EL SEGUNDO, CA – An investment group led by Ocean West Capital Partners, Tiger Alternative Investors, Korea Investment & Securities Co., and Landmark Properties has closed on the acquisition of West Village, one of the country’s largest student housing communities located at the University of California, Davis. The project was built in three phases from 2011 to 2013 and consists of over 50 individual buildings encompassing 2,289 beds and a best-in-class amenity package.
West Village is the largest net zero energy community in the United States, designed to produce as much energy as it consumes. To meet this goal, the community combines efficient overall design, with renewable on-site energy production via solar panels installed throughout the community. UC Davis remains deeply committed to sustainability and houses many of its research centers and programs at West Village.
“We at Ocean West are proud to have closed this large, complex transaction with our partners, and we are excited to continue working with the University to provide much needed housing for its students,” said Russ Allegrette, Principal of Ocean West Capital Partners. “The opportunity to buy West Village aligned perfectly with our student housing strategy of investing in top-tier public universities, with growing enrollments and a need for quality purpose-built student housing.”
Phil Choi, Principal of Ocean West Capital Partners added, “UC Davis is consistently ranked as one of the top public universities in the country. Enrollments have continued to grow, while new student housing development has not kept pace. As a result, it can be hard for students to find housing close to campus, and many are forced to live in older, non-institutional product far from campus. West Village presented us with a unique opportunity to buy over 2,000 beds on-campus, and we are looking forward to engaging with the UC Davis community.”

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RICHMOND, VA – Capital Square, a leading sponsor of tax-advantaged real estate investments, announced the launch of CSRA/GS Opportunity Zone V, LLC. The project-specific opportunity zone fund is raising capital to develop 1601 Roseneath Road, a 350-unit multifamily community with ground-floor retail space, in the Scott’s Addition designated opportunity zone in Richmond, Virginia. CSRA/GS Opportunity Zone V, LLC seeks to raise $32,396,000 in equity from accredited investors.
“Capital Square is thrilled to enter this joint venture with Greystar Real Estate Partners to develop a Class A, mixed-use multifamily community in Scott’s Addition,” said Louis Rogers, founder and chief executive officer. “Greystar is the largest property manager in the nation as well as a top 10 builder and owner of apartment communities.”
Located at the intersection of two main thoroughfares in Scott’s Addition, 1601 Roseneath Road will be a six-tale, Class A multifamily community with 15,000 square feet of retail space. The 2.28-acre property will have 380 onsite parking spaces.
Established in 1901, Scott’s Addition is a historic area that is now the City of Richmond’s fastest growing neighborhood and the second-highest performing market with 97.6% occupancy, according to Yardi Matrix. Scott’s Addition is a designated opportunity zone with a census tract that stretches across Virginia Commonwealth University and the Carver neighborhood. Apartment rental rates in the neighborhood have increased 8.1% on a year-over-year basis and are projected to increase 3% to 4% per year for five years.
The project will be co-developed by Capital Square and Greystar, a global leader in the investment, development and management of high-quality rental housing properties that is based in Charleston, S.C. The Greystar team is led by Todd Wigfield, senior managing director, John Clarkson, managing director, George Hayward, senior director, and Russell Whitworth, managing director.
“The Richmond market possesses substantial growth opportunity and will continue to be an vital part of our long-term development strategy in the Mid-Atlantic,” said John Clarkson, Greystar’s managing director of development for the Mid-Atlantic Region. “Capital Square has a strong track record of successful project execution in Scott’s Addition, and together with the expertise of our local team of professionals, we look forward to providing future residents with attractive amenities at this Class A property.”
1601 Roseneath Road is Capital Square’s fourth new project in the Scott’s Addition designated opportunity zone. Previously, Capital Square launched a trio of developments – Scott’s Collection I, II and III – within a few blocks of the 1601 Roseneath Road project. The Scott’s Collection projects each feature a single-structure, ground-up development with Class A multifamily communities ranging in size from 60 to 80 units, and will include private unit balconies, a lobby area and onsite parking.
Opportunity zones were made by Congress to stimulate long-term private investments in low-income urban and rural communities, along with certain contiguous areas. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones.

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ATLANTA, GA – Walker & Dunlop, Inc. announced that it structured $44,800,000 in financing for the Ambling Portfolio, a collection of eight multifamily properties located throughout the Southeast. The transaction represents the first investment in the fund, Infinity RE Impact, newly formed by Infinity Capital Partners, an Atlanta based alternative investment management firm.
The portfolio comprises 741 units in total, all of which are subject to Land Use Restrictive Agreements (LURA), which require that 40 percent of the units be occupied by low income tenants who earn 60 percent or less of the Area Median Income (AMI). The properties are also supported by Housing Help Payment (HAP) Contracts that stipulate contractual rents are subsidized by the local housing authorities. Five of the properties are located in South Carolina, two are in North Carolina, and one is in Alabama.
Jeff Lawrence, Matt Baptiste, and Greg Krafcik led Walker & Dunlop in structuring the financing on behalf of Infinity Real Estate Advisors, and Infinity Capital Partners, whose principals are strong, repeat clients with extensive experience in developing and renovating affordable and Class C multifamily properties. The team worked alongside Geoff Smith and Kimberly Schmitz of Walker & Dunlop Commercial Property Funding, LLC, the company’s specialty high-yield first mortgage and mezzanine lending platform.
Deftly navigating the LURA and HAP considerations associated with the properties, Walker & Dunlop effectively structured financing at 90 percent loan to cost, thanks to the owner’s exceptional experience. In addition to covering the acquisition costs, loan proceeds will be used to complete $8,450,000 in renovations. The fund has engaged Atlanta Financial Group, led by Anthony Guarraci, to do the portfolio rehabilitation, which will include interior unit restorations, common area upgrades, as well as building and site improvements.
“Our strategy is quite simple,” Greg Jones, Chief Investment Officer at IREA, stated. “There is not enough product to support the growing need for affordable housing. Should our economy weaken, this demand will only continue to grow.” Jones adds, “We see affordable multifamily as a unique investment product offering predictable returns in the event of an economic downturn.”
“It is more vital than ever to ensure affordable housing remains an option for residents across the United States. The rehabilitation and preservation of the Ambling Portfolio will provide tenants with an updated place to call home,” commented Walker & Dunlop’s Baptiste. “We were honored to work with Infinity RE Impact, an experienced and respected affordable housing owner and operator, and to help maintain much-needed housing solutions in the Southeast.”

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