MIAMI, FL – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Parkland Apartments, a 396-unit Class A multifamily community in the affluent Miami suburb of Parkland, Florida. The community was bought on behalf of CS1031 Parkland Apartments, DST.
“Parkland Apartments is all about the location near many of South Florida’s major employment hubs, nationally recognized schools, and retail opportunities,” said Louis Rogers, founder and co-CEO of Capital Square. “Parkland Apartments is a very special property for Capital Square’s 1031 exchange and cash investors.”
Located at 5851 Holmberg Road, the 95.5% occupied property features spacious one-, two- and three-bedroom apartment units that average 1,118 square feet and offer stainless steel appliances, quartz countertops, wood-inspired flooring, a private patio or balcony, and in-unit washer and dryers. Community amenities include two resort-style pools, a clubhouse, 24-hour fitness center, hammock garden, two outdoor kitchens, picturesque walking trails and a 4.75-acre lake. Parkland Apartments has direct access to Covered Bridge Park, a 2.9-acre park owned and managed by the City of Parkland that includes wooded nature trails, a meditation area, yoga lawn and butterfly garden.
Since 2018, the property has received $9.4 million in capital improvements, including $6.8 million in interior renovations.
Parkland Apartments is one of only two apartment communities in the exclusive Parkland school district. Beyond Parkland’s nationally recognized, A-rated elementary, middle and high schools, multiple nearby colleges and universities are also in close proximity to the property, including Broward College, Lynn University, Florida Atlantic University and the South Florida Education Center.
“With nationally recognized, A-rated schools and proximity to some of South Florida’s strongest employment, entertainment and natural points of interest, Parkland offers a high quality of life and many resident experiences,” said Whitson Huffman, co-chief executive officer. “Amid Florida’s continuing migration boom, Parkland experienced a 44.7% population increase from 2010 to 2020 with continuous growth projected in the years to come and the region continues to attract some of the nation’s leading companies, which demonstrates a positive long-term outlook for the area.”
Parkland is a highly affluent community with one of the strongest home markets in the state of Florida, with an average home price of $970,000 and household income that surpasses $100,000 annually. The Parkland submarket averaged effective multifamily rental increases in excess of 20% between June 2021 and June 2022. Rent growth is projected to increase 6.4% in 2023 and to remain above 5% through 2027.
Several of South Florida’s major employers are in close proximity to the property, including Microsoft, Zimmerman Advertising, American Express and Broward Health. In addition to South Florida’s already strong employment landscape, additional significant companies continue to relocate or go a part of their operations to the area, including Goldman Sachs Asset Management, which has reported revenues near $8 billion annually; Blackstone, the private equity giant with nearly $1 trillion in assets under management; and Nucleus Research, a global provider of ROI-focused technology research and advisory services. This corporate migration and relocation trend demonstrates a positive long-term outlook for the region.

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TEMPE, AZ – Transwestern Development Company broke ground on a 333-unit multifamily community at Tempe s Novus Innovation Corridor on the Arizona State University Tempe campus. TDC, along with equity partners Griffin Capital and University Realty, will start construction this month on the seven-tale building located on 2.36 acres at the southeast corner of 6th Street and Rural Road.
We are excited to expand our presence in the greater Phoenix market, said TDC Development Associate John Beckworth. Tempe continues to experience increased demand for quality multifamily product due to the market s high levels of in-migration. We look forward to delivering another attractive housing option in Tempe.
Tempe continues to be one of the fastest growing cities in the county driven by strong job growth and continued investment from Arizona State University. We are thrilled to partner with Transwestern, University Realty, and Catellus in this exciting opportunity to provide additional rental housing for Tempe residents, commented Eric Kaplan, President of Griffin Capital.
The mid-rise complex will feature a host of amenities, including a resort-style pool with a clubhouse including a gourmet kitchen, a state-of-the-art fitness center, a coworking lounge, package lockers, and bike storage. Each unit will include a washer and dryer, stainless steel appliances, quartz countertops, and hardwood-style flooring.
This is an vital residential project that will add more housing and amenities to Novus, which promises to be a transformational development in Tempe, said Jay Donnelly, Vice President of Real Estate Development at Arizona State University.
Located approximately five miles from Phoenix Sky Harbor International Airport and walking distance from the University Drive metro light rail line, the project is situated in the master-plotted Novus Innovation Corridor, a 10-million-square-foot, 355-acre mixed-use development adjacent to Arizona State University s Tempe campus. Nearby attractions include Novus Place, a main street retail district, Sun Devil Stadium, Desert Financial Arena, and the university s recently opened Mullett Arena.
Transwestern is a valued partner to Novus, delivering exceptional residential communities in a high-demand market, said Charley Freericks, Senior Vice President of Catellus Development Corporation, the master developer of Novus. The third phase of Novus is nearly complete and Transwestern is helping us get to the end line.
Under the terms of the agreement, the project will be developed on a ground lease with a primary term of 99 years.
This marks TDC s second development in the Novus Innovation Corridor in the past year, with a 200-unit multifamily community also underway at 651 E. 6th St. Transwestern Real Estate Services, specifically Bill Zurek and Jim Achen, continues to be instrumental in TDC s success in the greater Phoenix market. TDC currently has 14 multifamily projects totaling 4,366 units under construction, in pre-development, or recently delivered nationwide, including 1,089 units in the West region. TDC s total sales value has amounted to over $8.4 billion.

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OAKLAND, CA – The Martin Group and STARS REI announced the acquisition of two apartment properties located in Oakland, California. The partners closed on the acquisition of Anton Edge, a brand-new 91-unit luxury apartment complex located in the heart of Oakland’s Pill Hill neighborhood. The partners also closed on the recapitalization of Alice House, a recently completed 79-unit luxury apartment complex located in Oakland’s Lakeside neighborhood. Anton Edge will be rebranded as Edson House and operated in conjunction with Alice House to make a 170-unit portfolio.
“We are long term believers in Oakland’s growth trajectory based on the strength of its medical and other non-technology focused employment base,” said Justin Osler, Co-Managing Partner at The Martin Group, a leading multifamily developer in the San Francisco Bay Area. “We reckon the Pill Hill neighborhood will continue to flourish as centralized, large-scale medical facilities increase their physical footprint in the face of strong demand. Similarly, the Lakeside neighborhood’s access to Lake Merritt, BART and Oakland’s vibrant food scene as well as the upcoming pedestrian and cyclist improvements on 14th Street bode well for Alice House’s continued growth. We are thrilled to close both these transactions with STARS REI who has been an brilliant partner.”
Both Alice House and Edson House consist of a mix of studio, one-, and two-bedroom units, all outfitted with quartz countertops, backsplashes, stainless steel appliances, full size washer dryers, wide plank flooring, kitchen islands, smart access control, as well as private outdoor space in some units. The buildings are both highly amenitized with abundant open space along with dog wash stations, chef’s kitchens, clubrooms, co-working spaces, BBQs and outdoor TVs.
“We maintain our long-term conviction on the Bay Area due to its irreplicable business ecosystem. Fantastic opportunities appear in uncertain times, so instead of putting our pencils down, we are trying to be as active as possible in finding high-quality buildings such as these two. This was a unique opportunity to buy a fully stabilized trophy mid-rise portfolio at a basis significantly below current replacement cost,” said Felipe Bertoni, Vice President at STARS REI, a privately held real estate investment management company headquartered in Santiago, Chile. “We are very excited to expand our Bay Area portfolio in these fantastic neighborhoods with an experienced partner.”
JLL represented the Seller of Anton Edge. Additionally, financing for both transactions was arranged by JLL and provided by First Republic Bank. The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Brandon Geraldo, Matt Kroger, Ryan Wagner and Max Machiorlette and the JLL Capital Markets Debt Advisory team was led by Senior Director Brandon Roth.

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