ATLANTA, GA – Preferred Apartment Communities announced that it closed on a loan investment of up to approximately $20.7 million in connection with Terwilliger Pappas’ plans to develop Solis Cumming Town Center, a 320-unit, mid-rise surface parked Class A multifamily community located in the high-growth GA-400 corridor of Forsyth County, a rapidly expanding, affluent suburb in the Atlanta, Georgia MSA. Delivery of first units is expected in second quarter 2022.
Jeff Sherman, the Company’s President of Multifamily said, “This development is not only proximate to the North Fultonand Perimeter office markets, but is also within two miles of Cumming City Center.” Mr. Sherman added, “We are thrilled to be investing in Solis Cumming Town Center and continue to believe that Sunbelt suburban nodes will see healthy and sustained growth over the next decade, as we recover from the impacts of the COVID-19 pandemic.” This marks PAC’s fourth investment with Terwilliger Pappas, a preeminent Sunbelt multifamily developer, and provides PAC with a compelling opportunity to invest in, and have certain rights to buy, Solis Cumming Town Center.
Joel T. Murphy, the Company’s President and Chief Executive Officer said, “Our real estate loan investment program in multifamily continues to be an accretive avenue for capital deployment for the Company. This strategy has historically been a profitable and strategic differentiator for us and we expect that to continue in the future. This is another example of our ability to generate healthy risk adjusted returns in the current climate while also providing us an attractive acquisition pipeline for Class A multifamily communities in the Sunbelt.”

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HOUSTON, TX – Wood Partners, a national leader in multi-family real estate development, announced the grand opening of its newest luxury residential community – Alta Med Main – in Houston, Texas. The four-tale community features 338 units comprised of one- and two-bedroom apartment homes. Leasing is currently underway and first go-ins started in early September.
Located in the Texas Medical Center, a small distance from Downtown Houston, Alta Med Main offers residents simple access to major employment centers in the area, including Texas Medical Center, Rice University, and Downtown. NRG Stadium, the Museum District, the Houston Zoo and Hermann Park are also nearby.
“We are excited to welcome residents from across the Houston area to this market-leading community,” said Bart Barrett, Managing Director at Wood Partners. “Alta Med Main gives residents unequaled luxury in the midst of the largest medical city in the world. This fantastic location provides everything our residents need right around the corner.”
The new community is conveniently located just north of Interstate 610, and within minutes of both the NRG Park/Astrodome and Fannin South Transit Stations, giving residents simple access to transportation that connects across the Houston megaregion. There is a wide variety of retail and grocery options in the neighborhood, including Target, Walmart, Costco and Kroger.
In addition to luxurious apartments, the community offers state-of-the-art amenities for residents to delight in outside of their homes. These include a clubroom, sky lounge with kitchen area, business center with reserve-able micro-offices, a conference room, and a 24/7 fitness center with a virtual fitness studio. The community also boasts two courtyards that include a resort-style pool with sun deck, a tranquility space and entertaining areas, as well as a dog park with a pet washing station. Residents will also have access to a Luxor package room, enabling stress-free package pickup.

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LOUISVILLE, KY – Beitel Group, a New York based single-family office, has bought Chestnut Ridge Apartments, a 384-unit apartment complex in Louisville, Kentucky.
Chestnut Ridge Apartments consists of 12 3-tale brick buildings containing 369,792 square feet and features numerous floorplans that offer 1, 2, and 3-bedroom options.
Surrounded by restaurants, retail, entertainment, and some of the best parks in the area, Chestnut Ridge offers a small town feel that caters to the work/live/play lifestyle. The property is located just off Taylorsville Road in the historic Jeffersontown, Kentucky, a high-growth submarket in Louisville s affluent east end.
The nearby Gaslight Square District is a thriving and growing modern town square that blends seamlessly with its historic roots. The brick lined sidewalks with working gaslights are home to a vibrant restaurant, retail, and art scene. The annual Gaslight Festival is an 8-day event that brings in over 200,000 people to the area.
Beitel Group is a New York based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Beitel currently owns and operates a multifamily portfolio spanning nine states, consisting of 8,000+ units.

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