Real estate investment management firm Heitman LLC has acquired 44 Monroe, a high-rise apartment community in the central business district of Phoenix, which is also the tallest residential tower in Arizona.
Completed in 2008, the 34-story tower at 44 West Monroe St. features 184 apartment homes and a total of four retail spaces. Heitman acquired the tower on behalf of a firm affiliate as the seed asset in a $250 million joint venture with Grand Peaks Properties. The property offers residences that range from one- to penthouse-sized three-bedroom apartments measuring from 743 to 2,790 square feet in size.
Because no significant modernization or unit upgrades have taken place over the tower’s 14-year lifespan, Heitman plans to improve the property’s value through a mix of operational improvements, apartment renovations and amenity enhancements.
Features and finishes of apartments include dishwashers, refrigerators and balconies. A fitness center is among the community’s most significant common-area amenities.
Five transit or subway stations exist within a 7-minute walk from 44 Monroe. Residents can walk to Arizona State University’s Downtown Campus in 7 minutes, and to the University of Arizona in 15 minutes. Phoenix College is an 8-minute drive away. Three shopping centers are within a 14-minute walk. Recreation includes Civic Space Park, Children’s Museum of Phoenix, Arizona Science Center, Japanese Friendship Garden and Margaret T. Hance Park, all but the last less than a 17-minute walk away.
In a prepared statement, a Heitman official noted the company is happy to add 44 Monroe to its portfolio of value-add assets, in part due to its location in a premier growth market and its asset type, which displays ongoing robust fundamentals. Earlier this year, Heitman formed a joint venture with Sylvan Road Capital to assemble a portfolio of single-family rental homes across the country.