HSL Properties Sells Arizona’s Tallest Residential High-Rise for $94M

The luxury property in downtown Phoenix last traded for $50.7 million seven years ago.

44 Monroe in Downtown Phoenix

44 Monroe. Image courtesy of Newmark

HSL Properties, through its asset management company, has sold 44 Monroe, a 184-unit luxury community in downtown Phoenix for $93.5 million. Newmark represented the seller in the transaction. Grand Peaks Properties purchased the asset using a $61.4 million loan originated by U.S. Bank, according to Yardi Matrix data.

The property last traded in 2015, when the current seller bought it from Winthrop Realty Trust for $50.7 million, the same data provider shows.

Built in 2008, the high-rise is located at 44 W. Monroe St. and encompasses one- and two-bedroom apartments, ranging from 743 square feet to 2,121 square feet, all equipped with washers and dryers. Common-area amenities include a fitness center, a business center, a clubhouse, a swimming pool, a spa center and 274 parking spots. The community also features roughly 8,000 square feet of ground-floor retail space.

Prime location

The 33-story property is Arizona’s tallest residential building and is close to multiple retail, entertainment spaces and art galleries on Roosevelt Row. The building is right across CityScape retail center, 3.9 miles from Phoenix Sky Harbor International Airport and 7 miles from University of Phoenix. Large employers in the area include Wells Fargo, JPMorgan Chase, Banner Health and U.S. Airways.

This week began on a strong note for the Phoenix investment market: The Wyatt, a 216-unit garden-style community in Gilbert, Ariz., traded for $91 million. And Phoenix is set to remain highly attractive to investors due to the soaring demand that is generating notable rent increases. A recent Yardi Matrix report revealed that nearly $3 billion in multifamily assets changed hands in 2022 through April, above the $2.8 billion transaction volume recorded during the same period of last year.

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