HOUSTON, TX – Sunstone Two Tree, a developer and operator of rental housing communities in high-growth markets throughout the United States, announced that it has bought a 384-unit multifamily apartment property in Houston, Texas, with plans to fully renovate the community. The company bought the property, located on Elmside Dr. in the Westchase neighborhood of Houston, Texas for $28.9M and will spend $10.5 million on upgrades. Sunstone Two Tree is handling the construction, which has already started, with an anticipated completion date in 2025.
“Houston continues to experience strong job and population growth as evidenced by ranking fifth in the nation in terms of relocations from other cities. Despite construction in recent years, demand has kept vacancies below ten percent in the market,” said Scott Maddux, President of Sunstone Two Tree. “Workforce rental housing appeals to the largest segment of today’s renter market and has proven to be extremely resilient, even during periods of economic uncertainty. We’re pleased to continue our work in Houston to bring high-quality, comfortable, safe and attainable housing to the area.”
The Villas Del Paseo community was built in 1978 and has received few improvements over the years. Sunstone Two Tree will manage a top-to-bottom upgrade of the asset, renovating the interiors of all 384 units with high-quality flooring, hard-surface counters, updated lighting, stainless steel appliances and new cabinetry. On the exterior, it will invest in new paint, do a full roof replacement, add/enhance exterior lighting, improve the landscaping and signage, and repair the balconies and parking lot. It will also update the clubhouse and pool and add dog parks and barbeque areas. The renovations will take place in two phases. The first will include the 144 units east of Elmside Drive, with the remaining 240 being completed in phase two.
Villas Del Paseo is well-positioned to serve the workforce housing community in Houston. It is conveniently located in Westchase, 13 miles from Downton Houston and 20 miles from the William P. Leisure activity Airport. It is 9 miles from the Energy Corridor, 4 miles from the Memorial City Mall and 3.5 Miles from the Memorial Hermann Hospital. It is also close to the headquarters of several major employers in the area.
Sunstone Two Tree bought Villas Del Paseo from Comunidad Partners, which has managed the property since 2019. Matt Saunders with Newmark represented the seller. In addition to the Villas del Paseo community, Sunstone Two Tree owns Commons at Westchase, a 282-unit property located 1.3 miles west of Villas Del Paseo, on which it executed a value-add business plot. The company also bought Village at Westchase, a 462-unit value-add property in 2016, which it sold in April 2022.
Sunstone Two Tree is an acquirer, developer and operator of attainable rental housing communities in high growth markets across the United States. Since its inception in 2012, it has bought or developed thousands of rental units across the country.

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NEW ORLEANS, LA – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, announced that it has bought Tivoli Place and will carry out an extensive rehabilitation of the property. This a milestone transaction for the company, as it is LAC’s first rehabilitation using Historic Tax Credits and its first within the state of Louisiana. As a part of the renovation, LAC will invest more than $35 million to upgrade the century-ancient building, preserving its historic structure and ensuring it remains designated senior affordable housing.
Built in 1917, Tivoli Place sits on historic St. Charles Avenue within the Warehouse District. The neighborhood is home to landmarks including the former city hall, the world’s oldest continually operating streetcar line, the Mississippi River and Caesar’s Superdome.
“LAC is honored to grow our affordable housing portfolio through the acquisition of such a historically significant property,” said LAC CEO Jeremy Bronfman. “As rent pressure remains high in New Orleans, this historic rehabilitation will preserve access to affordable senior housing while enhancing the Tivoli Place community and providing vital new services for residents.”
Tivoli Place provides 163 units of affordable housing for seniors earning no more than 20-60% of the Area Media Income. Further, the property’s 8 total 20% AMI units are set aside for Special Needs Households. The development is further covered by a federally subsidized Housing Help Payment contract that has been renewed for an additional 20 years in conjunction with the rehabilitation, further preserving the project’s affordability. This transaction will protect the much-needed affordable apartments in the Warehouse District, which is part of the City’s Inclusionary Housing Zone designated as a high-cost-of-living area.
LAC will install new central heating and cooling, replace ancient plumbing, upgrade finishes, and raise ceiling heights in each unit. New community amenities will include a media room, library, fitness center, dining room, bike storage, security upgrades, and health care exam room. LAC will also improve the property’s sustainability and resilience by installing new fixtures to reduce the property’s water and power consumption as well as rooftop solar panels and structured solar in the parking lots to offset electricity usage.
Residents will have on-site access to preventative health care screenings, exercise classes, mentoring programs, transportation, disability counseling, and other social programs.
“LAC is proud to close on our first Historic Tax Credit rehabilitation and to help preserve and enhance this historic property,” said David Garcia, LAC Vice President & Project Partner. “Our renovations will ensure that Tivoli Place provides high-quality, attainable, and resilient homes for generations of New Orleans residents.”
The deal was financed through Low Income Housing Tax Credit equity from Boston Financial syndicating to Capital One; federal and state Historic Tax Credits, in partnership with JP Morgan Chase and Stonehenge, respectively; tax-exempt bonds by the Louisiana Housing Corporation; a HUD 221(d)4 loan serviced by Capital One; an equity bridge loan from Huntington National Bank; a PILOT agreement with Finance New Orleans; and solar tax credit equity being syndicated by Boston Financial.
“Boston Financial is proud to have partnered with Lincoln Avenue Communities, Capital One, Huntington Bank, Finance New Orleans, and the Louisiana Housing Corporation on Tivoli Place,” said Roy Faerber, Senior Managing Director at Boston Financial. “We are excited to see the impact this project will make to the community, helping to preserve 163 affordable homes as well as rehabilitate a remarkable historic building in the heart of the New Orleans’ Lafayette Square Historic District. Boston Financial’s vision is to make a future where everyone has a home, one investment at a time, and Tivoli Place is a bright example of that belief in action.”
“Affordable housing preservation and creation is greatly needed in New Orleans and across Louisiana, and the rehabilitation of Tivoli Place underscores Capital One’s commitment to helping solve the affordable housing gap at scale,” said Dan Miller, Capital Officer for Community Finance at Capital One. “We are proud to work alongside Lincoln Avenue Communities as the low income housing tax credit equity investor and originator of the HUD 221(d)(4) mortgage that will finance unit upgrades and add resident amenities, including digital and healthcare access.”

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ATLANTA, GA – ECI Group (ECI), with joint venture partner, The Griffin Fund, has started construction on The Averly Collins Hill, a $76 million, eight-building, 300-unit, Class A apartment development on 22 acres at 700 Collins Road in Lawrenceville, GA. ECI Construction is the general contractor and construction financing was provided by Synovus.
The three-tale, garden-style residences will complement a plotted 55+ active adult housing and a commercial component to be developed by others in the Lawrenceville Gateway development. The Averly Collins Hill will deliver concurrently with the nearby 15-tale Northside Hospital Gwinnett tower that is bringing 3,000-5,000 jobs to its location.
“ECI is excited to partner once again with The Griffin Fund to build premier housing near downtown Lawrenceville,” said ECI Vice President of Development, Stephen Stover. “We very much appreciate the collaboration and support we received from the City of Lawrenceville, particularly Mayor David Still, City Manager Chuck Warbington, and Plotting and Development Director, Todd Hargrave. With their perspective and vision, The Averly Collins Hill will provide residents coming to the City for its jobs, amenities, schools, and resources with convenient and quality housing in a mixed-use neighborhood.”
The $46 million construction loan provided by Synovus comes amidst a challenging financing environment. Seth Greenberg, ECI Group CEO, added, “We are particularly appreciative of the confidence that Synovus demonstrated in this well-located and thoughtfully conceived development, providing ECI with the construction financing needed to start this project immediately and in the best window for delivery.”
The Averly Collins Hill is located adjacent to University Parkway (SR-316) and Collins Hill Road and within walking distance of an existing Walmart Supercenter-anchored shopping center. Major local employers include Northside Hospital Gwinnett, Georgia Gwinnett College, and the 2,000-acre Rowan technology and research project.

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