DAYTONA BEACH, FL – Nicol Investment Company, a family-owned real estate investment firm based in Nashville, Tennessee, announced the acquisition of Madison Pointe, a 240-unit garden-style apartment community located at the bustling intersection of Interstate 95 and LPGA Boulevard in Daytona Beach, Florida. The buy price was $68.5 million.
Since 2016, Nicol Investment Company has bought five multifamily assets in Florida, representing $330 million in total investment value.
“This addition to Nicol’s growing Florida apartment portfolio continues our strategy to invest in well-located, amenity-rich communities in high barriers to entry markets,” said Grant Nicol, Director of Finance, Nicol Investment. “Madison Pointe is adjacent to the Tomoka Town Center and Tanger Outlets, which comprise more than 1 million square feet of destination retail and dining venues and is just minutes from major employers like AdventHealth Daytona Beach, Halifax Health Medical Center and the Daytona International Speedway.”
The ultra-modern, four-tale, elevator-serviced garden community has interior air-conditioned corridors and best-in-class amenities, including a resort-style pool with a turf-grass island with lounge chairs and an outdoor kitchen and gathering area, 24/7 fitness center with a separate yoga & spin studio and an expansive clubhouse with multiple gathering and game areas.
Constructed in 2020, Madison Pointe units feature quartz countertops, stainless steel Whirlpool appliances, wood-style plank flooring and full-size washer and dryer.
The property offers right walkability to highly sought-after retail, restaurants and entertainment. It is adjacent to the 125-acre Tomoka Town Center mixed use project with destination retail including Dave & Busters, Sam’s Club and Academy Sports + Outdoors and Tanger Factory Outlets, featuring more than 90 name brand retailers such as Nike, J. Crew and Vera Bradley. New retailers under construction include Miller’s Ale House, Ford’s Garage and Rooms To Go.

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WASHINGTON, DC – CVS Health announced it will invest $9.2 million with WNC & Associates, Inc. to provide 41 units of much-needed affordable housing for families and individuals in Washington, D.C. This investment is part of CVS Health’s commitment to address racial difference and social determinants of health in underserved communities.
“When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and manage chronic disease,” said David Casey, Senior Vice President and Chief Diversity Officer, CVS Health. “As part of our commitment to address social justice and racial difference, we’re addressing social determinants of health at the community level, which is where we can make a meaningful and lasting impact.”
According to the DC Fiscal Policy Institute, Washington, D.C. has one of the highest poverty rates in the country, behind only Mississippi, Louisiana, and New Mexico. At 18.6%, it is significantly higher than the national average of 12.7%.
CVS Health is working with The NHP Foundation (“NHPF”) and Legacy Real Estate Development to build the 41-unit affordable housing development which will be located at 17 Mississippi Avenue in the Congress Heights area in DC’s Ward 8. Other funding partners include District of Columbia Housing Finance Agency, Citi Community Capital, and the DC Department of Housing and Community Development’s Housing Production Trust Fund.
“The resources brought together by this partnership ensure that residents at 17 Mississippi will delight in new rental housing and amenities in a transforming affordable neighborhood,” said Tim Pryor, Vice President, Acquisitions, NHPF. “We are grateful to the funders for enabling this vital construction.”
The new development, which is called 17 Mississippi Apartments, will offer a mix of studios, one bedroom, and three-bedroom apartments to families and individuals with demonstrated need. Nine of the 41 units will provide permanent supportive housing for people who are experiencing homelessness or are in need of mental health support. Another nine units will have preference for income-qualified artists. Plotted amenities include on–site management, a community room, artist studio and bicycle storage. All units are reserved for residents who earn at or below 50% of Area Median Income.
Community Connections, an experienced non-profit mental health agency, will provide residents with case management support, including life skills, counseling and homeless services, recovery and treatment programs, family and youth services and employment resources. The community is under construction with expected completion in mid-2023.
“Our investment in the D.C. community will provide safe housing with direct access to care — a commitment that will have a direct impact on the local community for years to come,” said Mike Bucci, President, Capitol Market, Aetna, a CVS Health company.
As CVS Health works to address social determinants of health in Washington, D.C., the company is also exploring opportunities to expand its national workforce initiatives program in the area to help break the cycle of poverty by providing employment services and training to the community.

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ATLANTA, GA – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, announced Overture Powers Ferry, from its Active Adult portfolio designed for the 55+ demographic, is open with go-ins beginning now.
“Overture Powers Ferry provides the perfect location for someone seeking to become a member of an active community located in the heart of Cumberland near shopping, dining, and entertainment with simple access to the main freeways,” Malcolm Bemba-Kaye, Regional Property Manager said. “Residents delight in the resort-inspired amenities that act as an extension of each apartment home and offer a place to meet like-minded adults in a similar stage of life.”
Floorplans come in one- and two-bedrooms and feature high-end designer finishes and features. Every apartment home has the perfect amount of space to fit residents’ needs while also delivering a maintenance-free lifestyle.
Community amenities include an expansive clubhouse with wine room, a demonstration kitchen, large pool courtyard, fitness center and a yoga studio. Additionally, the community has complimentary services that include social hours and culinary experiences, educational events and cultural outings. It is also located near Truist Park and the Battery so there is always something to do.

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