ATHENS, GA – Morrison Avenue Capital Partners, a real estate investment firm specializing in multifamily and student housing development and acquisitions in the Southeast, announced the recent closing and construction start of Hilltop Athens, a new 222-bed purpose-built student housing community in Athens, Ga. The project aims to address increasing demand for quality student housing in the area.
Located within a mile of the University of Georgia campus and downtown Athens at 218 North Avenue, Hilltop Athens offers a combination of luxury townhomes and garden-style flats as well as community amenities including a clubhouse, fitness center, pool, and grilling pavilion. Floor plans range from one to four bedrooms and feature luxury countertops, stainless steel appliances, in-unit washer and dryers, high-speed internet, smart-home technology, and private outdoor space.
The project builds on Morrison Avenue s momentum with the Hilltop brand, with Hilltop Auburn in Auburn, Alabama currently under construction and fully preleased for the 2026-2027 academic year.
We look forward to delivering this community to meet the needs of the growing University of Georgia student population, said Hansen Babington, partner at Morrison Avenue Capital Partners. We re committed to providing an unmatched student housing experience to residents who desire design-forward spaces that are walkable to campus.
Construction at Hilltop Athens is underway led by Athens-based Cloverleaf Construction. Local property manager, CollegeTown Properties, will manage the property. Renasant Bank provided debt financing. Hilltop Athens is set to be delivered ahead of the fall 2027 semester.
Morrison Avenue Capital Partners is a real estate investment firm specializing in multifamily and student housing development and acquisitions in the Southeast. The company s tenured team leverages a data-driven approach to unlock actionable opportunities and deliver superior risk-adjusted returns to investors. Founded in 2012, Morrison Avenue has approximately $900 million in assets under management.

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PORTLAND, OR – Guardian, a Pacific Northwest-based multifamily owner, operator and developer, has bought Ladd Tower, a 23-tale, 332-unit residential high-rise located at 1300 S.W. Park Avenue in Portland, Oregon. The deal was completed in partnership with PCCP for $63 million.
The Ladd Tower acquisition reflects Guardian’s conviction in Portland s urban core. With institutional capital broadly retreating from downtown markets, Guardian’s continued confidence in high-quality, well-located urban housing positioned the firm to buy this asset at a highly attractive basis.
Built in 2009 and LEED Gold certified, Ladd Tower includes more than 255,000 square feet of residential space and a full suite of amenities, positioning it competitively within the downtown high-rise segment. The property s location along the South Park Blocks provides immediate access to retail, dining, cultural institutions and major employment centers.
Guardian plans to implement an $8 million capital improvement program over the next three years, focusing on modernizing unit interiors and enhancing amenity spaces to align with evolving renter needs. The value-add strategy is designed to increase net operating income and further strengthen the asset s position within the Portland urban core market.
We view this as a strong investment opportunity with clear upside through targeted reinvestment, said Tom Brenneke, President of Guardian. Ladd Tower offers the scale, location, and construction quality that should drive outperformance as Portland’s downtown continues to recover. We are focused on disciplined execution to deliver long-term value for our partners.
This marks Guardian’s third partnership with PCCP in the past four years, reflecting a deepening relationship around high-conviction Pacific Northwest investments, particularly in supply-constrained, high-barrier urban markets.
The acquisition expands Guardian s portfolio and aligns with the firm s broader strategy of acquiring and repositioning institutional-quality assets with strong long-term fundamentals across the region.
Guardian is a vertically integrated real estate investment and operating platform focused on the acquisition, preservation, development and long-term ownership of multifamily housing across the western United States.

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GERMANTOWN, MD – Mission-based affordable housing developer NHPF announced its closing on the acquisition of Hadley Germantown (previously known as Elme Germantown), a 218-unit apartment community located in Germantown, Maryland. The transaction underscores NHPF’s continued commitment to preserving and enhancing affordable housing in high-opportunity markets through innovative financing strategies.
Originally built in 1990 and last renovated in 2011, Hadley Germantown provides naturally occurring affordable housing (NOAH). NHPF is placing covenants on the property that will restrict future rents to 60% of the Area Median Income for 50% of the units and 80% AMI for an additional 25% of the units.
“Hadley Germantown represents a strong opportunity to preserve affordability in a high-demand corridor while executing a thoughtful renovation strategy that improves quality of life for residents,” said Nish Desai, Acquisition Manager, NHPF. “This acquisition is also an brilliant example of how creative financing can be used by non-profits for the preservation of affordable and workforce housing — ensuring affordability can be satisfied on Day 1, without any resident displacement.”
The acquisition was financed entirely with tax-exempt 501(c)(3) bonds, with KeyBanc Capital Markets serving as bond underwriter, the Wisconsin Public Finance Authority as issuer, and U.S. Bank as trustee. Urban Atlantic and Rawson Square supported the acquisition and will serve as development consultants, overseeing initial property improvements. Winn Residential will serve as the new Property Manager.
The financing structure will leverage Montgomery County’s by-right Payment in Lieu of Taxes (PILOT) program, which provides a 100% abatement of county property taxes for qualifying nonprofit-owned communities. The project also utilizes the 501(c)(3) bond safe harbor provision to meet federal affordability requirements without the need for additional public subsidy, enabling a streamlined and efficient execution.
“This project was made possible by using NHPF’s AA- S&P rating to leverage debt at below 4.5%,” noted NHPF Senior Vice President of Acquisitions Neal Drobenare.
“Adding this exceptional property to our portfolio marks a meaningful milestone for the foundation— our first acquisition in Montgomery County. Maryland has long been an vital market for us, and Germantown holds a special place in the greater Washington, DC region,” said Joseph Weatherly, Chief Investment Officer, who grew up in Germantown adding, “We look forward to being a trusted part of this community and serving its residents for years to come”
NHPF will implement an extensive capital improvement program focusing on both interior and exterior upgrades including renovated units, upgraded community spaces, alongside select exterior improvements. Improvements will start immediately following closing, with Urban Atlantic and Rawson Square overseeing the initial phases in Years 1 and 2.
“Urban Atlantic and Rawson Square are excited to work with NHPF to preserve affordable and workforce housing in Montgomery County. The acquisition of Hadley Germantown leverages innovative public and private financing tools, including 501(c)3 bonds and Montgomery County’s by-right PILOT program, allowing mission-driven organizations like NHPF to step in and preserve affordability at scale,” said Brant Snyder, Chief Executive Officer of Urban Atlantic. “The property’s strong fundamentals and proximity to major employers along the I-270 Biotech Corridor such as NIH, FDA, AstraZeneca, and GSK further support its long-term stability and impact.”
Hadley Germantown adds to NHPF’s growing national portfolio of sustainable housing communities, reinforcing the organization’s belief that housing is more than four walls—it is the foundation for opportunity, stability, and resident success.

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