ALAMEDA, CA – The Housing Authority of the City of Alameda (AHA) has received $20.6 million dollars from the State of California Department of Housing and Community Development. This funding will help AHA build North Housing Senior Apartments, which is the first phase of this long planned North Housing community development project. This senior property will include 64 affordable apartments for only seniors (ages 62 years and older) and is comprised of forty studios, twenty-three one-bedroom apartments, and a two-bedroom apartment for an onsite manager.
“The California Multifamily Super NOFA transformed a once burdensome and lengthy funding application process into an accessible and smart one-stop shop that will get more housing built faster,” said Business, Consumer Services and Housing Agency Secretary Lourdes Castro Ramírez. “This results in new homes for struggling working families, veterans, farmworkers, and people exiting homelessness. California will continue to act with urgency to find new, innovative solutions to fast track housing development.”
In a full circle moment, the land, which was originally owned by the Housing Authority in the 1940s was granted back to the Housing Authority (in 2019) via the surplus land act by the U.S. Department of Navy. The land will now serve as the home for a senior property that houses military veterans. 25% of the residents at North Housing Senior Apartments will be veterans in need of supportive housing. “Studios and one-bedroom apartments are in very high demand in the City of Alameda,” says AHA Board Chair Carly Grob, “and fill a great need for both seniors and previously homeless military veterans.”
Island City Development (ICD), an affiliate of AHA, will be the developer of this project and the Housing Authority of the City of Alameda owns the land. The architect of the North Housing Senior Apartments is HKIT Architects. Once the property opens (future opening date TBD), all leasing and property management services will be provided by FPI Management. AHA staff is actively planning for this community development project to begin construction in either late 2023 or early 2024.
North Housing Senior residents will enjoy property amenities that include a community room, indoor mailroom/lobby, on-site parking, on-site laundry room, bike parking, Wi-Fi hotspot, and on-site property management. AHA’s social services partner LifeSTEPS will provide case management and resident services that connect seniors to resources like food, medical, rental assistance, transportation, hoarding resources, social activities, just to name a few.

PHOENIX, AZ – An Arizona developer is bringing the first Libeskind-designed building to the Valley of the Sun through Rainbow Road, a boutique multi-family property located near Roosevelt Row in central Phoenix expected to break ground in the second quarter of 2023.
InveStellar Corporation, an urban development and advisory firm specializing in providing long-term value through iconic mixed-use, residential and hospitality projects, plans to develop Rainbow Road, a 36-unit architecturally significant apartment community situated on 13,500 square feet located at the southwest corner of First & Portland Streets.
Rainbow Road will deliver one-, two- and three-bedroom penthouse apartments with private rooftop terraces, including a multi-level living experience among many of the two-level lofts. Units will include dramatic views of the neighborhood and Phoenix skyline, through the lens of floor-to-ceiling angular glass windows. Along with well-appointed apartments, Rainbow Road will feature an art gallery space and a fully landscaped and shaded rooftop and a multi-use courtyard that will double as an art experience and public space for events throughout the year.
Designed by Lev Libeskind, son of internationally renowned architect Daniel Libeskind, Rainbow Road brings the iconic Libeskind deconstructivist style featuring sharp angles and slanted surfaces but with Lev Libeskind s own spin. Since opening his own architectural and design practice in Milan and Rome, Lev Libeskind has made a name for himself as the head of Libeskind Studio Design, working on such iconic projects such as the East Thiers Station in Nice, France; the MO Arts Museum in Vilnius, Lithuania; CityLife in Milan, Italy; and the new Stadio della Roma masterplan in Rome, Italy, designed to host the new stadium for the AS Roma soccer team, as well as many new projects in North America and Europe.
Having worked alongside my father, I grew up breathing this architectural style and taking in all the energy and passion that goes into it, said Lev Libeskind. Now I m pushing that style into new directions. I was fortunate that the Rainbow Road project is led by visionary developers who care deeply about the city and architecture. This project allowed me to explore meshing the well-known Libeskind style with a functional aesthetic that meets the demands of the people who are going to live, work and experience the building. Architecture is not pure art, it s civic art. It s about finding the perfect diagonal; it s also about contributing to the neighborhood and shaping the future of a city.
The name Rainbow Road may sound familiar to 90s-era gamers who played the iconic video game Mario Kart, and that s no coincidence. The community boasts an actual rainbow road throughout the courtyard and onto the sidewalk, and color and accents are also carried through the interior design in the window wells and window frames. The two-story units will also feature video game-inspired steps leading to the entrances and in-unit functionality for casual and experienced gamers.
We found the exact color palette for Mario Kart and that became a defining factor of this building, said Lev Libeskind. There is a waterfall of color that goes through the top, outside the building and throughout the building spilling onto the sidewalks with beautiful, fractal tiles. The colors paired with the series of diagonals that veer from the traditional 90-degree angles we are used to seeing in architecture is what will really transform this building into a curated piece of art.
The courtyard, sidewalks and on-site art gallery will showcase artworks by Lev Libeskind along with other local well-known and up-and-coming artists. Rainbow Road was designed intentionally to fit into the diverse Phoenix arts district which surrounds the property. During the city s arts focused First Friday events, Rainbow Road will open its gallery and event space to local artists as well.
The neighborhood surrounding this building has inspirational public art and attention-grabbing murals. We wanted to contribute to that and through Lev s amazing work we were able to turn this property into a living piece of art, said Zac Cohen, managing director of InveStellar Corporation. We wanted interaction, we wanted connection, and we wanted to create a sense of community in the arts district. Rainbow Road will be a place where all these things intersect.

DENVER, CO – Avanti Residential has partnered with Trinity Investors in the $45 million acquisition and recapitalization of Sunset Peak Apartment Homes, a 184-unit multi-family community located north of downtown Denver in Thornton, CO. The project is unique in its townhome design and low density for the local market area and will receive a fresh capital infusion of approximately $5.3 million for apartment interiors, new amenities and exterior improvements.
We are pleased on many levels to partner with Trinity Investors and begin work on the exciting renovation of Sunset Peak, said Christian Garner, president of Avanti Residential. This acquisition and recapitalization will continue the work we began on 20 percent of the apartment interiors in 2019-2020 and reposition the project to offer a higher quality resident experience.
Sunset Peak Apartment Homes is located at 475 Russell Blvd., just off I-25 and Thornton Parkway and a 15-minute drive to Denver s central business district. The project features a mix of two- and three-bedroom townhomes amid a spacious greenbelt area on a 12-acre site. Amenities include a swimming pool and splash pad, grilling station, and a dog park. A new fitness center and upgrades to the pool and playground areas are included in the planned renovation.
Approximately $3 million of the renovation budget will be invested in apartment interiors, where Avanti s construction team will modernize 147 units ($16,433 per unit) with new lighting fixtures and cabinet fronts, new appliances, luxury vinyl tile flooring and other enhancements. The property will also undergo resurfacing of the parking areas and new roofs on three buildings.
Denver-based Avanti is a fully integrated apartment company that owns and manages approximately 9,000 apartments, roughly 25% of which are in Metro Denver and Colorado Springs, CO. Avanti also has significant holdings in Arizona, Florida, Greater Kansas City, and Utah. The firm is selectively acquiring core-plus and value-add apartment projects on behalf of Avanti s institutional and private capital partners.
This transaction is the first investment between Texas-based Trinity Investors and Avanti in the Denver marketplace. The venture was drawn to the attractive basis at $245,000 per unit when compared to the entry price for new construction, plus the stable and increasing demand for rental housing in a Thornton submarket with a highly constrained development pipeline.
The challenging apartment investment environment over the past year nonetheless presents sound opportunities where we can apply our real estate experience and market knowledge with new and existing investor relationships to deliver attractive risk-adjusted returns, added Garner.

HOUSTON, TX – The NHP Foundation (NHPF), a national not-for-profit provider of affordable housing, announced that it has begun construction of a new $45 million affordable housing development that will create 149 affordable rental apartments for those experiencing homelessness in Houston. The new apartments at 3300 Caroline will be known as RoseMary s Place. The new apartments are scheduled to open in May 2024.
The groundbreaking comes after NHPF finalized the lease of land from Magnificat House Inc. (MHI) in January. NHPF is developing the property to house some of Houston s most vulnerable homeless people. The project is supported by Hurricane Harvey recovery funds provided by the City of Houston and Harris County. Full funding includes: $18.7 million from the City of Houston Housing and Community Development Department; $10.2 million from Harris County Community Services Department; $13.6 million from the sale of tax credits to Hudson Housing; $2.4 million from Magnificat Houses Inc. (MHI) as a sponsor loan.
Local elected officials hailed the groundbreaking as a much-needed development to address Houston s homelessness.
The construction of RoseMary s Place will help alleviate the growing issue of homelessness in Houston by providing homes and services with integrity, said Carolyn Evans-Shabazz, Council Member District D, City of Houston.
The four-story building will include two floors of efficiency apartments and offices for MHI – a 55-year-old nonprofit that is partnering with NHPF to provide permanent supportive housing (PSH) services to residents. PSH ensures that residents are supported beyond shelter alone, including programs designed to build skills and connect people with community-based healthcare, treatment and employment services.
Every Harris County resident deserves a place to call home and to be treated fairly– not only as a matter of housing stability and security, but as a matter of dignity, said Rodney Ellis, Harris County Commissioner, Precinct One. Over 3,000 people experience homelessness on a given night in Harris County. Not to mention, low-income households that earn less than $20,000 a year are on the brink of experiencing homelessness. I m glad that Rosemary s Place will help address the great need of affordable housing in our region. Rosemary s Place represents just one of the many county investments in affordable and supportive housing that s planned for the future.
With RoseMary’s Place, NHPF hopes to help end chronic homelessness in Houston, said Neal Drobenare, senior vice president of acquisitions for NHPF and lead developer of RoseMary’s Place. The stable housing and services provided will give residents opportunities to live happy and productive lives.
The property, located on one city block at Caroline and Stuart streets in Midtown, also will house property management and two offices for resident service providers, three multipurpose rooms, a warming kitchen, two separate gathering areas, and a 24-hour staffed entry desk.
The Magnificat community is overjoyed to welcome RoseMary s Place, and its 149 residents, onto our campus and into our hearts, said MHI Executive Director Victor Hay. We appreciate NHPF for its foresight in recognizing community support as key to healing homelessness—and for naming their building after our founder, Rose Mary Badami.
The groundbreaking comes at a critical time when Houstonians can expect to see 3,223 people experiencing homelessness at any given moment. More than half of that population is a result of economic crisis, according to Houston s Coalition for the Homeless 2022 Homeless Count & Survey.

CHARLOTTE, NC – The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in collaboration with Canyon Partners Real Estate (Canyon) and CIBC Bank USA, has officially broken ground on South Tryon, a market-rate community that will bring 310 apartments to Charlotte s rapidly growing South End.
Canyon has provided a preferred equity investment to support the development of 3310 S. Tryon Street in conjunction with a senior construction loan from CIBC. South Tryon will be Canyon s 7th preferred equity transaction with NRP. The five-story development will include a mix of one-, two-, and three-bedroom apartments. Den floor plans will be available for one-bedroom units to accommodate post-pandemic work-from-home trends.
We are thrilled to bring this community to the vibrant South End neighborhood, which is quickly becoming one of Charlotte s premier entertainment and business districts, said Jason Mochizuki, Vice President of Development at The NRP Group. NRP is grateful to have exceptional partners in Canyon Partners and CIBC that are committed, trusting, and believe in creating best-in-class housing for a growing number of residents in the community.
South End is quickly becoming one of Charlotte s preferred urban office cores, due to the proximity of lifestyle amenities and accessible parking options. As such, companies including Lowe s, Lending Tree, DFA, and Allstate, have over 2.2 million square feet of office and 371,000 square feet of retail planned or under construction that will add to the existing 3.5 million square feet of office and 1.9 million square feet of retail.
In addition to ample employment opportunities, South Tryon will offer working professionals an easy commute to even the furthest of employment centers through its close proximity to the New Bern Light Rail Station and I-77, both a half mile away. Residents will also be less than five miles from the Charlotte Douglas International Airport and the Uptown and South Park neighborhoods.
A variety of activities found in the bustling South End neighborhood will be located less than a mile away from South Tryon, ideal for those who enjoy walking or biking to local attractions and small businesses. Residents will easily experience all that Charlotte has to offer, with exciting nightlife and live entertainment, trendy retail and dining options, the city s iconic Rail Trail, renowned art galleries, and full-service grocers, all a short distance from the community.
South Tryon will offer residents a variety of amenities, including a movie and fitness center, co-working area, indoor bike room, club room and social area, dog wash and park, swimming pool, courtyards, and an outdoor dining and cooking area.
Canyon specializes in financing transitional real estate across asset classes, including ground-up development, lease-up projects, refinancings and recapitalizations. The firm has invested approximately $5.6 billion of debt and equity capital across more than 200 transactions over the last 10 years.
The NRP Group expects South Tryon, its seventh community in the Charlotte area, to be completed in 2025.

STAMFORD, CT – Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and asset manager, announced the start of leasing at The Smyth, a luxury mixed-use apartment community that represents the Quarterra’s first development in Connecticut.
Located at the intersection of Tresser Boulevard and Washington Boulevard in Stamford’s Downtown, the 17-story high-rise features 414 apartment homes and more than 19,000 square feet of retail space. The Smyth will serve as a haven in the hybrid workplace with mezzanine-level co-working spaces that include private offices and conference capabilities. First move-ins are anticipated in February.
“Stamford is one of the most charismatic locales in the Northeast, and we look forward to joining the dynamic city,” said Greg Belew, Divisional President of the New York/Tri-State area for Quarterra. “Our center-of-town location will put residents within steps of everything they might need, and we believe The Smyth’s thoughtful design and array of deluxe amenities will provide a top-of-market experience in the neighborhood.”
The Smyth features a modern industrial chic aesthetic and includes four stories of garage parking, including one underground level. Its centralized location at 100 Tresser Boulevard provides residents with access to several shopping, dining and nightlife options. Positioned along an active streetscape, Columbus Park, Summer Street’s restaurant row, The Palace Theater, Stamford Center for The Arts and Mill River Park are all located a short distance from the community.
The Smyth offers commuter-friendly connectivity to several notable locales, as residents are within a short drive of Interstate 95, U.S. Route 1 and Merritt Parkway. Additionally, the nearby Stamford Transportation Center offers Metro-North and Amtrak railroad services. New York City is positioned less than 40 miles to the southwest, an easy commute for residents of The Smyth. Stamford’s own job sector includes several Fortune 500 companies and a vast mix of finance and real estate, technology, management and consulting, digital marketing and healthcare opportunities.
The Smyth features studio, one-, two- and three-bedroom homes with select den layouts and two-story penthouses available. Apartment interiors are equipped with quartz countertops, stainless-steel appliances with gas ranges, hardwood-style flooring, kitchen islands with pendant lighting, custom cabinetry with under-cabinet lighting, walk-in closets, walk-in showers and bathroom cabinets with high-end finishes.
A landscaped rooftop deck highlights The Smyth’s suite of common-area attractions and includes a resort-style pool, sundeck, cabanas, outdoor lounges with fire pits and barbecue grills, all with expansive views of Stamford and Long Island Sound. Additional community amenities include a club-quality fitness center with yoga/spin room featuring lululemon Studio Mirrors, a resident club lounge with catering kitchen and game tables, multi-sport golf simulator, coffee bar, media room/lounge, demonstration kitchen and a dog run with dog washing station. Residents can also utilize dry cleaning drop off, Parcel Pending™ package lockers, bike storage, a bike repair shop and rentable storage units.

DALLAS, TX – CMCT announced that it is expanding its multifamily portfolio with the planned addition of 696 apartment units across three assets. The acquisitions advance CMCT s strategy to focus the portfolio on highly amenitized premier multifamily and creative office assets in dynamic, high barrier to entry markets.
CMCT intends to acquire an interest in the 75-unit Parkview Apartments located at 1902 Park Avenue in the Echo Park neighborhood of Los Angeles. The transaction is anticipated to close in mid-February. Parkview Apartments is located adjacent to 1910 W. Sunset Blvd., an eight-story creative office property that was acquired by CMCT in February 2022.
In Oakland, CMCT is under contract to acquire Eleven Fifty Clay, at 1150 Clay Street, a 16-story apartment building offering 288 market-rate residences. The acquisition is anticipated to close in late March. On January 31, 2023, CMCT closed on the acquisition of Channel House, a 333-unit, eight-story apartment building at 40 Harrison Street.
CMCT believes it has an attractive pipeline of multifamily development opportunities, representing over 1,500 units. CMCT intends to leverage its sourcing, distribution and development capabilities to grow its multifamily portfolio by making property level equity investments alongside co-investors. CMCT believes this asset-light approach, whereby CMCT may earn fee income and potentially a percentage of profits, is a compelling model for CMCT that will contribute to strong returns on invested capital.

SALT LAKE CITY, UT – Los Angeles-based Orion Real Estate Partners announced that it has acquired Lakeside Village, an active adult multifamily community in Salt Lake City, Utah. Lakeside Village enjoys picturesque views of the Wasatch Mountains and sits on a 7.7-acre site with desirable amenities including a clubhouse, community pond, resident garden and outdoor swimming pool and spa. Built in 1997, 100% of units are in classic condition and the property will undergo renovations to improve the property’s amenities and unit interiors.
Orion acquired the property in partnership with Denver-based Headwaters Group and Atlanta-based Formation Development Group. The combined team will bring together deep operational knowledge and experience within the active adult space to deliver best in class services for the community.
This marks Orion’s third acquisition in Utah and 23rddeal overall since 2016, and the firm is focused on expanding its portfolio in Utah and other high growth western states. Salt Lake City was recently ranked as the #1 market in the country according to a CBRE research report and has outpaced the national average in both job and population growth, growing at over two times the rate according to data from the US Census Bureau.
Orion secured a fixed rate loan from CBRE’s San Diego Capital Markets team through Fannie Mae. Orion will utilize Salt Lake City-based property management company AMC, which currently manages over 1,200 units for Orion.

ST PETERSBURG, FL – Mint House, the premier tech-enabled residential hospitality brand offering spacious, high end apartment-style accommodations across the U.S., announced the impending opening of Mint House at Metro St. Petersburg in St. Petersburg, Florida in Spring 2023. The newly constructed residential hospitality property – fully operated by Mint House – will offer 100 apartment-style hospitality units in the thriving EDGE district downtown. The transaction marks the third Florida location for the next-gen hospitality brand (which is currently operating two locations in Miami) and the first on the gulf coast.
Mint House at Metro St. Petersburg will offer luxurious amenities for guests staying a night or for multiple weeks, and will include a resort-style pool, wellness-focused fitness center, bicycle rental program and valet parking, plus direct access to the EDGE District’s Main Street, St. Petersburg’s hottest neighborhood for shopping, dining, nightlife and art. Each apartment-style hospitality unit will be equipped with a full kitchen, living and dining areas, and ample workspace.
“Mint House at Metro St. Petersburg will offer Mint House guests premium residential hospitality accommodations, bringing a truly differentiated experience to downtown St. Petersburg. Located in the exciting EDGE district, guests will enjoy high-end apartment style stays, incredible amenities and great walkability whether for a night or several weeks, while traveling on business, leisure, or a combination of the two” said Elizabeth Herzberg, Mint House’s Senior Vice President of Real Estate Development.
“Mint House at Metro St. Petersburg represents the type of quality growth Mint House has experienced in the past couple of years: high-end apartment-style accommodations in thriving and growing markets like St. Petersburg,” said Paul Sacco, Mint House’s Chief Growth & Development Officer. “Mint House will be approaching 2,000 units active or signed in 2023, and this exciting new project is a terrific example of the Mint House offering.”
In addition to offering tech-first spaces to work, stay and play, Mint House at Metro St. Petersburg will offer Mint House’s signature Stock Your Stay program, allowing guests to pre-stock their apartment with groceries prior to arrival. Both properties will also participate in Mint House’s subscription Mint Pass program, offering frequent travelers perks, and each create less CO2 emissions than a traditional hotel with smart thermostats, as well as zero soap and plastic waste.
Today, Mint House has more than 25 artfully designed, tech-first properties in more than 16 major U.S. cities including New York, Philadelphia, Miami, Austin and Nashville, with recent openings in Scottsdale, Dallas and Birmingham.

MINNEAPOLIS, MI – Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management and operation of high-quality residential communities, announced its first development in Minnesota in a prime commercial district of Minneapolis. The Standard at Dinkytown is a 1,021-bed community within walking distance to the University of Minnesota (UM) in the heart of UM’s Greek Row.
“We look forward to bringing our high-quality, purpose-built student housing product to the University of Minnesota,” said Wes Rogers, President and CEO of Landmark Properties. “Our first development in Minnesota will feature The Standard’s best-in-class amenities and premium proximity to campus.”
Located at 514 14th S Avenue, The Standard at Dinkytown will offer several distinct floor plans, ranging from studio to five-bedroom apartments, with 30 affordable housing units. The Standard’s best-in-class luxury amenity package and location in Minneapolis’ primary hub for dining, bars, live music and retail is unmatched and will stand out to potential residents when weighing options among comparable properties. Rental rates at The Standard will include cable, internet, trash, and all furniture.
The Standard at Dinkytown will offer residents luxury amenities such as a resort-style outdoor pool area, equipped with a jumbotron, sun deck, cabanas, outdoor grilling stations and rooftop hot tub overlooking Minneapolis and the Mississippi River. Additionally, residents will have access a state-of-the-art fitness center, clubhouse with computer lab, gaming lounge, study lounge with café and Amazon package lockers.
Inside the apartments, all units will feature a gourmet kitchen with quartz countertops, ample cabinet space, premium flooring and stainless-steel appliances. Every apartment is fully wired for high-speed internet and cable, and will include large closets, private baths, and in-unit washers and dryers. Students who have access to a vehicle can purchase a parking space in The Standard’s covered garage that will also include dedicated scooter and bicycle spaces.
The University of Minnesota represents the ninth-largest, single-campus enrollment of any university in the United States, enrolling more than 50,000 students each fall. The university is one of five universities in the nation with an engineering school, medical school, law school, veterinary medicine school, and agricultural school all on one campus, and its pharmacy school is ranked third in the nation among public universities. The Standard at Dinkytown is expected to begin construction this year and welcome students for fall 2025.