PHOENIX, AZ – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera City North, a contemporary community in the emerging Desert Ridge neighborhood of North Phoenix.
The wrap-style community, which will feature 330 homes, will serve as a key component of the City North master plot, a 100-acre, two million square-foot mixed-use development comprised of retail, office, hotel and residential space. First go-ins are anticipated for summer 2028.
“Modera City North is a unique, well-positioned community that will capture the best of both metropolitan and tranquil living,” said Brandon Finnie, vice president of development in Arizona for Mill Creek. “With its spacious floor plans, refined suite of amenities and proximity to the area’s key employment centers, we believe the community will quickly ascend to a best-in-class option in a neighborhood brimming with increased demand.”
Situated at 20711 N 54th Street on the border of Desert Ridge and North Scottsdale, Modera City North is located just north of Loop 101, a key thoroughfare that connects to many major employers, including Republic Services, Sprouts, ASM, Banner Health, Nationwide and Axon. In addition to the forthcoming attractions within City North, the community sits adjacent to Desert Ridge Marketplace, a 1.2 million square-foot retail center and High Street, a 628,000 square-foot mixed-use lifestyle mall, both of which are home to an array of retail, dining and entertainment options. The community is also less than two miles from Mayo Clinic Hospital and a regional office for American Express, which employs more than 13,000 associates.
Modera City North will offer one-, two- and three-bedroom homes with various layouts up to 1,450 square feet. Community amenities will include a resort-style swimming pool, hot tub and spa, outdoor dining, landscaped courtyards, resident clubhouse, game room, pool table, pet park, pet spa and a club-quality fitness studio with cardio equipment and yoga/Pilates studio. Residents will also have access to a conference room, coworking space, garage parking with private EV-charging stations, digital package lockers, bike storage and additional storage space. The community will be built to, and is pursuing, an NGBS Silver Certification.
Homes will include oversized windows, nine- and 10-foot ceilings, wood-style plank flooring, stainless steel appliances, quartz countertops, pull-down faucets, tile backsplashes, soft-close cabinets with under-cabinet lighting, separate dining areas, movable kitchen islands, oversized bedrooms with spacious closets, in-home washers and dryers, controlled-access guest technology and private patios or balconies. Designer bathrooms will include double vanities, quartz countertops and tile shower surrounds.

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IRVINE, CA – WNC & Associates, a family-owned business known as both a pioneer and leader in the affordable housing industry, announced the recent closing of WNC Institutional Tax Credit Fund 59, L.P. (Fund 59), a $210 million national Low-Income Housing Tax Credit (LIHTC) fund that will support the creation and preservation of affordable housing across 18 communities in 13 states. The successful close reflects WNC’s continued ability to connect private capital with housing solutions that help address growing demand for affordable housing nationwide.
“For more than 55 years, WNC has brought together private capital and trusted partnerships to expand and preserve affordable housing nationwide,” said Will Cooper Jr., president and CEO of WNC. “During a housing crisis marked by a shortage of 7.2 million affordable and available rental homes, Fund 59 shows how private capital can be mobilized to help close the gap. New federal housing policy will bolster this work and expand opportunities to invest in affordable housing.”
Fund 59 is investing in 2,015 affordable housing units in 18 communities across Alaska, California, Florida, Indiana, Kentucky, Massachusetts, Maine, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, and Texas. The portfolio includes seven new-construction communities and 11 preservation communities, with two rehabilitations of historic properties. Five of the properties serve seniors, while 13 provide affordable housing for families. Together, these investments will help expand housing opportunities while preserving existing affordable housing in communities across the country.
“We are grateful for the continued confidence our investor partners place in WNC and our mission,” said Christine Cormier, executive vice president of investor relations at WNC. “Fund 59 reflects the trust we’ve built over more than five decades and the continued demand for investments that deliver meaningful community impact alongside long-term value. Together with our investors, we’re helping connect private capital with affordable housing solutions in communities across the country.”
In addition to LIHTC, Fund 59 includes investments utilizing Energy Tax Credits and Historic Tax Credits, further supporting the preservation and development of high-quality affordable housing.

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BEVERLY HILLS, CA – Kennedy Wilson, a global real estate investment company, has partnered with Kenedix, Inc. and Hulic Co., Ltd. to buy Carraway, a 421-unit multifamily community in West Harrison, New York, for $237 million. The acquisition further expands Kennedy Wilson s investment management platform and deepens its relationship with long-standing Japanese partners Kenedix and Hulic.
Completed in 2021, the Class A property is located in Westchester County, approximately 25 miles north of Manhattan, and features a mix of studio, one-bedroom and two-bedroom residences, structured parking and approximately 6,400 square feet of ground-floor retail space. Carraway features a highly amenitized living experience, including a resort-style pool, fitness center, coworking space and on-site retail, helping drive strong resident demand and retention.
Carraway represents a rare opportunity to buy a high-quality, recently constructed multifamily community in one of the most desirable suburban markets in the New York metropolitan area. The acquisition extends Kennedy Wilson s investment platform across the East Coast and expands our investment management platform alongside our valued partners Kenedix and Hulic, said William McMorrow, Chairman and CEO of Kennedy Wilson.
We are pleased to have our fourth JV investment with Kennedy Wilson and Kenedix. We are currently increasing international investment with trusted partners in areas where continued population and economic growth are expected. We believe this investment satisfies our criteria, said Sohei Okuno, Managing Officer, General Manager of Global Investment Department at Hulic Co., Ltd.
We are pleased to expand our partnership with Kennedy Wilson and Hulic through the acquisition of Carraway, a high-quality multifamily asset in the New York metropolitan area. This investment reflects our continued focus on institutional-grade residential properties in supply-constrained, high-demand markets where we see strong long-term fundamentals supported by durable population trends and proximity to key employment centers, said Hikaru Teramoto, Representative Director, President & COO at Kenedix, Inc.
Situated within Westchester County, one of the most affluent counties in the United States, Carraway benefits from average household incomes exceeding $175,000 and proximity to White Plains, a major employment center, as well as companies including IBM, PepsiCo, Mastercard, Morgan Stanley and Regeneron. The property has experienced strong leasing momentum, with rents increasing more than 5% over the last year, while maintaining an attractive affordability profile relative to New York City housing alternatives.

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