DALLAS, TX – Amid one of the most challenging market environments in years, multifamily investment firm Red Summit Partners has closed on Station 3700, a 321-unit apartment complex located in Euless, Texas.
The property was built in 2000 and is located within walking distance of the new American Airlines world headquarters campus. Red Summit plans to renovate the remaining “classic units” and add new amenity features to add value to the asset.
Ted Broadfoot, Managing Principal of Red Summit, expresses his enthusiasm about the deal. “We’re assuming an existing fixed agency loan with seven years left at 3.02%, so this deal cash flows day one. With low leverage and no interest rate risk, it’s the most exciting risk-adjusted return we’ve seen in 2022.”
JR Bolos, co-founder of Red Summit, adds, “we’re excited to get moving on the renovation. We’re going to provide a better-quality home to the residents in this area, at a better value.” Red Summit currently has over $200 million of acquisitions in its pipeline.
The company currently focuses on acquisitions in the major Texas Cities and will expand to other markets in 2023. Red Summit’s equity partners include both institutional groups and family offices. Red Summit’s principal team includes industry veterans, including KC Kronbach, co-founder of Knightvest Residential, JR Bolos, former President and co-founder of United Renovations, Ryan Akins, former Regional Director at Bascom Group, and Ted Broadfoot, former Executive Vice President with Pinnacle. The company targets acquisitions that have the potential for improvement in both renovations and improved institutional asset management.

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ORLANDO, FL – The Bainbridge Companies, a fully integrated family of real estate companies engaged in the development, construction/renovation, management, and acquisition of residential and commercial real estate as well as a leading owner, developer, and manager of luxury multifamily apartment communities, announced it has closed on 5.5 acres in Orlando where it will develop Bainbridge The Grand, a residential property set to open in 2025.
Construction of the luxury apartment community, located at 5767 Major Blvd. in Orlando, will start October of 2022. The Class A multifamily community will offer 390 one-, two- and three-bedroom homes ranging from 820 to 1,486 square feet. Bainbridge The Grand will be a five-tale wrap with a structured parking garage. High-end condominium-quality interior finishes and amenities will be included in all apartment homes. Community amenities will include a resort-style pool, expansive clubroom, game room with shuffleboard, pool table, and retro arcade games, work-from-home spaces, state-of-the-art fitness center, electric vehicle charging stations, and on-site storage.
Bainbridge The Grand will be situated in the affluent submarkets of Doctor Phillips/Windermere boasting robust development and employment activity including Lockheed Martin s R&D II building and Universal s new multi-billion dollar theme park, Epic Universe, set to open in 2025. The I-4 Ultimate Improvement Project, the largest project in the history of the Florida Department of Transportation is also nearby. The $2.3 billion project will update a 21-mile stretch of I-4, Central Florida s main transportation artery.
The growth in the Orlando market, the Universal Studios expansion, and the new infrastructure of improved roads made this location a strategic choice for our new apartment development, said Bob Thollander, president of development at The Bainbridge Companies. CBRE ranked the Orlando market as the number one multifamily market in the nation on a go-forward basis and the introduction of Bainbridge The Grand will only contribute to this market s clout.

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CAMDEN, NJ – Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced that it has finalized an $85 million preservation and renovation project at the Community Meadows apartments (formerly known as Crestbury Apartments), a 391-unit, 21.5 acre complex located in Camden’s Morgan Village.
HVPG was joined earlier today by City of Camden Mayor Vic Carstarphen, U.S. Housing and Urban Development (HUD) and New Jersey Housing and Mortgage Finance Agency (NJHMFA) officials to celebrate the completion of renovations to the Community Meadows complex.
The upgrades to Community Meadows encompass a variety of wholistic improvements including complete apartment revitalization, rebuilt site infrastructure and upgrades, and the addition of an enhanced, high-definition monitoring system providing site wide security coverage and ensuring adherence to HVPG’s community standards.
“We are thrilled to celebrate the transformation of Community Meadows in partnership with the City of Camden, HUD and NJHMFA and provide renovated apartments and upgraded complex amenities with continued affordability for residents of Camden,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “When HVPG came into ownership we made a commitment to turn the community around and make it a safe place to live and raise a family. We are very proud to show what our investment and capable team can do.”
“This is an exciting announcement for the City of Camden and for the residents at the Community Meadows Apartments,” said Camden Mayor Victor Carstarphen. “This is a $85 million investment in new infrastructure, substantial upgrades to the interior of each units, enhancements to the exteriors spaces, new playgrounds and common areas, high quality security, among other improvements. These renovations allow for the preservation of quality affordable housing within Camden. I commend Hudson Valley Property Group for being responsible, accountable and community conscious property owners.”
“NJHMFA is proud to support and finance the revitalization of Community Meadows, a community that will provide nearly 400 Camden families a long-term, affordable place to call home,” said NJHMFA Chief Financial Officer John Murray. “The improvements, made in partnership by NJHMFA, HUD, the City of Camden, PNC Bank and Hudson Valley Property Group, represent a significant investment that will provide Camden residents a thriving, healthy community for years to come.”
The acquisition and substantial rehabilitation of the Community Meadows Apartments was financed with tax exempt conduit bonds through the NJHMFA, 4% Low Income Housing Credits bought by PNC, debt financing provided by R4 and bridge equity from PNC. The City of Camden also supported the project with a long-term PILOT Agreement that was implemental to the project’s success.
All apartment units at the property received a subsidy through a HUD project-based Section 8 Housing Help Payment (HAP) contract. To ensure the long-term affordability of the property, HVPG secured a long-term HUD HAP contract and no residents were displaced as a result of this transaction. The property is subject to LIHTC income restrictions through a thirty-year compliance period, and tenants must qualify at 60% of Area Median Income (AMI) to reside at the property.
The renovations within the 391-unit complex totaled ~$25 million ($64,000 per unit unit) and included dark wood kitchen cabinetry and new 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 and wall patching and painting. Site Upgrades were substantial and included storm and sanitary line replacement, sidewalk repairs, installation of new trash enclosures, and fresh asphalt across common parking areas, as well as a new playground and the addition of a new play area with playground for resident families, all with the goal of modernizing the property for sustainable long-term operations and improving residents’ quality of life. As part of the turnaround plot for the site, HVPG brought in a new property management partner, Community Realty Management, based in Pleasantville, NJ.
The project follows Hudson Valley Property Group’s recent completion of a $57 million renovation project at Corinthian Towers, a 221-unit housing complex in the 4th Ward of East Orange, New Jersey. As the need for affordable housing continues to grow, HVPG plans to continue expanding its portfolio and provide even more quality affordable housing across the U.S. HVPG currently owns over 4,500 units of affordable housing across 27 properties throughout the state of New Jersey.
Hudson Valley Property Group also recently closed its second fund, raising $292 million in capital commitments from a broad range of institutional investors. HVPG anticipates preserving more than 10,000 homes with the latest investment fund and continuing to expand its portfolio to provide quality affordable housing across the U.S.

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