SCOTTSDALE, AZ – Elevest Capital, a privately held real estate investment firm specializing in multifamily assets, announced the closing of Fund 61, completed in partnership with Rise48 Equity through the acquisition of a 154-unit Class B+ apartment community in Mesa, Arizona. The transaction strengthens their presence across the Sunbelt and underscores its commitment to growth in dynamic, high-demand markets.
Ideally positioned in a strong B+ submarket, the property benefits from Mesa’s robust population growth, diverse employment base, and steady rental demand. This acquisition provides a prime opportunity to enhance long-term value while delivering consistent cash flow from day one.
“We’re thrilled to expand into Mesa with a property that checks every box, location, quality, and growth potential,” said Adam Williams, Founder and CEO of Elevest Capital. “Partnering with Rise48 Equity brings an added level of operational expertise that aligns perfectly with our vision for making both investor value and exceptional resident experiences.”
As owner and operator, Rise48 Equity will spearhead a targeted renovation program designed to upgrade interiors, modernize amenities, and streamline operations. These improvements are intended to elevate the resident lifestyle and optimize the property’s performance over the long term.
“This collaboration represents our focus on forging strong partnerships that benefit all investors,” said Dana Williams, COO of Elevest Capital. “Rise48 Equity’s proven ability to do thoughtful renovations and enhance community spaces will be instrumental in unlocking the property’s full potential.”

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CHEVY CHASE, MD – FCP has made its first investment in the Las Vegas, NV market with the acquisition of The Avondale Apartments. The 560-unit apartment community located at 9225 W. Charleston Boulevard lies within the Peccole Ranch master-plotted community with immediate access to the nearby 20,000-acre Summerlin development.
“FCP is excited to expand its Western U.S. footprint and enter Las Vegas with the addition of such a high-quality asset in a top-tier location,” said Bart Hurlbut, Senior Vice President and head of Western US investments at FCP. “While the property has been institutionally owned and well-managed, we see a fantastic opportunity to take advantage of the immediate proximity to employment and amenities while repositioning the community. In a challenging transaction environment, we continue to find ways to buy communities in fantastic locations in growing markets where we see continued long-term fundamental strength, and Avondale Apartments meets those criteria to a tee.”
FCP plans to implement value-adding capital improvement projects including upgrading common areas and a modern unit renovation plot that will position Avondale to thrive in one of the most desirable submarkets in Las Vegas.
The Avondale Apartments are conveniently located within the Peccole Ranch master-plotted community, which features miles of walking trails, tennis courts, playgrounds, and an abundance of retail and convenience amenities. Within 2.5 miles is the 20,000-acre master-plotted mixed-use development, Summerlin, with the largest concentration of dining, retail, entertainment, and hospitality amenities outside of the downtown Las Vegas Strip.
Avondale comprises one-, two-, and three-bedroom residences in three-tale buildings. Each residence features hardwood floors, stainless steel appliances, patios or balconies, a fireplace, in-unit washers and dryers, garden soaking tubs, and a gas stove. Residents of Avondale can delight in three resort-style swimming pools, a 4,000 square foot fitness facility, a racquetball court, spin room, two dog parks, and a dog washing station.
FCP extends its appreciation to CBRE’s Las Vegas Investment Sales team of Adam Schmitt, Spence Ballif, Jannie Mongkolsakulkit, and Justin Neubeck for their representation of the seller, and CBRE’s Mid-Atlantic Debt and Structured Finance team of Maxi Leachman, John Knies, and Sallie Ann Seiders in securing financing for the acquisition.

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ATLANTA, GA – Greenwood Star Holdings, a vertically integrated real estate company specializing in the acquisition, management, and disposition of multifamily properties, announced the acquisition of two multifamily communities as part of its Regulation D, 506(c) offering: Greenwood Star Income and Growth Trust (GSREIT) a private, open-end real estate investment trust focused on acquiring high-quality, income-producing multifamily assets across the Southern United States.
The acquisitions include Parkside Apartments, a 281-unit property, along with Creekside Apartments, a 96-unit property, both located in the Atlanta suburb of Doraville, Georgia. Parkside was bought for $31.5 million, a 23% discount to its comparable sale price, and Creekside was bought for $15.5 million, a 35% discount to its comparable sale price. Both properties include the assumption of attractive long-term financing involving a 3.63% Fannie Mae loan maturing in August 2029.
“Doraville is an in-demand submarket of Atlanta that continues to demonstrate resilient fundamentals, making a competitive rental housing environment,” said Lisa Li, chairman and CEO of Greenwood Star. “With our integrated property management capabilities, and the ability to assume the 3.63% Fannie Mae loans, we believe that Parkside and Creekside are well-positioned to deliver significant value to investors.”
Both properties may benefit from their desirable locations within the Doraville submarket, an area where favorable fundamentals are expected to continue supporting the market for the foreseeable future. The area has seen strong population growth in recent years along with a robust job market. Doraville has also experienced high occupancy rates driven in part by affordability: mortgage payments in the surrounding area are more than double the monthly rent payments at both properties, reinforcing demand for quality rental housing.

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