NEW YORK, NY – MC Real Estate Partners MCRE) and Tokyo Trust Capital (TTC) announced the acquisition of The View on Nob Hill Apartments, a 416-unit apartment complex ideally located in southern Westchester County, NY through on off-market transaction on behalf of a large Japanese financial institution. With demand for stabilized investments in the US increasing, MCRE and TTC expect that this is the first of a series of investments in the multi-family segment tailored to their Japanese capital relationships.
The apartment complex, situated on 24 acres overlooking the Saw Mill River Parkway in Elmsford, N.Y., was bought from an Ares Management investment fund. Currently 97% leased, The View on Nob Hill represents one of the best located apartment complexes in the county, with 20% of the apartments targeted for families earning 60% of the area’s median income. The property provides unparalleled access to the Saw Mill River and Sprain Brook Parkways, Interstate 287 and the New York Thruway, and is surrounded by a multitude of shopping and dining options. The White Plains and Tarrytown Metro North stations are each less than a ten-minute drive away. On-site property management services will continue to be provided by Lincoln Property Company.
This transaction is the third collaboration between MCRE and TTC, and their first multifamily deal together. MCRE continues to grow its multifamily activities as a complement to its already strong office property footprint in the New York, Boston, and D.C. markets. TTC, which is currently completing a large multi-family portfolio acquisition in Japan, makes its first foray into U.S. multifamily with The View on Nob Hill deal.
“MCRE targets acquisitions that precisely reflect the investment objectives of our institutional and private capital relationships. When TTC reached out to us about this mandate and we started the search process with both brokers and principals on the sell side, we quickly identified The View on Nob Hill as an ideal fit. Ares has done a terrific job restoring the property to its proper place as an vital, mid-market option in Westchester. We look forward to building upon their efforts to provide solid and attractive housing for the residents,” said Andy Nathan, managing principal of MCRE. “We are thrilled to be completing our third transaction with our friends and colleagues at TTC. Our activities together across markets and property types showcase the nimble approach we bring to solving the needs of our investment partners, including those overseas, to whom we bring both local expertise and a unique understanding of cross-border transactions.”
Minoru Machida, CEO of TTC added, “TTC is pleased to see yet another successful investment of Japanese capital in the US real estate market. The US real estate market is very attractive to Japanese investors due to unparalleled transparency and liquidity, backed by the most vibrant economy in the world. With the help of our dear friends at MCRE, we look forward to making more investments not only in multifamily but also in office and other asset types in key markets in the US.”

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RALEIGH, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and a developer of mixed-use multifamily communities, announced it has broken ground on 320 West South Street, a luxury mixed-use high-rise apartment tower located in the Warehouse District of Raleigh, North Carolina within a qualified opportunity zone. Construction of the development is expected to be completed by summer 2024.
“We couldn’t be more excited to start construction on 320 West South Street, a truly elevated property that will transform the surrounding neighborhood, bringing vitality and elegance to downtown Raleigh’s Warehouse District,” said Whit Huffman, chief strategy and investment officer. “This property will provide exceptional amenities for residents, who will delight in the vibrant social lifestyle provided by the nearby galleries, art studios, restaurants and the city’s largest park.”
The 20-tale, high-rise community will feature 297 apartment homes and more than 10,000 square feet of ground-floor retail space. A spacious double height resident lobby will lead to approximately 30,000 square feet of amenity space and an attached garage with multiple-floor access will provide parking for residents and their guests. Onsite amenities will include a resort-style swimming pool, rooftop lounge, coworking space and state-of-the-art fitness center. The apartment mix will consist of studios and one-, two- and three-bedroom units, each outfitted with stainless steel appliances, exposed concrete ceilings, tile and luxury vinyl flooring, modern wood cabinets, and sophisticated lighting fixtures.
Situated at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh, 320 West South Street will be one of only a handful of luxury apartment communities in the downtown submarket. It will sit at the epicenter of a thriving part of downtown Raleigh, within simple walking distance of multiple entertainment venues, cultural sites, nightspots, and dining options, as well as the RedHat Amphitheater and Raleigh Convention Center. Located adjacent to U.S. 70, the property offers ready access to The Research Triangle and North Carolina’s well-known educational institutions, including Duke University, the University of North Carolina at Chapel Hill and North Carolina State University.
“Raleigh’s Warehouse District is in the midst of a fundamental transformation from an industrial area to a vibrant and exciting urban center,” clarified Adam Stifel, chief development officer. “320 West South Street will provide residents uncanny views of the downtown Raleigh skyline and Red Hat Amphitheater.”
Capital Square has partnered with JDAVIS Architects as building architect, W. M. Jordan Company as general contractor and York Properties as the retail leasing agent for the property. The design team also includes Architecture Firm as interiors designer and EDSA as landscape designer.
Development of 320 West South Street will be primarily funded with proceeds from Capital Square’s sixth qualified opportunity zone fund, CSRA Opportunity Zone Fund VI, LLC, which raised more than $48 million from accredited investors. Capital Square recently launched CSRA Opportunity Zone Fund VII, LLC to fund the development of a luxury multifamily development in the Scott’s Addition neighborhood of Richmond, Virginia. Capital Square’s opportunity zone funds have initiated over $330 million in development value to-date.

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PHOENIX, AZ – Link Senior Development and The Roxborough Group, announce the acquisition of Park Terrace Senior Living, an amenity rich, 301-unit independent living and helped living community in Phoenix, Arizona.
“Park Terrace is an exciting venture for Link as we plot for the next chapter of this thriving community by pulling from our extensive experience developing and operating in Arizona. As a 300-unit hub in Phoenix, Park Terrace will accelerate our operational integration in Arizona enhancing the life of our residents and providing benefit to all project stakeholders through greater efficiencies,” noted Ron Ziebart, principal at Link Senior Development.
The 15.3-acre campus features expansive outdoor communal areas including a resort-style pool, putting green, walking paths and tennis court, set amongst 12 residential buildings featuring one- and two-bedroom units. Link and Roxborough intend to invest more than $3 million to enhance the facilities, programming, food service and overall resident experience. The partnership will also focus on making the community more sustainable by increasing water and energy efficiencies.
“The substantial demand and need in the North Phoenix market for competitively priced independent living units are a very compelling tale for us,” said Matthew McCormick, managing director for The Roxborough Group. “In addition, we are very bullish on the senior living space as it recovers from COVID-19. Changing demographics and an on-coming “silver tsunami” make a unique opportunity to buy communities well below replacement cost with favorable trends. We look forward to working with Link to enhance the amenity base and service offerings for residents of Park Terrace.”
Park Terrace is Link’s eighth senior living project in Arizona and third under management through its vertically integrated operations division. Link has invested in bolstering its acquisitions platform with multiple acquisitions in Arizona, Oregon and Idaho over the past six months.
The acquisition marks Roxborough’s entry into the senior housing market and its fourth investment in the Phoenix area as it invests Roxborough Fund III, a diversified investment fund focused on value-add investments.
JLL worked on behalf of Link to source debt and equity partners to provide execution certainty in a tight timeline transaction.

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