RALEIGH, NC – Elevest Capital, a boutique private equity firm specializing in multifamily real estate, announced the successful completion of Fund 63 with the acquisition of a 97-unit B+ class multifamily property located in the Raleigh-Durham MSA, in partnership with Rise48 Equity. This latest acquisition underscores Elevest Capital’s continued dedication to sourcing high-quality assets that offer strong investment potential and enhance communities.
Built in 1987, the asset is well positioned within a strong submarket of one of the Southeast’s fastest-growing metropolitan areas. The property offers compelling value-add potential through unit renovations and targeted amenity enhancements. It currently benefits from healthy occupancy levels and is supported by robust fundamentals, including an expanding job base, continued population growth, and sustained rental demand.
“Our ability to successfully close Fund 63 demonstrates the ongoing strength of our investor base and their confidence in our investment strategy,” said Adam Williams, Founder & CEO of Elevest Capital. “The Raleigh-Durham area continues to attract residents and businesses alike, making it a compelling addition to our portfolio.”
To drive long-term value and enhance the resident experience, there are extensive plans to do a comprehensive renovation program focused on upgrading unit interiors, installing in-unit washers and dryers, and enhancing community amenities. These strategic improvements are intended to increase occupancy, support rental growth, and maximize investor returns.
“This acquisition reflects our commitment to identifying high-quality assets with strong value-creation potential,” said Dana Williams, President of Elevest Capital. “By executing a strategic renovation plot and applying proven management expertise, we believe the property is well positioned to deliver long-term benefits for residents while generating attractive returns for our investor partners.”

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CHICAGO, IL – S2 Capital, a national vertically integrated real estate investment manager, announced the acquisition of Ovaltine Apartments, a 344-unit garden and loft-style multifamily community located in Villa Park, Illinois, a western suburb of Chicago, marking the firm’s first investment in the greater Chicago area. Terms of the transaction were not told.
The acquisition represents a strategic expansion for S2 into a new major U.S. market following several years of evaluation and underwriting across the Chicago region. The property was bought through a highly competitive marketing process led by the JLL Investment Sales team and aligns with S2’s value-add investment strategy.
Originally converted from the historic Ovaltine Chocolate Factory in 2001, Ovaltine Apartments is a generational landmark asset featuring distinctive loft-style layouts, 9- to 15-foot ceiling heights, and unique architectural character rarely found in suburban Chicago. The community is located in DuPage County, a supply-constrained submarket with no new multifamily units currently under construction within a three-mile radius and strong recent rent growth.
“All markets are not made equal, and our entry into Chicago reflects years of disciplined research and conviction around long-term fundamentals,” said Cole Stephens, Managing Director of Asset Management, Residential at S2 Capital. “Ovaltine offers a compelling combination of historical character, durable demand drivers, and value creation potential, making it an exciting first investment for S2 in the Chicago market and a strong addition to our portfolio.”
The property has demonstrated exceptional recent performance, maintaining average occupancy above 95% since January 2024 while consistently outperforming comparable properties in rent growth. Approximately 98% of units remain unrenovated or only partially upgraded, providing S2 with the opportunity to do a comprehensive renovation program aimed at driving rental growth and enhancing resident experience.
S2 bought the asset through its fully discretionary closed-end fund, S2 Real Estate Fund II. The firm plans to leverage its vertically integrated operating platform to implement interior renovations, targeted capital improvements, and operational efficiencies over the investment horizon.

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NASHVILLE, TN – National multifamily developer Wood Partners has officially closed on Alta Beacon in Nashville, Tennessee. The 328-unit, wrap-style multifamily community will break ground this month and is slated to deliver first units in Q2 of 2026.
Located on the edge of the Wedgewood-Houston neighborhood, just a few blocks south of downtown, Alta Beacon offers residents convenient access to one of Nashville’s fastest-evolving neighborhoods. The area is seeing the arrival of ultra-luxury brands such as Hermès and Brunello Cucinelli, positioning Wedgewood-Houston as a growing destination for dining, retail and culture.
“Nashville’s multifamily market continues to show strong demand, and Alta Beacon allows us to deliver a thoughtfully designed, amenity-rich community that meets the needs of today’s renters,” said Andrew Steffens, Managing Director at Wood Partners. “We’re looking forward to starting construction in the midst of the neighborhood’s explosive growth and at a time when other comparable projects are stalling. I can’t express how proud I am of our local team for continuing to pursue and do on exceptional investment opportunities.”
Situated upon a 60-foot bluff, the 5-tale community will feature a mix of studio, one- and two-bedroom apartment layouts. Future residents can delight in protected high-rise quality views, a clubhouse, a fitness area, a resort-style pool, an indoor sky deck with a large exterior deck, dog yards, a pet spa and gate-protected structured parking.
Upon completion, Wood Partners will have delivered more than 3,500 units across Nashville. Earlier this year, the firm broke ground on Alta Gallatin, a 372-unit multifamily community situated on 35 acres. That project will include a commercial component at the entrance, along with a clubhouse, fitness center, business hub, pool, dog park, amenity lawn and for-rent detached garages.

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