MIDDLETOWN, DE – A ribbon cutting ceremony marked the opening of a 264-apartment luxury community in Middletown, Delaware. Louis Capano III, CEO of Capano Residential, Mayor of Middletown Kenneth Branner, and members of the community were in attendance.
The Reserve at Westown is the latest residential property developed by Capano Residential, a subsidiary of Capano Management. With a modern farmhouse-inspired design, the amenities include a clubhouse with a multimedia lounge, state-of-the-art fitness club, library, and resort-style pool with sundeck.
Middletown has seen impressive growth in the last two decades, said Capano. We re excited to be a part of this expanding landscape and designed these apartments with a nod to the historic Middletown feel but with modern comforts and amenities for everyone.
Conveniently located in Middletown, Delaware, one of the fastest growing cities in Delaware, residents are only steps away from hip eateries, entertainment, shopping, and employers in New Castle County.
We are thrilled to welcome The Reserve at Westown into the Town of Middletown, said Mayor Branner. Not only are the apartments gorgeous, but they also offer so many amenities for the new residents who will live there. Capano Management is helping to fill a fantastic need in our town for apartment living.
The Reserve at Westown features open floor plans, high ceilings, wood plank flooring, and other comforts in all one-, two- and three-bedroom apartments. All feature high-end fixtures, lighting, and hardware. The location offers simple access to the new 301 Bypass and is in the desirable Appoquinimink school district.

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TAMPA, FL – Blaze Partners announced the acquisition of Nine15 Apartments, a 362-unit multifamily community located in the heart of Tampa, Florida. The asset was bought on February 28, 2020 by a newly formed affiliate of Blaze.
Nine15 is a premier 23-tale luxury high-rise community in downtown Tampa, one of the major epicenters for urban revitalization in the Southeastern US. Located on North Franklin Street and blocks away from the Tampa Riverwalk, the community offers residents unparalleled walkability to downtown’s abundant cultural and entertainment venues, bars and restaurants, and major employers occupying more than 10 million square feet of Class A office.
The community consists of a variety of finely appointed studios, one-, and two-bedroom floorplans with expansive city views. In addition, residents have access to a comprehensive suite of best-in-class amenities including a state-of-the-art fitness center, rooftop pool, penthouse skylounge, and 9,000 square feet of ground-floor restaurants and retail. Blaze intends to invest incremental capital to refine the product and expand resident offerings to further differentiate the community’s already unique standing amongst its peer set.
“We are thrilled with the acquisition of Nine15, a remarkable asset in the heart of one of the most transformational nodes in Tampa,” said Chris Riley, Co-Founder and Managing Partner of Blaze. “This transaction marks a continuation of our acquisition strategy focused on acquiring recently-developed, Class A communities in dynamic submarkets within the premier growth markets throughout the Sunbelt. We are actively building our pipeline and continue to have a healthy capital appetite for the right opportunities.”
The acquisition marks the Company’s first investment in Tampa, a target investment market for Blaze as it seeks to augment its other Florida exposure. “We are excited about establishing our footprint in Tampa and looking forward to continuing to expand our presence here as we look for unique opportunities that present an attractive risk-return dynamic,” added Eddy O’Brien, Co-Founder and Managing Partner of Blaze. “To have our first investment be a deal of this profile and magnitude exemplifies our long-term bullish outlook on the region and belief in the vitality of the downtown transformation.”
Blaze has been actively growing its rental housing portfolio throughout the Carolinas, Georgia, Florida, and Texas. The Company has bought or currently has under control approximately $800 million in multifamily communities on behalf of institutional equity partners with nearly $300 million in volume within the last six months. “We remain committed to prudently expanding our platform capabilities and continuing to attract best-in-class talent to help fuel our growth,” said Eddy O’Brien.

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GREENSBORO, NC – Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, has bought the Landon Creek Apartments, a 72-unit multifamily community in Greensboro, NC, in an off-market transaction. Landon Creek, completed in 2019 and currently in lease-up, sits on 6.65 acres and consists of large one- and two-bedroom apartment units, averaging 905sf and 1,065sf, respectively. Wellington Advisors, based in High Point, NC, has been awarded the management contract and will stabilize the Property over the next 30-60 days. At the time of closing, the Property was 79% leased.
The transaction closed on February 27, 2020, for $8,700,000, or $120,800 per unit and $123 per square foot. As part of their acquisition, new ownership placed a new 70% LTV, non-recourse, fixed-rate mortgage at 3.61% from Fannie Mae, originated through Berkadia s Denver capital markets team of Kevin Batt and Brian Huff.
Landon Creek is located in a medium-density area in Greensboro s northwest submarket, 15 minutes from downtown and UNC-Greensboro, and 10 minutes from Piedmont Triad International Airport. In addition to being centrally located for access to jobs and retail, its neighborhood schools are among the best in the city.
The acquisition, FMC s first in the state, aligns with FMC s initiative to expand south from its holdings in Virginia, where it currently owns over 600 units, in markets that demonstrate a balanced outlook for stability and growth. Greensboro has all of the characteristics of a healthy market that we look for. It continues to absorb the recent waves of new construction supply, with strong job and population growth translating into steady rent growth and downward trending vacancies, said Eric Mallon, one of FMC s founding principals. Rents have appreciated well over the past two years, with 2019 year over year rent growth that puts Greensboro in the top 5 nationally, behind Phoenix, Las Vegas, and Atlanta.
The new construction apartments, with unit interiors finished with granite countertops and stainless appliances, were delivered with no deferred maintenance or expected capital needs. FMC s business plot instead focuses on improving operations through the implementation of more sophisticated management and marketing strategies, utilizing their institutional-quality asset management platform to control operational expenses, push other income opportunities, and make strategic decisions for the asset. Landon Creek is representative of the risk-adjusted deal that we are thrilled about purchasing at this point in the cycle. It s new construction, so we make value out of the gate by buying below replacement cost, and yet also expect to generate strong returns that approach those of traditional value add executions, said Andrew Jumbeck, VP of Acquisitions for Four Mile.

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