By AZRE | Via AZBigMedia
Hines, the international real estate firm, announced today that it has closed financing with Alliance Bank of Arizona and is set to begin construction on a significant new luxury multifamily project in north Phoenix.
The new Hines multifamily property will feature a 325-unit, 318,000-square-foot luxury multifamily development at the northwest corner of Happy Valley Road and 35th Avenue, offering a mix of one-, two- and three-bedroom apartment homes. This project will consist of six three-story buildings and an additional one-story building which will include a clubhouse and fitness amenity center that surrounds the outdoor pool.
The 11-acre parcel is part of a larger commercial development by Phoenix-based Pederson Group, which owns the adjacent existing 167,000-square-foot Stetson Village shopping center and has plans to develop seven acres of new retail directly in front of Hines’ multifamily development on Happy Valley Road. Pederson has already begun off-site infrastructure improvements on the land.
