Luxury Multifamily Project Announced

Credit: Hines

Source: Hines 
International real estate firm Hines, along with a joint venture partner, announced it has closed on 11 acres to develop a 325-unit luxury for-rent residential property in north Phoenix. 
Hines’ multifamily property, located at the NWC of Happy ValleyRoad and 35th Avenue, will consist of six three-story buildings. An additional one-story building willinclude a clubhouse and fitness amenity that surrounds the pool. Intotal, Hines will develop 318KSF. 
Hines’ announcement comes on the heels of the developer breaking ground on Adeline, its first luxury for-rent property in the Phoenix market. Adeline will be a 25-story, 379-unit high-rise community at the Collier CenterindowntownPhoenix. 
The property is part of a larger commercial development by the Pederson Groupof Phoenix which owns the adjacent existing 167KSFStetson Villageshopping center and has plans to develop seven acres of a mix of retail services directly in front of Hines’ multifamily development on Happy ValleyRoad. 
“The Pederson Group acquired the 23-acre site from the ArizonaState Land Trust,” said Jim Pederson, CEO. “We sought a quality multifamily developer to partner with us to create a fine mixed-use project. We’re thrilled to work with Hines.”  
The unit mix is expected to be: 161 one-bedrooms, 140 two-bedrooms, and 24 three-bedrooms. Rent prices haven’t been finalized yet. Plans call for the multifamily construction to start in the fourth quarter of 2020. 

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