Embrey Partners has acquired the site for its Phoenix multifamily project that will start construction in the coming weeks. Embrey purchased the 2.2 acres from an undisclosed seller with the help of Frost Bank, who was the lender for the project.
The site will be the location of Embrey’s The Quincy at Kierland community. The six-story community will offer 266 units of studios, one- and two-bedroom floorplans in a podium-style building design. The units will be built with under-cabinet lighting, walk-in closets and private patios and balconies. The community’s amenities will include a clubhouse, game room, business center, fitness studio, cyber lounge, coffee bar, conference room, pool, courtyard, dog spa, structured parking and outdoor grilling areas.
The Quincy will also be located near Arizona’s State Route 101 Loop that connects it to nearby Phoenix metro cities like Tempe, Scottsdale and Mesa. The community will also be within walking distance to the area’s major shopping centers including the Kierland Commons, Scottsdale Quarter and The Promenade.
Growing the Phoenix portfolio
Jimmy McCloskey, Embrey’s executive vice president of development, said in prepared remarks that the site preparation for The Quincy will begin immediately. According to Embrey, construction is slated to start in the next two to four weeks with the project’s resident clubhouse and first units expected to be available in early 2023. The Quincy is expected to be fully complete later that year.
Alongside The Quincy, Embrey has more than 6,000 units under construction or in development including its 338-unit community in San Antonio that landed financing in April 2020. While most of the San Antonio-based company’s portfolio is in Texas, Embrey has developed several properties in the Phoenix metro. The company recently sold off its 300-unit community in Chandler, Ariz., for $91 million in November 2020.