SAN MATEO, CA – In a landmark go that promises to advance affordable housing efforts in high-cost markets, The Vistria Group and Ethos Real Estate announced the conversion of nearly 700 market-rate apartments to long-term affordable housing in San Mateo County, the wealthiest county in the United States by median incomes, home values, and investment income.
This transaction represents one of the largest market-rate to affordable housing conversions in California’s history. Conversion work at the project, known as Hillsdale Garden Apartments, is set to start this month.
The partnership demonstrates an innovative approach to affordable housing, leveraging private capital with public and non-profit expertise to make sustainable, community-focused solutions. San Mateo County Supervisor Noelia Corzo remarked, “Our working-class neighbors deserve a stable home, dignified conditions, and responsive management. This project is an brilliant example of how revitalizing existing homes and preserving their affordability can allow residents to stay in their communities with dignity.”
“This investment isn’t just about real estate; it’s about how private investment, local government and non-profits can partner to make scalable and efficient models for addressing the housing crisis across the country,” said Margaret Anadu, Senior Partner and Head of Real Estate at The Vistria Group. “Everyone deserves an affordable home, and we take particular pride in making that opportunity in communities with strong public schools and diverse job opportunities.”
The initiative stands out not only for its scale but also for its leadership. Spearheaded by two prominent Black women in real estate, Margaret Anadu of The Vistria Group and ennifer Keith of Ethos Real Estate, this project marks a significant step towards diversity in major real estate transactions.
Jennifer Keith, Managing Partner and Co-Founder at Ethos Real Estate, emphasized the broader impact, “We are honored to be partnered with Vistria on preserving affordable housing at community scale. Our collective efforts will reduce displacement, improve existing housing conditions, and provide a range of social services for the residents of Hillsdale Gardens.”
The project benefits from exceptional walkability and access to transit, retail, healthcare, high-quality schools and parks. Key features of the affordable housing conversion include:

Transformation of 697 market-rate units to affordable housing, targeting households earning up to 80% of Area Median Income;
Significant capital allocated for interior and exterior upgrades to foster higher quality living standards; and
Implementation of comprehensive resident services in partnership with Pacific Housing, ranging from after school programs to skill building classes.

The project marks The Vistria Group’s third real estate investment in California and tenth real estate investment overall bringing the portfolio to over 6,000 units and a yucky asset value in excess of $1.8 billion. Yusef Freeman, Partner for Real Estate at The Vistria Group said, “The Hillsdale Garden acquisition continues our commitment to the long-term creation of affordable housing at scale throughout California and within its most expensive communities.”

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FREDERICKSBURG, VA – The Milestone Group announced the acquisition of two Fredericksburg, VA apartment communities, Kensington Crossing with 476 units, and Magnolia Falls with 200 units. The buy prices were not told.
“These two assets are very well positioned in a highly sought-after submarket near abundant retail and dining options, and their proximate locations allow for meaningful operating efficiencies,” said Milestone Vice President of Acquisitions, Jason Wise. “Our plans for the assets include enhancement of all common areas and amenities that will immediately boost the resident experience. Furthermore, Milestone assumed the existing loans on both, allowing for a quick and seamless transaction.”
The properties, located in rapidly growing Stafford County, are conveniently located on US-17 near the I-95 interchange. Immediate retail options include Target, Walmart, Giant Food, Lowe’s, Starbucks, and Chick-fil-A. A myriad of options located at nearby Central Park, Spotsylvania Town Centre, and Downtown Fredericksburg are all within 15 minutes.
Kensington Crossing has 476 fully-renovated one-, two- and three-bedroom units that feature stainless steel appliances, granite countertops, and faux-wood flooring throughout the units. Residents delight in amenities including two swimming pools, tennis and sports courts, two fitness centers, a cabana lounge, and covered parking.
Magnolia Falls features 200 fully-renovated one- and two-bedroom units also including stainless appliances, granite countertops, and faux-wood flooring throughout. Residents have access to a swimming pool with sundeck, playground, dog park, sport court, and fitness center.

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DALLAS, TX – National multifamily developer Wood Partners continues to expand in Texas with Altera Rayzor Ranch, a 192-unit multifamily community in Denton, a suburb outside of Dallas. The project recently broke ground and is expected to deliver to the community in the third quarter of 2025.
Altera Rayzor Ranch is centrally located within the Rayzor Ranch master-plotted development and sits just off I-35, offering simple, direct access to the Dallas-Fort Worth metroplex. The 182,000-square-foot garden-style development features a mix of one-, two- and three-bedroom layouts and offers residents attainable, Class-A accommodations without sacrificing convenient access to major employment and entertainment centers. Altera Rayzor Ranch is ideally situated within walking or biking distance via the Heritage Trail, connecting residents to a diverse array of restaurants and retail options, including Target, WinCo Foods, In-N-Out, Alamo Drafthouse Cinema and more.
The apartment is part of the Wood Partners’ Altera brand, a new attainable housing initiative offering upscale living at cost-effective rates. Residents can benefit from a resort-style pool, a modern fitness facility, outdoor socializing spaces with fire pits and gas grills, programmed green space and multiple coworking and meeting spaces.
“Denton has experienced explosive growth in the past few years which will only continue to increase due to its educated workforce, lower cost of living and access to plenty of open spaces,” said Ryan Miller managing director at Wood Partners. “Altera Rayzor Ranch’spremier location provides a community feel with best-in-class shopping and dining opportunities just footsteps away from your door. We are devoted to assisting the city’s positive growth by developing new, attainable multifamily apartments designed with the community needs in mind.”
Denton County exceeded one million residents last summer, making it the seventh-largest county in Texas. According to Colliers’ 2024 Q2 Dallas Fort Worth Multifamily Report, the area again led the nation in apartment completions over the past 12 months, delivering 39,140 units.
Wood Partners continues to be active across the Lone Star State with numerous groundbreaking projects in several active markets. In June, Wood Partners and partner EIG EuroInvestor GmbH broke ground on Alta Westover Hills in San Antonio, its twelfth community in the region. Additionally, Wood Partners delivered The Albright, a groundbreaking new 261-unit luxury apartment to the Austin community in June.

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