RICHMOND, VA – Looking across the James River from downtown Richmond, you will see changes to the Manchester skyline as South Falls Tower rises from behind the floodwall. Set to open in late 2020, South Falls Tower is the newest addition to the luxury apartment brand, Elevated Properties.
South Falls Tower is a 14-tale, luxury apartment building with modern studio, one, and two-bedroom floorplans, all of which boast floor-to-ceiling windows showcasing unobstructed views of downtown Richmond and the river. The contemporary, open-concept apartments feature gourmet kitchens with custom flat-panel cabinetry, sun-soaked living and dining areas with plank-style flooring, and spacious bedrooms with spa-inspired bathrooms making every apartment the perfect place to call home.
Residents will have the opportunity to indulge in luxurious amenities at South Falls Tower. The outdoor courtyard overlooking the river offers a resort-style swimming pool, grilling areas, lounge seating, and garden space. A thoughtfully designed 4th-floor resident clubhouse features a chef’s kitchen, entertainment area, and floor-to-ceiling glass windows with breathtaking views. The expansive state-of-the-art fitness center offers a separate yoga room and resident mezzanine. Residents can also delight in the company of their furry friends since South Falls Tower is a pet-friendly building.
PRG Real Estate, an industry-leading multifamily owner-operator, and Richmond-based developer WVS Companies are pleased to add the newest addition to their luxury apartment brand, Elevated Properties, with the completion of South Falls Tower. PRG Real Estate and WVS Companies have previously completed several other luxury apartment communities around the downtown and greater Richmond area, including East 51 at Rocketts Landing, Circ Apartments, and Innslake Place Apartments. The partnership continues to expand outside of Richmond with more developments breaking ground in both Hampton Roads and Roanoke, Virginia.

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LONG BEACH, CA – Linc Housing announced the start of construction on Bloom at Magnolia, an all-new, 40-unit apartment community in Long Beach for people who have experienced homelessness.
Located in the South Wrigley neighborhood in central Long Beach, Bloom at Magnolia is aligned with key concepts in the City s proposed General Plot Update by incorporating smart growth principles to develop a thriving and livable community that promotes healthy living, education, opportunity and neighborhood engagement. The 37,900-square-foot site was bought from the City of Long Beach s nonprofit affiliate, the Long Beach Community Investment Company (LBCIC), following a competitive bidding process.
Building supportive housing for our city s most vulnerable populations is now more critical than ever, said Long Beach Mayor Robert Garcia. We are proud of innovative developments like Bloom at Magnolia that offer residents improved quality of life and access to a wide range of onsite social and supportive services.
The new community, located at 1770 Magnolia Avenue, will have 39 one-bedroom apartments and one manager s unit. Other features include a computer lab, office space for supportive services case managers, dedicated bicycle parking, 3,000 square feet of indoor community space, 3,000 square feet of outdoor common areas, and convenient access to public transportation, shopping and community services.
“Now, more than ever, we see that housing formerly homeless individuals can be life changing, said Emilio Salas, acting executive director, Los Angeles County Development Authority. Among the various dangers that exist for an unsheltered individual, avoiding illnesses, like COVID-19, is yet another. The Measure H funds used to build Bloom at Magnolia will serve as a long-term investment for some of our most vulnerable populations.”
Construction of affordable housing has been designated an essential activity during the COVID-19 pandemic, and the construction team will follow recommended safety protocols to keep the job site safe.
Our work has always been essential, but these challenging times raise this thought of essential to new heights, said Rebecca Clark, Linc Housing president and CEO. Even with so many on our team and others working remotely, our partners at the City of Long Beach and the County of Los Angeles have remained committed to helping us get this much needed development underway by working with us to finalize the financing and obtain needed permits. We can t thank everyone enough for ensuring our work can continue through these trying times. We want to get this supportive housing built as quickly as possible.
With funding support from Los Angeles County, residents will receive intensive case management to help ensure they thrive. Supportive services will include mental health and physical health services, employment counseling and job placement, education, substance abuse counseling, money management, help in obtaining and maintaining benefits, and referrals to community-based services and resources.
Funding for the development comes from a variety of sources including $8.5 million from the Los Angeles County Development Authority (general funds, Mental Health Housing Program Funds, and Measure H Funds), $2 million in gap financing from the Long Beach Community Investment Company (LBCIC), a conventional loan from the California Community Reinvestment Corporation, a construction loan from Union Bank, tax credit equity from Raymond James Tax Credit Funds, Inc., and Affordable Housing Program funds from the Federal Home Loan Bank. The California Endowment provided predevelopment support. Bloom at Magnolia also benefits from the federal Opportunity Zone incentive program intended to spur economic development and job creation in distressed communities.
The new community was designed by Withee Malcolm Architects and will be built by Sun Country Builders. The development is due to be completed in late 2021. All units will be filled through referrals from the County of Los Angeles Coordinated Entry System (CES). Bloom at Magnolia is Linc Housing s third development in Long Beach. Spark at Midtown, with 95 units, will be completed in early 2021, and The Palace, opened in 2012, has 13 homes for transition age youth.

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JACKSONVILLE, FL – EJF Capital and Chance Partners announced the acquisition of a 284-unit multifamily housing community under development in the San Marco neighborhood of Jacksonville, FL. The project, known as San Marco Promenade, is expected to be complete in the third quarter of 2020 in an area certified as an Opportunity Zone under the Tax Cuts and Jobs Act of 2017 ( TCJA ). The TCJA offers investors tax benefits to invest into Opportunity Zones with the aim of spurring economic growth in lower income areas.
EJF OpZone Fund I LP and Chance Partners bought the Project from a majority owned joint venture of the Carlyle Group, one of the world s largest investment firms, based in Washington, D.C. Synovus Bank provided nearly $29 million of financing to the transaction. Additional financial details regarding the transaction were not told.
This is the second project EJF and Chance Partners have embarked upon in the San Marco neighborhood. Last year, the companies announced the development of a two-building, 486-unit multifamily housing community called San Marco Crossing in the historic neighborhood.
We are thrilled to partner again with Chance Partners on the acquisition of San Marco Promenade, said EJF Co-Chief Executive Officer Neal Wilson. This project will benefit the San Marco neighborhood in many ways, including adding much needed housing inventory for roughly 400 new residents. We believe the connectivity to Southbank and its nearby healthcare complexes will continue to make San Marco a hub of activity.
Asheel Shah, EJF s Senior Managing Director and Head of Real Estate Development, said, In spite of economic interruptions brought on by the pandemic, both the EJF and Carlyle teams worked with fantastic fortitude and collaboration to make this deal come to fruition. Everyone involved was focused on making sure this transaction went as smoothly as possible. We are very pleased with the results.
Judd Bobilin, Founder of Chance Partners, said, We are excited to continue our fantastic partnership with EJF in the rapidly changing San Marco community. We look forward to seeing the evolution of this historic neighborhood.
Jacksonville-based Live Oak Contracting is the General Contractor for the Project.

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