CLEVELAND, OH – The NRP Group, the vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, announced the groundbreaking of 5115 at The Rising, a mixed-use residential community in Cleveland’s Broadway-Slavic Village neighborhood. This project is being developed in collaboration with University Settlement, a premier social services provider that has been serving residents in the Broadway-Slavic Village area for more than 90 years.
5115 at The Rising will bring 78 apartment homes and 10 townhomes to the neighborhood, including 18 one-bedroom, 48 two-bedroom, and 22 three-bedroom units. The development will be financed with the support of a number of key local and regional partners including The Ohio Housing Finance Agency, KeyBank, Ohio Capital Corporation for Housing, The City of Cleveland, Third Federal Foundation, and many others.
“Broadway-Slavic Village is a unique area that has a lot of potential, and we’re pleased to have a hand in contributing to its growth with 5115 at The Rising,” said Aaron Pechota, Senior Vice President of Development at The NRP Group. “We’re grateful to be partnering with University Settlement on this initiative as they have strong roots in the neighborhood and can help us deliver the highest quality affordable living environment to the community, tailored specifically to meet the needs of the area’s residents and preserve its diverse culture.”
5115 at The Rising marks a significant milestone for Broadway-Slavic Village as it is the largest capital investment made in the community in more than 25 years. In addition to the residential units, the mixed-use project will provide a new home for University Settlement, which will relocate its corporate offices to a 20,000 square foot commercial space on the ground level of the building.
“We’re excited to work with The NRP Group on 5115 at The Rising to improve the Broadway-Slavic Village area, while continuing to honor the community’s inclusiveness,” said Earl Pike, Executive Director at University Settlement. “University Settlement has been active in this area dating back to 1926, and our mission has always been to provide the local community with exactly what they need to live and thrive. We are confident that 5115 at The Rising will do just that.”
University Settlement serves more than 12,000 local residents each year ranging from providing case management and critical resources, help for homebound seniors, and providing tens of thousands of pounds of free, fresh produce to those in need.
“The investment in 5115 at The Rising is a testament to this area’s dedication and commitment to improve the Slavic neighborhood and support its economic rebirth,” said Ward 5 Cleveland City Councilwoman Phyllis Cleveland. “As one of Cleveland’s oldest neighborhoods, Broadway-Slavic Village has seen many ups and downs over the years, but this development is a step in the right direction for the community, and we’re looking forward to seeing what the future has in store.”
5115 at The Rising is expected to be completed in early 2022.

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ATLANTA, GA – Preferred Apartment Communities announced that it has entered into a Buy and Sale Agreement to sell its student housing portfolio to TPG Real Estate Partners for $478.7 million. The transaction is expected to close in the fourth quarter of 2020 and is subject to customary closing conditions. The Portfolio was marketed for sale by CBRE.
The Portfolio includes eight, high-quality student housing communities located in Arizona, Florida, Georgia, North Carolina, and Texas. The communities include more than 6,000 beds with a wide range of indoor and outdoor amenities. The communities to be sold include: NxNW, a 679-bed student housing community located in Tallahassee, Florida; Knightshade, an 894-bed student housing community located in Orlando, Florida; The Tradition, an 808-bed student housing community located in College Station, Texas; The Bloc, a 556-bed student housing community located in Lubbock, Texas; Ursa, an 840-bed student housing community located in Waco, Texas; SoL, a 639-bed student housing community located in Tempe, Arizona; Stadium Village, a 792-bed student housing community located in Kennesaw, Georgia near Atlanta, Georgia; and Rush, an 887-bed student housing community located in Charlotte, North Carolina
“We look forward to closing the sale of our student housing portfolio to TPG Real Estate in the coming months,” said Joel Murphy, Preferred Apartment Communities’ President and Chief Executive Officer. “This is consistent with our previously stated objectives to exit the student housing space, simplify our focus to our core Sunbelt multifamily business, and improve our balance sheet. TPG Real Estate has demonstrated their commitment to the transaction and their sector experience throughout the process, and both groups worked well together during the due diligence phase.”
“This transaction represents a scaled entry for TPG Real Estate into the U.S. student housing sector and an extension of our student housing initiatives in Europe. We believe the assets in this portfolio will benefit from their adjacency to high-quality academic institutions that are well positioned to weather the challenges resulting from the Covid-19 pandemic,” said Ty Newell, Principal at TREP. “In spite of these near-term challenges, these student housing communities are poised to experience a combination of strong regional demographic fundamentals and favorable supply dynamics that should continue to support performance. Preferred Apartment Communities has continued to operate and lease the Portfolio in a first-rate manner following the signing of the buy agreement. We look forward to leveraging TREP’s expertise in building and scaling high-quality real estate platforms, as well as the operating capabilities of our partners at Cardinal Group, to generate additional growth and value across the portfolio.”

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COLUMBUS, OH – Trilogy Real Estate Group, a Chicago-based real estate investment, property management and development firm, announced the acquisition of The Mirada, a 256-unit multifamily community in the Columbus suburb of Lewis Center, Ohio.
“Trilogy seeks to identify and aggressively pursue attractive investment opportunities on behalf of our clients. The Mirada is an exceptional example of this thesis,” said Trilogy Founder and Chief Executive Officer Neil Gehani. “We believe this premier Class A apartment community, located in a dynamic suburban area of Columbus, Ohio, will perform well for our investors, both in the small- and long-term.”
Built in 2018, The Mirada is comprised of 224,635 square feet of space with one-, two-, and three-bedroom units as well as studio apartments. Situated on 9 acres of land, the community was 95% leased upon acquisition and features several community amenities that include a heated outdoor pool, grilling area, sand volleyball court, club room, game area, fitness center and a separate exercise studio. The well-appointed units feature vinyl plank floors, granite countertops, tile backsplashes and stainless-steel appliances.
The Mirada is situated in the highly rated Olentangy school district and is just two miles north of Interstate 270, providing residents with premier access to downtown Columbus as well as suburban employment centers. Major employers located in the community’s surrounding area include, JPMorgan Chase & Co., Honda, Nationwide, Amazon and Anheuser-Busch, among others.
Trilogy Real Estate Group has sponsored seven private investment and qualified opportunity zone funds. Since 2002, the principals of Trilogy have successfully invested in real estate assets valued in excess of $1.7 billion, including 27 multifamily properties located in 12 states across the country.

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