Leon Capital Group Kicks Off Major Phoenix Project Near TSMC
First units are slated for delivery in 2027.
Leon Capital Group has broken ground on Soltra Ironwood, a 343-unit luxury project in Phoenix. First apartments are slated to debut in 2027.
Santander Bank issued a $63.8 million construction loan, Yardi Matrix data shows. Estating plans to invest in the development as well, according to its website, which also indicates a hold period of three years.
Leon tapped its in-house general contractor, LMF Construction, for the project. Design Studio Architects is also part of the development team.
Floorplans call for one- to three-bedroom layouts, while the amenity package is slated to comprise coworking spaces, a swimming pool, sport courts, a clubhouse and a gym, among other features.
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Located on nearly 13 acres at 2425 W. Sonoran Desert Drive, Soltra Ironwood rises inside Phoenix’s north submarket, within 2 miles of Loop 303 and Interstate 17 and less than 6 miles from TSMC’s Arizona base of operations. The manufacturer created one of the fastest-growing employment corridors across the country on account of its $265 billion commitment to chip production.
Multifamily development followed along, with several other projects in the works nearby. One of them is Ascendant Capital Partners, Bond Cos. and Canyon Partners’ Inspire Sonoran Desert, a 560-unit property about 2 miles from Soltra Ironwood. The team broke ground last year after securing a $102.8 million construction loan from Kennedy Wilson in 2024, according to Yardi Matrix.
Phoenix deliveries soften, starts pick up the pace
Across the entire market, multifamily residential construction softened, with deliveries accounting for just 2.3 percent of stock during the first seven months of 2026, substantially below the threshold of 5 percent in 2024 and 2025, a report by Yardi Matrix shows.
However, starts ticked up 6 percent year-to-date through July compared to the same period of last year as 8,556 units entered the pipeline across 33 projects. Kennedy Wilson was involved in another project, this time as the developer, when the company teamed up with Harrison Street to break ground on Chandler Uptown, a 420-unit project in Chandler, Ariz.
