NEW YORK, NY – Asia Capital Real Estate (ACRE), a global real estate private equity and debt firm, announced the sale of four multifamily communities across the Southeast in Georgia, Florida and North Carolina.
Each of the dispositions come after the completion of a strategic value-add repositioning of the properties, executed by ACRE over a period of 3 to 5 years. The sales are as follows:
The Palms at Palisades, a 125-unit multifamily property in Brandon, Fla., was sold to ZMR Capital LLC. The 15-building garden-style community features a mix of one-, two-, and three-bedroom units averaging 845 square feet. ACRE bought the development in 2016 and recapitalized it in 2018. ACRE performed numerous value-add initiatives, renovating individual units and the property s exterior, and improving its suite of amenities to include a community clubhouse, business center, children s play area, swimming pool with a sundeck, picnic areas with grills, tennis court and dog park.
Mount Vernon and Williamsburg Village, a 230-unit multifamily portfolio in Gainesville, Fla., was sold to a private investor based in Orlando, Fla. Prior to the sale, ACRE made significant improvements to enhance residents experience, including upgrades to both individual units and the properties exterior, and its suite of amenities including a swimming pool, poolside fire pit and BBQ station, on-site laundry.
Foxfire Apartments, a 354-unit garden-style multifamily community located in North Durham, N.C., was sold to Ebex Holdings. ACRE bought the property in May 2017 in an off-market transaction, and infused significant capital to improving its building exteriors, landscaping, and amenities. The firm also performed interior updates to a large percentage of the units by installing new appliances, countertops, and flooring – allowing for increased market rents on new lease agreements and making steady occupancy nearing 100%.
Concord Crossing, a 190-unit garden-style multifamily community located in Smyrna, Ga., was sold to Wolf Acquisitions LLC. ACRE bought the property in April of 2016 through the federal Low-Income Housing Tax Credit program. Over the next 3 years, the firm made significant capital improvements to the property, transitioning the asset to a full market-rate community. The property was then recapitalized in 2018. Occupancy rates remained healthy over that period and rents rose at an above-average rate thanks to the property s status as a rare alternative housing option in an otherwise-high priced submarket of Atlanta.
ACRE has been actively investing in the Southeast for nearly a decade, as we recognized the migration patterns and potential for rent growth across the region, said Michael Van Der Poel. These dispositions are a testament not just to our ability to forecast this quick-expanding market, but also to do strategic value-add campaigns and generate significant returns for our investors. We are extremely proud of our work on all of these projects, and look forward to playing an active role in meeting the incredible demand for high-quality rental housing across the Southeast and the rest of the country.

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MACON, GA – Carter Multifamily announced its acquisition of Adrian on Riverside for $41.1 Million. Built in two phases in 2003 and 2009, Adrian on Riverside has 224 units and spans 32.47 acres of land in a desirable location in Macon, Georgia, with proximity to area employers, as well as local dining, shopping, and recreation.
The community features well-designed one, two, and three-bedroom units. The high-quality amenities include a resort-style swimming pool, fitness center, grill and sundeck, playground, game room, movie theater, and more.
The property is located in the Macon, GA submarket, which has a strong rental market and a low vacancy rate of 2.3%. The market is projected to continue making significant rent gains and limited supply is expected in the area in 2022.
“We’re excited to continue to grow our footprint in a market supported by brilliant growth fundamentals, favorable renter demographics, and limited new supply. We believe that Macon’s growing job base, high average household incomes, and favorable rent trends will continue to fuel demand growth for high-quality, affordable multifamily housing,” said Ray Hutchinson, Chief Investment Officer of Carter Multifamily.
Carter Multifamily intends to do a value-add strategy which will include operational improvements, including implementing institutionally based property management best practices, upgrades to community amenities, interior unit renovations, and exterior plant improvements.

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CLEVELAND, OH – The Millennia Companies confirmed that it is the recipient of a $40 million Transformational Mixed-Use Development (TMUD) tax credit award from the Ohio Tax Credit Authority and the Ohio Department of Development for the historic rehabilitation and adaptive reuse of The Centennial, located at 925 Euclid Avenue in Cleveland, Ohio.
To support this catalytic project, the largest in the state of Ohio, Millennia received the maximum amount permitted for any one development project under this newly made tax credit award program, which is designed to support the new construction and/or improvement of vacant buildings that will have a transformational economic impact on the site and the surrounding area.
We are thrilled to be selected for this inaugural TMUD tax credit award, says Tom Mignogna, Vice President at Millennia Housing Development, Ltd. This new economic development tool is further evidence of Ohio s progressive commitment to supporting significant developments that meet critical needs throughout the State and, in this case, the City of Cleveland s need for increased access to quality housing and new job opportunities.
Millennia has thus far secured more than $476 million in private, federal, state, and local financing commitments that comprise a complex capital stack inclusive of funding from the City of Cleveland, Cuyahoga County, Cuyahoga County Port Authority, the Ohio Historic Preservation Tax Credit Program, the State s Low Income Housing Tax Credit Program and, of course, the inaugural TMUD Tax Credit Program.
Millennia plans to rehabilitate and reinvigorate the approximately 1.4 million-square-foot space with a dynamic mix of proposed uses including workforce housing apartments, retail and office space, a boutique hotel, a museum, and a high-end restaurant – all to be incorporated into the existing historic fabric of one of Ohio s iconic buildings containing the world s largest bank hall.
This project is a perfect blend of Millennia s expertise in multifamily housing, hospitality, and commercial real estate,” says Frank T. Sinito, Chief Executive Officer at Millennia. We have employees at the hotel, corporate headquarters and restaurants who will now have a unique affordable opportunity to live near their workplace, public transit and entertainment.
The former Union Trust Building, now known as The Centennial, has had a celebrated history at the preeminent downtown intersection of Euclid Avenue and East 9th Street. Built in 1924, the Chicago-based architecture firm of Graham, Anderson, Probst, & White originally designed the building in the neoclassical style. Unfortunately, it has sat mostly vacant in the heart of Cleveland s central business district for nearly a decade.
Everyone who walks into The Centennial agrees that it is breathtaking, and this piece of Cleveland history has been inaccessible for too long, says Sinito. We look forward to when the public can delight in the beauty and grandeur of these incredible historic spaces, which include a barrel-vaulted main lobby with murals by the American artist Jules Guérin, and towering, fluted Corinthian columns.
In the bank halls, The Century Club restaurant will be akin to the Marble Room Steaks and Raw Bar, and The Cleveland Exposition will feature exhibits curated by the Western Reserve Historical Society that celebrate the rich history and prominence of Cleveland and northeast Ohio.
I am grateful to the coalition of partners who helped to make this program that supports major projects such as The Centennial, says Sinito. I would also like to congratulate the other recipients who have secured the award, especially CrossCountry Mortgage who is in the process of making their corporate campus in downtown Cleveland; a project that is also contributing to the city s revitalization by making additional jobs and attracting residents.

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