MINNEAPOLIS, MN – Adolfson & Peterson Construction (AP), a national, family-owned construction management and contracting company, recently broke ground on Artessa Mound Harbor, a cooperative living community for people 62 years and better in Mound, Minnesota. Located on Auditors Road less than a mile from Lake Minnetonka, Artessa Mound Harbor will include 125,000 square feet of living and community spaces at completion in August 2024. Artessa Development, an affiliate of Lifestyle Communities, is the experienced developer of the co-op community; AP is constructing the building and installing tenant finishes in partnership with Kaas Wilson Architects.
“The West Metro continues to see demand for high-quality amenities and buildings among potential community members,” said Blake Invie, Project Manager at AP. “We’re proud to support the redevelopment with a state-of-the-art living facility in the heart of the walkable Mound community. This is a fantastic opportunity for AP to build upon our expertise in senior living and establish a partnership with Artessa Development and Lifestyle Communities that will extend to communities around the country.”
Artessa Mound Harbor is comprised of 52 high-end senior co-op residences with 11 unique floor plans ranging from 1,006-1,905 square feet. One element that sets the co-op style apart from other senior housing options is the wide array of resident personalization options offered in each unit. Members choose a home plot situated across four floors of cooperative living. The main floor boasts roughly 6,150 square feet of indoor amenities and nearly 2,000 square feet of outdoor living spaces that act as an extension to a member’s private residence. Some of the many amenities include pickleball courts, fitness areas, lounges, a woodshop, a coffee bar, liquor lockers, a community kitchen and a theater. Exterior features include gathering areas, firepits, grill stations and a terrace.
“Artessa Mound Harbor provides members with an alternative to owning a single-family home or a townhome,” said Dena Meyer, President of Lifestyle Communities, Artessa Development. “It’s an appealing option for people looking to delight in a home where they can collectively own and control the cooperative community in which they reside.”
In Artessa communities, members buy a share in the cooperative corporation, which owns the land, building and common areas. This type of residential housing provides for steady annual growth of members’ equity at a fixed rate of return of the initial share payment. This ensures that homes remain affordable and marketable long-term.”
AP prioritizes fostering engagement with the community, city officials and local neighbors and business owners throughout the entirety of the project. Moreover, AP has directly collaborated with neighboring businesses to ensure their continuous operation during the construction phase. Additionally, the project team has diligently implemented an especially strict stormwater management plot to protect Lake Minnetonka.

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PHOENIX, AZ – Toll Brothers Apartment Living, the rental division of Toll Brothers (NYSE: TOL), the nation s leading builder of luxury homes, and EJF Capital have announced a joint venture to develop Henri in downtown Phoenix, Ariz. The project is being financed through a $65 million construction loan facility. Henri will be a seven-tale, 313-unit luxury mid-rise rental community. Construction on Henri started in July 2023 and is anticipated to be completed with first residency in 2025.
We are delighted to once again partner with EJF Capital to develop a spectacular luxury apartment community in vibrant downtown Phoenix, said John McCullough, President of Toll Brothers Apartment Living. This collaboration underscores our commitment to delivering exceptional apartment living experiences. Together, we will make an unparalleled residential haven in the heart of Phoenix with the same quality, luxury, and service for which Toll Brothers is already known in this market.
Henri will offer a mix of studio, one- and two-bedroom floor plans. The luxury residences will feature spacious open floor plans and intuitive design, with custom kitchen cabinets, stainless steel appliances, Moen® plumbing finishes, quartz kitchen and bathroom counters, wood-style flooring, and innovative smart home features including keyless locks.
The community will include more than 36,000 square feet of indoor and outdoor amenities space including a resident lounge, a chef demonstration kitchen and dining spaces, a state-of-the-art fitness center, collaborative coworking spaces, a club and game room with fireplace, listening lounge, studio-inspired creator booths, a library and study room, a resident bar, a resort-style pool and courtyard, a sun lounge, a rooftop deck, and pet-friendly amenities. The community will also include a 455-space structured parking garage featuring EV (electric vehicle) charging stations.
Downtown Phoenix has become a dynamic neighborhood replete with stunning architecture, a diverse range of dining, shopping and night life, as well as a thriving artistic community, which all serve to make it an exciting place to call home, said Todd Bowden, Managing Director for the southwest region of Toll Brothers Apartment Living. We are very excited to bring the Toll Brothers lifestyle to this area.
Located at 502 West Van Buren Street and situated on a 2.32-acre site, Henri will be constructed in a Qualified Opportunity Zone. Henri is centrally situated in a walkable neighborhood bordering the iconic Phoenix cultural arts district Roosevelt Row and is surrounded by restaurants, bars, cafes, shops, boutiques, art galleries, entertainment venues, and other neighborhood-serving retail opportunities. Perfect for those seeking luxury apartment living in the heart of downtown Phoenix, Henri will offer simple access to major roadways including I-10 and I-17, as well as convenient public transit opportunities with nearby stops for Valley Metro rail and bus routes.
We are pleased to be teaming with EJF Capital to develop our second apartment community together, said Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers. Henri also is the sixth Opportunity Zone project Toll Brothers Apartment Living is developing nationwide. We appreciate the support of City National Bank as agent and Banc of California for providing us with this $65 million construction loan.
We are thrilled to be working with Toll Brothers Apartment Living on this exciting project, which will fill a strong need for multifamily housing in this dynamic market, said Asheel Shah, Senior Managing Director and Head of Real Estate Development at EJF. Our lenders see the significant potential of downtown Phoenix, which is home to vibrant and walkable neighborhoods anchored by a robust retail, restaurant and entertainment hub.
Henri is the fourth multifamily community to be developed by Toll Brothers in the Phoenix market. It joins Callia, a four-tale, 403-unit apartment community, and Haverly, a five-tale, 323-unit apartment community, which both opened in Midtown Phoenix in 2022. Canvas, a Toll Brothers Campus Living® community in Tempe, opened to students in 2021 and was subsequently sold in 2023.

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FANTASTIC FALLS, MT – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has announced the acquisition and plotted renovation of two developments in Fantastic Falls: Sunshine Village and Broadview Manor East & West (MT2 Community Partners, LP). CPP partnered with The Hampstead Companies who will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area.
CPP and Hampstead s total development investment is approximately $23.1M, which includes the buy price of $10.75M and an estimated per unit renovation cost of $72,850. The properties HUD subsidy was set to expire, but with CPP and Hampstead’s involvement the homes will now remain affordable and prevent displacement of residents earning 50% and 60% of AMI until 2074.
New affordable housing developments in the Fantastic Falls area have significant waitlists, so the preservation and modernization of the existing affordable housing stock is vital to the residents of this community, said Karen Buckland, Vice President at CPP.
Built in 1979 and located at 600 13th Avenue S., Sunshine Village is a senior community of 72 one- and two-bedroom units in a single three-tale building. Amenities for senior residents include a community room, library, and outdoor lawn. Shared space renovations will include the replacement of one of the building s elevator cabs, a full upgrade of the community space, and expansion of the management office.
Also built in 1979, the Broadview Manor properties are in two different locations. Both communities are designed for families, offering three- and four-bedroom units, onsite laundry facilities and uncovered open parking. Broadview Manor East, located at 720 and 724 42A Street is a three-tale, 12-unit project with an adjacent basketball court. As part of the renovation, Broadview Manor East will have new stairs installed. Broadview Manor West, located at 710 and 714 4th Avenue N.W., is a two-tale 8-unit project.
Interior renovations will take place in all the units with a focus on sustainability, including installation of new low-VOC vinyl plank flooring, and formaldehyde-free cabinets and counters. Upon completion, the homes will include energy efficient upgrades, such as Energy Star rated appliances, LED lighting fixtures, low-VOC paint, and low flow plumbing fixtures. Sunshine Village will receive necessary ADA compliance upgrades.
As part of the improvements, the Fantastic Falls communities will offer free Wi-Fi and provide residents with an on-demand library of classes, available 24/7 through Rainbow Housing Help Corporation. Live instruction will also be offered, Monday through Thursday, along with monthly calendared events coordinated by an on-site staff member. Rainbow Housing will conduct a survey and assessment of the residents to determine the needs of tenants and programing of the project to ensure that the appropriate resources are being provided.
Renovations are expected to be completed in May 2024. Partners on the project include Montana Board of Housing (who awarded tax exempt bonds and 4% low-income housing tax credits), WNC is the equity partner, and Glacier Bank provided the debt.

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