TAMPA, FL – Covenant Capital Group, a leading real estate investment manager with an exclusive focus on value-add investments in apartment communities, sold Seven Lakes at Carrollwood, a 640-unit multifamily property located in Tampa, Florida.
Seven Lakes at Carrollwood, a garden style apartment community located in Tampa, Florida, sold in October. The multifamily property sits on over 39 acres and offers residents unique amenities like a sparkling swimming pool, fully equipped fitness center, and an upscale clubhouse. Seven Lakes at Carrollwood required a comprehensive renovation of the interiors, exteriors and amenities of the property to be in line with current renters expectations.
The property is nearby abundant retail options at the Plaza Citrus Park Mall, Westfield Citrus Park Mall and the Westchase Town Center – all within a ten-mile radius of Seven Lakes at Carrollwood. Also, the property s strategic location in Tampa offers one of the most dynamic economies in the state, driven by financial services, healthcare and education.
Seven Lakes at Carrollwood exemplifies Covenant s philosophy of revitalizing and extending the lifespan of strategically vital apartment communities. According to NMHC and NAA s latest research on housing demand, an estimated 4.3 million housing units need to be built by 2035 and an additional 3.7 million after 2035 to keep up with annual projected demand.1
The U.S. can t meet the growing nationwide need for apartment inventory without preserving and extending the lifespan of existing units that are falling into disrepair, said Govan D. White, managing partner and co-founder of Covenant Capital Group. Covenant has invested heavily to update communities and make vast improvements in environmental efficiencies, adding to long-term sustainability. This keeps valuable housing inventory in high-growth areas affordable and accessible.

Powered by WPeMatico

FORT WORTH, TX – Local real estate developers, community partners and residents celebrated the grand opening of Cowan Place Senior Living. It was built with the help of a $750,000 Affordable Housing Program (AHP) subsidy provided by the Federal Home Loan Bank of Dallas through one of its members, Texas Capital Bank in the Stop Six neighborhood of Fort Worth, Texas.
The development is part of a transformation plot designed to improve the Stop Six neighborhood in Fort Worth with affordable housing and neighborhood amenities. The plot includes replacement of the former Cavile Place public housing community with new, mixed-income rental residences in six phases of development. It includes a neighborhood hub for recreation, educational, health and safety services, commercial districts and space for healthcare and educational, economic and other support services.
In addition to affordable housing for seniors, Cowan Place amenities include rooms for a library and theater, fitness studio, salon, billiards, crafts and other spaces for private meetings with health care professionals.
The AHP funds were vital in closing funding gaps to make sure that we could end construction on this project, said Mary-Margaret Lemons, Fort Worth Housing Solutions president. We could not have finished this project without the money provided by the Federal Home Loan Bank of Dallas and Texas Capital as a partner. It was critical for us to get over the end line and end this during COVID, and so it was really a game changer for us to be able to have full funding of this project to get started.
FHLB Dallas awards AHP subsidies through its member financial institutions to benefit very low- to moderate-income households across its five-state District.
These are the type of projects that we get involved in because of the impact that they have on communities such as this; we want to help in making life better for the individuals, businesses and communities in Fort Worth, said Worley Barker, director of Community Development Lending and Investments for Texas Capital.
Affordable Housing Program (AHP) funds are intended to help FHLB Dallas members in financing the buy, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in their community. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
It can be hard to develop affordable housing, and the AHP is a funding source that can help fill the gap to make a deal like this work, said Melanie Dill, community development and AHP rental manager at FHLB Dallas. Not only does the AHP help to fill a funding gap, but it can also help our members make new business opportunities, support their communities and meet CRA objectives.

Powered by WPeMatico

TEMPE, AZ – MG Properties, a leading real estate investment and management firm, announced its $100.25 million acquisition of NOVO Broadway Apartments (formerly known as Parc Broadway), a residential community located in Tempe, Arizona recently completed by Evergreen Devco, Inc..
Key features of NOVO Broadway Apartments include its prime location in Tempe, offering residents simple access to growing employment centers anchored by large technology, manufacturing, and health care companies. The property’s luxurious amenities, contemporary architecture, and commitment to fostering a sense of community distinguish it as a sought-after residential destination.
“NOVO Broadway Apartments is a high-quality community that is well positioned to benefit from regional employment growth, making it an ideal fit for our long term investment strategy,” said Jeff Gleiberman, President of MG Properties.
The sellers, Evergreen Devco Inc., were represented by Steve Gebing and Cliff David of IPA. Financing for the transaction was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant of IPA.

Powered by WPeMatico