MORGAN Enters Phoenix Market with Luxury Asset
- Nov 08, 2017
MORGAN, in partnership with Mesirow Financial, has purchased a permit-ready infill site in the Biltmore-Camelback submarket of central Phoenix, to begin construction on a luxury apartment community in quarter one of 2018. Opening of the first units is expected for the third quarter of 2019.
Dubbed Pearl Biltmore, the five-story, 474-unit community will feature studios and one-, two- and three-bedroom floorplans, as well as several loft-style units. Located at the southwest corner of Highland Avenue and 24th Street, the 5-acre property is located within close proximity to more than 7.4 million square feet of Class A office space, resorts, dining destinations, medical offices and retail, including Biltmore Fashion Park. The site offers convenient access to State Route 51, downtown Phoenix and Phoenix Sky Harbor International Airport.
“We are excited about this tremendous urban location within the Biltmore neighborhood,” Phillip Morgan, development senior vice president, told Multi-Housing News. “Pearl Biltmore will feature upscale unit finishes and amenities, highlighted by two pools and a state-of-the-art dog park. We are bullish on the economic outlook in Phoenix and specifically think our location within the Biltmore neighborhood offers a unique combination of work-live-play that makes for the terrific place to live.”
The site sale was arranged by Bert Kempfert of CBRE. The development is being designed by CCBG Architects Inc. Mesirow Financial recently sold the Reserve at Johns Creek Walk in Johns Creek, Ga. for $47.3 million.
Rendering courtesy of MORGAN