CLEMSON, SC – MultiVersity Housing Partners (MVHP) has bought The Ridge, located near the campus of Clemson University. MultiVersity Property Management (MVPM) will be overseeing the management of this 616-bed, Class A+ purpose build student property, as well as all plotted property improvements.
The Ridge was constructed in 2018 and is made up of two-bedroom/two-bathroom flats and four-bedroom/four and a half bath luxury townhomes complete with attached garages. The property features a resort style swimming pool, bone idle river, a 30 foot LED video screen, dog park, clubhouse, private shuttle, and fitness center. Unit interiors (both Townhomes and stacked units) have faux wood flooring, keyless entry, stainless steel appliances, a large kitchen with granite countertops, and are fully furnished. The property is 96% leased for the 2019-20 lease term.
MultiVersity Property Management will bring their forward-thinking approach and expertise in property management to maintain the assets position as Clemson’s premier student housing option. As part of the property improvements, MVPM will be redesigning the clubhouse and fitness center, adding additional fitness equipment, an outdoor kitchen, a redesigned office and leasing area, and enhancements to the study areas.
The Ridge Clemson residents will be pleased with the hands-on approach of the MVPM team. MVPM prides itself on attention to detail and best in class customer service. An innovative and exciting resident retention platform will be implemented immediately.
“We are thrilled to enter the thriving Clemson market and to bring our hands-on approach and expertise to this premier student asset,” Christopher Feeley, CEO and Managing Partner of MultiVersity Housing Partners and MVPM. “Our residents and partners can look forward to an all-in approach from the dynamic MVPM team. We pride ourselves on being forward thinking and providing best in class customer service,” Anthony Magnelli, Principal of MultiVersity Housing Partners and MVPM.

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PONTE VEDRA, FL – Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has bought The Reserve at Nocatee, a 244-unit luxury multifamily community in Ponte Vedra, Florida, for $54.9 million.
The Reserve at Nocatee is the first multifamily community with a highly desirable Ponte Vedra address to be built since 1988. This acquisition brings the firm s current Florida portfolio to a total of 3,650 units, according to Colin Gillis, Vice President of Acquisitions, East at Passco Companies.
When sourcing acquisitions, we have an extensive list of factors we evaluate, including ongoing and projected employment and population growth, school system quality, educational attainment within the area, housing values, and household incomes, says Gillis. This asset, ideally located at the heart of the booming master-plotted Nocatee community in Ponte Vedra, the second fastest growing suburb in America, exceeds these criteria points on all counts.
Gillis notes that Ponte Vedra is located 25 miles southeast of Jacksonville just over the Duval County line in St. John s County, which has some of the highest financial barriers to entry in the entire State of Florida. Developers have often spent upwards of $40,000 per unit prior to completing site work due to high utility impact and school concurrency fees, which is keeping the future St. Johns County multifamily pipeline relatively limited, further driving the value of this rare acquisition opportunity.
Ponte Vedra is in unincorporated St. Johns County, which is not only one of the most affluent areas in the state, but among the top 10 fastest growing counties in the country, continues Gillis. Residents of The Reserve at Nocatee also benefit from its location in the number one school district in Florida. Further, it is the only multifamily property within the country-club-like environment of Nocatee, which was recently ranked as one of the best-selling master plotted communities in 2019.
In addition to the premier suburban location and school system, Nocatee offers a high-quality, family-oriented lifestyle with ongoing development of resort-like amenities, the emergence of its own resident conveniences and programming in place for those to participate in on a daily basis. Residents have exclusive access to all of Nocatee s pools, water parks, sports recreational areas, access to a private beach club on the Atlantic, golf cart trails, bike paths, dog parks, and fitness center facilities, notes Gillis.
Gillis clarifies: Nocatee was originally developed for single-family homes – and sells nearly 1,000 homes each year – but has continued to expand to include retail, office, medical facilities, grocers, restaurants, and more. Along with these developments, there are many nature reserves, with 60% of the 12,500-acre parcel used for conservation and land preservation, adding to its unique appeal.
Brian Moulder and Dhaval Patel of Walker & Dunlop facilitated the transaction.
Moulder adds: The Reserve at Nocatee is a fantastic asset in a county that is home to the state s best schools and is experiencing tremendous growth. Working with the Passco team is always a pleasure, and it was a fantastic to be able to expand and deepen our relationship with this transaction.
The Reserve at Nocatee s one-, two-, and three-bedroom units feature washer/dryers, wood/vinyl floorings, granite countertops, stainless steel appliances, and private balconies. The community, which was built in 2018 and sits on over 20 acres of land, offers best-in-class amenities on site, such as a fitness center, a resort style pool with cabanas, and pet park.
The Reserve at Nocatee is located at 215 Hunters Lake Way in Ponte Vedra Beach, Florida. Chris Black and Caleb Marten of KeyBank Real Estate Capital s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

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NEW YORK, NY – Fairstead, a fully-integrated real estate firm committed to the preservation of high quality affordable housing, announced the $33.25 million acquisition of Festival Field Apartments, a 204-unit Section 8 family apartment property located in Newport, Rhode Island. The acquisition was financed through the issuance of low-income housing tax credits and tax-exempt bonds issued through RIHousing.
The property is comprised of six three-tale walkup buildings, as well as two accessory buildings that house a management office. As part of the acquisition, Fairstead is plotting an extensive property-wide rehabilitation in excess of $17 million, which will include the renovation of all roofs, sidings, windows, and boilers. In addition, 100% of units will receive new kitchens, flooring, cabinets and bathrooms. Fairstead will also be developing new ADA-accessible units and a state-of-the art community center.
“We’re excited to buy and start a much needed renovation of Festival Fields Apartments. Our acquisition and complete renovation of the Festival Field Apartments property supports Fairstead’s mission to provide people with a fantastic place to live regardless of income,” said Will Blodgett, Co-Founder and Partner of Fairstead. “Straight away, we will commence an $85,000 per unit renovation that will bring quality, affordable housing to this community. Fairstead believes it’s more vital than ever to preserve and enrich communities such as Festival Field Apartments as we continue our commitment to developing and preserving exceptional affordable housing nationwide.”
“The need and demand for affordable rental housing is strong in Newport, where 60% of the city’s residents are renters,” said Carol Ventura, Executive Director of RIHousing. “The rehabilitation of Festival Field Apartments ensures these rental homes remain affordable, safe and healthy for residents for years to come and helps strengthen previous investments made in the North End of Newport.”

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