WASHINGTON, DC – Broad Creek Capital and Springer Capital recently expanded their joint portfolio of multifamily assets with the acquisitions of the Square at Forest Acres in Columbia, South Carolina and Tanglewood Apartments in Memphis, Tennessee. The total buy price was $16.5M and the two properties together consist of 364 units.
The acquisitions are the most recent investments in Broad Creek Capital’s Enhanced Income Strategy, which seeks to provide tax-efficient high yield investment income via the acquisition and repositioning of underperforming multifamily properties throughout the United States. The portfolio currently totals over 530 units of multifamily real estate.
Matthew Ruesch, Co-Founder and Managing Partner of Broad Creek Capital stated, “Square and Tanglewood are ideal investments for our Enhanced Income Strategy. U.S. multifamily real estate remains one of the most attractive asset classes for yield and long-term capital appreciation, and the southeast region of the country continues to see strong renter demand. By partnering with Springer Capital, a best in-class real estate investment manager, we believe the execution of this strategy will make substantial value for us and our co-investors.”
“We are excited to partner with Broad Creek on these acquisitions in Columbia and Memphis. These properties are located in the southeast, a region that is extremely attractive for long-term investment due to its affordability, strong employer bases, and well-regarded quality of life. The value-add component of these properties is particularly compelling because it provides significant opportunity for near-term realization,” said Tom Farnoly, Principal at Springer Capital.
Tanglewood Apartments is a 199-unit apartment community built in 1975 and located in the Bartlett submarket of Memphis. Bartlett is one of the most sought-after submarkets in Memphis due to its simple access to highways, major employers, and retail options. Tanglewood was lightly renovated in 2006 utilizing tax credit investor equity which placed affordability restrictions on rents. The business plot calls for exterior and interior renovations to bring the property in line with competing properties in the submarket.
Square at Forest Acres is a 165-unit apartment complex built in 1970 and located in Forest Acres, a submarket of Columbia. The property is in an affluent demographic center and is near higher-end retail corridor which includes premium brand grocers, restaurants, and fitness retailers. Extensive interior and exterior renovations on Square commenced shortly after acquisition and are scheduled for completion in 2022.

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NEWARK, NJ – ABANCA USA took part in a $94 million syndicated loan set to finance a 12-tale, 403-unit Class A multi-family rental project in the heart of Newark’s business district, which will have a total cost of $139 million.
ABANCA USA, the Miami-based bank, joins Valley National Bank, Bank Hapolim, and TriState Capital Bank in providing the funds for this new development located at 55 Union Street, blocks away from Prudential Central, Newark Penn Station and the Passaic River.
Developed by J&L Companies – a Family-owned Real Estate firm based in New Jersey – this project aims to appeal to young professionals by offering a high-quality but affordable product featuring a wide range of amenities such as a rooftop garden and entertainment area, outdoor courtyard, state of the art fitness center and a business lounge with communal and private working space. In addition, this building – expected to be completed by April 2023 – will also feature more than 3,000 square feet of retail space and a parking garage with room for nearly 200 vehicles.
Monica Vazquez, ABANCA USA´s General Manager, clarifies that their involvement in this deal is a testament to ABANCA USA´s ability to do top real estate transactions while maintaining a sustainable business model.
“Not only has it has been an absolute pleasure to work with Lopez y Gabriel Lopez from J&L, one of best developers in the business, but we are delighted that this project contributes to the revitalization of Downtown Newark making it a thriving neighborhood for residents and business alike,” Vazquez clarified.

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RENO, NV – Canyon Partners Real Estate announced its joint venture with GMH Communities and CRG for the ground-up development of a 755-bed student housing project located at the University of Nevada, Reno (“UNR”). Canyon is investing $36.2 million of equity in this development, which is located in a Qualified Opportunity Zone. The project will commence construction immediately and is expected to achieve completion in time for the start of the 2023 school year. The joint venture also simultaneously closed on a $75.2 million senior construction loan from Citizens and Nevada State Bank.
The project is located at the intersection of North Virginia Street and 15th Street, directly across from UNR’s main entrance at the center of campus. The 12-tale development will be the first high-rise student housing development in the Reno area, offering expansive views of campus, downtown Reno and the Truckee Meadows and its surrounding mountain ranges. The project is plotting to obtain a LEED Silver certification and will include a combination of floor plot options, from one- to five-bedrooms, as well as numerous student-focused amenities.
“Academy at Reno fits in seamlessly with GMH’s growing portfolio of first-class student living communities that are designed with students’ unique lifestyles in mind,” says Steve Behrle, Executive Vice President of Development with GMH Communities. “We’re proud to partner with Canyon and CRG as we start development on this exciting high-rise that will soon provide students at The University of Nevada, Reno with the perfect home-away-from-home while they focus on their academic endeavors.”
“We’re thrilled to team with both Canyon and GMH, one of the original pioneers of student housing, to bring this best-in-class property to the students of University of Nevada, Reno,” said J.J. Smith, CRG’s Managing Partner and Residential Group Leader. “I’ve long respected the GMH and Canyon teams, and given that CRG has considerable experience in this market, this partnership was a logical one. As the market’s first high-rise, Academy at Reno will stand out from its competitors with an unmatched amenity package featuring floor-to-ceiling windows and commanding views of the mountains and campus.”

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