MIDLOTHIAN, VA – Middleburg Communities announced it has secured financing from Simmons Bank to start construction of Hamlet Falling Creek, a 260-unit build-to-rent community to be developed along Genito Road in Midlothian, Virginia about 20 minutes southwest of Downtown Richmond. The project marks Middleburg s second build-to-rent community in Midlothian, joining Hamlet Watkins Centre, which is currently under construction.
We are excited to develop Hamlet Falling Creek, which, together with Hamlet Watkins Centre, will set the standard for what build-to-rent living in Richmond is all about, said Robin Bettarel, Managing Director of Development for Middleburg s Mid-Atlantic Region. This type of community is highly appealing to all types of lifestyles – families, individuals, empty nesters – as it provides the opportunity to reside in a high-quality, meticulously maintained neighborhood without the burden of property upkeep or maintenance.
Part of an approximately 100-acre master plot including for-sale homes and townhomes, retail, and preserved wetlands, Hamlet Falling Creek will offer one-, two- and three-bedroom cottages, duplexes and townhomes for rent. Like Hamlet Watkins Centre, the community will provide a truly differentiated living experience, with luxury finishes in every home, a best-in-class amenity package and a pedestrian-friendly neighborhood design. Situated between Route-288, Powhite Parkway, and Hull Street Road, the property s location offers simple access to Downtown Richmond and 530,000 jobs within a 30-minute drive. The site is located in the highly-rated Chesterfield County school district and is part of the Genito Road/288 Corridor improvement plot, which includes landmark projects such as the recent expansion of the RiverCity sportsplex and The Lake, a massive surf-park anchored development currently under construction.
Selim Tay-Agbozo, President of Middleburg Development, stated, The Richmond MSA possesses many of the fundamentals that drive our investment decisions. It continues to benefit from strong population growth as a result of its robust business climate, top-tier school and health systems, and desirable quality of life. On top of that, the availability of single-family homes available for buy or rent in the area is at historic lows, and we look forward to helping fill that gap with the development of these two communities.
Hamlet Falling Creek will offer renters a new rental experience blending the amenities and professional management of a Class-A apartment community with the welcoming feel of a neighborhood. All residences will feature stainless steel Energy Star appliances, quartz countertops, luxury vinyl plank flooring, 9 ceilings, private patios with yard space, and more. Shared amenities include a resort-style pool, fitness center, dog park, several pocket parks and shared green spaces, co-working booths, EV charging stations and extensive pedestrian walkways.
Middleburg expects the first units at Hamlet Falling Creek to be completed in late-2025. Middleburg currently has six built-to-rent communities under construction in Richmond, Charlotte, Charleston, Jacksonville, Huntsville, and Wilmington.

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HOUSTON, TX – Sunstone Two Tree, a developer and operator of rental housing communities in high-growth markets throughout the United States, announced that it has bought a 384-unit multifamily apartment property in Houston, Texas, with plans to fully renovate the community. The company bought the property, located on Elmside Dr. in the Westchase neighborhood of Houston, Texas for $28.9M and will spend $10.5 million on upgrades. Sunstone Two Tree is handling the construction, which has already started, with an anticipated completion date in 2025.
“Houston continues to experience strong job and population growth as evidenced by ranking fifth in the nation in terms of relocations from other cities. Despite construction in recent years, demand has kept vacancies below ten percent in the market,” said Scott Maddux, President of Sunstone Two Tree. “Workforce rental housing appeals to the largest segment of today’s renter market and has proven to be extremely resilient, even during periods of economic uncertainty. We’re pleased to continue our work in Houston to bring high-quality, comfortable, safe and attainable housing to the area.”
The Villas Del Paseo community was built in 1978 and has received few improvements over the years. Sunstone Two Tree will manage a top-to-bottom upgrade of the asset, renovating the interiors of all 384 units with high-quality flooring, hard-surface counters, updated lighting, stainless steel appliances and new cabinetry. On the exterior, it will invest in new paint, do a full roof replacement, add/enhance exterior lighting, improve the landscaping and signage, and repair the balconies and parking lot. It will also update the clubhouse and pool and add dog parks and barbeque areas. The renovations will take place in two phases. The first will include the 144 units east of Elmside Drive, with the remaining 240 being completed in phase two.
Villas Del Paseo is well-positioned to serve the workforce housing community in Houston. It is conveniently located in Westchase, 13 miles from Downton Houston and 20 miles from the William P. Leisure activity Airport. It is 9 miles from the Energy Corridor, 4 miles from the Memorial City Mall and 3.5 Miles from the Memorial Hermann Hospital. It is also close to the headquarters of several major employers in the area.
Sunstone Two Tree bought Villas Del Paseo from Comunidad Partners, which has managed the property since 2019. Matt Saunders with Newmark represented the seller. In addition to the Villas del Paseo community, Sunstone Two Tree owns Commons at Westchase, a 282-unit property located 1.3 miles west of Villas Del Paseo, on which it executed a value-add business plot. The company also bought Village at Westchase, a 462-unit value-add property in 2016, which it sold in April 2022.
Sunstone Two Tree is an acquirer, developer and operator of attainable rental housing communities in high growth markets across the United States. Since its inception in 2012, it has bought or developed thousands of rental units across the country.

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NEW ORLEANS, LA – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, announced that it has bought Tivoli Place and will carry out an extensive rehabilitation of the property. This a milestone transaction for the company, as it is LAC’s first rehabilitation using Historic Tax Credits and its first within the state of Louisiana. As a part of the renovation, LAC will invest more than $35 million to upgrade the century-ancient building, preserving its historic structure and ensuring it remains designated senior affordable housing.
Built in 1917, Tivoli Place sits on historic St. Charles Avenue within the Warehouse District. The neighborhood is home to landmarks including the former city hall, the world’s oldest continually operating streetcar line, the Mississippi River and Caesar’s Superdome.
“LAC is honored to grow our affordable housing portfolio through the acquisition of such a historically significant property,” said LAC CEO Jeremy Bronfman. “As rent pressure remains high in New Orleans, this historic rehabilitation will preserve access to affordable senior housing while enhancing the Tivoli Place community and providing vital new services for residents.”
Tivoli Place provides 163 units of affordable housing for seniors earning no more than 20-60% of the Area Media Income. Further, the property’s 8 total 20% AMI units are set aside for Special Needs Households. The development is further covered by a federally subsidized Housing Help Payment contract that has been renewed for an additional 20 years in conjunction with the rehabilitation, further preserving the project’s affordability. This transaction will protect the much-needed affordable apartments in the Warehouse District, which is part of the City’s Inclusionary Housing Zone designated as a high-cost-of-living area.
LAC will install new central heating and cooling, replace ancient plumbing, upgrade finishes, and raise ceiling heights in each unit. New community amenities will include a media room, library, fitness center, dining room, bike storage, security upgrades, and health care exam room. LAC will also improve the property’s sustainability and resilience by installing new fixtures to reduce the property’s water and power consumption as well as rooftop solar panels and structured solar in the parking lots to offset electricity usage.
Residents will have on-site access to preventative health care screenings, exercise classes, mentoring programs, transportation, disability counseling, and other social programs.
“LAC is proud to close on our first Historic Tax Credit rehabilitation and to help preserve and enhance this historic property,” said David Garcia, LAC Vice President & Project Partner. “Our renovations will ensure that Tivoli Place provides high-quality, attainable, and resilient homes for generations of New Orleans residents.”
The deal was financed through Low Income Housing Tax Credit equity from Boston Financial syndicating to Capital One; federal and state Historic Tax Credits, in partnership with JP Morgan Chase and Stonehenge, respectively; tax-exempt bonds by the Louisiana Housing Corporation; a HUD 221(d)4 loan serviced by Capital One; an equity bridge loan from Huntington National Bank; a PILOT agreement with Finance New Orleans; and solar tax credit equity being syndicated by Boston Financial.
“Boston Financial is proud to have partnered with Lincoln Avenue Communities, Capital One, Huntington Bank, Finance New Orleans, and the Louisiana Housing Corporation on Tivoli Place,” said Roy Faerber, Senior Managing Director at Boston Financial. “We are excited to see the impact this project will make to the community, helping to preserve 163 affordable homes as well as rehabilitate a remarkable historic building in the heart of the New Orleans’ Lafayette Square Historic District. Boston Financial’s vision is to make a future where everyone has a home, one investment at a time, and Tivoli Place is a bright example of that belief in action.”
“Affordable housing preservation and creation is greatly needed in New Orleans and across Louisiana, and the rehabilitation of Tivoli Place underscores Capital One’s commitment to helping solve the affordable housing gap at scale,” said Dan Miller, Capital Officer for Community Finance at Capital One. “We are proud to work alongside Lincoln Avenue Communities as the low income housing tax credit equity investor and originator of the HUD 221(d)(4) mortgage that will finance unit upgrades and add resident amenities, including digital and healthcare access.”

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