Ascent Cos. JV Lands $33M for Phoenix Project
The developers intend to break ground on the development before the end of the year.
A joint venture between Ascent Cos. and Stave Properties has secured $33.3 million in financing for The Aster at Mountain Vista, a 156-unit project in Mesa, Ariz. Working on behalf of the borrower, Northmarq arranged the fixed-rate construction loan. The lender was Parkway Bank and Trust Co., according to Commercial Real Estate Direct.
The companies will break ground on the project by the end of the year. Crown Builders will serve as general contractor.
The Aster at Mountain Vista will take shape on an 8.5-acre parcel at the intersection of Southern Avenue and Crismon Road, across from Mountain Vista Medical Center. The location is 15 miles from downtown Mesa and 30 miles from downtown Phoenix.
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Upon completion, the community will feature a mix of 80 one-bedroom, 66 two-bedroom and 10 three-bedroom units across seven buildings. A clubhouse, a fitness center, a pool, a dog park, as well as entertainment lawns and barbeque areas will be among the common-area amenities at the property.
Senior Vice President & Managing Director Brandon Harrington and Vice President & Producer Tyler Woodard secured the financing. Earlier this month, a Northmarq investment sales team represented Avenue North in the sale of an 85-unit luxury single-family rental community in Phoenix.
Greater Phoenix’s strong economy and location have attracted many developers this year, with 7,701 units delivered and another 34,700 units under construction through July, according to a recent Yardi Matrix report. According to Northmarq market research, construction levels are expected to remain elevated for several more quarters.