AUSTIN, TX – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, announced the financial closing and groundbreaking of Catalina, a 336-unit affordable housing community in Travis County near Austin, Texas. Developed in partnership with the Housing Authority of Travis County (HATC), the community will provide deeply affordable housing for families and working professionals earning between 30% and 70% of the Area Median Income (AMI).
The development is a significant milestone for Travis County, underscoring an urgent commitment to expand affordable housing options in the region to meet growing demand. Catalina will help increase access to high-quality housing for residents across a range of income levels, and is The NRP Group s fourth collaboration with the Housing Authority of Travis County.
There’s a concerted effort among Travis County leaders to address growing housing demand and affordability challenges, and we’re proud to be part of that momentum through Catalina, said Max Whipple, Vice President of Development at The NRP Group. “These public-partnerships continue to reflect what can be accomplished when organizations share a commitment to housing affordability while maintaining a strong focus on quality, design and the resident experience.
Located on a 15-acre site along Cameron Road, Catalina will consist of 12, three-tale residential buildings with a mix of one- to four-bedroom homes. In-unit features will include stainless steel appliances, granite countertops, modern cabinetry, vinyl plank flooring and walk-in closets in all units, complemented by Energy Star appliances.
Situated less than 10 minutes from Interstate 35 and approximately 15 minutes from State Highway 130, the community offers convenient access to major employment centers including Samsung’s semiconductor operations, Tech Ridge and the EastVillage mixed-use development. In addition, residents will have access to a complimentary shuttle service that provides transportation to grocery stores, pharmacies and other nearby destinations for those without vehicles or facing mobility challenges.
Catalina was designed with resident wellness, convenience and community connection top of mind. Amenities include a resort-style swimming pool, 24-hour fitness center, business center, a multipurpose community room with a full kitchen, children’s activity room and playground, and ample green space and outdoor seating areas throughout the grounds. Supportive resident services will include after-school care, financial literacy courses, ESL classes, first-time homebuyer programs and more, all offered at no additional cost to residents.
The development is supported through a collaborative public-private partnership, with tax credit equity provided by Huntington Community Development Corporation. Construction and permanent financing is provided by PIMCO and arranged by Berkadia. Safehold is also participating as the ground lessor, marking its second ground lease structure for an affordable multifamily development in Texas, while the Housing Authority of Travis County contributed $2 million to support the creation of deeply affordable homes reserved for households earning no more than 30% AMI.
“Expanding housing opportunities for residents with the greatest needs requires long-term collaboration and creative solutions,” said Patrick Howard, Executive Director and CEO of the Housing Authority of Travis County. “Catalina builds on the success of our partnership with The NRP Group and will help provide high-quality affordable housing for Travis County residents for years to come.”
Construction on Catalina is now underway with initial occupancy to start in September 2027 and completion scheduled for April 2028.

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HOUSTON, TX – Balfour Beatty Communities, a national residential real estate investment and management company, today announced the acquisition of Avanti Cityside, a 378-unit multifamily community located in Houston’s highly sought-after Texas Medical Center submarket. The transaction is Balfour Beatty s third investment in Texas over the last 18 months, following the acquisitions of River Pointe in Conroe, and The Leonard in Denton.
Avanti Cityside sits at the center of one of Houston’s most dynamic and resilient employment corridors, offering convenient access to the Texas Medical Center, Downtown Houston, Rice University, Hermann Park, and the Museum District. The community serves a diverse resident base drawn to the area’s concentration of healthcare, education, research, and professional employment opportunities.
Constructed in 2007, the community features 378 apartment homes with a mix of one-, two-, and three-bedroom floor plans and more than 362,000 square feet of rentable residential space. Residents delight in a range of amenities, including two swimming pools, a fitness center, clubhouse, business facilities, controlled-access entry, and landscaped outdoor gathering spaces.
“Avanti Cityside aligns exceptionally well with our investment strategy of acquiring well-located communities in strong growth markets where we can make additional value through thoughtful capital improvements and operational excellence,” said Lisa Dailey, Senior Vice President of Multifamily Acquisitions at Balfour Beatty Communities. “We look forward to building on the property’s strong foundation and delivering an exceptional living experience for residents.”
The acquisition adds a strategically located asset to Balfour Beatty Communities’ growing multifamily portfolio and strengthens the company’s presence in Texas. The Houston market continues to benefit from diverse economic drivers, while ongoing expansion and investment within the Texas Medical Center are expected to support sustained housing demand in the years ahead.
Avanti Cityside also presents a compelling value-add opportunity. Strong leasing of existing renovated apartment homes demonstrates robust resident demand for upgraded interiors and modern finishes. Balfour Beatty Communities intends to pursue targeted enhancements throughout the community designed to elevate the resident experience while supporting the property’s long-term performance.
“The combination of an established location, compelling market fundamentals, and future growth potential made Avanti Cityside an attractive investment for our team,” added Dailey.

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CHARLES, IL – Preservation Equity Fund Advisors (PEF Advisors), a real estate private equity firm focused on preserving existing affordable housing in high-cost markets, today announced the acquisition of Carroll Tower, a 108-unit affordable senior housing community in St. Charles, Illinois. This represents PEF Advisors’ third acquisition in the greater Chicago MSA.
Originally developed in 1984 as a Project-Based Section 8 community, Carroll Tower provides affordable housing for residents 62 years of age or older. Located approximately one hour west of Chicago, in one of the region’s most desirable suburban markets, the property helps meet the growing demand for affordable senior housing in Kane County, where rising housing costs continue to outpace supply.
The property consists of a six-tale residential building situated along the scenic Fox River in the heart of historic downtown St. Charles, adjacent to the iconic Hotel Baker. Carroll Tower features 108 one-bedroom units averaging 680 square feet. The property boasts several amenities including a community room, food pantry, laundry facilities, outdoor parking and elevator access, while also benefiting from walking distance to grocery stores, restaurants, retail and healthcare services. As of closing, the property was 98.1% occupied.
PEF Advisors plans to invest in capital improvements that will enhance the property, address deferred maintenance, and preserve Carroll Tower as a high-quality affordable housing community for current and future residents.
“This was an vital opportunity to preserve affordable housing as it was at risk of losing its affordability restrictions,” said Ann Caruana, President and Chief Investment Officer of PEF Advisors. “By restructuring the transaction and applying for a mark-up-to-market on the Section 8 contract during escrow, we were able to extend the affordability an additional 20 years. Our first course of business will be to restore services to the residents.”
Carroll Tower closed in July 2026 and represents PEF Advisors’ sixth acquisition for Preservation Equity Fund 3, continuing the firm’s strategy of acquiring and preserving existing affordable housing in supply-constrained, high-cost markets across the United States.

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