Development

Broadstone Edition in Irvine, California

IRVINE, CALIF. — Alliance Residential has opened Broadstone Edition, a 264-unit property in Irvine. The five-story community offers studio to three-bedroom units. Of the total unit count, 22 have been set aside for very-low-income households and 14 for moderate-income households. Details regarding income restrictions were not disclosed. Amenities include a pool, karaoke lounge, 2,000-square-foot rooftop deck with a social lounge and fire pits, 2,000-square-foot gym and studio, bicycle parking and a courtyard barbecue area. KTGY designed the community. Hendy was the interior designer. Fuscoe Engineering was the civil engineer. MJS …

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WESTFIELD, N.J. — Adoni Property Group has begun pre-leasing at The Franklin Westfield, a 40-unit building in the New York City suburb of Westfield. The Franklin Westfield offers flats, duplexes and penthouse duplex apartments. Units range from 750 to over 2650 square feet in size. Amenities include a pool and hot tub, putting green, pergola with grilling stations, lounge, dining/wine tasting room, fitness center, golf/multisport simulator, theatre, business center, library, dog park and pet wash. Monthly rents range from $4,300 to $8,000.

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MILWAUKEE — Inland Venture Partners LLC (IVP), the private equity real estate arm of Inland Real Estate Investment Corp., has completed a $27 million capital raise for a 261-unit project in Milwaukee. The project was consummated through one of Inland’s joint venture partners, Kaeding Development Group LLC. The development site is located at 245 Harbor Drive in the city’s Historic Third Ward. Construction began in March 2023, and the developers expect to begin leasing the community in January 2025.

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LAVON, TEXAS — ONM Living has broken ground on The Cottages at Lavon Lake, a 268-unit build to rent community in the Dallas suburb of Lavon. The property is situated near the 1,500-acre Elevon master plan development in eastern Collin County. The complex will offer studio, one-, two- and three-bedroom layouts ranging from 340 to 1,230 square feet in size. After the completion of land development, vertical construction is expected to begin in May 2025. The first move-ins are slated for early 2026, with full completion in January 2027.

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Rialto West in New York City

NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received financing to construct Rialto West, a $125 million affordable housing development in the Hell’s Kitchen neighborhood of Manhattan. Situated at 509 W. 48th Street, Rialto West will rise comprise 158 units across eight stories. The community will offer studio, one-, two- and three-bedroom apartments. Rialto West will be affordable to households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless …

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PALM SPRINGS, CALIF. — Community Housing Opportunities Corp. has opened Monarch Apartment Homes, a 60-unit affordable housing complex in Palm Springs. The $36 million development is situated on a 3.6-acre site. Monarch Apartment Homes is affordable to tenants earning between 30 and 60 percent of the area median income. Amenities include a splash pad, barbeque areas, in-unit laundry facilities, a community room and walking paths. The project was designed by Maria Song, AIA, LEED & AP.

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Island Terrace in Chicago

CHICAGO — Merchants Capital has provided $103 million for the rehabilitation of Island Terrace, an affordable housing community situated across from the Obama Presidential Center in Chicago’s Woodlawn neighborhood. The financing consists of $54 million of debt and $49 million in Low-Income Housing Tax Credit(LIHTC) equity financing. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Island Terrace comprises 240 units across 21 stories. Prior to the recapitalization, only 88 units carried affordable restrictions. The new financing structure enabled POAH to expand the affordability restrictions to …

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Anacapa Canyon in Camarillo, California

CAMARILLO, CALIF. — Kennedy Wilson is nearing completion of Anacapa Canyon, a 32-acre master-planned development in the southern California city of Camarillo. Anacapa Canyon will comprise 310 market-rate units, as well as 170 income-restricted units for senior citizens. The affordable seniors housing units are fully preleased to qualified renters. Anacapa Canyon will also feature 109 for-sale, single-family homes. Planned amenities include multiple pools and spas, a community garden, game room, event lounge, fitness center, dog parks and green spaces. The first move-ins are underway. The project is slated to complete …

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Marketplace at Liberty Crossing in Wilmer, Texas

WILMER, TEXAS — Asset Living has been awarded management of Marketplace at Liberty Crossing, a 318-unit affordable housing development in the Dallas suburb of Wilmer. The project is the second phase of the development of the Liberty Crossing Master Planned Community. Marketplace at Liberty Crossing will offer one-, two-, three- and four-bedroom units. The property will also include ground-floor retail space. A construction timeline and income restrictions for the community were not disclosed.

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AUSTIN — Legacy Partners and Bridge Investment Group have opened Camber Ranch, a 483-unit community in Austin. The development includes 22 two- and three-story buildings on a 35.2-acre site. Units will come in studio, one-, two- and three-bedroom homes ranging from 438 to 1,500 square feet in size. Monthly rental rates start at $1,375. Amenities include a pool, fitness center with a yoga and spin studio, outdoor grilling areas, demonstration kitchen, esports gaming center, co-working lounge, podcast studios, a dog park and bike repair shop. The property was designed by Humphreys …

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