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 plotted 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 quicker,” 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 quick 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 fantastic 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 plotting for this community development project to start construction in either late 2023 or early 2024.
North Housing Senior residents will delight in 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 help, transportation, hoarding resources, social activities, just to name a few.

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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-tale 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 gorgeous, 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 incredible 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 make a sense of community in the arts district. Rainbow Road will be a place where all these things intersect.

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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 start work on the exciting renovation of Sunset Peak, said Christian Garner, president of Avanti Residential. This acquisition and recapitalization will continue the work we started 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 plotted 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.

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