green in the base of Amazon Tower 1, and Iconix Fitness, a high-end wellness and recovery focused fitness club slated to open at Nashville Yards in summer 2025. Residents and tenants of Nashville Yards will receive priority placement at The Goddard School, which is expected to open in Spring 2025 and enroll approximately 250 children.
StreetLights Creative Studio is the architect of record for the project and is handling all interior design in-house. Clark Construction is the general contractor.

HOUSTON, TX – Venterra Realty broke ground on a new multifamily community, Camber Ridge at Cross Creek Ranch, in Fulshear, Texas. When fully built out, the property will contain a 312-unit Class A apartment community that is part of Johnson Development Corp’s Cross Creek Ranch, a highly successful master-planned community.
Camber Ridge will provide residents with market-leading amenities including a community clubroom, resort-style pool, outdoor lounge, fitness center, package lockers, coworking spaces, Sanctuary buildings focused on providing like-minded residents with a peaceful living experience, and more. The first units are expected to be delivered beginning of Q2 2025.
Approximately 30 miles west of downtown Houston, Fulshear is in Fort Bend County and is known as a beautiful and relaxed neighborhood along the banks of the Brazos River. Fulshear is served by highly rated schools in the Katy Independent School District and the Lamar Consolidated School District and offers access to nearby dining, shopping, and entertainment.
The site is conveniently located on Texas Heritage Parkway connected to FM 1093 near SH 99/Grand Parkway, providing quick and easy access to the Katy, Sugar Land, and Richmond/Rosenberg areas. In addition, Houston’s major employment centers, including Westchase/Beltway 8, Uptown/Galleria, and Downtown Houston, are all within a 45-minute drive.
“Fulshear is an exceptional investment opportunity due to its strategic location, flourishing economy, and strong prospective renter base”, stated John Foresi, CEO of Venterra Realty. “As a Houston-based company, we are thrilled to expand our footprint into the rapidly growing area of Fulshear and develop an exceptional community that caters to the needs and desires of residents. With its easy access to major transportation hubs, thriving economy, and attractive living environment, Fulshear is the perfect market for Venterra Realty to present a community that offers an abundance of attractive amenities and innovative technologies.”
“Our newest development will welcome residents to a community that is well-appointed, convenient to nearby attractions and to major employment corridors in Katy and west Houston,” added Venterra Chairman Andrew Stewart. “This development is an exceptional addition to our portfolio, as we bring our innovation and high quality of construction to the Cross Creek Ranch community. We are confident this new development will create an unsurpassed living experience for our residents.”
From site selection to completion, Venterra has enlisted industry-leading partners to ensure a first-class level of execution. Finalizing the site acquisition, Venterra worked with Marc Kasner from Wilson Cribbs + Goren, who represented Venterra on the transaction and Greg Pettigrew from Fifth Third Bank for construction financing. The architect for the development is Steinberg Dickey Collaborative. In addition, Domain Builders was chosen as the general contractor.
Venterra Realty completed another development, Highpark Apartments in November 2022 in Cypress, TX. The 336-unit community features an upscale living experience with convenient access to SH 99/Grand Parkway. Highpark offers a resort-style pool and outdoor lounge, two dog parks, a fitness center, covered parking spaces, and an 8,600-square-foot clubhouse with workspaces and conference rooms.
Venterra Realty currently owns and operates over twenty communities in the Greater Houston area.