WEST BABYLON, NY – Preservation Equity Fund Advisors (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced their recent acquisition of Belmont Villas, a 164-unit apartment community in West Babylon, New York. Belmont Villas is located in Suffolk County, a high-cost rental market on Long Island’s South Shore.
The units at Belmont Villas are restricted to residents aged 55 and older. The property is located on Long Island, approximately one hour from New York City. Built with low-income housing tax credits in 2009, the property is restricted to residents with income levels at 60% of Area Median Income (AMI).
The property is comprised of eight two-tale residential buildings in a low-density setting with 13.9 units per acre. The property features 164 one-bedroom units averaging 1,100 square feet; units include an extra room for a den or guest bedroom, providing a competitive edge to other one-bedroom units in the market. Property amenities include a clubhouse, gated access, fitness center, library, game room, and picnic area with barbecue.
Resident amenities include balconies or patios, in-unit washer/dryer, vinyl plank flooring, granite countertops in select units, central heating/cooling, and fully equipped kitchens. As of closing, the property was 98.8% occupied.
“Long Island continues to experience a significant shortage of affordable housing, particularly for senior residents. Belmont Villas benefits from this strong demand dynamic, which supports long-term occupancy, rent stability and makes a highly resilient investment income profile,” said Ann Caruana, President and Chief Investment Officer at PEF Advisors. She continues, “We’re pleased to buy a high-quality property from a respected developer, recapitalize it to address deferred maintenance, and ultimately preserve the affordability when the property becomes at-risk towards the end of our hold period.”

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WASHINGTON, DC – The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with Marshall Heights Community Development Organization (MHCDO), announced the financial closing and groundbreaking of The Waymark, a 109-unit, affordable community in Washington, D.C. s Ward 7. The new housing development will be reserved for families and individuals earning up to 30%, 50% and 80% of the Area Median Income (AMI).
The milestone underscores The NRP Group s commitment to expanding its national portfolio of high-quality, best-in-class affordable housing at a time when the country faces heightened economic uncertainty and tightening capital markets.
This is a uniquely challenging site, but it offers fantastic connectivity through the nearby Metro station and bus lines, said Chris Marshall, Vice President of Development at The NRP Group. The Waymark exemplifies our strategic approach: partnering with mission-driven organizations like MHCDO to fearlessly tackle tough but very well-located sites, to ensure that cost-burdened families can afford simple access to transportation options and daily amenities. This project is a testament to the District s commitment to ensuring essential housing remains viable, even as development hurdles intensify.
Located at 4435 Benning Road NE, the transit-oriented community is just one block from the Benning Road Metro Station and multiple bus lines, offering residents means to reach the entire District. The site provides nearby bike-share access and pedestrian-friendly infrastructure, making a highly walkable environment in a neighborhood where land availability is limited and parking is scarce.
The project coincides with the District s broader revitalization efforts, including the plotted redevelopment of the RFK Stadium site and the return of the Washington Commanders in 2030. The housing development is located one stop away from the Stadium-Armory station, giving residents quick access to the RFK Stadium campus, which is undergoing a transformative $2.7 billion redevelopment that will make approximately 14,000 construction jobs and 2,000 permanent positions, fueling economic growth in Ward 7.
MHCDO has proudly served under-resourced neighborhoods in Washington, D.C. for more than 45 years, and we are honored to collaborate with The NRP Group on this transformative project, said David Retland, Chairman of Marshall Heights Community Development Organization. Our headquarters is located just six blocks from the new development, which allows us to remain deeply connected to the residents of this community. This partnership sets a new precedent for delivering high-quality affordable housing that ensures residents have access to the resources they need to thrive. Through our holistic approach to economic development, we aim to help Ward 7 residents go up the economic continuum and make pathways to better lives and greater opportunities.
The Waymark comprises a mix of studios, one-, two- and three-bedroom residences, including 22 permanent housing units reserved for individuals at risk of homelessness or previously unhoused.
The 109-unit, single-building apartment spans nine floors and features a wide range of amenities. On the first floor, a multi-use space will serve as a hub for resident programs, while the second floor will feature a fully equipped fitness center and a reservable family function room for events and gatherings. MHCDO will provide a robust suite of resident services, including financial literacy workshops, job readiness training and access to professional development opportunities.
Outdoors, residents will delight in a landscaped front lawn along with a well-designed playground and seating areas that encourage social interaction. In addition, the project will include a placemaking art installation to reinforce neighborhood identity and contribute to the beautification of the site. The piece will be highly visible and made by a local artist.
Financial partners for the new development include a mix of public and private institutions, including the DC Department of Housing and Community Development (DHCD), which provided soft debt; the DC Housing Finance Agency (DCHFA), serving as the bond issuer; and DC Green Bank, supporting sustainable development initiatives. Private sector partners include KeyBank as the lender and U.S. Bank as the tax credit investor.
This project exemplifies what can be achieved when public agencies, private partners, and the community work together, said Colleen Green, Director of the DC Department of Housing and Community Development (DHCD). It is truly responsive to the housing needs of District residents and reflects our commitment to long‑term affordability, equitable development, and expanded pathways to economic mobility.
The Washington, D.C. metropolitan area remains a priority for The NRP Group and the firm s latest expansion reflects strong confidence in the region s long-term rental housing market. The NRP Group has developed more than 68,000 apartment homes since 1994, and currently manages over 33,000 residential units across the U.S.
Construction for The Waymark will be completed by the end of 2027.

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NEW YORK, NY – GID, a vertically-integrated real estate owner, operator, developer and investor with $32.1 billion in assets under management, announced the continued expansion of GID Residential Partners, its national development platform, with a strategic entry into the Mid-Atlantic market. The initiative will be led by industry veteran Duncan Jones, who joins the firm as Senior Managing Director.
Building on GID s longstanding multifamily development experience, the entry into the Mid-Atlantic market, comprising Maryland, Washington D.C., Northern Virginia and North Carolina, represents an extension of the Company s recently announced GID Residential Partners platform. GID’s presence across these states reflects the firm’s ongoing focus on expanding its private market real estate strategies in markets where fundamentals — including population growth, employment trends, and housing demand — have historically supported real estate investment activity.
Expanding into the Mid-Atlantic represents a natural next step as we strategically scale GID Residential Partners, said Sean Caldwell, President of GID Residential Partners. The region offers a compelling opportunity for long-term growth, and Duncan s strong experience across these markets positions him well to lead our efforts and establish a meaningful presence.
Mr. Jones has 20 years of direct multifamily real estate experience, including 16 years as a developer across the broader Mid-Atlantic region, including Virginia, Washington DC, suburban Maryland and North Carolina. Mr. Jones has led and contributed to 25 communities and over 7,000 homes over the course of his career, spanning both rental and for-sale housing across a range of product types. For the past seven years, Mr. Jones led development activity with Akridge, where he served as Senior Vice President and Director of Multifamily.
GID s fully integrated platform provides a strong foundation to do development opportunities across the Mid-Atlantic, said Duncan Jones. I look forward to working with the team to grow the platform and deliver well-designed communities in these key markets.
GID Residential Partners builds upon GID s vertically-integrated platform, including in-house development, design, construction and property management capabilities. Following its launch last year, the platform has established a pipeline of approximately 3,500 units across Atlanta, Houston, Austin, and Denver. The platform is currently expanding in Florida and Georgia, and plans to continue expanding into key markets in the Northeast, Southeast, Southwest and West.
The Mid-Atlantic presents a strategic opportunity for our residential platform, supported by its resilient economic base and consistent demand for housing, said John Gagnier, President, GID Development. Bringing on experienced leaders like Duncan underscores our focus on building a high-quality team with local insight to support continued expansion in these key markets.
GID has delivered landmark projects, including Waterline Square in New York, High Street in Atlanta and Cirrus and Stratus in Seattle. The firm s vertically-integrated platform provides alignment with partners and consistency, and the expansion of GID Residential Partners will further enhance the firm s visibility in the national multifamily market.

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