BIRMINGHAM, AL – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation s leading multifamily developers, announced the development of Rivet, a 300-unit Class A apartment community in Chelsea, one of the fastest-growing and most affluent communities in the Birmingham metropolitan area.
Chelsea is one of the most attractive growth markets in the area, supported by strong economic fundamentals, continued investment and a highly desirable location,” said Josh Purvis, managing partner for Thompson Thrift Residential. “With limited opportunities for new multifamily development in the area, Rivet is uniquely positioned to help meet the growing demand for high-quality apartment homes while making an exceptional living experience for residents.
Situated on nearly 29 acres along the U.S. 280 corridor, Rivet will offer residents convenient access to major employment centers, retail destinations and outdoor recreation, along with the high-quality finishes and resort-inspired amenities that have become synonymous with Thompson Thrift communities.
When the first residents go in during late 2027, they will be able to choose from a mix of one-, two- and three-bedroom apartment homes complete with elegant quartz countertops, stainless-steel appliances, tile backsplashes, hardwood-style flooring, full-size washers and dryers, smart-home technology, spacious walk-in closets and patio, balcony and private yard options.
Residents will delight in a comprehensive amenity package featuring a resort-style heated swimming pool, fully equipped 24-hour fitness center, pickleball court, community grilling areas and fire pit, social hub with billiards and shuffleboard, dog park and pet spa, business center with conference rooms and focus suites and an Amazon package hub.
“Chelsea offers an exceptional quality of life, with top-rated schools, gorgeous established neighborhoods and convenient access to employment, retail and healthcare destinations along the U.S. 280 corridor,” said Jesse Houghtalen, senior vice president of development for Thompson Thrift Residential. “Rivet complements that environment, providing residents with thoughtfully designed apartment homes, resort-style amenities and the convenience of living close to everything that makes Chelsea so desirable.
Rivet’s location places residents just minutes from Grandview Medical Center, Meadow Brook Corporate Park, Tattersall Park, The Summit Mall, University of Alabama Birmingham, Samford University, downtown Birmingham, and more than 18 million square feet of shopping, dining and entertainment within the corridor. The surrounding area continues to see significant investment, including a plotted retail center and nearby technology and life sciences office park that further reinforce the long-term growth of the area.
Chelsea continues to experience significant momentum. Since 2020, the city’s population has grown approximately 16%, underscoring its emergence as one of the fastest-growing communities in the Birmingham metropolitan area. Shelby County also maintains the lowest unemployment rate in the state due to the metro s strong base of healthcare, technology and banking employers.
The development is being capitalized with equity from the Thompson Thrift 2025 Multifamily Development, LP.
Over the past 40 years, Thompson Thrift has invested more than $7.3 billion into local communities 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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SARASOTA, FL – Broad Creek Capital (“BCC”), a private markets investment firm focused on U.S. real assets, announced the acquisition of The Crossing at Palm Aire, a 315-unit Class A multifamily community in Sarasota, Florida, following the successful second close of its Multifamily Advantage Fund I (“MAF I”). BCC bought the property alongside co-sponsor Hillridge Capital, with Abod Capital Solutions investing as a co-limited partner in the joint venture.
The acquisition brings the fund to nearly 30 percent deployed toward its $150 million target and follows a second close led by European family offices. The fund s overall investor base spans family offices and institutional investors in the United States and Europe. The milestone reflects continued investor confidence in Broad Creek’s disciplined strategy of acquiring high-quality multifamily communities in high-growth, Sun Belt markets where operational improvements can make long-term value.
“Broad Creek started as a family office, and we have kept that orientation as we have grown,” said Matthew Ruesch, Co-Founder and Managing Partner of Broad Creek Capital. “We invest our own capital in every transaction, and we underwrite each acquisition as owners rather than intermediaries. This close, and the acquisition it funded, reflect the kind of steady, disciplined deployment we committed to our partners.”
Completed in 2023, The Crossing at Palm Aire is a Class A apartment community in one of Florida’s fastest-growing markets. The partnership plans to enhance the property’s performance through operational improvements, targeted capital investments and resident-focused initiatives, with Hillridge Capital leading property-level asset management.
“Florida remains one of the country’s strongest multifamily markets, and Sarasota continues to benefit from population and employment growth,” said Adam Stifel, Head of Real Estate at Broad Creek Capital. “The Crossing at Palm Aire is the type of asset we look for: a high-quality community in a growing market where we can improve operations, enhance the resident experience and make long-term value.”
The Crossing is the second transaction Broad Creek and Hillridge have completed together, following The Carson in Charlotte. “The Crossing at Palm Aire is an exceptional community with tremendous long-term potential,” said Jonathan Cummings, Founder and Managing Partner of Hillridge Capital. “Together with Broad Creek, we’re focused on making operational efficiencies, enhancing the resident experience and building on an already outstanding asset.”
MAF I targets value-add multifamily investments across the Southeast and broader Sun Belt, concentrating on markets where the supply wave has already broken: markets that have absorbed recent deliveries, continue to grow, and face limited new competition ahead. The Crossing at Palm Aire is the fund’s second investment: a well-located community bought at an attractive basis, with a defined program of operational and physical improvements. It follows the off-market acquisition of The Carson, a 298-unit community in Charlotte, North Carolina, in October 2025.
Broad Creek anticipates an additional fund close in late 2026 or early 2027 as it continues deploying capital across the Sun Belt. The announcement follows the firm’s recent acquisition of the 194,000-square-foot office property at 1667 K Street NW in Washington, D.C., through its joint venture with Garfield Investments.

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MCLEAN, VA – Southern Management Companies announced its acquisition of The Shelby Apartments in Alexandria, Virginia. The addition of the 240-unit mid-rise community to Southern Management’s portfolio demonstrates the company’s strong market position and commitment to providing high-quality living experiences to the communities they serve.
The Shelby comprises primarily one- and two-bedroom apartment homes featuring spacious floor plans and updated finishes. Residents delight in a variety of amenities, including a state-of-the-art fitness center, pet-friendly grounds, and dedicated pet care facilities. The clubhouse, resort-style swimming pool, and outdoor grilling areas provide ample space for recreation, gatherings, and community engagement.
“The Shelby is a strong addition to our portfolio and reflects our continued confidence in Northern Virginia,” said Suzanne Hillman, CEO of Southern Management Companies. “Its location, quality and sense of community align well with our long-term investment strategy and our commitment to making exceptional places for people to live.”
Southern Management is a long-tenured and established owner operator with apartment, residential, and commercial properties throughout Maryland and Virginia. Southern Management looks forward to bringing long-term stability and investment to The Shelby and its residents.
Gabrielle Duvall, President of Southern Management Companies, added, “We are excited to welcome The Shelby’s residents and team members to Southern Management. Our focus will be building on the community’s existing strengths while providing the attentive service and long-term stability that residents expect from Southern Management.”
Opening its doors in 2014, The Shelby has been a central part of the revitalized Penn Daw area of Alexandria, near the intersection of Richmond Highway and North Kings Highway in affluent Fairfax County. Its location, just minutes from Interstate 495 and the Huntington Metro Station on the Yellow Line, makes the community easily accessible to current and future residents, while its proximity to Ancient Town Alexandria provides convenient access to a wide range of shopping, dining, and entertainment options.

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