GARDENA, CA – Cityview, a vertically-integrated multifamily investment management and development firm, officially broke ground on its new multifamily development, South Bay X, with the City of Gardena and Gardena Mayor Tasha Cerda. Bought in partnership with Stockbridge, South Bay X is a fully entitled development opportunity for sustainable multifamily housing in Gardena, CA. Featuring 265 workforce units with a combination of studio, one- and two-bedroom apartments ranging from 510 to 1,197 square feet, South Bay X lies adjacent to a growing number of tech employers including a SpaceX, the Tesla Design Center and Ring, and sits within 5 miles of more than 260,000 jobs.
With so many new employers coming to the South Bay neighborhood, South Bay X is an essential and welcome addition to our community that will ensure continued economic growth for the City of Gardena, said Gardena Mayor Tasha Cerda. We re grateful for Cityview s expertise in sustainable multifamily development and knowledge of the surrounding area as our community grows. We look forward to continued collaboration with this highly experienced team as we bring to life our shared vision of quality sustainable housing in this high-growth, transit-oriented neighborhood.
The groundbreaking event featured public remarks from CEO Sean Burton, Mayor Tasha Cerda, Councilmember Kaskanian and various city department leaders and dignitaries in support of South Bay X for the additional housing and quality jobs it will provide to fortify Gardena s booming economy. It was a celebration of local life in Gardena, as the Gardena High School Band performed for attendees, led by Rekesha Dennis, teacher and auxiliary coordinator, and Scott Suyama, teacher and band director for Gardena High School. South Bay local private chef, Chef Q, fed the community, and Black Flour Crepes indulged the crowd s sweet tooth. Upon groundbreaking, a time capsule was also buried onsite containing the day s issue of the LA Times, the most recent issue of Gardena Valley News, a Gardena High School pom and a Gardena High School drumstick.
With its unique culture and burgeoning job market, the City of Gardena is quickly becoming an epicenter for young professionals in the tech, aerospace, automotive and ecommerce industries, and we are excited to do our part to provide much-needed workforce housing to this vibrant community, said Sean Burton, CEO, Cityview. This community has been incredibly warm and welcoming, and we re honored to be a part of it.
Located at 12850 Crenshaw Boulevard, the transit-oriented development is surrounded by a diverse mix of employers. South Bay X offers convenient access to Interstate 105, is two blocks from the LA Metro Green Line and less than five miles from Los Angeles International Airport (LAX). Residents will also have simple access to a variety of local attractions including Sofi Stadium, beaches and retail and dining venues.
After breaking ground several months ahead of schedule, South Bay X is anticipated to be completed in early 2025. The project is expected to make upwards of 1,000 jobs during its development.

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ROSELAND, NJ – Invesco Real Estate Income Trust, an institutionally managed, public non-listed REIT, announced it bought a majority interest in Everly Roseland, a 384,648 square foot, 360-unit garden-style multifamily community across 30 two-tale buildings, following a partial sale to an affiliate. The property is located at 28 Nob Hill Road in Roseland, New Jersey and it is 95% leased. This acquisition is part of a joint venture with Skylight Real Estate Partners, a regional, privately-held real estate investment firm with a focus on multifamily investment and development.
“With the future of work changing traditional office commutes, we continue to see strong demand for affordable, low-density multifamily properties proximate to the urban core. Additionally, Roseland is a desirable community with honestly high barriers to new development and it aligns with our investment strategy for multifamily,” said R. Scott Dennis, President and Chief Executive Officer for INREIT.
Built in 1980, Everly Roseland is one of the largest multifamily assets in West Essex County submarket. An affiliate of Skylight owned the property in a joint venture since 2017. Through the recapitalization of the asset, Invesco and Skylight will continue executing on the unit renovation program, including upgrades to the common areas and exteriors. Skylight will also serve as the property manager for Everly Roseland.
“Everly Roseland is a well-performing property with a multitude of value creation strategies to unlock,” said Andrew Miller, Founding Partner at Skylight Real Estate Partners. “We started unit renovations and the construction of an amenities center, which has helped to modernize the building. We share the same vision as our partners at Invesco in continuing to transform Everly Roseland back to its premier status.”
This investment expands INREIT’s multifamily portfolio into the Northeastern United States. The transaction also establishes a relationship with new partner, Skylight. This transaction was advised by JLL Capital Markets debt advisory team and financed by U.S. Bank. The JLL Capital Markets debt advisory team was led by Michael Klein, Matthew Pizzolato, John Rose and Gerard Quinn.

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ORLANDO, FL – ECI Group announced the acquisition of Verso Luxury Apartments, a 250-unit, new in 2020, “Huge House” concept, multifamily asset in the booming Davenport submarket of Orlando, FL. Located at the heart of Central Florida’s high-growth, I-4 corridor near master-plotted communities, ChampionsGate and Reunion, Verso is a greatly differentiated apartment experience with rare walkability in a highly amenitized suburban setting.
“ECI is excited to add Verso to our growing apartment portfolio in Central/Southwest Florida where we have bought four apartment communities totaling nearly 1,000 units for nearly $300 million in the last 12 months,” said ECI Chief Acquisitions Officer Scott Levitt. “We expect to be a long-term holder of this property, and, we believe its Davenport location will continue to delight in strong population, residential and commercial growth for many years to come as it fully builds out.”
Residents of Verso’s low-density (13 units per acre), two-tale, stone-accented buildings will appreciate features including attached garages for 44% of the units, 100% individual entries, and high-end interior finishes. One-, two-, and three-bedroom units ranging to 1,427 square feet provide spacious residences with a custom home feel.
Verso is steps away from more than 150,000 square feet of retail destinations including a Publix-anchored shopping center and numerous new restaurants and service options. The nearby flourishing industrial corridor continues to attract blue chip companies and generate job opportunities for those living in the area.

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