LEGACY PARTNERS AND DWS START CONSTRUCTION ON 433-RESIDENCE APARTMENT COMMUNITY IN SCOTTSDALE, ARIZONA

SCOTTSDALE, Ariz. (June  17, 2025) – Legacy Partners (“Legacy”), a privately held national real estate firm, together with joint venture partner DWS, a leading global asset manager, today announced the start of construction on Citrea Scottsdale, a 433-residence apartment community in Scottsdale, Arizona.

The project is located north of Loop 101 and east of Scottsdale Road, at the northwest corner of Legacy Boulevard and Miller Road, in Scottsdale’s fastest growing neighborhood.

Citrea Scottsdale will consist of 325 garden-style homes and 108 townhomes. Thirty-eight total buildings are planned, 24 of which will be townhomes and 14 will be apartments. Promising a phased delivery, the townhomes will be completed in summer 2027 with the garden-style homes anticipated for fall 2027. KTGY is the architect for the project and an affiliate of The Dinerstein Companies (“TDC”), a Houston based real estate company, will be the general contractor and co-investor in the project.

Legacy has been developing in Arizona since the 1970’s and views this project as a unique opportunity to capitalize on the region’s strong macroeconomics.

“Our team at Legacy is excited with the opportunity to bring an elevated suburban garden-style product to one of the most sought-after communities in this part of the valley” said Tim O’Brien, senior managing director for Southern California and the Southwest at Legacy Partners. “This is a unique development for North Scottsdale which will meet the demand for a high-end lifestyle in a low-density setting.”

The apartment buildings border Legacy Boulevard and Miller Road with a 25-foot setback, creating a buffer that protects the site and allows for desert plants to line the roadways. The townhomes along Miller Road are set back more than 75 feet, allowing room for a dog park and protected outdoor amenity areas with views towards the McDowell Mountains.

“This development opportunity and its design align with our strategy of investing in best-in-class residential projects in submarkets with strong fundamentals and builds on our programmatic relationship with Legacy Partners to deliver build-to-core assets on behalf of our investors,” added Michael J. Nigro, CIO and Head of Value Add & Development, Americas Real Estate at DWS.

The project’s location is highly desirable as the North Scottsdale submarket is among the fastest-growing and highest-rent multifamily submarkets in the Phoenix MSA. Luxury shopping options (including a Whole Foods-anchored shopping center 1.0 miles from the project), world-class resorts and golf courses. With its proximity to the Loop 101, North Scottsdale presents residents with convenient access to two of Arizona’s largest employment concentrations, the Scottsdale Airpark, and the Kierland Corridor.

About Legacy Partners

Legacy Partners (Legacy), a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area, owns, develops, and manages multifamily communities throughout the United States. Since its inception, the company has developed or acquired more than 80,000 apartment homes at more than $8.5 billion in cost. Legacy has regional offices in California, Colorado, Florida, Georgia, Texas, and Washington, and has developed more than 68,000 apartment homes in Arizona, California, Colorado, Florida, Nevada, Oregon, Texas, and Washington. Since inception, Legacy has worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently delivering exceptional results. Legacy provides management services for its own portfolio, as well as other owners. Combined, Legacy manages a portfolio of more than 50 multifamily communities with almost 12,000 apartment homes, and with a gross value in excess of $3 billion. For further information, please visit www.legacypartners.com

About DWS Real Estate

DWS has been investing in real estate assets for more than 50 years. As part of the Alternatives platform, the real estate business has more than 350 employees in nearly 24 cities around the world and almost EUR 72 billion in global real estate assets under management (Dec 31, 2024). Providing a diverse range of strategies and solutions across the risk/return and geographic spectrums, we offer core, value-added and opportunistic real estate, real estate debt and real estate securities. The real estate investment business employs a disciplined investment approach and aims to deliver attractive long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide.

About DWS Group

DWS Group (DWS), with EUR 1,010bn of total assets under management (as of 31 March 2025), is a leading European asset manager with global reach. With approximately 4,700 employees in offices around the world, DWS offers individuals, institutions and large corporations’ access to comprehensive investment solutions and bespoke portfolios across the full spectrum of investment disciplines. Its diverse expertise in Active, Passive and Alternative asset management enables DWS to deliver targeted solutions for clients across all major liquid and illiquid asset classes.