PHOENIX, AZ – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of Stella, a 308-unit, Class A multifamily community in the Phoenix suburb of San Tan Valley. Thompson Thrift plans to start construction in June and welcome new residents beginning in late 2024.
“San Tan Valley is part of Arizona’s rapidly growing Pinal County,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are excited that residents will have a top-quality new rental option to choose from when Stella opens its doors next year.”
Located on a 20-acre site near North Gary Road and West Hunt Highway, Stella will consist of 12 two- and three-tale buildings, a resort-style swimming pool with adjacent lawn and outdoor pavilion, two pickleball courts, two dog parks and relaxing gardens with fruit trees and fountains. The one-, two-, and three-bedroom apartment homes will offer up to 1,513 square feet and residents will be able to select from a variety of layouts and signature amenities including private enclosed yards or patio options and detached single-car garages. The apartment homes will be finished with elegant quartz countertops, hardwood style-flooring, stainless steel appliances, high-speed, instant-on internet access, ceiling fans, full-size washer and dryer, smart thermostat and an Alexa-compatible smart hub.
The pet-friendly luxury community will be close to multiple outdoor activities, including hiking, biking, or exploring the San Tan Mountain Regional Park, a national park that is located two miles west of the property. Residents will be living near an array of retail options that include national tenants such as Starbucks, Taco Bell, Panda Express, Chipotle and Burger King, with a high-volume Walmart Supercenter adjacent to the property. In addition, Hunt Highway provides future residents with ease of access to nearby Queen Creek, Mesa, Gilbert, Chandler and Loop 202.
The employment corridor along Loop 202 features high-paying jobs from companies such as Liberty Mutual, Deloitte, Dignity Health and Isagenix. Additionally, Arizona State University’s new Mesa City Center, a new state-of-the-art digital media learning center, is 10 minutes north. The area is also home to two airports – Phoenix Mesa Gateway Airport and the Chandler Municipal Airport.
This will be Thompson Thrift’s sixth community in Arizona.

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GREENSBORO, NC – Bell Partners, one of the nation’s leading multifamily investment and property management firms, announced the final close of its Value-Add Fund VIII at a hard cap of $1.3 billion in equity commitments from a range of domestic and international investors, many of whom were existing partners in previous funds.
Fund VIII will deploy a value-add investment strategy, acquiring well-located, quality market-rate apartments in 14 target markets across the United States including Boston, Washington D.C., Raleigh, Charlotte, Atlanta, Fort Lauderdale, Orlando, Tampa, Austin, Dallas, Denver, Los Angeles, San Francisco and Seattle. With leverage, the Fund has investment capacity of approximately $3.2 billion. The Fund’s value creation strategies include renovations, enhanced operations, and investment in transitioning neighborhoods.
“We are grateful for the support of our investors and are committed to consistently delivering strong performance throughout a full market cycle by leveraging our national platform and deeply experienced team,” said Lili Dunn, Chief Executive Officer and President of Bell Partners Inc. “We are focused on carefully identifying attractive investment opportunities that make value for our investors.”
“Apartment fundamentals remain solid, and we are confident that multifamily housing is well-positioned to withstand changing market conditions,” said Joe Cannon, EVP, Portfolio Management, Bell Partners Inc. “As we evaluate opportunities to invest Fund VIII, we will continue to leverage the insights and capabilities from Bell’s vertically integrated operating platform to identify attractive investment opportunities and maintain our record of making value for our investors.”
Hodes Weill Securities, LLC acted as the exclusive global placement agent to Bell Partners.
The close of Fund VIII follows the close of Bell Partners’ $930 million Bell Core Venture in 2022, which complements the Company’s value-add investment strategy. Since making its fund platform in 2006, Bell Partners, Inc. has closed nine funds and numerous other separate accounts with total equity commitments of over $6.0 billion that have been launched and substantially invested on behalf of institutional and high net worth investors.

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NASHVILLE, TN – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Modera Gulch, a mixed-use apartment community located along Nashville’s vibrant Division Street.
The 15-tale community, which features 378 apartment homes and approximately 18,000 feet of ground-floor retail space, features unobstructed views of the city and a superb Walk Score of 89. First go-ins at Modera Gulch are scheduled for August.
“The Gulch has become one of Nashville’s most desired neighborhoods, and we’re excited to open our doors to our initial residents at this incredible new community,” said Luca Barber, senior managing director of development for Nashville for Mill Creek Residential. “We’re confident that the unmatched location, walkability and proximity to downtown – coupled with a best-in-class community with sweeping city views and a refined suite of amenities – will make a high-quality living experience that will truly encompass everything Nashville has to offer.”
Modera Gulch adds to Mill Creek’s emerging presence in Nashville and joins inaugural community Modera Germantown, which started preleasing in March and is amidst first go-ins. Mill Creek officially entered the Nashville market in 2019 with a new regional office.
Situated at 810 Division Street, Modera Gulch will feature an abundance of onsite retail, including Hi-Wire Brewing, Pure Sweat and Float Spa, Jade and Clover, High Street Wine, P. Volve, SolidCore and an OVME med spa. The community is also surrounded by a bevy of boutique retailers, a diverse array of restaurants and a wide variety of employment opportunities. That includes Amazon’s new Operations Center of Excellence, which is less than one mile from the community. The neighborhood also features the Frist Art Museum, Country Music Hall of Fame and the city’s renowned Lower Broadway. In addition, the 32-acre mixed-use urban district Capitol View is located just over a mile from the community.
The National Green Building Standard (NGBS) Green certified community offers studio, one-, two- and three-bedroom homes with an average size of 910 square feet and select den layouts, with several homes including oversized balconies. Community amenities include an expansive sixth-floor amenity deck, outdoor swimming pool, rooftop dog park and observation deck, barbecue area with dining tables, pet spa, clubhouse, game room with pool table and arcade games, conference room, co-working space and coffee bar. A club-quality fitness center includes a yoga/Pilates studio, TRX system, individual training and additional user-friendly features. Residents will also have access to controlled-access garage parking, package delivery service, dedicated bike storage and additional storage.
Apartment interiors are delivered with nine-foot ceilings, stainless-steel appliances, quartz countertops, tile backsplashes, 42-inch custom cabinetry, pendant lighting, oversized windows with roller shades, upgraded fixtures, programmable thermostats and in-home washers and dryers. Designer bathrooms include double vanities, tile shower surrounds and linen closets while bedrooms are equipped with walk-in closets and built-in storage.

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