PEARLAND, TX – Knightvest Capital, a vertically-integrated multifamily investment company, announced the successful acquisition of Discovery at Shadow Creek Ranch apartment community in the growing Houston suburb of Pearland, Texas. With this acquisition, Knightvest now owns an active portfolio of over 35,000 units, firmly establishing itself as one of the largest apartment owners in the United States.
Originally built in 2010, the 347-unit apartment community features spacious garden-style buildings. Knightvest plans to renovate and reposition the property by updating unit interiors with contemporary finishes to meet the demands of modern residents. Additionally, Knightvest plans to enhance the property’s amenities, including an expansion and renovation of the fitness center, pool, and clubhouse. As part of the modernization efforts, Knightvest will rename the community to Barron Park.
“Over the last decade, we’ve quietly grown to become one of the largest multifamily owners in the country by delivering dependable results driven by our consistent ability to identify underperforming properties and transform them into modern communities that compete with new construction,” said David Moore, Knightvest Founder and CEO. “Once again, our talented team has identified a compelling opportunity with the Barron Parkcommunity with the buy price significantly below the replacement cost.”
The Houston suburb of Pearland, Texas, faces a limited supply of high-quality multifamily housing options and no remaining multifamily sites available to develop. At the same time, it’s experiencing growing demand given its proximity to the world’s largest medical center with $5 billion in new development underway at the Texas Medical Center. The growing area boasts top-tier school districts, strong proximity to major employers, and a robust economy.

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JACKSONVILLE, FL – Multifamily real estate investment firm, Southeast Property Group, has bought a two-property, 328-unit apartment portfolio in Jacksonville, Florida. Due to the distressed nature of the properties, Colonial Forest and Northwood Apartments will be re-branded to The Belmont and Avenue at 1601, respectively.
The Florida based investment firm has already begun a $9.7 million renovation program that includes significant updates, such as: new roofs, exterior paint, re-plumbing, amenity and landscape upgrades and other improvements, including updates to all of the apartment unit interiors.
“We are very excited to have had the opportunity to buy both assets at below market pricing. We’re looking forward to improving not just the look of the properties, but the overall community for the immediate area as well as for the City of Jacksonville.” said Southeast Property Group Principal, Joe Rubin.
The properties were bought from the Chetrit Group, headed by Joseph Chetrit and were originally bought as part of an 8,000-unit portfolio, secured by a loan from JP Morgan. Southeast Property Group was presented the distressed opportunity from an off-market brokerage relationship.
“We are pleased with being able to transact with Mr. Chetrit. It was a very unfortunate situation, but thanks to our capital partners, we stand ready with plenty of dry powder to provide capital and expertise in these exact scenarios. In a very uncertain market, our team was able to go swiftly to make sure the transaction closed on the agreed upon price and terms.” said Southeast Property Group Principal, Richard Shuster.

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JERSEY CITY, NJ – Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced that it has completed a $71 million acquisition, preservation and renovation project at Grandview Terrace Apartments, a 283-unit senior housing complex located in the Journal Square Neighborhood of Jersey City, New Jersey.
The upgrades to Grandview Terrace encompass a variety of holistic improvements including building modernization, energy efficiency upgrades, unit renovations and the addition of an enhanced, high-definition monitoring system providing site wide security coverage and ensuring adherence to HVPG’s community standards.
“We’re elated to unveil the revitalized Grandview Terrace, a collaborative effort with the Jersey City Housing Authority (JCHA) and HUD that will ensure long-term affordability for local seniors that were previously at-risk of losing access to this affordable housing and possibly being displaced,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “From the comprehensive modernization to the installation of advanced security measures, every aspect of this project reflects our commitment to making secure, inviting places for our residents to call home.”
The renovations within the 283-unit complex totaled $15.2 million (~$53,500 per unit) and include new kitchen cabinetry and countertops; new high-efficiency, stainless steel appliances; high output lighting and water conserving fixtures; and the creation of fully compliant ADA and H/V units. Interior upgrades also included new flooring with subfloor repairs; wall patching and painting; and a new sky lounge for residents with a stretching room, community room, library and computer center with views of New York City.
The initial acquisition and substantial rehabilitation of the Grandview Terrace Apartments was financed with equity from HVPG’s second affordable housing fund (HVPF II) and a construction loan from Key Bank. Upon completion of the 16-month construction and preservation project in February 2024, the loan was refinanced under the HUD Section 223(f) program with KeyBank.
To ensure the long-term affordability of the property, HVPG secured a new, 20-year HUD Regulatory Agreement. Additionally, HVPG was able to unlock new rental subsidy for tenants as a result of the previously existing expired HUD 202 restrictions through both project-based and tenant-based Section 8 vouchers. The Jersey City Housing Authority played a critical role in this project and serves as the new contract administrator for all of the HUD Section 8 voucher units. HVPG and JCHA worked in partnership to secure new Section 8 subsidy for 267 low-income households that did not previously receive any rental help. This will ensure that income-qualified tenants are protected and will pay no more than 30% of their income in rent. No residents were displaced because of this transaction.
“The JCHA appreciates the opportunity to partner with Hudson Valley Property Group, HUD, the City and the County to preserve and provide quality, safe affordable housing to the senior citizens of Jersey City and Hudson County at Grandview Terrace”, said Patricia Ramirez, Director of the Housing Choice Voucher Program of the Jersey City Housing Authority.
The project follows Hudson Valley Property Group’s recent acquisition of a 1140-unit affordable housing portfolio across Maryland and North Carolina, and Northgate One Apartments in Camden, NJ. As the demand for affordable housing continues to rise, HVPG intends to further expand its portfolio and offer additional high-quality affordable housing options throughout the United States. HVPG currently owns over 10,650 units of affordable housing across 65 properties throughout the Northeast, Midwest, Mid-Atlantic and Southeast regions.

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