November 24, 2024 3:22 am
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Hines buys in N. Phoenix to develop luxury apartments

AZBigMedia

AZRE | AZBigMedia

Hines, the international real estate firm, along with a joint venture partner, announced today 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 northwest corner of Happy Valley Road and 35th Avenue, will consist of six, three-story buildings. An additional one-story building will include a clubhouse and fitness amenity that surrounds the pool. In total, Hines will develop 318,000 square feet.

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 Center in downtown Phoenix.

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