WALDORF, MD – North Bethesda, Maryland-based CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $6 billion of multifamily assets in the U.S., announced it has bought two apartment communities in Charles County featuring a combined 360 homes.
The workforce-housing communities, Palmer Apartments and Smallwood Gardens, are adjacent to one another, just south of St. Charles Parkway in south Waldorf. CAPREIT is set to undertake a series of capital improvements on the properties, designed to elevate them to a premier choice for the discerning modern workforce renter.
“As a leading workforce and affordable housing provider, we are always aiming to grow our portfolio in stable markets,” said Andrew Kadish, CEO of CAPREIT. “We’re excited to expand to Waldorf with the acquisition of these two communities, which are right in the backyard of our company headquarters. With a large footprint and vast institutional knowledge of the greater Mid-Atlantic market—which is our largest market with multiple regional headquarters—we viewed this as a prime opportunity with an abundance of upside. We look forward to getting started on the capital improvement process.”
CAPREIT has dedicated $5 million toward upgrades, which will include a significant refresh of building exteriors, amenities, common areas, landscaping and additional community enhancements. Home interior renovations are also plotted to help elevate the spaces to modern standards. Additionally, CAPREIT plans to implement energy-saving measures that have the potential to reduce utility costs by up to 25%.
Palmer Apartments, located at 3008 Pilgrims Square, was originally built in 1980 and features 152 one- and two-bedroom homes. Smallwood Gardens (formerly Smallwood Gardens at Village Center of St. Charles) is positioned at 2640 Hamilton Place. Originally built in 1976, the two-tale community features 208 one-, two- and three-bedroom homes.
Each property features a swimming pool, playground, laundry facility and onsite maintenance. Apartment interiors include fully equipped kitchens, large walk-in closets, air conditioning and in-home climate control. Select homes feature private patios or balconies.
The properties sit across from Smallwood Village Center, a 173,000 square-foot shopping center, and within walking distance of a stop on the VanGO bus line. The St. Charles neighborhood is located approximately 22 miles south of Washington, D.C., making it a well loved option for those who commute to the key employment centers in the city.
“Waldorf is a stable but improving location, and we’re delighted to join the St. Charles neighborhood,” said Stephen Catarinella, chief investment officer for CAPREIT. “We believe that there is significant operational upside with these communities that we can unlock through an infusion of capital improvements and our resident-centric approach to property management.”
To enhance the resident experience, CAPREIT plans to use its systematic program of surveying residents at key points within the leasing process to evaluate guest and resident sentiment regarding the property’s maintenance, amenities, safety, response time and overall value.

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HOUSTON, TX – Hanover Company has closed its Hanover Opportunities Fund (HOF) at $125 million in capital commitments and is actively acquiring land and underutilized commercial properties, such as vacant buildings and distressed office assets, for redevelopment into multifamily or industrial projects. HOF can close acquisitions quickly, with or without entitlements in place, and offers flexible deal structures to accommodate sellers.
For site owners, lenders, and intermediaries, HOF can offer quick-close, all-cash solutions with a trusted development sponsor, said Brandt Bowden, CEO of Hanover.
Rather than acquiring stabilized assets, HOF targets early-stage opportunities that can be executed through Hanover s vertically integrated development platform.
Today s real estate environment is seeing a massive demographic shift and accelerated obsolescence in office, all against a backdrop of capital scarcity, Bowden added. HOF is built to take on the risk to reposition assets, while providing immediate liquidity to sellers—often before entitlements are in place.
Led by Bowden and Hanover Managing Director Drew Willson, the fund was made to address capital dislocation and the growing need for pre-development risk capital.
HOF has already made three acquisitions: an industrial development site in York, Pennsylvania, and two multifamily development sites in San Jose, California.
With its capital base in place, HOF is actively pursuing acquisitions across Hanover s national footprint, which includes Sun Belt, West Coast, Northeast, and Mid-Atlantic markets.

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ARVADA, CO – Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, hosted a groundbreaking ceremony at the future site of Marshall Pointe Apartments, a four-tale, 260-unit affordable housing community in Arvada, Colorado expected to start leasing in September 2026.
“We are proud to commence work today on LAC’s second ground-up development in the Denver metro area,” said Ben Taylor, LAC vice president and project partner. “Marshall Pointe will provide high-quality, affordable housing for families in one of Colorado’s fastest-growing communities.”
Comprised of mostly one- and two-bedroom units, Marshall Pointe will lease its units to residents earning between 30% and 70% of the Area Median Income (AMI). Communal amenities will include two courtyards: one for adults featuring a covered dining area, hammock grove, flex lawn space, and lush landscaping; and one for children including a climbing wall, playground, movie wall, and garden. Additional indoor amenities include a fitness center, game room, package and mail rooms, and a lounge with a kitchenette. All units will be equipped with stainless steel Energy Star appliances, balconies, walk-in closets, linen closets, and hard-surface countertops.
LAC is partnering with Family Tree, a non-profit human services agency in the Denver Metro Area, to offer full-time permanent supportive housing (PSH) at the site for all 13 units at the property, including eight that will have Project-Based Housing Choice Vouchers from the Arvada Housing Authority (AHA). As a result of the partnership with LAC, residents at Family Tree’s nearby under development supportive housing property will have the opportunity to go to Marshall Pointe when ready, making a Corridor of Housing Advancement between the sites and supporting long-term residency in the area.
The project was financed in partnership with AHA and the Colorado Housing and Finance Authority (CHFA), which provided Federal and Colorado State Tax Credits, along with the permanent financing. Additionally, the Colorado Department of Local Affairs provided $5 million of bridge funding for the land acquisition through their Operation Turn Key program, which allowed LAC to buy the land 18 months ahead of the construction finance closing. Additional partners include the National Equity Fund (NEF) and JP Morgan Chase.

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