By AZRE | AZ Big Media
Lincoln Ventures bought a .63-acre parcel of land in Downtown Phoenix for $5,380,000, according to the commercial real estate tracking website Vizzda. The sellers were Wayne Rainey and Jason Merck.
The land is located at the southeast corner of Third and Garfield streets in Phoenix.
The land purchased by Lincoln Ventures is expected to be used to build Moontower PHX, a proposed 24-story, 460,036-square foot apartment building. The first floor will contain office and retail office components, floors two through eight will be a parking garage and floors nine-24 feature apartments. There will be 326 total units.