ANN ARBOR, MI – Trilogy Real Estate Group, a Chicago-based real estate investment, property management, and development firm, announced the acquisition of two Ann Arbor apartment communities in a portfolio transaction totaling 840 units.
“These acquisitions bolster our strategy of acquiring high quality communities in markets with healthy fundamentals,” said Trilogy Chief Investment Officer Jesse Karasik. “Ann Arbor is a right knowledge center with one of the most highly educated populations in the country. In addition to being a top ten fastest growing tech submarket, Ann Arbor consistently ranks as a ‘Best Place to Live’ among Gen Z, Millennials and retirees alike.”
The first community, The Villas at Main Street, is located next door to the University of Michigan soccer complex and is comprised of 360 one-, two-, and three-bedroom units that were well occupied upon acquisition. Built in two phases in 1997 and 2002, the Villas resident experience is complemented by its amenity package that includes an outdoor pool with sundeck, 24-hour fitness center with a Peloton spin bike, clubhouse, dog park, package lockers and an outdoor kitchen with firepit.
Trilogy also bought The Villas at Northstar, a 480-unit community located a mile from the University of Michigan North Campus. Completed in 1988 and partially renovated by prior owners, the property includes 31 two-tale buildings with one- and two-bedroom apartment homes that average 955 square feet. The community is well occupied. Residents delight in expansive community amenities that include a social lounge, clubhouse with fireplace, playground, tennis court, dog park, outdoor pool and a 24-hour fitness center with a Peloton spin bike.
Both properties are centrally located within a few miles of downtown Ann Arbor, minutes from the University of Michigan, and offer nearby access to major freeways and public transportation, providing residents with convenient access to area employment centers. Major employers located in the community’s surrounding area include, University of Michigan, Trinity Health, General Motors, Toyota and Domino’s Pizza, among others.
This is Trilogy’s 5th apartment community acquisition in Michigan.
Trilogy Real Estate Group has sponsored seven private investment funds. Since 2002, the principals of Trilogy have completed over $4 billion in transaction volume, including $670 million of acquisition and financing activity in 2020 on its current portfolio of 30 multifamily properties located in 12 states across the country.

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SIOUX FALLS, SD – Tzadik Properties, an industry-leading, multifamily property management company and one of the largest owner operators in South Dakota, in partnership with Circle Capital Partners, bought the LaCrosse Estates Apartments in Sioux Falls. The property is located at 761 East Anamosa St., Rapid City, SD 57701. The agent representing the buyer was Michael Haeder of Haeder & Associates of Rapid City, through a collaboration with Tzadik Executive Vice President and Head of Acquisitions Michael Davalos.
LaCrosse Estates Apartments features 265 units, plus an indoor pool, basketball court, fire pits, greenery, and more, all on 11.57 acres. It is the largest property that Tzadik has bought in the Midwest to date. Tzadik plans to enhance LaCrosse Estates Apartments through approximately $1.7 million in capital expenditures to upgrade the common areas, amenities, and interior units.
LaCrosse Estates Apartments is a workforce housing community offering 1-bedroom, 2-bedroom, and 3-bedroom units, with an average of 815 square feet per unit and average in-place rents of $857 per unit, per month. It is located with 40 minutes to one hour of landmarks such at the Mount Rushmore National Memorial, the foothills of Black Hills, and Custer State Park.
The buy was financed by Merchants Bank.
“We are pleased to have bought LaCrosse Estates Apartments, our largest buy in the Midwest to date,” said Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry. “By purchasing this property, we continue to expand the Tzadik Properties, LLC portfolio. In October 2020, we bought Woodlake Apartments, also in Sioux Falls.”

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CLEVELAND, OH – The NRP Group, the vertically-integrated, best-in-class developer, builder and manager of multifamily housing, announced it broke ground on 21 new projects in 2020, comprised of 4,865 units of market-rate, moderate income and affordable housing, with over $1.3 billion in third-party capital deployed. These numbers represent record levels for the firm, both in terms of total production and individual project scope.
“The NRP Group successfully navigated the challenges presented by the coronavirus pandemic and strategically overcame market disruptions to continue our mission of delivering exceptional rental communities to individuals and families, regardless of income,” said J. David Heller, CEO of The NRP Group. “Our strong culture, shared core values and consistent history of overcoming fantastic challenges has helped our A+ players rally together to keep each other safe while achieving record performance in a very hard environment. I cannot overstate how proud I am of our team.”
The 21 developments that broke ground in 2020 were in the states of Massachusetts, New York, Pennsylvania, Maryland, Virginia, North Carolina, Florida, as well as in Ohio, Indiana, and Texas. They included both the highest cost market-rate development NRP has done – The Rylan in McLean, Virginia – as well as the highest cost affordable development – The Renaissance at Lincoln Park in New Rochelle, New York.
“Keeping all of these projects moving forward during the pandemic has taken grit and creativity, but it is also a testament to the strength of the relationships and goodwill we have developed with our public and private partners and investors,” said George Currall, Principal and Managing Director of Capital Markets at The NRP Group. “We built these relationships by consistently delivering on our commitments and we are thankful for the trust our partners and stakeholders have shown in us through a hard time.”
Over half of the projects in 2020 were affordable housing developments — 12 of 21 or 57% – which will provide housing for residents earning less than 60 percent of area median income. This is significant since the pandemic has place additional pressure on an already existing shortage of affordable housing throughout the U.S. The 2020 NRP project list was rounded out with 3 moderate income housing communities and 6 market-rate communities.
In addition to its record number of groundbreakings, The NRP Group opened 10 communities in 2020, totaling 2,600 units located in six states including Texas, Florida, Massachusetts, Ohio, North Carolina, and Maryland. The openings included 3 affordable housing communities, 1 moderate-income housing community, and 6 market-rate apartment communities.

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