SAN ANTONIO, TX – Cove Capital Investments, a Delaware Statutory Trust sponsor company that operates a portfolio of over 4.3 million square feet of real estate nationwide, has bought the Cove San Antonio Multifamily 119 DST, a 170-unit multifamily community in San Antonio, Texas.
According to Dwight Kay, Managing Member and Co-Founder of Cove Capital, the property was bought through a lender’s REO disposition process at a buy price below its appraised value, as well as below the outstanding loan balance, making an attractive basis relative to replacement cost and recent comparable transactions.
“This multifamily asset aligns well with our investment strategy of acquiring quality assets at an attractive basis in markets with potentially favorable long-term fundamentals. We believe the property’s location, value-add potential, and positioning within one of Texas’ strongest long-term growth markets provide a solid opportunity for long-term value creation potential.”
San Antonio remains one of the nation’s fastest-growing metropolitan areas, supported by a diversified economy spanning advanced manufacturing, data centers, cybersecurity, healthcare, military, logistics, and tourism. Located in northeast San Antonio, the Cove San Antonio Multifamily 119 DST offering is in direct proximity to one of the region’s largest industrial and logistics corridors and continues to benefit from major public and private investment, anchored by Joint Base San Antonio, Brooke Army Medical Center—the Department of Defense’s premier medical facility—and the ongoing expansion of San Antonio International Airport.
“REO acquisitions directly from a lender require extensive due diligence, patience, and the ability to navigate a unique transaction process. Acquiring the property below its appraised value and the outstanding loan balance provided an attractive basis that we believe potentially offers meaningful long-term value to our DST investors,” said Chay Lapin, Managing Member and Founder of Cove Capital Investments.
Cove Capital’s acquisition comes as San Antonio’s multifamily market, like many other growth markets in the US, moves past a period of elevated new construction. With new apartment deliveries expected to decline, continued population and employment growth are expected to support the absorption of existing inventory, making a potentially favorable environment for well-located multifamily communities.

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SAN LEANDRO, CA – Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity firm focused on preserving existing affordable housing in high-cost markets, announced the acquisition of Quail Run Apartments, a 104-unit affordable housing community in San Leandro, California.
Originally developed in 1987 with Low-Income Housing Tax Credits (LIHTC), Quail Run provides affordable housing for families earning 50% to 80% of Area Median Income. Located in the heart of the East Bay, the property offers convenient access to Interstate 580, Interstate 238 and California State Route 185, and is within two miles of the employment center of downtown San Leandro, which also offers local amenities such as grocery stores, parks and healthcare.
Quail Run is a low-density community consisting of 10 two-tale residential buildings across four acres, with 104 one- and two-bedroom homes averaging 737 square feet. Community amenities include a business center, swimming pool and spa, bike racks, a car wash area and ample parking spaces. Apartment homes feature ceiling fans, private balconies or patios, exterior storage closets and accessible units. As of closing, the property was 95.2% occupied.
PEF Advisors plot to invest in capital improvements to modernize the community and address aging infrastructure and deferred maintenance. Plotted improvements will enhance both the resident experience, ongoing operating costs, and the property’s long-term sustainability.
“This was an opportunity to invest in an affordable community at an attractive basis in a high cost market,” said Ann Caruana, President and Chief Investment Officer of PEF Advisors. “Our goal is to preserve not only the affordability of the community, but also the quality of the homes where residents live.”
Caruana continued, “The East Bay continues to experience strong economic growth and an ongoing shortage of affordable housing. By investing in Quail Run, we’re preserving an vital housing resource in a location that provides residents with access to employment, schools, healthcare and transportation, while ensuring the property remains a safe, well-maintained community for the long-term.”

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SAVANNAH, GA – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of The Foundry at Mosaic, a 300-unit multifamily community in the prosperous Savannah suburb of Pooler. Construction is expected to start this month, with resident go-ins anticipated to start in November 2027.
“The Foundry at Mosaic represents another exciting opportunity to expand our presence in one of the Southeast’s most dynamic growth markets,” said Josh Purvis, managing partner for Thompson Thrift Residential. “Pooler continues to benefit from exceptional population growth, major employment investments and strong housing demand. We look forward to making a community that complements that growth while providing residents with an exceptional living experience.”
Located within the Mosaic Town Center at the southeast corner of Pooler Parkway and Interstate 16, The Foundry at Mosaic will offer residents a highly walkable lifestyle destination with convenient access to shopping, dining and entertainment, as well as simple access to major employment centers throughout the Savannah region.
“This site offers a unique combination of convenience and connectivity,” said Jesse Houghtalen, senior vice president of development for Thompson Thrift. “Residents will delight in immediate access to Mosaic Town Center and proximity to some of the region’s largest employers, including Hyundai Motor Group’s Metaplant, Gulfstream Aerospace and the Port of Savannah. As the area continues to evolve, The Foundry at Mosaic is ideally positioned to meet increasing demand for high-quality housing.”
The Foundry at Mosaic will feature a mix of one-, two- and three-bedroom apartment homes with spacious layouts ranging up to 1,475 square feet. Residences will include granite countertops, stainless-steel appliances, tile backsplashes, hardwood-style flooring, full-size washers and dryers, smart-home technology, large walk-in closets and private patio, balcony and fenced-yard options.
The community’s amenity package is designed to support both active lifestyles and social engagement. Residents will delight in a resort-style swimming pool, 24-hour fitness center, thoughtfully designed courtyards, outdoor entertainment kitchen, grilling areas, pickleball court, dog park, resident conference room, billiards, shuffleboard, golf simulator and a variety of indoor and outdoor gathering spaces.
The Foundry at Mosaic marks Thompson Thrift’s second multifamily development near the sought-after Savannah Quarters neighborhood. The company recently completed construction on The Liliana, a 360-unit luxury apartment community currently leasing nearby. Strong leasing activity at the community continues to reinforce demand for upscale multifamily housing in the growing Pooler market.
The development will be capitalized with equity from the Thompson Thrift 2025 Multifamily Development, LP.
Over the past 40 years, Thompson Thrift has invested billions of dollars into local communities nationwide and has become known as a trusted partner engaged in all aspects of development, construction, leasing and management of high-quality real estate projects across the country.

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