Real estate firm Hines and its joint venture partner Pederson Group announced that they have closed on the land for the development of 325-unit luxury residential property in north Phoenix, Arizona.Located at the northwest corner of Happy Valley Road and 35th Avenue, the multifamily property include six, threeo-storey buildings. An additional one-storey building will include a cloubhouse and a fitness amenity surrounding a pool. In total, Hines plans to develop 318,000ft² of space.The apartment property is expected to include 161 one-bedroom, 140 two-bedroom and 24 three-bedroom apartments. While rent prices have not been confirmed yet, the joint venture partners plan to begin construction of the property in the fourth quarter of this year. The announcement from Hines comes at a time when it has broken ground on Adeline, its first luxury for-rent property in Phoenix. Adeline will be a 25-story, 379-unit high-rise community at the Collier Center in downtown Phoenix.Hines managing director Robert Trujillo said: “Hines jumped at the opportunity to work with our partners on this project on Happy Valley Road. Our luxury multifamily project is positioned well to meet the expanding need for suburban luxury multifamily options in the submarket.” This property of Hines is part of a larger commercial development by Pederson Group which owns the adjacent 167,000ft² Stetson Village shopping center and has plans to develop seven acres of a mix of retail services directly in front of Hines’ multifamily development on Happy Valley Road.Pederson Group CEO Jim Pederson said: “The Pederson Group acquired the 23-acre site from the Arizona State Land Trust. “We sought a quality multifamily developer to partner with us to create a fine mixed-use project. We’re thrilled to work with Hines.”
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