WASHINGTON, DC – 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 Rivergate, a luxury 402-unit multifamily community in the Washington, D.C. suburb of Woodbridge, Virginia. The community was bought on behalf of CS1031 Rivergate Apartments, DST.
“I thought it could not get any better than the acquisition of Class A+ 2000 West Creek in 2019 for $103 million for Capital Square’s 1031 exchange/DST program, but then we continued to buy a large portfolio of comparable Class A+ apartment communities and, now, Rivergate Apartments in Woodbridge, Virginia,” said Louis Rogers, founder and chief executive officer of Capital Square. “These Class A+ acquisitions perfectly fit the DST acquisition strategy of buying best in class multifamily assets for stable returns and capital appreciation. The acquisition of best-in-class assets demonstrates the maturation of the DST industry.”
Located at 13175 Marina Way, along the picturesque Occoquan River in the Potomac River basin, Rivergate is in a scenic area with brilliant community amenities that include a resort-style swimming pool and sundeck, a rooftop terrace with cabanas, outdoor sofas and a bar, a courtyard with a firepit, gas grilling stations, a state-of-the-art fitness center, two resident clubrooms, a business center, a paw spa with a self-service wash and grooming suite, a volleyball court, kayak and bicycle storage, a multi-level parking garage, a package concierge, on-site management and maintenance and controlled access.
The Greater Washington, D.C. and Northern Virginia economy has experienced consistent growth and diversification over the past several years, supported by the federal government and largely devoid of highly cyclical industries. The area is home to several international companies, including Amazon, Booz Allen Hamilton, Capital One Entities, Freddie Mac, GEICO, Hilton Worldwide Holdings, Inc., Marriott International and Northrop Grumman.
“Rivergate is ideally located in a thriving economic sector of Northern Virginia that continues to delight in significant employment growth and will soon welcome Amazon, which will open its second global headquarters nearby in 2023,” said Whitson Huffman, chief strategy and investment officer. “The Amazon facility is just 20 miles from Rivergate and is expected to use 25,000 people. Amazon joins a host of other major international companies that call the region home.”
Rivergate is just four miles from both the 183-bed Sentara Northern Virginia Medical Center and a new, $200 million Kaiser Permanente medical center. Together, these employers support approximately 1,500 workers.
Potomac Mills, Virginia’s largest enclosed outlet shopping and dining destination with more than 200 storefronts and restaurants, is just five miles from Rivergate. Stonebridge at Potomac Town Center, a 500,000-square-foot open-air lifestyle center, is just six miles from the property. Stonebridge features a Wegmans Food Market, full-service health club, Alamo Drafthouse Cinema, and a splash pad water park for children. Rivergate residents delight in ready access to both Ronald Reagan Washington National Airport, situated 20 miles northeast of the property, and Dulles International Airport, located 30 miles to the northwest.

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SAN DIEGO, CA – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and PGIM Real Estate, the $208.7 billion real estate investment and financing business of PGIM, have announced a new joint venture to develop The Lindley, a 37-tale, 422-unit multifamily rental community in San Diego, Calif. The Lindley, which is the first Toll Brothers Apartment Living project in the city of San Diego, is being financed through a $187 million construction loan facility from BNY Mellon and Wells Fargo. The equity and debt were arranged by Toll Brothers in-house Finance Department in collaboration with the PGIM Real Estate Capital Markets Team.
The Lindley was designed by the renowned Joseph Wong Design Associates and is located at the corner of Columbia Street and Ash Street in San Diego s Columbia business district. The Lindley offers convenient access to PETCO Park, Balboa Park, the Santa Fe Rail Station, and the San Diego International Airport as well as many dining and entertainment options in Small Italy, Harborview, Embarcadero, and the Gaslamp Quarter.
The Lindley will consist of 422 rental apartments and an above- and below-grade parking garage with 561 parking spaces, including capacity for 222 EV (electric vehicle) charging stations. The apartment units will feature high-end luxury finishes including LVT flooring, energy-efficient LED lighting, and smart thermostats. Residents will delight in a best-in-class amenity package, including concierge, mailroom, secured package room, keyless entry, and more than 22,000 square feet of interior and exterior amenity space. The amenity space will feature an outdoor pool and spa, barbecue grills, pet spa and dog walk, indoor/outdoor fitness center, massage rooms, yoga spaces, sauna, coworking spaces, game room, club room, lounge, and wine bar. Rooftop amenities include a rooftop lounge, demo kitchen, and sky deck providing brilliant views of downtown San Diego.
The Lindley expects to earn LEED Gold certification. To achieve this standard, all demolition materials were responsibly recycled, and sustainably sourced materials will be employed throughout. Rainwater will be collected from the site and passed through biofiltration processes before entering stormwater drainage. Environmentally friendly cleaning products will be exclusively used in the building s operations. Residents will also be able to delight in EV quick-charging stations. Affordable housing is also a critical part of the development project. As part of The Lindley s entitlement agreement, Toll Brothers Apartment Living is making a significant contribution toward the development of affordable housing in San Diego, which helps to fulfill the city s initiative of increasing affordable housing opportunities for its residents. This contribution will directly support the construction of 44 affordable housing units off-site in downtown San Diego.
The Lindley marks the first Toll Brothers Apartment Living project to break ground in San Diego, and the third to break ground in California. It follows the 262-unit Cameo in Orange, Calif., which was sold in 2021, and the 218-unit Rafferty in Santa Ana, Calif., which is scheduled to open its doors to residents in early 2024. The Lindley represents the continued expansion of Toll Brothers Apartment Living in California.
As our first project in San Diego, we are proudly planting our flag here with The Lindley, said Charles Elliott, President of Toll Brothers Apartment Living. We will stay right to the brand that Toll Brothers is known for and bring to this market the same quality of product and service we ve been delivering for over 55 years. The Lindley is located in perhaps the most vibrant part of San Diego, which is among the most dynamic areas of Southern California. The Lindley will appeal to the most discerning residents who want the perfect blend of luxury and lifestyle in the middle of it all.
The Lindley will be a Class A trophy asset situated in arguably the most desirable neighborhood in downtown San Diego, said Cathy Marcus, global chief operating officer and head of U.S. equity for PGIM Real Estate. In addition to its high-end features and amenities, the property will benefit from strong market fundamentals in San Diego overall, which has experienced employment growth largely driven by the technology sector and migration from other major cities.
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers said, The Lindley marks the fifth urban high-rise rental project we are developing in joint venture with PGIM and complements our current partnership projects in Boston, Cambridge, Atlanta, and Washington, D.C. We are very excited to once again have the support of BNY Mellon and Wells Fargo as our construction lenders. Together, we look forward to bringing this LEED Gold-designed transit-oriented development project to fruition while also supporting the development of additional affordable housing units in downtown San Diego.

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LAS VEGAS, NV – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Alicante Apartments in the desirable Las Vegas-Paradise submarket of Las Vegas, Nevada. The firm bought the Class B+ community in February 2017 and the sale closed on July 19, 2022.
During their ownership, Hamilton Zanze completed many successful renovations focused on making the property run more efficiently. These projects include exterior lighting advancements, new furniture implementations, landscaping improvements, plumbing upgrades, an Amazon package locker installation, and gate replacements.
“Alicante was right down the fairway for Hamilton Zanze,” said Anthony Ly, senior director of dispositions at Hamilton Zanze. “When acquiring the property, the value-add potential was very clear. We were able to capture higher rents through unit upgrades and enhancements to amenities throughout the property.”
Alicante Apartments was built in 2001 and is located at 4370 S Grand Canyon Drive. The property comprises 232 one-, two-, and three-bedroom units averaging 1,092 square feet. Unit amenities include walk-in closets, outdoor storage, kitchens with microwaves, dishwashers, and private patios/balconies. Community amenities feature a resort-style pool and spa, playground, fitness center, barbecue, and covered picnic area, and business center with high-speed internet.
Alicante is located in Las Vegas, NV, just off Interstate 215 and W Flamingo Road, providing residents with simple access to Downtown Las Vegas, Downtown Summerlin, and major retail and employment centers. Alicante is located near several of Las Vegas’s largest economic drivers, such as Southern Hills Hospital, Downtown Summerlin, Spring Valley Hospital, and McCarran International Airport. Las Vegas is one of the world’s most-visited tourist destinations, the metro attracted 32.3 million visitors in 2022. The strength within the tourism industry has fueled job growth and strong apartment fundamentals.

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