The Canopy at Springwoods Village will be Fein's third multifamily property in Springwoods Village, a 2,000-acre mixed-use community situated at Interstate 45, the Hardy Toll Road and the Grand Parkway.

The property was purchased by Chicago-based Draper and Kramer through a 1031 exchange following the firm's sale of Prairie Shores, a 1,675-unit, multi-building apartment community in Chicago's Bronzeville neighborhood.

A train station would mean more demand for vacation homes at The Grove, which is located five miles from Disney World.

As home price appreciation slows, buyers could reenter the residential market. But pent-up demand will continue to help fill apartments.