TAMPA, FL – CVS Health announced it will invest $7.7 million with Raymond James Tax Credits Funds to build a 61-unit multifamily apartment home development called Uptown Sky for families in Tampa. This investment is part of the company’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, SVP 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 in Tampa, which is where we can make a meaningful and lasting impact.”
The new Uptown Sky development will be located at 13603 North 12th Street in Tampa. Data compiled from the Census indicates that approximately 75% of residents identify as Black or Latino, and 60% live below the poverty line. Additionally, according to a recent report from the National Low-Income Housing Coalition, nearly half of American workers don’t earn enough to afford a one-bedroom apartment, and Tampa is reaching its highest rates to date, with rent increasing more than 20% in the last year.
CVS Health is working with co-developers Blue Sky Communities and University Area Community Development Corporation, a Tampa-area nonprofit, to develop Uptown Sky and provide comprehensive support to residents. Blue Sky Communities is a leading advocate for helping nonprofits and local governments reach their affordable housing goals by developing state of the art, environmentally-sound affordable housing units. University Area Community Development Corporation is focused on championing positive change in the economic, educational and social levels of the Tampa community through youth programs, adult education, affordable housing, workforce and resource help, and community engagement.
“This investment by CVS Health provides a vital link between huge business and urban redevelopment,” said Shawn Wilson, President of Blue Sky Communities. “Many organizations recognize the impact that quality affordable housing and access to health care have on someone’s health and well-being, but it takes the financial commitment of partners like CVS Health and Aetna to help provide those services to communities in need.”
Uptown Sky will provide two and three-bedroom housing units at a reduced rent to families with demonstrated need. Additionally, all residents will have access to on-site supportive services in the neighborhood center located on the bottom floor of the building. It will serve as a hub for residents and will offer computer training, homeownership programs, workforce training and financial management programs. It will also include a multi-purpose classroom where individuals will have access to classes to encourage healthy habits, including art, dance, yoga and karate.
“We know that housing insecurity can have a major impact on a person’s health and well-being,” said Richard Weiss, President of the Florida Market for Aetna, a CVS Health company. “Our investment in the Florida community will ensure that individuals and families have access to quality, affordable housing.”

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DALLAS, TX – Lincoln Property Company s residential division and its partner, Cadillac Fairview, as co-sponsor, have grown their US multifamily fund from $800 million to $1.8 billion in equity. Lincoln Residential, Cadillac Fairview and the Investment Management Corporation of Ontario (IMCO) contributed to the $1.0 billion expansion.
The fund will continue to work as a long-term investment vehicle, focusing on the development and acquisition of high-quality multifamily assets in top US markets. To date, the fund has bought several luxury communities including: The Earl in Arlington, VA; The Pullman in Denver, CO; The Registry on the Park in Atlanta, GA; The Bernardin in Chicago, IL; and Lake House in Orlando, FL.
The growth of the fund is a testament to the success we ve seen since its inception nearly two years ago, said Duncan Osborne, Executive Vice President, Investments, for Cadillac Fairview. Expanding and diversifying into the US multifamily market with our partner, Lincoln Residential, alongside our existing partner, IMCO, has been fruitful and we look forward to the opportunities that arise from the fund s continued growth.
Tim Byrne, CEO for Lincoln Residential, commented, We are honored to grow our partnership with Cadillac Fairview and IMCO. They are fantastic partners and we are excited to continue our goal of building a best-in-class portfolio together.
In fact, the fund has numerous development projects under construction, with additional projects plotted in major cities, including Boston, Washington, D.C., Charlotte, Nashville, Dallas, Atlanta, Miami, Phoenix, and Chicago, to name a few.
Brian Whibbs, Managing Director, Real Estate for IMCO added, Multi-residential assets continue to perform well and play an vital diversification role in our portfolio. Upsizing our commitment in this successful US multifamily fund with our valued partners Lincoln and CF furthers IMCO s mission of making value for our clients.

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LOS ANGELES, CA – Clarion Partners and Cityview, a vertically-integrated multifamily investment management and development firm, announced the joint acquisition of Empire Landing, a unique, lush, garden-style apartment community composed of 276-units in Burbank, CA. Empire Landing features traditional one- and two-bedroom apartments, as well as 41 three-tale townhomes with two-car direct access garages. This is the only rental community in supply-constrained Burbank to offer townhome residences larger than 1,500 square feet.
Clarion and Cityview are plotting a comprehensive renovation of the common areas, amenities, and interiors. The expansive gated community features ample indoor and outdoor amenities which will be re-envisioned with an updated design, revamped leasing experience, and renewed functionality of shared amenities, including the pool deck, fitness center, and clubhouse. In-unit renovations will include an updated design and high-end finishes and appliances.
Empire Landing is centrally located where urban and suburban environments converge in one of the most job-rich, high-growth economic areas of Southern California, often referred to as the ‘media capital of the world , said Devang Shah, managing director, Cityview. Modernizing this community will deliver Class-A style and amenities to a city demonstrating high demand for quality rental housing.
Located in historically one of the strongest performing submarkets of Los Angeles, Empire Landing is situated among 10 million square feet of office space within a ten-mile radius, roughly 70% of which are Class A and largely media companies – including 16 animation studios, 15 television and broadcasting networks, eight record marks and 10 motion picture studios. With media and tech giants continuing to enter and expand their footprints in the community, and Hollywood and downtown within a 30-minute drive, residents have access to some of the most marquee employers in the country. Conveniently located minutes from vibrant Downtown Burbank and more than two million square feet of retail space, residents have the best of both urban and suburban environments.
We are excited to partner with Cityview who will bring a wealth of value-add experience to re-envision the property while delivering outstanding tenant satisfaction, said Robert Wilshusen, vice president, Clarion Partners.

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