ST PETERSBURG, FL – National multifamily developer Wood Partners officially closed on Alta Roosevelt in St. Petersburg, Florida. The centrally located 381-unit multifamily community is slated to break ground in May and deliver in April 2028.
Alta Roosevelt was entitled through the City of St. Petersburg’s affordable housing code and Florida’s Live Local Act, which allows for multifamily development on sites not originally zoned for residential use. As part of the project, 40% of the units will be reserved for residents earning at or below 120% of the area median income, helping meet demand for attainable housing in the market. The development will involve demolishing the existing office building, while the structured parking garage will be retained and upgraded to serve future residents.
“We’re looking forward to partnering with the City to deliver much-needed, high-quality attainable housing to the area,” said Tyler Hurd, managing director at Wood Partners. “There’s strong demand in St. Petersburg, and this project not only provides modern living options, but also makes spaces that help residents connect with the broader community.”
Alta Roosevelt is situated on 11.56 acres along Roosevelt Boulevard in the Gateway district, just 10 minutes north of downtown St. Petersburg, offering convenient access to major employment hubs and surrounding neighborhoods. Additionally, the site directly abuts the Power Design headquarters campus, a prominent Tampa Bay–based company, which includes a publicly accessible park and trail system, and is located near the Raymond James and Jabil office campuses, two of the region’s largest employers.
The five-tale community will feature a mix of one-, two- and three-bedroom apartment layouts. Amenities include a resort-style pool, grilling stations, garden pavilions, a state-of-the-art fitness center and a wellness-focused spa area with a cold plunge and sauna. Residents will also have access to a clubhouse with co-working spaces, a game room, lounges and a golf simulator.

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FORT WORTH, TX – Olympus Property bought Ascend by the Sea, a newly constructed 216-unit Class A luxury apartment community located in Millville, Delaware—along Southern Delaware’s well loved Beaches corridor.
This marks Olympus’ first asset in the Mid-Atlantic region and a strategic step in the firm’s continued expansion into one of the East Coast’s fastest-growing coastal markets, where limited supply, strong population growth, and a diverse set of economic drivers support long-term multifamily performance.
“In recent years, the Mid-Atlantic, due to its stable apartment economics and leading employment markets, emerged as an expansion target for the Olympus portfolio,” said Eduardo Miranda, Director of Investments at Olympus Property. “The acquisition of Ascend by the Sea reflects our broader strategy of targeting submarkets with favorable supply/demand fundamentals and strong population growth. Sussex County in southern Delaware alone has seen over forty percent population growth since 2010. With these dynamics, we see this as an ideal setting to drive performance and achieve long-term value for our investors.”
Tailored to a growing population, the garden-style community offers spacious floorplans and access to prominent employers within the market, such as Beebe Healthcare, TidalHealth and Perdue. The property lies just four miles from Bethany Beach, which, combined with the rest of the Delaware Beaches corridor, generates seven billion dollars in annual economic activity.
Olympus Property focuses on acquiring assets in markets with limited new supply and strong demand. The firm has self-managed its properties for nearly 35 years and will leverage this experience to deliver strong returns for investors and brilliant service for residents.

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VIENNA, VA – Middleburg and Harbor Group International announced the closing of construction financing for Scottwood, a 299-unit Class A multifamily development located at 4400 West Broad Street at the boundary of the City of Richmond and Henrico County. Construction is set to commence this April, with initial deliveries anticipated in late 2027. The project is a joint venture between Middleburg and affiliates of Harbor Group International. Financing was provided by Truist Bank.
With this investment, HGI has now surpassed $1 billion in total development investments since 2023, having participated as a limited partner in multiple development joint ventures spanning more than 3,600 units nationwide.
A central site within Henrico County’s Westwood Revitalization/Reinvestment Opportunity Special Focus Area, Scottwood sits just west of Scott’s Addition along a corridor that Henrico has specifically plotted for mixed-use redevelopment – including residential, restaurants, breweries, offices and entertainment. The Pulse bus rapid transit line runs along West Broad Street with stations nearby, providing residents with direct connectivity to the broader region. Middleburg expects Scottwood to be one of the many catalysts for continued investment along the corridor, and both Henrico County and the City of Richmond were engaged throughout the development process to ensure the project advances the goals of each jurisdiction.
Scottwood presented a unique jurisdictional challenge, requiring Middleburg s development team to secure offsite easements across surrounding properties to extend Henrico County utilities to a site that straddles the City of Richmond and Henrico County – a hurdle that had stalled prior development efforts on the site. Middleburg worked closely with both jurisdictions to resolve the necessary approvals and advance the project to construction.
This project is one of the most complex we ve pursued in the market, and we are proud of what our team and partners have accomplished in bringing it to this point, said Ross Magette, Development Partner for Middleburg. This corridor has a real rental housing demand, and we are committed to delivering a community that meets it – in quality, in amenities, and in its role in the future of this part of Richmond.
We are pleased to partner with Middleburg on this project and leverage their local expertise and execution capabilities to bring it to fruition, said Yisroel Berg, Chief Investment Officer of Multifamily at HGI. Investments like Scottwood reflect our focus on working alongside experienced developers to deliver high-quality housing in markets with strong fundamentals. This project represents a compelling opportunity to bring thoughtfully designed housing to a growing area where we continue to see strong demand for new supply.
Scottwood will deliver near top-of-market quality at a more attainable rent level, a balance Middleburg has pursued across Virginia for decades. The project features individually curated courtyards throughout the property and activated amenity spaces along the West Broad Street frontage – a reflection of the firm’s broader model of finding well-located infill sites where disciplined development can serve real housing demand without compromising the resident experience.

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