RENO, NV – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground this week on the future site of Pinyon Apartments, a development that will provide 252 units of affordable housing for lower-income families in ;Reno.
“Lincoln Avenue Communities is committed to building high-quality, affordable homes in cities like Reno that are experiencing an acute housing crisis,” said LAC CEO Jeremy Bronfman. “We’re proud to start construction of our first ground-up development in Nevada and to help bolster the state’s affordable housing supply.”
Construction of Pinyon Apartments is expected to end in 2025. Upon completion, LAC will restrict 244 units for households earning no more than 60 percent of the area median income (AMI) and 8 units for those earning no more than 50 percent of AMI.
“LAC’s investment in downtown Reno will add hundreds of units of sustainable, affordable housing for families and individuals who face elevated housing costs in their community,” said LAC Senior Associate Brian Moloney. “We’re grateful to our financing partners and the state and local leaders who helped make Pinyon Apartments a reality.”
Pinyon Apartments was financed through a combination of Tax Exempt Bonds, 4 percent Low Income Housing Tax Credits (“LIHTC”) and State Tax Credits from the Nevada Housing Division. The LIHTCs were bought by the National Equity Fund, and the State Tax Credits were syndicated by Stonehenge. Additional financing included construction and permanent loans from Citibank, HOME Funds from the Washoe County HOME Consortium, and a gap loan from the Home Means Nevada Initiative, which was serviced by the Nevada Housing Division and allowed this project to become a reality.

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INDIANAPOLIS, IN – Morgan Properties, one of the nation s top three multifamily owners, announced it has bought Astoria Park Apartments, a 470-unit apartment community located in Indianapolis, IN. With the addition of this community, Morgan Properties expands its Indianapolis portfolio to over 2,500 units.
This strategic addition is a testament to Morgan Properties ongoing commitment to enhancing our portfolio through thoughtful acquisition, said Jonathan Morgan, President of Morgan Properties JV. By investing in newer properties in growing markets, we are not only bolstering our presence but also delivering unparalleled value to our residents. This aligns with our vision to set new standards of excellence through customer service, innovation, operational efficiencies, and capital improvements.
The community is located within the quick-growing and high-income Hendricks County and is proximate to significant high-wage employers and universities. Situated on the west side of Indianapolis near the scenic Eagle Creek Park and Reservoir, Astoria Park Apartments is adjacent to various outdoor activity spaces for sports, cross-country skiing, hiking trails, and more.
The Midwest continues to be one of the most stable and attractive markets for multifamily investment, with steady population growth, affordable cost of living, and business-friendly policies, said Jason Morgan, President of Morgan Properties Special Situations and Principal. Astoria Park Apartments is a strong addition to our rapidly growing Indianapolis portfolio as we remain confident in the long-term outlook across the Midwest region.”
Situated beside gorgeous lakes and lush landscaping, Astoria Park Apartments features community amenities such as an outdoor pool and poolside patio, fitness center, tennis courts, a fenced-in playground, dog park and pet washing station, and more. In-unit features include upgraded kitchens and appliances, large closets, and private patios or balconies. To further elevate the living experience for residents, Morgan Properties plans to invest nearly $4 million into renovations, including upgrading unit interiors, expanding amenities, and integrating smart home technology.

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DENVER, CO – MG Properties, a leading real estate investment and management firm, recently bought 4400 Syracuse Apartments, a newly built luxury midrise community located in one of Denver’s most desirable, dynamic, and growing submarkets. This acquisition underscores MG Properties’ commitment to providing top-tier living experiences and expanding its operational presence in the Denver market.
This newly constructed 316-unit property offers modern finishes, functional floorplans, and best-in-class amenity spaces designed to enhance the lifestyle of its residents. Situated in the thriving Denver Tech Center/Southeast Business Corridor, 4400 Syracuse Apartments offers residents access to Colorado’s largest employment hub which supports over 240,000 jobs. The property is strategically accessible to public transportation and major regional thoroughfares, including the adjacent I-25 and I-225 interstates.
“4400 Syracuse Apartments represents an exceptional investment opportunity, priced below its current replacement cost basis,” said Jeff Gleiberman, President of MG Properties. “MG’s long-term investment strategy allows us to continue to buy high quality assets at an attractive basis, despite today’s challenging capital markets environment.”
The sellers, Morgan Group and LaSalle Investment Management, were represented by Jordan Robbins and Alex Possick with JLL Capital Markets. Financing for the transaction was provided by Freddie Mac and arranged by Charles Halladay, Rick Salinas, Brandon Smith, and Annie Rice with JLL Capital Markets.

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