Leon Capital Group Breaks Ground on Soltra Ironwood, 343 Apartments in North Phoenix Near TSMC

North Phoenix has another big apartment community under way. Leon Capital Group announced on October 20 that its Leon Multifamily division has broken ground on Soltra Ironwood, a 343-unit luxury multifamily community in Phoenix’s north submarket. First units are expected in the fourth quarter of 2027, with leasing to follow.

The site is nearly 13 acres at 2425 W. Sonoran Desert Drive, within about two miles of Loop 303 and Interstate 17 and less than six miles from TSMC’s Arizona campus. Leon’s release describes North Phoenix as a fast-growing employment corridor anchored by that campus, and it points to TSMC’s $265 billion Arizona commitment covering up to 10 fabrication facilities, two advanced packaging plants, and a research and development center. Blake Schroeder, President of Leon Multifamily, called Soltra Ironwood the company’s response to that growth.

The project team keeps construction in the family. LMF Construction, Leon’s in-house general contractor, is building the community. Since 2017, LMF has completed or is working on 22 projects worth more than $1 billion, according to the release. Design Studio Architects is also part of the development team, per Multi-Housing News and AZBEX. Santander Bank issued a $63.8 million construction loan for the project.

Soltra Ironwood will offer studios and one-, two-, and three-bedroom apartments. Amenities include a resort-style pool, a 24-hour fitness center, co-working space, clubhouse event space, a dog park and pet spa, pickleball and bocce ball courts, and private garages with EV charging. Derek Deckard, President of Construction at LMF Construction, said every project sharpens the way the team works together, and Soltra Ironwood is no exception.

The groundbreaking is part of a broader pickup in Phoenix starts. Multi-Housing News, citing Yardi Matrix, reports that multifamily starts in the metro rose 6 percent year to date through July compared with the same period last year, with 8,556 units entering the pipeline across 33 projects. Several other communities are already under construction in the same North Phoenix corridor.

Why it matters to JFN

A 343-unit Class-A community on 13 acres is exactly the kind of production multifamily work our crews are built for: hundreds of nearly identical kitchen and bath groups, repeated wet walls and mechanical closets across multiple buildings, and a site-wide amenity package (pool, spa, fitness, clubhouse kitchen, pet spa) that adds its own plumbing, gas, and mechanical scope beyond the units. The North Phoenix corridor near Loop 303 has become one of the most active places in Arizona to build rental housing, and a developer that pairs an in-house general contractor with a repeatable amenity program tends to value trade partners who can hold a schedule from the first underground rough-in to the last fixture set. We congratulate the Leon Multifamily, LMF Construction, and Design Studio Architects teams on the start, and we will be watching this corridor closely as more projects follow the jobs.

Sources: Leon Capital Group release via Business Wire and Yahoo Finance, October 20, 2026; Multi-Housing News, October 21, 2026; AZBEX Arizona Projects, October 23, 2026; Multifamily Dive, October 27, 2026