CLEVELAND, OH – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, announced the grand opening of The Collins, a 316-unit luxury community on the Scranton Peninsula in Cleveland, Ohio. The development has transformed a long-underutilized waterfront site into a vibrant new neighborhood, adding modern housing, open space and direct access to downtown Cleveland, Tremont and Ohio City.
Just steps from the Cuyahoga River and a small drive to downtown Cleveland, The Collins offers highly amenitized residences designed for a wide range of residents. The project responds to the city s growing need for high-quality, modern housing while activating a key part of the Scranton Peninsula.
The Collins demonstrates what is possible when you invest in Cleveland, said Aaron Pechota, Executive Vice President at The NRP Group. As a Cleveland-based company, we are proud to support the city s growth by reimagining this long-underutilized stretch of the Scranton Peninsula into a vibrant, well-connected neighborhood closely tied to downtown and everything that makes this city special. By leading early investment in this rediscovered area, we are bringing new energy and opportunity to one of Cleveland s most central neighborhoods.
Located at 1957 Carter Road, The Collins is close to major employers and medical centers including Cleveland Clinic, University Hospitals and MetroHealth, along with cultural and dining destinations such as the West Side Market, Fantastic Lakes Brewing and Irish Town Bend.
Designed by BKV Group, The Collins spans over seven acres and comprises two five-tale apartment buildings and three townhome buildings. Apartments range from studios to three-bedroom layouts. Townhomes include private entry, rooftop balconies and two-car garages. All homes are designed with high-quality finishes such as stainless-steel GE appliances, polished quartz countertops, modern cabinetry and luxury vinyl plank flooring.
Indoor amenities include a state-of-the-art fitness center, resident clubhouse, conference room, private breakout pods and a pet spa. A fifth-floor lounge provides sweeping views of the river and city skyline. Outdoor amenities emphasize connection and community. The Collins features a resort-style pool, firepits, grilling stations and a woonerf-inspired plaza designed for events, food trucks and neighborhood gatherings. Wide walkways prioritize pedestrians and connect directly to the Towpath Trail, with free onsite bike rentals available for residents to ride the trail to Irish Town Bend, Ohio City and downtown Cleveland.
Dollar Bank is proud to support a project that reimagines what urban living can look like in Cleveland, said Bill Elliott, Executive Vice President and Regional Lending Director at Dollar Bank. Financing developments like The Collins allows us to channel capital into projects that make long-term local value by adding housing, green space and connectivity that strengthen neighborhoods and help drive Cleveland s economic future.
Dollar Bank served as the construction lender. The Ohio Department of Development provided critical funds through its Brownfield Remediation and State Opportunity Zone Programs. The Ohio Water Development Authority provided gap financing as well. The City of Cleveland also provided tax abatement and Tax Increment Financing (TIF). All were crucial in achieving a successful project.

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SCOTTSDALE, AZ – Elevest Capital, a privately held real estate investment firm specializing in multifamily assets, announced the closing of Fund 61, completed in partnership with Rise48 Equity through the acquisition of a 154-unit Class B+ apartment community in Mesa, Arizona. The transaction strengthens their presence across the Sunbelt and underscores its commitment to growth in dynamic, high-demand markets.
Ideally positioned in a strong B+ submarket, the property benefits from Mesa’s robust population growth, diverse employment base, and steady rental demand. This acquisition provides a prime opportunity to enhance long-term value while delivering consistent cash flow from day one.
“We’re thrilled to expand into Mesa with a property that checks every box, location, quality, and growth potential,” said Adam Williams, Founder and CEO of Elevest Capital. “Partnering with Rise48 Equity brings an added level of operational expertise that aligns perfectly with our vision for making both investor value and exceptional resident experiences.”
As owner and operator, Rise48 Equity will spearhead a targeted renovation program designed to upgrade interiors, modernize amenities, and streamline operations. These improvements are intended to elevate the resident lifestyle and optimize the property’s performance over the long term.
“This collaboration represents our focus on forging strong partnerships that benefit all investors,” said Dana Williams, COO of Elevest Capital. “Rise48 Equity’s proven ability to do thoughtful renovations and enhance community spaces will be instrumental in unlocking the property’s full potential.”

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CHEVY CHASE, MD – FCP has made its first investment in the Las Vegas, NV market with the acquisition of The Avondale Apartments. The 560-unit apartment community located at 9225 W. Charleston Boulevard lies within the Peccole Ranch master-plotted community with immediate access to the nearby 20,000-acre Summerlin development.
“FCP is excited to expand its Western U.S. footprint and enter Las Vegas with the addition of such a high-quality asset in a top-tier location,” said Bart Hurlbut, Senior Vice President and head of Western US investments at FCP. “While the property has been institutionally owned and well-managed, we see a fantastic opportunity to take advantage of the immediate proximity to employment and amenities while repositioning the community. In a challenging transaction environment, we continue to find ways to buy communities in fantastic locations in growing markets where we see continued long-term fundamental strength, and Avondale Apartments meets those criteria to a tee.”
FCP plans to implement value-adding capital improvement projects including upgrading common areas and a modern unit renovation plot that will position Avondale to thrive in one of the most desirable submarkets in Las Vegas.
The Avondale Apartments are conveniently located within the Peccole Ranch master-plotted community, which features miles of walking trails, tennis courts, playgrounds, and an abundance of retail and convenience amenities. Within 2.5 miles is the 20,000-acre master-plotted mixed-use development, Summerlin, with the largest concentration of dining, retail, entertainment, and hospitality amenities outside of the downtown Las Vegas Strip.
Avondale comprises one-, two-, and three-bedroom residences in three-tale buildings. Each residence features hardwood floors, stainless steel appliances, patios or balconies, a fireplace, in-unit washers and dryers, garden soaking tubs, and a gas stove. Residents of Avondale can delight in three resort-style swimming pools, a 4,000 square foot fitness facility, a racquetball court, spin room, two dog parks, and a dog washing station.
FCP extends its appreciation to CBRE’s Las Vegas Investment Sales team of Adam Schmitt, Spence Ballif, Jannie Mongkolsakulkit, and Justin Neubeck for their representation of the seller, and CBRE’s Mid-Atlantic Debt and Structured Finance team of Maxi Leachman, John Knies, and Sallie Ann Seiders in securing financing for the acquisition.

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