SCOTTSDALE, AZ – LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, announced the official opening of Vitri, a contemporary mixed-use apartment community in the heart of Scottsdale Quarter.
While preleasing and first go-ins occurred earlier in the year, the official opening announcement coincides with the community’s reopening and resumption of onsite leasing after the initial stages of the COVID-19 pandemic. Future residents will continue to have access to virtual and online options, as well.
The luxury community, which consists of 300 apartment homes and 38,000 square feet of ground-level retail space, overlooks Scottsdale Quarter and the variety of gourmet restaurants, bars, retail shops and entertainment options contained within the well loved open-air shopping center.
“The thriving North Scottsdale submarket has been undersupplied with right high-end rental product that goes beyond the typical commodity-like Class A apartments being built today,” said Scott Johnson, division president of the Mountain and Southwest regions for LMC. “We’re thrilled to deliver to the market a community that is second to none in quality and finishes in a what we believe is the best location in the entire state.”
Located at 15125 N. Scottsdale Road, the various attractions located directly below Vitri’s residential levels include the state’s only Amazon store, in addition to the widely well loved Culinary Dropout, a restaurant, bar and live music venue also known as The Yard. The walkable experience within the 28-acre Scottsdale Quarter includes immediate access to an additional 80 retailers and restaurants.
Vitri offers studio, one-, two- and three-bedroom apartment homes and a selection of upscale penthouse layouts. Apartment homes feature two distinct contemporary schemes that incorporate the latest in design trends. Plumbing fixtures, hardware, and appliances in each interior scheme incorporate either matte black or brushed gold in a coordinated design throughout the home. Kitchen appliance packages include GE’s premium Café line with a gas range, double oven and wine refrigerator. Additional features include floor-to-ceiling storefront glass, frameless glass-enclosed showers and keyless entry. Penthouse homes include 11-foot ceilings, upgraded flooring, smart-home lighting, automatic roller shades and custom-built wine bars.
The community also offers a variety of lifestyle-enhancing amenities, including an elevated pool deck with two hot tubs, steam and sauna rooms, a Skydeck lounge with incredible panoramic views, a two-tale state-of-the-art fitness center, exclusive wine lounge with private temperature-controlled lockers, pet grooming facilities and an executive work lounge with collaborative and private office space. Residents also have access to 24-hour digital package lockers with text notifications, electric-vehicle charging stations and a bike storage room with individual lockers. Residents also have access to a full-service onsite concierge.
Vitri adds to LMC’s presence in the Phoenix area. It joins Nexa, located in North Tempe, and Muse, located in midtown Phoenix.

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MIDLAND, TX – The Michaels Organization announced that Chaparral Apartments, a critical affordable housing resource in Midland, Texas, is set to undergo an extensive renovation following a successful financial closing. The modernization of Chaparral will provide much-needed upgrades to the apartments and community amenities while preserving long-term affordability.
“We are grateful to the City of Midland and the Texas Department of Housing and Community Affairs for recognizing the importance of preserving existing affordable housing,” said Ryan Zent, Michaels’ Vice President of Development. “We welcome this opportunity to reinvest in our community, providing modern interior and exterior upgrades that will enhance the quality of life for current and future residents, Zent said.
In July 2019, the property received an allocation of 9% competitive federal tax credits from TDHCA. The rehabilitation will be financed with the equity proceeds generated from the sale of these 9% credits to Bank of America, a construction loan provided by Bank of America, and a permanent loan provided by Freddie Mac and serviced by Berkadia.
“Bank of America Community Development Banking was pleased to provide a construction loan and equity investment through Berkadia to help make much-needed affordable housing in Midland,” said Miles Cary, Senior Vice President of Community Development Banking at Bank of America. “Chaparral Apartments is a fantastic example of the impact public and private collaboration can make to help the most vulnerable in our communities.”
Originally constructed in 1972 and bought by Michaels in 1994, Chaparral offers 124 apartments across 14 garden-style residential buildings and complimented by a central clubhouse. Substantial interior unit upgrades include a complete kitchen remodel, flooring replacement, and installation of new plumbing and light fixtures. Exterior building and common area upgrades will consist of replacement of all exterior windows, exterior siding repairs, a remodeled community clubhouse, as well as the installation of a new children’s play area and an outdoor seating pavilion.
“The residents of Midland Chaparral Apartments deserve an exceptional living environment to call home and raise their families,” said Isaac Garnett, Midland’s Community Development Manager. “With this public-private partnership, we will achieve that goal.”
Michaels Construction is the general contractor for the renovation. Professional design services were provided by Kelly Grossman Architects, Connect Structural Engineering, and Newton Engineering. Michaels Management will continue to manage Chaparral, providing people-first service for years to come.
All renovations are scheduled to be completed by May 2021, with a process set in place that limits the amount of time residents need to be relocated while updates are being made.

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HOUSTON, TX – Banyan Residential announced the acquisition of Lofts at the Ballpark, a 375-unit Class-A apartment property in downtown Houston, Texas.
The four-tale community is located at 610 Saint Emanuel Street one block from Minute Maid Park and BBVA Stadium, and immediately adjacent to light rail access.
Lofts represents Banyan’s first acquisition in the Houston market, which will bolster the company’s presence in Texas alongside development property holdings in Dallas. Banyan Residential closed the transaction in conjunction with Marble Capital as its financial partner.
Banyan Residential specializes in multifamily, office and retail development in gateway markets across the United States. The firm currently manages a development pipeline exceeding $600 million in value, comprising more than 1,800 residential units and 385,000 rentable square feet of office space in Scottsdale, Phoenix, Tempe and Dallas.
Marble Capital is a principal investor providing capital solutions to multifamily developers and operators nationwide. Since its inception in 2016, the Houston-based firm has invested in ~9,000 multifamily units worth $1.5 billion in total capitalization.

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