EL SEGUNDO, CA – An investment group led by Ocean West Capital Partners, Tiger Alternative Investors, and NH Investment & Securities, has closed on the acquisition of The Monterey, a newly built, 442-unit multifamily project located in the Inland Empire community of Corona, CA.
Completed in 2021, The Monterey features 442 one-, two- and three-bedroom units ranging in size from 726 square feet to 1,520 square feet. The property boasts an unrivaled modern amenity package, including two resort style swimming pools, expansive clubhouses with roof decks, fully equipped fitness, yoga and spin studios, co-working space with conference rooms and soundproof privacy pods, outdoor movie theater, a community garden and citrus orchard.
The Inland Empire continues to be one of the strongest performing markets in the U.S., ranking #1 in apartment rental growth across all metro areas in the U.S. last year. With rising demand driven by robust job and population growth, and limited new supply of rental housing, the Inland Empire is expected to continue its trajectory as one of the top performing markets in the U.S.
“We at Ocean West could not be more excited about this opportunity,” said Russ Allegrette, Principal of Ocean West Capital Partners. “We believe the underlying fundamentals of the Inland Empire will continue to support healthy growth in the multifamily sector. The Monterey, with its comprehensive amenity package, is well positioned to be one of the best performing assets in the region. Its central location allows for simple commutes to employment centers across the Inland Empire, Orange County, and Los Angeles. We are excited to grow our multifamily platform with Tiger, NH and Camden Pacific.”
Joining the consortium was Camden Pacific Partners. “Camden Pacific is thrilled to be a part of this exciting investment opportunity,” said Robert Murray, Founding Partner of Camden Pacific Partners. “Driven by significant population growth from residents drawn to its high quality of life and from job growth in the e-commerce and logistics sectors, the Inland Empire continues to be one of our primary target investment markets. We look forward to expanding our relationship with Ocean West, Tiger and NH in the future.”

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ATLANTA, GA – Construction is now underway on a new affordable and 55+ community in unincorporated Stockbridge in Clayton County, just south of Atlanta, after a celebratory groundbreaking. The $76 million property includes the Villas at Mt Zion, a 96-unit senior, independent living community (age 55+), and the Flats at Mt Zion, a 210-unit multi-family community for families with children who attend Mt. Zion Elementary and Primary Schools.
“The Flats and the Villas at Mt. Zion will include gated entry with reciprocal easements to enable all residents to delight in the swimming pool, exercise facility, computer library, playgrounds, outdoor garden, wellness center and the Early Learning Center (ELC),” says Duncan Gibbs, a partner with TriStar. He notes the ELC will be staffed by Star-C, Inc., an Atlanta 501(c)3 non-profit which will provide free on-site wraparound services including an after-school program as well as other educational, social and emotional wellbeing programming.
Speaking at the groundbreaking, Dr. Morcease J. Beasley, Superintendent/CEO of the Clayton CountyPublic Schools, noted that, “by partnering with our school system and other public and non-profit organizations like Star-C, this innovative apartment community will help reduce transiency, stabilize families and keep children in Clayton CountySchools, where our district can help them graduate career- and college-ready.”
The development is the first in an alliance between the two organizations: Zimmerman Properties, an affordable housing builder and developer, and TriStar, an investment firm focused on commercial real estate and mission-based affordable housing funds. Along with Summit Contracting Group, the two hosted the groundbreaking, which included representatives of the many municipal and public agencies who were part of the innovative collaboration. The Mt. Zion projects target singles, families and seniors who earn within 50%, 60% and 70% of Area Median Income.
“The innovation of our alliance entails leveraging the deep experience of for-profit partners who work closely with the municipality and other public agencies that are crucial to the success of such a project,” Gibbs says. “along with vital non-profit participation, namely from Star-C in the guise of wraparound services that help stabilize families, the apartment community, the local school and the larger community itself. It’s a ‘win’ for everyone involved.”
On hand for the groundbreaking for the Flats and the Villas at Mt. Zion (3297 Mount Zion Road, Stockbridge, Georgia 30281) were Michael Bryant, Housing Authority of Clayton County; Tab Bullard, Zimmerman Properties; DeMont Davis, Clayton County Board of Education; Audrea Rease, Star-C Programs; Marjy Stagmeier, TriStar; Benjamin Straker, Sr., Clayton County Board of Education; and many others.
“The importance of and need for more equitable housing for Clayton’s residents is vital,” says Jeffrey E. (Jeff) Turner, Chair of the Clayton County Board of Commissioners. “We are glad to be part of such an innovative model of public-private-nonprofit partnership and hope to see more efforts like this wonderful collaboration, as kids, families, the apartment community, the local schools and the community at large benefit.”
Zimerman and TriStar, with the cooperation of Star-C, are exploring similar ventures leveraging LIHTC in Birmingham, Charleston, Charlotte and Greenville.
“On Mt. Zion and, we reckon, future projects, we benefit not only from our own collaboration, but from right, robust partnerships with the county, the board of commissioners, the school system, housing authority and so many other public entities,” says Bob Davidson, COO, Zimmerman Properties. “With each project we learn from one another and improve the model for the next project, of which we hope there will be many.”

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DUBLIN, CA – CSCDA Community Improvement Authority and BLVD Impact Housing, in a public-private partnership, have bought the Waterford Place Apartments in Dublin, CA, a suburb in the East Bay. While CSCDA and BLVD’s affiliate, BLVD Communities, have worked together in the past on the preservation and rehabilitation of low-income housing, this acquisition marks their first collective effort toward solving the needs of the “missing middle” through the creation of 390 moderate income units.
Originally constructed in 2003 as a market rate community, the luxury apartments feature a best-in-class amenity package, complete with resort style pool, 24-hour gym, movie theater, clubhouse and ground floor retail. The property also features immediate access to the Shops at Waterford and Emerald Glen Park, a 48-acre neighborhood park with aquatic center, sports fields and picnic facilities. In its capacity as the project administrator, BLVD will ensure the property remains a Class-A apartment community well into the future.
Starting immediately, newly vacant apartment units at the property will be made available to households earning less than 80%, 100% or 120% of the area median income. The rental rates for the units will be affordable for each of the income categories, resulting in reduced rental rates of approximately 10% from current market rents, with a cap on future rental rate increases. In addition, no existing tenants will be displaced and those with qualifying income will receive the applicable rent reductions. The rental rate reductions will provide a significant benefit for middle-income residents of Dublin, including teachers, healthcare works and other essential workers.
BLVD’s Managing Principal, Patrick Luke, states, “As a company, we are constantly striving to have a positive impact on the housing crisis. Through the conversion of 390 units into the essential housing program, we are thrilled these units will be available to an increasingly vulnerable and growing population now and into the future.” Over the last 8 years, BLVD and its affiliates have developed, preserved and own a portfolio of more than 6,000 total units. Luke continues, “But, 390 units is just a small drop in a large bucket. We will continue to focus on finding innovative solutions until a crisis no longer exists.”
The City of Dublin’s support was critical to this transaction, and showcases their commitment to the residents of their community. “I am so pleased to see that the Waterford will provide affordable rentals to mid income and lower income earners, such as school teachers, police and entrance level professionals,” said Dublin City Council member Sherry Hu. “It is a excellent example of a public-private partnership; the City of Dublin, Blvd Impact Housing and CSCDA. I am pleased to see that the city council is able to play a huge part in achieving this much needed affordable housing project.”

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