FLAGSTAFF, AZ – Apartment Ventures, NNC announced the recent acquisition of Village at Aspen Place, a 222-unit Class A mixed use luxury apartment. Built in 2015 and located within Aspen Place at the Sawmill, Flagstaff s premier lifestyle center, the location features some of the finest shopping, restaurants, and service businesses in the city.
Apartment Ventures succeeded in purchasing this asset in a highly competitive field due to their 35 year plus history in investing in the Southwest, their proven underwriting metrics, and their extensive local market knowledge and deep regional relationships. Though many firms have went into the Southwest market in recent years, Apartment Ventures has been investing in the area for over three decades, gaining knowledge newer firms to the market lack. These long-term and well-developed relationships played an integral part in Apartment Venture s acquisition of the property.
The $64.5M transaction marks Apartment Ventures fourth Southwest institutional level acquisition in as many years, bringing their Southwest portfolio close to 1,000 units, representing near a quarter billion dollars of investment.
With this new acquisition, Apartment Ventures continues to do what they do best: make targeted, well researched investments in known markets, leading to successful long-term relationships that produce solid returns.
According to John Nunn, Principal at Apartment Ventures, NNC, Our acquisition of this property was possible due to our reputation, our relationships, and our deep knowledge of the Southwest market. These aspects are all value adds for our investors and have helped us become a boutique firm that is able to compete with institutional-level investors. We are extremely proud of this most recent buy—it continues to solidify our long-standing reputation in the region.

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BERKELEY HEIGHTS, NJ – Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., announced it has broken ground on Modera Berkeley Heights, a luxury apartment community located approximately 26 miles west of New York City.
The wrap-style community, which will add 173 apartment homes to the Township of Berkeley Heights, will sit just north of Interstate 78 (the Phillipsburg-Newark Expressway) and moments south of Springfield Avenue, the primary retail corridor of the neighborhood. The convenient location provides quick access to Interstate 287 and Route 22, which serve as key thoroughfares in the northern New Jersey and NYC area. First go-ins are anticipated for late 2022.
“Mill Creek has always admired the Union County market as a whole and Berkeley Heights in particular,” said Rich Murphy, managing director of development of New Jersey for Mill Creek Residential. “It is one of the most charismatic communities in the northern part of the state and has a limited supply of luxury apartment-living options. We look forward to joining the charming neighborhood and helping to address the emerging demand for quality housing.”
Situated at 91 Lone Pine Drive, Modera Berkeley Heights is surrounded by a vibrant downtown area, high-ranking school systems and multiple shopping, dining and entertainment options. The community also is within five blocks of the local New Jersey Transit station, which provides expedient connectivity to the greater NYC area.
Modera Berkeley Heights will consist of one-, two- and three-bedroom homes with select den layouts. Community amenities will include an outdoor swimming pool, outdoor deck with barbecue area and picnic tables, resident clubhouse with demonstration kitchen, game room, business center with resident working pods, coffee bar and a club-quality fitness center with a group fitness area. Residents will also have access to controlled-access garage parking, digital package lockers, dedicated bike storage and additional storage options.
Apartment interiors at the pet-friendly community will feature nine-foot ceilings, wood-style flooring, built-in shelves, energy-efficient stainless steel appliances, quartz countertops, breakfast bars, tile backsplashes, smart thermostats, walk-in closets and in-home washers and dryers. Bathrooms will include tile shower surrounds, double vanities and linen closets, and select homes will offer green space views.
Modera Berkeley Heights joins Mill Creek’s growing contingent of New Jersey development communities, which also include Modera 44, Modera 55, Modera Lofts and Modera Woodbridge.

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MIAMI, FL – Tzadik Properties, an industry-leading multifamily property management company and one of the largest owner-operators in South Dakota, recently announced the completion of more than $115 million in refinancing transactions for parts of its Sioux Falls, SD and Rapid City, SD portfolios. These transactions are part of the company’s strategy to continue expanding and finding new growth opportunities.
Spearheaded by Vice President of Capital Markets Lucas Grassano, who handled the processing, and Executive Vice President and Head of Acquisitions Michael Davalos, who oversaw the lender sourcing, the refinancing are part of the original business plot to go from small-term loans to long-term, lower-cost debt.
The Sioux Falls A and Sioux Falls 1 portfolios, comprised of 707 units in 18 properties and 439 units in four properties, were refinanced with Greystone. Under the new terms, Tzadik went from 6% interest bridge loans to 3.17% interest long-term loans and assigned $4.5 million of the proceeds for CapEx improvements and additional funds to return partner capital and buy back shares.
Two more portfolios in Sioux Falls, including 459 units in four properties, and two properties in Rapid City, with a total of 261 units, were refinanced with Merchants Bank, moving from 6% bridge into 3.5% long-term loans. While these three transactions were cash neutral, two of the loans allowed CapEx holdbacks totaling $500,000.
“Our team prides itself on our proven approach to close deals and build value while protecting the bottom line and being financially responsible,” said Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry. “These refinancing transactions are part our of strategies to remain efficient with our expenses, which, in turn, fuels our constant growth.”
Tzadik entered the South Dakota market in 2018 with 721 units and has quickly expanded to own and operate 2,206 units currently. Throughout the pandemic, Tzadik has remained actively investing and finding new growth opportunities. In 2020, Tzadik found new market opportunities with the acquisition of farms and ranches across the country, including 22,000 acres of income-producing ranch lands in South Dakota. The team is currently working on additional refinancing transactions for their portfolios in Texas and Nebraska.

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