Elevate Commercial Investment Group Acquires 232-Unit Watercolors of Centerton Apartment Community in Northwest Arkansas

CENTERTON, AR – Elevate Commercial Investment Group, a vertically integrated multifamily investment firm based in Dallas, TX announced the acquisition of Watercolors of Centerton, a 232-unit multifamily complex in the booming NW Arkansas.
This is Phase 1 & 2 of the entire complex. Phase 3, another 144 units, is currently under construction and expected to be completed in Summer 2023. Elevate is already set to close on the acquisition of Phase 3 once construction is complete, which will make Watercolors a 376-unit community.
Elevate focuses on a strategy called real estate syndications. This is a term for a group investment among many different investors. Elevate works with busy professionals who want all the benefits of real estate, but don’t want to manage the deal themselves. That’s what Elevate and their team do. Elevate CIG raises capital from high-net-worth investors to buy the deal and help with any repair/upgrade costs. In exchange for their capital, investors earn real equity in the deal. After closing, Elevate executes their business plot, provides monthly updates, and gives investors a substantial return on their investment.
NW Arkansas is one of the hottest real estate markets in the U.S. right now. A recent Skyline Survey found that the apartment vacancy in this market is “functionally 0%.” The property Elevate just bought, Watercolors of Centerton, is just 8 minutes away from the new Walmart HQ in Bentonville, which will house 19,000 employees.
“We continue to buy quality assets in thriving markets. There is still a huge demand for housing in the U.S. and especially here in NW Arkansas,” said Jorge Abreu, Co-Founder and CEO of Elevate. “NW Arkansas is experiencing a huge influx of jobs and people moving to the area.”
Watercolors of Centerton is conveniently located at the intersection of SW 14 street and Greenhouse Blvd. Complex amenities include a resort-inspired pool, gym, pickleball court, basketball court, pool tables, and pet park. Elevate plans to invest $1.5M into the property for improvements.

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Affirmed Celebrates Opening of The Orchard at Hilltop Affordable Housing Community in San Diego’s Chollas View Neighborhood

SAN DIEGO, CA – Leading affordable housing developer Affirmed Housing announced the grand opening of The Orchard at Hilltop, a mixed-use, urban infill development located in San Diego s Chollas View neighborhood. Situated across multiple parcels on Hilltop Drive, The Orchard at Hilltop delivers apartment homes for lower-income residents, as well as approximately 6,500 square feet of commercial space. The opening marks the completion of the first of a multi-phase effort to redevelop the underutilized surrounding area.
A severe shortage of affordable housing continues to plague so many of our hard-working residents. The Orchard at Hilltop is a fantastic example of how to tackle our housing and homelessness crisis — demonstrating what s possible when we work with community-minded partners like Affirmed Housing, said San Diego Mayor Todd Gloria. Not only have they delivered a gorgeous complex that residents can be proud to call home; they have also revitalized an entire swath of land that paves way for new opportunities and new beginnings for many more San Diegans. This project raises the bar, and I look forward to seeing more thoughtful projects and approaches like this in the city s future.
The Orchard at Hilltop enriches the Chollas View community with 113 affordable apartment homes, a hospitality venue destined to become a local landmark, and a renewed stormwater channel that makes a natural wildlife habitat amidst the busy urban context. The development also paves the way for new, market-rate home construction across the arroyo, benefiting San Diego residents at all income levels.
The Orchard at Hilltop breathes new life and fresh opportunities into the neighborhood and demonstrates what s possible when multiple stakeholders come together to do on common goals, said Jimmy Silverwood, President of Affirmed Housing. By working together, we are able to add much-needed inventory to the region s housing market and deliver a gorgeous community that supports quality of life goals for its residents. Affirmed Housing is proud to work with fellow forward-looking partners to make a difference for hard-working families and individuals who deserve to live their best lives.
To activate the land, Affirmed Housing led the mapping charge, combining and cleaning up what were originally a dozen different parcels on nine acres and dividing them into three separate parcels to accommodate the affordable and market-rate developments and the renewed stormwater feature. The overall process involved negotiations with state and federal environmental agencies to uncover creative solutions for bringing housing and economic development opportunities to the community while also protecting the existing natural resources. Affirmed Housing also engaged with the community, applying member feedback to help ensure the design of The Orchard at Hilltop will serve as a valuable resource in the long term.
The Western Alliance Affordable Housing Investments group is very pleased to play a role in bringing essential affordable housing to the Chollas View neighborhood, said Philipp Smaczny, Senior Director of Affordable Housing Finance for Western Alliance Bank. Our team specializes in delivering tailored, flexible financing solutions for residential projects across the country. This exciting investment in San Diego exemplifies our commitment to our clients and communities.
The apartment homes, which range in size to accommodate single-member through large-family households, are spread over two four-tale buildings and one three-tale building. Each building includes its own laundry room and elevator. A separate, single-level building contains a community room with outdoor amenities, such as an adjacent swimming pool, recreational lawn, basketball half-court and a tot-lot. A mix of surface and tuck-under parking is available throughout the complex, including multiple EVCS parking spaces and secured bicycle parking in one of the residential buildings. Additionally, The Orchard at Hilltop residents have access to services that are customized to meet the needs of the multi-generational community.
Affirmed Housing s funding partners for The Orchard at Hilltop are Civic Communities, Boston Financial, Boston Capital Finance, Western Alliance Bank, the San Diego Housing Commission, the City of San Diego, the California Tax Credit Allocation Committee (CTCAC) and the California Debt Limit Allocation Committee (CDLAC). It was funded in part with HOME Investments Partnerships Grant funds provided to the City of San Diego by the U.S. Department of Housing and Urban Development (HUD) and administered by the San Diego Housing Commission. Project development partners include Studio E Architects, LandLAB, Kettler-Leweck, HA Builders and Project Design Consultants.

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Preservation Equity Fund Advisors Acquires 198-Unit Freedom Village Affordable Apartment Community Serving Seniors in Illinois

HOMEWOOD, IL – 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 Freedom Village, an existing apartment community in Homewood, Cook County, Ill. This is PEF Advisors second acquisition in Cook County, Ill. in the past 12 months.
Originally built in 1998 with tax credits from the Illinois Housing Development Authority, Freedom Village is a single 3-tale building which serves low-income seniors. Comprised of 198-units, the property includes a mix of 124 one-bedroom units and 74 two-bedroom units. All of Freedom Village s 198-units are allotted at 60% area median income (AMI).
Freedom Village is 98.5% occupied (as of November 2022) and provides an abundance of amenities, both in-unit and within the apartment community. Units include fully equipped kitchens with refrigerators, ranges, dishwashers, 6-panel wood doors, in-unit heating/cooling systems, vinyl plank & carpet flooring and walk-in closets for the two-bedroom units. Within the property, there is a community room with a kitchen, elevators, lounges, outdoor patio with BBQ grills, library, laundry facilities, fitness center and a game room with a pool table. Parking consists of 40 garage spaces and 93 surface spaces.
This project sits in a unique part of Cook County as residents are walking distance to major retail corridors and public transportation, said Ann Caruana, President & Chief Investments Officer at PEF Advisors. There is a high demand of housing in the area, and we hope through our dedication in the preservation of affordable housing, Freedom Village will further serve the community.

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