PHOENIX, AZ – EJF Capital and Toll Brothers, through its Toll Brothers Apartment Living division, announced the formation of a joint venture to develop Henri, a 313-unit multifamily community in downtown Phoenix, AZ. The 2.32-acre site is in a Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017 (TCJA), which offers investors potential tax benefits to invest into Qualified Opportunity Zones with the aim of spurring economic growth in lower income areas.
The Project, expected to break ground in October 2022, is a joint venture between EJF OpZone Fund I LP and TBAL. Upon completion, the seven-tale building will offer a unit mix of studio- through 3-bedroom apartments located in one of the only pre-automotive, walkable neighborhoods in the Phoenix Metropolitan Statistical Area (MSA). Neighboring the famed arts district Roosevelt Row, the Project is surrounded by restaurants, bars, cafes, art galleries, shops, and entertainment venues.
We re truly delighted to partner with Toll Brothers on a project with such undeniable economic appeal, said Asheel Shah, Senior Managing Director and Head of Real Estate Development at EJF. Phoenix is one of the nation s fastest-growing metropolitan areas, with a sizeable employment base and a dynamic retail, restaurant, and entertainment hub downtown—yet it has a limited supply of new housing opportunities. Henri is well-positioned to capture that unmet demand.
Charles Elliott, President of Toll Brothers Apartment Living, said Downtown Phoenix s ideal location, proximity to major transportation networks, and demographics all point to a community in growth mode. Henri will fill an vital need for multifamily housing in this vibrant and quick-growing area.

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EAST ORANGE, NJ – Hudson Valley Property Group, a leading, national affordable housing preservation company, announces the completion of the $57 million preservation project at Corinthian Towers, a 221-unit housing complex in the 4th Ward of East Orange, New Jersey.
City of East Orange Mayor Ted R. Green, U.S. Housing and Urban Development (HUD) and New Jersey Housing and Mortgage Finance Agency (NJHMFA) officials attended a ribbon cutting ceremony earlier today to celebrate the completion of the extensive renovations and upgrades to Corinthian Towers.
The comprehensive renovations totaling ~$11.5 million (~$50,000 per unit) feature major home improvements, including complex-wide infrastructure modernization, apartment upgrades, and the implementation of enhanced site monitoring utilizing intelligent cameras for adherence to HVPG’s community standards, marking a new beginning for the 94-year-ancient facility.
“With the help of the City of East Orange, HUD and the NJHMFA, we are honored to transform Corinthian Towers into a place that residents will be proud to call home,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “As the demand for affordable housing continues to increase across the nation, this project exemplifies our commitment to partnerships to make these projects possible and the quality and affordability we provide residents across our properties.”
“The City of East Orange is excited to celebrate the completion of this expansive renovation project at Corinthian Towers and I applaud Hudson Valley Property Group for making this significant investment in our community,” said Mayor Ted R. Green. “Quality, affordable housing is one of my administration’s top priorities and the partnership we share with HVPG, HUD and the New Jersey Housing and Mortgage Finance Agency is an brilliant example of how we can improve the standard of living for our residents, preserve the stability of our neighborhoods, and contribute to the economic revitalization of our city.”
“The preservation of affordable housing is one of HUD’s top priorities, and Corinthian Towers is a fantastic example,” said Alicka Ampry-Samuel, HUD Regional Administrator for New York and New Jersey. “HUD is committed to providing rental subsidies to ensure these homes remain affordable so residents can count on housing and financial stability for years to come.”
“NJHMFA is proud to support the $11.5 million plot to renovate, improve and ensure the continued affordability of Corinthian Towers,” said NJHMFA Executive Director Melanie R. Walter. “These improvements will provide long-term safe, stable housing for 221 East Orange families; they represent a transformative investment in the future of this vital community.”
All apartment units at the property received a subsidy through a HUD project-based Section 8 Housing Help Payment (HAP) contract. To ensure the long-term affordability of the property, HVPG obtained a new, 20-year-term HAP contract. No residents were displaced as a result of this transaction. HVPG additionally brought in a new property management partner at the property, Community Realty Management of Pleasantville, NJ.
Financing the rehabilitation included private equity raised from the Hudson Valley Preservation Fund, LLC, NJHMFA tax-exempt bonds and 4% Low Income Tax Credits (LIHTC) bought by PNC, a construction loan from PNC and a Freddie Mac credit enhanced Tax-Exempt Loan (TEL) originated by PGIM Real Estate. The City of East Orange supported the project with a long-term PILOT Agreement.
Renovations of the 221 apartments included designer inspired kitchen cabinetry and countertops with high efficiency appliances, the creation of fully compliant ADA and H/V units, and new energy-efficient lighting and water conserving fixtures. HVPG also paid careful attention to the character of the building, reinvigorating the lobby’s original terrazzo flooring with thoughtful tile touches carrying over to custom brass entry doors. A full elevator modernization was undertaken, and the ancient elevator car was donated to the Patterson Fire Department to be used for their ongoing training program. In addition, the building’s generator, boilers, and roofing were replaced, adding to the quality-of-life upgrade provided to the residents. Security measures were also overhauled at the property with new generation, advanced smart cameras allowing for full building viewing in high definition, an audio and visual intercom system, and the addition of monitored access control points.
“The building has changed a lot since Hudson Valley Property Group took over. It’s cleaner, the hallways are nicer, there are no rodent problems. Safety of the building is number one. Overall, it’s a excellent place to live and raise your kids,” says Jamillah Ellis, a resident of Corinthian Towers.
With construction now complete and similar to other HVPG properties, ownership and management will look to partner with local not-for-profit organizations and healthcare and technology providers to offer curated resident services programming at the property. HVPG currently owns over 4,500 units of affordable housing across 27 properties throughout the state of New Jersey.

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SPRING, TX – Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announces the second groundbreaking from its new “build-to-rent” (BTR) division focused on single-family rental home neighborhoods. Construction is scheduled to start in October at The Everstead at Windrose in Spring, Texas. The project will be pursued in a partnership with Principal Real Estate Investors.
“Landmark is excited to kick off our partnership with Principal, and we look forward to developing a first-class neighborhood with The Everstead at Windrose,” said President and CEO of Landmark Properties, Wes Rogers. “With nearly 30 BTR projects in the pipeline, our fully-integrated platform is well-positioned to quickly expand our single-family rental portfolio despite the distress in capital markets.”
The Everstead at Windrose, located at 7801 Farm to Market 2920 in Spring, Texas, will add 194 townhouses, single-family homes, and cottage-style homes to the Houston area’s rental offerings. The gated community will provide residents access to high-quality, shared amenities, including a resort-style swimming pool, fitness center, playground, grilling area, dog park, hammock garden, Bocce Ball court, and coffee bar. There will be on-site parking with several spaces dedicated to guests. The development will incorporate sustainable features and is expected to achieve the National Green Building Standard Bronze Certification.
The homes will include quartz countertops, stainless-steel appliances, large pantries, hardwood-style floors, full-size washers and dryers, ceiling fans, a walk-in closet for the main bedroom, and a backyard with private patio. Some units will feature 10-foot ceilings and an attached garage or storage room. Situated in the north Houston suburb of Spring, The Everstead at Windrose provides residents proximity to several retail and entertainment areas, including The Woodlands, Tall Pines Amphitheater, Market Street, and the Woodland’s Children’s Museum. The community is expected to be completed in 2024.
“The neighborhood where The Everstead at Windrose is being developed is near a master plotted community with single-family homes, award-winning schools, and attractive retail amenities,” said Blair Sweeney, Managing Director of Development for Landmark’s build-to-rent division. “We are excited to provide residents and their families an opportunity to live in a single-family style home in a compelling location while enjoying amenities and service typical of a condominium community.”
“This project fits our strategy of providing a high-quality housing solution at a reasonable cost to individuals and families desiring the benefits of a single-family home experience with the financial flexibility of being a renter,” said Jim Halliwell, Managing Director, real estate, Principal Global Investors. “We are delighted to partner with Landmark who shares our vision of making aesthetically pleasing communities and curating a top-tier customer experience, in conjunction with a commitment to sustainability.”

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