DENVER, CO – ReyLenn Properties announced the opening of Solana Stapleton, a new luxury rental community in the Stapleton submarket of Denver. The community is the first market rate rental community developed by a third party in the master-plotted Stapleton community.
The 280-unit development includes a mix of one, two, and three-bedroom residences, with rental rates starting at $1,549 per month. It is situated within the Stapleton master-plotted community across Peoria from the adjacent Fitzsimons/Anschutz Medical Campus and the Fitzsimons Light Rail Station, just south of Sand Creek and Sand Creek Park.
“Solana Stapleton is perfectly primed to serve the housing needs of the 25,000+ workers and students at the adjacent and growing Fitzsimons/Anschutz Medical Campus, while enjoying the unsurpassed location and amenities offered by the Stapleton community,” said Jason Smith, Partner with ReyLenn Properties. “The community is literally at the three-way convergence of the light rail network with direct links to Downtown Denver, Denver International Airport, and the Denver Tech Center.”
The community will be only the second apartment community at Stapleton to offer extensive on-site amenities. Ever pushing to meet the desires of today’s renters through creative design and the most useful of amenities, ReyLenn has included onsite a saltwater pool, spa, state of the art fitness center with yoga and spin studio, an indoor basketball court, an HD golf and sports simulator, an outdoor beer garden with gaming and a pizza oven, a food truck court, and community gardens. A stand-alone coworking space has also been built into the development, accessible for residents at discounted rates and the surrounding general public as well.
Located on a 9.75-acre total site area, Solana Stapleton also is host to a nearly 12,000 square foot clubhouse, a pet grooming facility, a dog park, bocce ball courts, outdoor pool table, a bike and ski maintenance facility, and more. Apartment interiors offer high end features such as 9′ ceilings throughout, stainless steel appliances, quartz countertops, open floor plans, upscale gas ranges, walk in closets, oversize loft style windows, private balconies or patios, custom European roller shades, and electric vehicle charge-enabled garages. The community has been designed by KTGY architects, Norris Design, and Trio Interiors. The project was built by ReyLenn Construction Company, a Multifamily Executive top 25 builder nationally.
Solana Stapleton is located on one of the last tracts of vacant land on the former Stapleton International Airport site, which is at the end of its 25 year build out, now home to more than 38,000 residents today. The Stapleton location is the fifth to open under the Solana brand, with four already located around the Denver metro area including Cherry Creek, Boulder, Arvada, and Highlands Ranch.
The apartments will be operated under the management of Denver-based Mission Rock Residential, a national property management company formed in 2012 who has seen significant success across the country.
“Today’s renters know exactly what they are looking for in an apartment with regards to what amenities are most engaging, what community events are most valued, and how onsite management can offer effective and professional support. Solana Stapleton is right on the mark and hits every interior and amenity wish list item. As the management team, we look forward to activating these state-of-the-art, unique community amenities and offering Stapleton residents Mission Rock’s signature best-in-class customer service to enrich our residents’ lives week in and week out,” said Patricia Hutchison, President for Mission Rock Residential.

Powered by WPeMatico

MEMPHIS, TN – Elevation Financial Group announces the acquisition by Elevation Real Property Fund VII of Kennington Pointe, a 155-unit senior property located in Memphis, Tennessee. The $2.2 million buy represents the seventh acquisition by the fund in the past ten months and is the latest example of Elevation’s mission to make and support quality affordable housing in communities throughout the United States.
Built in 1989, the property was previously an independent living and helped living facility. As part of the renovation plot, Elevation will add kitchens to the underutilized helped living units and upgrade the entire property to an affordable 55+ independent senior living community. Upgrading the vacant helped living units to independent living will enable the property to reach its full potential by allowing Elevation to serve a larger number of people in need of independent living and fulfill a fantastic demand for quality affordable senior housing in the East Memphis area. The property will also be rebranded as The Elevation at Autumn Ridge.
“Our nation has seen an unfortunately sharp increase in the need for affordable housing in recent months, making the work Elevation does to rehabilitate and stabilize affordable communities even more vital. At a time when more and more Americans are struggling to afford basic necessities like food and rent, our company remains steadfast in our mission to provide safe, clean, and affordable housing our residents are proud to call home, and we intend to do exactly that for the people of Memphis,” said Chris King, CEO of Elevation.
Elevation is not new to rehabilitating senior communities in the Memphis area. In 2010, the company bought a 396-unit senior tower and in 2014, Elevation also bought Serenity Apartments at Hickory Hill, a 55+ senior community located only a couple of miles from the latest Memphis acquisition. Elevation at Autumn Ridge will be managed by Elevation Property Management, a best-in-class company managing senior and multifamily communities in nine states.
Additional properties in the Fund VII portfolio include a senior property in Illinois, four multifamily properties in Louisiana and a 496-unit senior community in Indiana.

Powered by WPeMatico

LOS ANGELES, CA – LaTerra Development, a Los Angeles-based developer of urban infill mixed-use properties, announced the formation of a programmatic joint venture with QuadReal Property Group, a global real estate company. The venture will invest up to $250 million in equity to develop and operate multifamily communities in Southern California with a focus on Greater Los Angeles.
The venture has closed on two land acquisitions, the first being for the development of 573 apartment homes adjacent to a transit stop in downtown Burbank at 777 N Front Street, Burbank, CA. Burbank is home to a significant and robust employee base, driven by leading media companies such as Disney and Warner Brothers. This project will help to alleviate the city s supply-demand imbalance – only one apartment project has been built in Burbank in over 20 years, giving Burbank the highest jobs to housing ratio of any city in California.
The second land site is for the development of 71 apartment homes in West Hollywood at 7617 Santa Monica Blvd, West Hollywood, CA. This boutique project will cater to the West Hollywood submarket, with a location that is highly central and walkable to both employment and lifestyle destinations. Prospective residents will delight in 360 degree views of West Hollywood from the rooftop pool. The venture is expected to break ground on the site in 2020. Both projects bring affordable housing components to their respective communities – 69 homes for Burbank and 11 homes for West Hollywood.
“QuadReal is a well-respected, world class organization with whom we are honored to partner for our new build to core strategy in Los Angeles, one of the best apartment markets in the country,” said Charles Tourtellotte, chief executive officer for LaTerra Development. Los Angeles is at the center of the ‘techtainment’ boom – the intersection of technology and entertainment– but apartment supply has failed to keep pace. The Burbank and West Hollywood markets exemplify this trend, making these two projects brilliant assets with which to seed the venture.
Tim Works, Managing Director, Americas for QuadReal, added: “We are pleased to form this relationship with LaTerra, which has extensive development experience in the Los Angeles market. Los Angeles has extremely high barriers to entry, and we are excited to partner with a local operator that has significant entitlement expertise and reach into the local market. Burbank and West Hollywood are sites that LaTerra spent years entitling, allowing QuadReal to immediately gain access to two of the best submarkets in Los Angeles.
Jonathan Dubois-Phillips, President, International for QuadReal, reinforces the company s conviction about this strategy, with this timing: Investing in global markets with constrained housing supply encourages our investment of time and resources, especially when demand is strong and increasing. Our convictions and commitments are long term focused. We aim to see beyond small term dislocations if not seek opportunity within them.
Consistent with LaTerra and QuadReal s objectives of building sustainable and green communities, the projects will include features such as electric vehicle charging stations, solar panel integration, and participation in the Energy Star program. Burbank will be LEED Gold certified.
Macquarie acted as exclusive financial advisor and global placement agent on behalf of LaTerra in connection with the formation of the joint venture.

Powered by WPeMatico