ROCHESTER, NY – Conifer Realty, a nationally ranked, full-service real estate company specializing in the development, construction, management, and ownership of high-quality, affordable housing communities, and Community Preservation Partners, a mission-driven affordable housing preservation developer, have announced the plotted renovation of Andrews Terrace, an iconic 526-apartment building complex on Rochester s waterfront for senior (62+) and disabled residents (and their families). This is the second joint community investment for Conifer and CPP in Rochester, following Keeler Park, which was bought in October 2022.
Built in 1975, and located at 125 St. Paul Street, Andrews Terrace consists of two 19- to 22-tale elevator-served residential buildings containing 526 studio, one-, and two-bedroom apartments. The buildings are connected fully on the first floor, with elevated outdoor walkways throughout. In recent years, the development has faced capital repair and maintenance challenges beyond what the operating budget could cover. In response to this, Andrews Terrace will receive extensive renovations estimated at $101 million, with a total project investment of approximately $335 million.
KeyBank Community Development Lending and Investment (CDLI) in partnership with the Urban Investment Group (UIG) within Goldman Sachs Asset Management, invested $135.6 million of 4% Federal LIHTC Equity and provided a $200 million construction loan. Additionally, KeyBank Commercial Mortgage Group closed $73.1 million Fannie MTEB and KeyBanc Capital Markets underwrote $163 million of tax-exempt bonds for this project. Federal and State Historic Tax Credit equity of $37.2 million will be provided by Chase Community Equity.
“We are excited to partner with Conifer Realty and Community Preservation Partners to revitalize Andrews Terrace, which provides a critical supply of affordable housing to Downtown Rochester. Our investment will help existing and new residents access safe, affordable housing and critical on-site services. We look forward to the lasting impact on the community of this next chapter in Andrews Terrace s nearly 50-year history, said Scott Maxfield, a Managing Director in the Urban Investment Group within Goldman Sachs Asset Management.
KeyBank has had a steadfast commitment helping the clients and communities we serve thrive, said Rob Likes, National Manager of KeyBank s CDLI team. We are deeply committed to helping underserved populations and are proud to partner with Conifer Realty and Community Preservation Partners to renovate, safe and decent affordable housing for seniors and disabled residents.
Preservation of this unique 557,602 square-foot downtown development, designed in the brutalist architectural style, will complement Rochester s ROC the Riverway Program, a unified plot which includes dozens of transformational projects along the Genesee River.
“We are thrilled to partner with Community Preservation Partners on the revitalization of Andrews Terrace, a cherished affordable housing community here in our hometown, said Jason Carroll, Senior Vice President of Acquisitions & Development at Conifer. This collaboration exemplifies our commitment to providing quality affordable housing and fostering sustainable neighborhoods that enhance the Rochester community. Together with CPP, we look forward to preserving the legacy of Andrews Terrace and making an even brighter future for its residents.”
All apartments will receive considerable kitchen upgrades including new countertops, painting, new appliances, fixtures, and cabinets. Bathrooms will also be refurbished with the installation of new fixtures, vanity, and wainscotting. Once completed, 5% of the community s apartments will be brought into ADA compliance.
Common areas, including the lobby, community room, management office, maintenance shop, and parking garage, will be renovated with drywall repairs, painting, new flooring, and HVAC upgrades, as needed.
There will also be several new outdoor additions to the community including a community garden on the property s terrace, grandparents playground, a seating and grilling area, and bocce ball courts. Indoor amenities will include a fitness room, game room, reading nook, and two community rooms with serve-in kitchens. New mailboxes with parcel boxes will also be installed.
Additionally, elevators and electrical and plumbing systems will be upgraded. The building s signature cantilevered balconies and connecting outdoor breezeways will be fully restored and upgraded with new end coating, bringing them back to their historical glory. Windows and select doors will be replaced, and the façade will receive concrete and masonry repairs.
Like many communities we serve across the nation, there is a significant need for affordable housing in Rochester, said Vice President of CPP East, John Fraser. So, it s incredibly satisfying to preserve this iconic affordable housing development for years to come. Andrews Terrace is a landmark and an vital part of the community.
Under an existing Housing Help Payment (HAP) contract Andrews Terrace currently has 496 of its apartments reserved for residents earning an Average Medium Income (AMI) of 50% or less, with 30 apartments set at 60% or less of AMI.
The transaction, which closed on December 21, 2023, includes a 20-year renewal to the Project-Based Section-8 contract from HUD, as well as a new 4% Low Income Housing Tax Credits (LIHTC) from the New York State Division of Housing and Community Renewal (NYSHCR), federal Historic Tax Credits (HTC) from the National Park Service, tax-exempt bonds issued by COMIDA (the County of Monroe Industrial Development Agency), and New York State Historic Tax Credits from the New York State Historic Preservation Office (SHPO).
Renovations are scheduled to take 32 months to complete, with minimal impact to residents expected, said Ari Shachter, Director of Acquisitions and project lead for Conifer.

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DALLAS, TX – Lion Real Estate Group, an investment firm focused on multifamily properties in the Sun Belt states, announced that it has bought 240-unit District 2308, a Class B multifamily property located in Arlington, TX, approximately two miles north of AT&T Stadium, home of the Dallas Cowboys, and Texas Live!
Ben Kriegsman, Director of Acquisitions at Lion, said, District 2308 is our second acquisition in our third discretionary fund and represents an incredible opportunity for us to bring our proven, value-add program to another asset in the robust Dallas-Fort Worth (DFW) Metroplex. Lion now owns 2,226 units in DFW, and we are committed to growing our portfolio across the Sun Belt and Southeast by acquiring additional communities at an attractive basis.
To ensure that District 2308 meets Lion s high-quality standards and is in line with the rest of its Dallas-Worth Worth portfolio, the Firm plans to renovate 100% of the unit interiors with stainless steel appliances, quartz countertops, new flooring, refreshed paint, among other premium upgrades. Focusing on a niche sector allows for bulk pricing and reduced renovation costs per unit. Lion also intends to make improvements to amenities and common areas at the property.
Current market dynamics, our access to accretive fixed-rate financing, and our vertically integrated management platform separate Lion from many other real estate investment firms, allowing us to confidently deliver robust cash flows and risk adjusted returns to investors while providing quality housing to our communities, added Kriegsman.
The Firm recently onboarded a President of Operations and a Vice President of Marketing who will play an integral role in the Firm s rapidly expanding operations across the country.

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DENVER, CO – Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and property manager, announced the start of leasing at Kindred Apartment Homes, joining Citizen West 10, as Quarterra’s second community in Denver’s historic Golden Triangle neighborhood.
Kindred is a 224-home high-rise community in the heart of one of Denver’s oldest and most refined neighborhoods, situated amid the city’s top museums, art galleries and civic institutions. Mirroring the local art-centric and eclectic vibe, the community’ design-forward vibe blends in among the casual cafés, upscale restaurants, vintage shops and public murals that define the city’s civic center. The property also features 3,800 square feet of retail space of its own, featuring Nanas Dumplings and Dim Sum and GoodVets. With unparalleled walkability and bike access, Kindred connects residents to neighborhood attractions, as well as Lower Downtown Denver.
“Kindred puts residents within walking distance of all the top cultural sites in Denver. The Golden Triangle is 45 square blocks of art, education, destination dining and unique bespoke shops,” said Chris Gillies, Quarterra City President. “Kindred establishes itself within the neighborhood due to its uncompromising design and living experience. Residents find themselves not only in an enviable location within the city, but surrounded by a modern and thoughtfully designed building that emphasizes comfort and convenience. We’re enlivened to deliver this exceptional lifestyle-focused opportunity and continue our leading role in energizing one of Denver’s most remarkable neighborhoods.”
Located at 180 W. 10th Ave., Kindred is surrounded by cultural institutions, including the Museum of Contemporary Art Denver, Colorado Convention Center, Denver Art Museum, History Colorado Center, Civic Center Park, the U.S. Mint and Denver Public Library. The community is also just a small distance from the city’s major sports and entertainment venues — Empower Field at Mile High, Ball Arena and Coors Field.
Quarterra is leading the re-emergence of Denver’s historic Golden Triangle neighborhood. A prominent resident neighborhood roughly a century ago, the Golden Triangle had been relegated to overflow parking for Downtown Denver, with small to no social or economic activity. Through Kindred and associated developments, Quarterra is rejuvenating the neighborhood and helping to reinstate its status in the city.
Ideal accessibility is facilitated by nearby major city routes, including Broadway and Speer Boulevard. These thoroughfares provide quick access to Denver’s Regional Transportation District (RTD) bus routes, FasTracks light rail line and Amtrak trains via Union Station. The community is also just minutes from Interstate Highways 25 and 70, leading to all ends of the city, state and beyond.
Kindred consists of studio, one- and two-bedroom apartment homes, ranging from 458 to 1,366 square feet. Modern in-home features include View smart windows (select homes) and smart thermostats. Spacious kitchens are appointed with stainless steel appliances, ceramic tile backsplashes, designer faucets and quartz countertops. Spa-style bathrooms include tile flooring and shower surrounds. Kitchens and living areas feature luxury vinyl plank flooring, while bedrooms are carpeted. Bedrooms also come equipped with expansive closet space. All homes include full-size in-home washers and dryers. Select homes are designed with kitchen islands, dedicated work-from-home spaces and mud rooms to accommodate the active Colorado lifestyle.
Community amenities include a sixth-floor spa and deck with outdoor fire pits and gaming areas. A 14th-floor view lounge offers exquisite panoramic views of the city and Front Range mountains, while a community lounge features billiards, shuffleboard and a catering kitchen. Residents also have access to a 24-hour fitness center, pet porch with dog run, bike storage area, resident storage spaces, and a five-floor parking garage with 13 electric vehicle charging stations. As part of Quarterra’s energy efficiency efforts, the property also includes solar panels and a green roof.
Kindred is Quarterra’s eleventh Denver Metro community, joining Parkhouse, Sync36, Strata, Canvas, Beacon 85, Camber, Citizen West 10, Emblem Gateway, Jayne, Malbec at Vallagio and Radiant.

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