ATLANTA, GA – Middleburg Communities, a Vienna, Virginia-based real estate investment, development and management firm, has reached stabilization on the substantial renovation, repositioning and leasing of three workforce housing apartment communities totaling 956 units in the Atlanta area. Vesta Bouldercrest, Vesta Adams Park and Vesta Camp Creek were predominantly vacant and in a state of extreme disrepair when Middleburg bought the properties. The company invested a total of $91.0 million including acquisition and renovation costs for all three properties.
“Middleburg has completed a complete transformation of these three communities, now bustling with residents and community activities. We are very pleased to have preserved and improved the quality and quantity of workforce housing in Atlanta,” said Middleburg Management President, Duane Wooldridge. “Through the intensive work by our development, construction and operations teams, each community is now essentially a new asset and will fill an extreme void in the dearth of workforce housing in this region. Middleburg is uniquely able to take on a portfolio project of this magnitude and then continue to lease and operate it once completed.” Middleburg is a fully integrated development, construction and management company and managed every aspect of the renovations.
Residents of all three properties will benefit from new energy efficient HVAC units and upgraded and renovated finishes for the one, two, and for Camp Creek and Adams Park, three-bedroom apartments. Apartment units now offer new drywall, LVT flooring in the common spaces with carpet in the bedrooms, new cabinetry, granite countertops, modern lighting fixtures, new energy efficient appliances and water fixtures. The exteriors of the buildings benefited from having all siding either repaired or replaced and painted and new gutters and downspouts installed throughout. With the unit work completed, Middleburg is expanding the amenities in each community, adding community rooms, fitness centers, playgrounds, grill areas where they previously didn’t exist and renovating swimming pools and basketball courts where they had been allowed to degrade in prior years.
Vesta Bouldercrest, Vesta Adams Park and Vesta Camp Creek feature Middleburg’s signature program, Local Heroes, which respects and honors firefighters, police officers, emergency medical technicians and K-12 public school teachers by providing them with a rent discount at all Middleburg owned and developed communities. Middleburg launched Local Heroes as an expression of its strong belief that those who serve our communities should be able to live in our communities.
Middleburg Communities Founder and Managing Partner, Chris Finlay, also founded in 2015 Shelters to Shutters, now a national 501(c)(3) organization that transitions individuals and families from homelessness to economic self-sufficiency by educating and engaging the real estate industry to provide employment and housing opportunities.

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AUSTIN, TX – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, has bought Lenox Boardwalk, a 339-unit apartment community in Austin, Texas. The property, bought on behalf of the firm’s Bell Core Fund I investors, will be renamed Bell Lakeshore and represents Bell Partners’ fourth acquisition in Texas in 2021 as the firm continues its expansion in the central and western U.S.
Located two miles from Austin’s central business district, Bell Lakeshore offers residents convenient access to leading employers in the area. The property is adjacent to Oracle’s 40-acre campus, which recently became the company’s new headquarters, hosting up to 10,000 employees. Continued job growth is expected in the area with several plotted office developments.
In addition to job proximity, Bell Lakeshore gives residents close access to well loved recreation destinations. The property is within walking distance of a running and biking trail system around Lady Bird Lake, providing walkable access to downtown as well as Austin’s cultural center of South Congress.
“We are thrilled to expand our Austin portfolio with the acquisition of Bell Lakeshore,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “Our investment in Bell Lakeshore reflects our belief in the continued increase of high-quality jobs in Austin and the corresponding demand for quality housing. We seek investment opportunities in growth markets with favorable supply and demand characteristics, leading to stable growth over time and limited downside risk.”
Built in 2018, Bell Lakeshore’s amenities include a two-tale fitness center, resort and lap pools and resident courtyards. The property also features 498 parking spaces.
Bell Lakeshore adds to Bell’s growing Texas portfolio. The firm recently announced the acquisition of two Austin properties on behalf of Bell Fund VII to make the 949-unit Bell Southpark, as well as the acquisition of the 435-unit Bell CityLine Dallas on behalf of Bell Core Fund I.

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PALM COAST, FL – Stoneweg US, an investment firm specializing in multifamily acquisitions and developments, announced the sale of Tuscan Reserve Apartments, the Company’s first development project, located in Palm Coast, FL.
With a sales price of $32.75 million for the 123-unit community, the deal delivered an above-average 146% IRR, and equity multiple of 3.9 to its investors. Having broken ground in March 2020, Tuscan Reserve had an impressive 18-month investment cycle from the project’s inception to disposition.
“This is an extraordinary win for the Stoneweg US team,” said Brandon Rosser, Chief Legal Officer for Stoneweg US, who oversaw the Tuscan Reserve project. “Tuscan Reserve was managed from concept to creation and the project’s success is indicative of our unwavering commitment to delivering quality deals to our investors, and our ability to weather market volatility efficiently.”
Despite pandemic-related challenges, construction, led by Summit Contracting Group never halted, resulting in a January 2021 completion, roughly 100 days earlier than scheduled. The accelerated completion allowed Stoneweg US to focus efforts on an aggressive lease-up strategy, achieving 98% occupancy by April 2021 with monthly unit rental rates approximately $75 above proforma projections.
The final product at Tuscan Reserve resulted in 123 units with generous square footage, best-in-class finishes, dynamic floor plans, and energy-efficient appliances, as well as luxury external amenities inclusive of a resort-style pool with multiple grilling stations, a top-notch fitness center, bark park, and a picturesque gazebo that overlooks the property’s lake and fountain.
The sale was brokered by Nick Meoli and Mike Donaldson, Executive Managing Directors for the Florida Multifamily Investment Sales Team at Cushman and Wakefield on behalf of Stoneweg US.
“We set forth an ambitious and strategic plot for Tuscan Reserve that would capitalize on the project’s location; demonstrate the team’s capabilities from a development and design perspective; bring quality housing to the Palm Coast Community; and deliver desirable returns to our investors,” said Patrick Richard, CEO of Stoneweg US. “The execution of that plot has been flawless and a collaborative effort that we’re extremely proud of.”
Earlier this year, the Company announced two development deals in St. Petersburg, the Company’s corporate headquarters, and the development division intends to continue growing the pipeline with a specific focus on Florida markets poised for growth. Both development projects are expected to kick off in early 2022.

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