CHARLOTTE, NC – FCP and joint venture partner Crosland Southeast announced the acquisition and groundbreaking of The Exchange at Indian Land mixed-use development site at Charlotte Highway and Possum Hollow Road in Indian Land, SC within the Charlotte, NC MSA. The three- and four-tale residential community will include 400 apartment units and 35,000 square feet of retail space. Additionally, a new shopping center, including a Lowes Foods grocer and 20,000 square feet of retail space, will be part of this master-plotted development. First apartment units are anticipated to deliver in early 2024. Alongside FCP and Crosland Southeast, national homebuilder Taylor Morrison will also construct over 300 townhomes within the master plot.
“FCP is excited to partner with Charlotte-based Crosland Southeast on this very well-located and well-plotted development,” said FCP Senior Vice President, Alex Cathcart, who heads the firm’s Raleigh office. “The Exchange at Indian Land will provide much-needed apartment living in a rare walkable environment, close to job centers and retail services.”
Indian Land is one of the fastest growing suburbs of Charlotte, featuring highly rated schools and an brilliant quality of life. The Exchange at Indian Land apartments will offer direct access to major employers such as Red Ventures, Continental Tire, Movement Mortgage and the future MUSC Hospital, and the site lies just south of the Ballantyne area, home to more than 40,000 jobs. The community will be adjacent to a newly-opened YMCA that features an indoor pool, after-school child care, walking tracks, ballfields, and more.
“We’re keen to get dirt moving after nearly two years of plotting,” said Yates Dunaway, Senior Vice President of Crosland Southeast. “Like with many of our past projects, we expect the mixture of uses to make an attractive environment for our future residents and neighbors.”

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PORT ST LUCIE, FL – Lerner Enterprises of Rockville, Maryland has bought Lerner Parc at Gatlin Commons, previously Parc at Gatlin Commons, located in Port St. Lucie, Florida. This class-A multifamily garden community is comprised of 200 apartments and 5,935 square feet of luxurious amenity space in Port St. Lucie, Florida. The building spans a total of 201,000 residential square feet over 14 acres, completed in September 2020. Lerner will also be the property and asset manager of Lerner Parc at Gatlin Commons.
“Parc at Gatlin Commons is the perfect complement to our existing Florida multifamily portfolio as we strive to buy and develop Class A assets in the path of growth either in the Washington, D.C. metro or Florida markets. We plot to hold this asset for a long time and hope to continue adding to our Florida portfolio,” clarified Michael L. Cohen, Vice President of Investments at Lerner.
The community is located only 2.5 miles east of Tradition, a master-plotted mixed-use development featuring 1.2 million square feet across office, residential, numerous retail outlets and the Cleveland Clinic Tradition Hospital. In addition to Tradition, directly adjacent to the property are a number of retail outlets including Walmart, Sam’s Club and other shopping center favorites. The property’s location offers convenient access to major interstates with on-ramps to I-95 and the Florida Turnpike only 1.5 and 3.5 miles away, respectively. In addition to the multitude of existing employment opportunities, local growth has forced the expansion of major employers such as the Cleveland Clinic’s Martin Health and Tradition Hospital locations.
Located on Florida’s east-coast between Miami and Orlando, Port St. Lucie has emerged as one of the nation’s premier growth cities and the 3rd largest city in Florida. In 2019, it was named one of the fastest growing cities with the population doubling between 2000 and 2019. In the same year, the city was named as one of the safest cities in the U.S. and one of the best places to retire according to the TC Palm news agency. In May 2022, the Census Bureau named Port St. Lucie as the 12th fastest growing city during the pandemic with a growth rate of 5.2% and the population now topping more than 217,000 people.
“The Port St. Lucie submarket is one of the most dynamic across all of Florida. We have been looking for the right community in St. Lucie County and are thrilled with this addition to our portfolio. We are excited about the opportunity to offer an incredible living experience for our residents,” said Melissa Balkin, Managing Director, Lerner Residential Florida.
Lerner Parc at Gatlin Commons includes a resort-style swimming pool, outdoor kitchens and a top-class fitness center housed in the 5,935 square foot clubhouse. The residential property is fully equipped for resident life and comfort. Lerner received a loan from PCCP to finance the acquisition of Lerner Parc at Gatlin Commons.
“PCCP sees this as a compelling opportunity to lend to Lerner, an experienced multifamily operator, on this well-located, newly built Class A project in a high growth submarket of South Florida,” said Kevin Chin, Managing Director with PCCP.

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TUCSON, AZ – New York City-based Vesper Holdings, an industry leader in student housing widely recognized for making value through its award-winning renovation and rebranding program, has bought Sol y Luna, a two-tower, high-rise luxury student housing complex located in Tucson, Arizona. The acquisition ranks among the five largest single-asset buys in student housing history and the largest not involving institutional capital. Vesper has closed on more than $1 billion in assets in the past 12 months. With the Sol y Luna acquisition, Vesper’s portfolio totals 24,093 beds with a valuation of over $2 billion.
“The acquisition of Sol y Luna fits with our strategy of purchasing well-located, trophy assets near Division 1 universities,” said Vesper Holdings Co-Founder and Co-CEO Isaac J. Sitt. “We look forward to executing our investment plot, including over $7 million in property improvements, to deliver the outsized returns we have consistently achieved for our investors over many years.”
“Vesper is known for making boutique communities that incorporate elements of the world’s most upscale hospitality brands,” said Vesper Holdings Co-Founder and Co-CEO Elliott Tamir. “This asset is a perfect companion to the other properties in our portfolio and gives us a presence in a market where we have hoped to be for quite some time. It also positions us ideally for the next huge step in our expansion plot.”
Vesper Holdings bought the property from Nelson Partners Student Housing for $203 million and closed on the sale October 24. Brad Cooke from Colliers represented the seller and Vesper was advised on the transaction by Tim Bradley from TSB Capital Advisors.
The Sol y Luna property boasts two high-rise towers, one 13 tales and the other 15, built in 2014 and located immediately adjacent to The University of Arizona. They house 340 units and 972 beds, for a total residential area of 344,760 square feet, plus 7,640 square feet of retail space and 200 garage parking spaces. The unit mix ranges from studios to five-bedroom apartments, with 75% of the units having bed-bath parity. Apartments feature high-end finishes such as quartz countertops, stainless steel appliances and wood-plank flooring, as well as in-suite washers and dryers and private balconies.
“The Sol y Luna acquisition represents an exciting milestone in Vesper’s continuing investment in the student housing market,” said Sitt. “We are excited to add this exceptional property to our portfolio and look forward to imprinting it with our own inimitable brand. From where we sit, the possibilities are limitless in terms of where we may go in the future.”
Vesper’s portfolio, including Sol y Luna, is managed by Vesper’s subsidiary property management company – Campus Life & Style (“CLS”). CLS currently manages over 29,000 student housing beds across 37 university markets.

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