By Andie Lowenstein, Associate Editor
Tucson, Ariz.—HSL 44 Monroe LLC got its hands on a controlling interest in Arizona’s tallest luxury residential tower through a $50.65 million purchase. Located at 44 Monroe on the northeast corner of 1st Avenue and E. Monroe Street, the property, featuring breathtaking penthouse living, is located in the heart of the downtown Phoenix financial district. HSL purchased 184 condominium units in the 198-unit tower and will continue to run the property as a luxury apartment home building.
Offering luxury urban living, 44 Monroe includes three-bedroom, two-bath penthouse apartment homes, as well as spacious one- and two-bedroom floor plans. Residents have panoramic views of the Phoenix valley by floor-to-ceiling windows and lavish interior finishes, including: Kohler fixtures, Dual master vanities with custom tile, surround soaker tubs and separate showers, Granite countertops in kitchens and Whirlpool Gold appliances.
The property highlights indulgent outdoor amenities such as large private balconies, a spa and swimming pool with a sundeck on the eighth floor, eight floors of secured parking, a large outdoor terrace with gas grill and fire pit, large, fully appointed conference room, 24-hour lobby attendant, fitness center with professional equipment, and fully furnished club room with Wi-Fi.
44 Monroe is the latest acquisition for HSL Properties, which, along with its affiliates, owns 42 apartment communities and five hotel properties in Arizona, including the Hilton El Conquistador in Oro Valley. HSL Properties is leasing at Encantada at Steam Pump Ranch, a brand new, 288-unit, $33 million project in Oro Valley, and Encantada at Dove Mountain, a new, 272-unit, $30 million apartment project in Marana.
The company is also currently developing another Encantada community in the Tucson National area. The 368-unit, $43 million project launched in December 2014 and will be open for leasing in July 2015. HSL continues to build its portfolio, seeking apartment and hotel purchase and development opportunities in Arizona.