Hines closes financing for luxury multifamily project in Arizona, US

9 Nov 2020 NORTH AMERICA BUILDINGS

US-based real estate firm Hines has secured financing from Alliance Bank of Arizona and is now set to start construction on a new luxury multifamily project in north Phoenix, Arizona.

Located at the northwest corner of Happy Valley Road and 35th Avenue, the 325-unit development will offer a mix of one, two- and three-bedroom apartment homes.

The project will include six three-storey buildings and one one-storey building.

The one-storey building will have a clubhouse and fitness amenity centre that will surround the outdoor pool.

The 11-acre plot forms part of a larger commercial development by Phoenix-based Pederson Group. It owns the adjacent existing 167,000ft2 Stetson Village shopping centre.

Pederson Group has plans to develop seven acres of new retail which is directly in front of Hines’ project. The company has already begun off-site infrastructure improvements on it.

Hines managing director Robert Trujillo said: “We are looking forward to starting construction on this exciting new luxury multifamily project.

“This is an exceptional location in a growing area with a broad base of amenities, and the project being built by Pederson Group adjacent to our development will provide residents of the new community with a great retail mix.”

Designed by Dekker/Perich/Sabatini, the project aims to achieve LEED Silver Certification from the US Green Building Council. Modern Constructors is serving as the contractor for the project.

Hines is partnering with MetLife as equity investors in the development. Walker Dunlop’s Phoenix office has supported the identification of funding options on behalf of the development team

The latest project represents the company’s second multifamily development in the Phoenix market. Hines has also broken ground on Adeline, a luxury for-rent property in the Phoenix market. Adeline will be a 25-storey, 379-unit high-rise community at the Collier Center in downtown Phoenix.

Trujillo further added: “Hines is excited about the potential of the Phoenix marketplace when it comes to multifamily development. We are continuing to identify opportunities in the Phoenix area for new development and are looking forward to bringing the new Happy Valley Road development to fruition.”

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Hines to begin work on new luxury multifamily project in north Phoenix, Arizona. (Credit: Hines)

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