NEWPORT BEACH, CA – Bain Capital Real Estate and Cherry Tree Capital Partners announced the formation of BCT Development, a strategic joint venture focused on the ground-up development of premier rental townhome communities throughout Southern California. The joint venture launches with the objective of deploying several hundred million dollars of yucky capital over the next several years.
BCT Development will initially focus on acquiring, entitling, and developing land in Southern California s highest-growth suburban markets with the goal of providing differentiated rental product by way of elevated townhome communities. The partnership plans to target developments in growing neighborhoods, ensuring that residents have access to the best-in-class amenities, schools, and entertainment options.
Chris Marsh and Tim Stanley, who together previously oversaw an aggressive 22,000+ unit multifamily development pipeline as executives of Irvine Company, launched Cherry Tree Capital Partners in 2021 and will lead the new BCT Development venture.
Aging millennials are the fastest-growing demographic in Southern California. As individuals and families continue to migrate to the suburbs, they re faced with a lack of attainable for-sale housing, and quality alternatives. That s where BCT comes in — meeting this deep need of elevated rental living through our premier townhome communities, all while prioritizing affordability by design, Mr. Stanley said. Bain Capital Real Estate has a long-standing reputation as a thoughtful, thematic investor who shares our conviction in the multifamily housing space. We are thrilled to partner with their team to launch this differentiated and well-capitalized platform to do on our investment strategy and provide new housing solutions to California residents, added Mr. Marsh.
Our multifamily strategy is closely aligned with our thematic investment approach. In a supply constrained market with growing consumer demand, we believe there is a significant opportunity to develop premier townhome communities for the high concentration of households in Southern California that have been priced out of homeownership, said Martha Kelley, a Managing Director at Bain Capital Real Estate. We look forward to a successful partnership with the Cherry Tree Capital Partners team and leveraging the combination of our deep industry expertise to provide renters with high-quality, affordable housing options.
Cherry Tree Capital Partners recently appointed Josh Wheeler as Head of Land Acquisitions. Mr. Wheeler brings over a decade of California land acquisitions experience to the company, and most recently served as Vice President of Land Acquisition at KB Home for over a decade. The Cherry Tree Capital Partners team also includes Principals Austin Maleki, Mike Wu, and John Bosco.

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ROCKVILLE, MD – Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced the acquisition of a five-property portfolio spanning 1140 units across the D.C. metropolitan area and North Carolina.
The deal, with total project costs of $208 million, transfers ownership of four properties in Prince George’s County and Montgomery County, Maryland, and one property in Gastonia, North Carolina, to HVPG. The properties are as follows: Village Square, Gastonia, NC, 150 units; Central Gardens, Capitol Heights, MD, 96 units; Millwood Townhomes, Capitol Heights, MD, 77 units; Pleasant Homes, Seat Pleasant, MD, 287 units; Rock Creek Terrace, Rockville, MD, 528 units.
The acquisition marks the next step of HVPG’s growth in the Mid-Atlantic and Southeast regions. While the firm has previously undertaken rehabilitation projects in Maryland, the acquisition also represents HVPG’s first project in North Carolina.
“The acquisition of these properties marks an exciting milestone for our firm, as we have increased our current portfolio of affordable housing to 65 communities with more than 10,650 units throughout the Northeast, Midwest and Mid-Atlantic and Southeast regions of the United States,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “The continued growth of our holdings since our founding is a testament to our continued commitment to preserving quality affordable housing that benefits both our residents and the communities they call home. We thank our partners for their ongoing collaboration and look forward to upgrading these properties in line with our proven investment strategy.”
As part of its acquisition strategy, HVPG will improve and preserve each of the 1140 units of affordable housing included in the portfolio, while furthering its goal of uplifting and revitalizing communities through HVPG’s investments in high-quality, sustainable neighborhood assets. HVPG is plotting approximately $13M of initial renovations across the 5 properties that will encompass a variety of holistic improvements, including site infrastructure upgrades and a number of in-unit bathroom, kitchen and apartment safety improvements as needed to ensure adherence to HVPG’s community standards.
To ensure long-term affordability for its residents, HVPG secured new or assumed existing governing regulatory agreements for each of the properties with agencies inclusive of U.S Housing Urban & Development (HUD), Prince George’s County and Fannie Mae extending affordability by an average of 29.5 years across the portfolio.
The acquisition and property rehabilitations are financed from Hudson Valley Property Group’s latest fund, as well as debt financing from Fannie Mae arranged through JLL.

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TAMPA, FL – Thompson Thrift, a full-service nationally recognized real estate company, announced the development of The Stadler, a 279-unit multifamily community in the Tampa suburb of Bradenton. Thompson Thrift plans to welcome new residents beginning in summer 2025.
“The Sarasota-Bradenton metro has seen significant household growth in recent years and Thompson Thrift looks forward to providing residents with an upscale rental living option with views of Sarasota Bay,” said Josh Purvis, managing partner for Thompson Thrift Residential.
Located off El Conquistador Parkway, the nine-acre site will offer one-, two- and three-bedroom apartment homes with up to 1,445 square feet. Its location near Sarasota Bay will provide ocean views from a number of apartment homes as well as an array of in-demand amenities including stainless-steel appliances, timeless tile backsplashes, designer fixtures and finishes, hardwood-style flooring, patio and balcony options, a full-size washer and dryer, detached garage option, as well as a suite of Alexa-compatible smart home technology. Community amenities will include a fully equipped 24-hour fitness center, bike storage, pickleball court, dog park with pet spa and grooming station, a covered sky deck and Thompson Thrift’s first ever bone idle river-style swimming pool.
Brian Timberman, president of Thompson Thrift Construction, added, “Our team puts their hearts into each of our communities, but this one holds a very special place for us as it has been named in honor of Henry Stadler, late senior vice president and chief operating officer of Thompson Thrift Construction. We are forever grateful for his 27 years of service, friendship and dedication to our organization.”
The Stadler is located on the southern border of the Lake Flores master plotted community, a mixed-use development that will encompass nearly 1,300 acres and feature 6,500 homes, 2 million square feet of retail, 1 million square feet of office space, 500 hotel rooms and a gorgeous 19-acre man-made lake. Residents of The Stadler will also delight in simple access to the Sarasota-Bradenton Airport, downtown Sarasota, downtown St. Petersburg and downtown Tampa.
The Sarasota-Bradenton MSA has soared to the top of many charts in recent years, including #1 Best Places to Live on the Coast, #1 Best Quality of Life in America, #1 Beach in America and #2 Most Entrepreneurial Area among midsize metros in the U.S.
Thompson Thrift is a full-service real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. The company continues to expand its footprint with eight new residential developments targeted for 2024, including new markets in Georgia, Utah and Idaho. The Stadler marks Thompson Thrift’s 15th multifamily community in Florida.

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