By Mary Salmonsen | Multifamily Dive
Three multifamily real estate investors — Canyon Partners and Ascendant Capital Partners, both based in Los Angeles, and Chicago-based Bond Cos. — have formed a joint venture to develop a 560-unit project near the Taiwan Semiconductor Manufacturing Co.’s new fabrication facility in the North Valley area of Phoenix, Arizona.
The upcoming Inspire Sonoran Desert, designed by San Francisco-based architect Gensler, will be one of the closest residential properties to TSMC’s Arizona campus, according to the news release. The Taiwanese company has committed to investing $65 billion in the area over time, according to the release, with its first plant set to start operation this year and a second and third expected to come online in 2028 and 2030.
The JV has obtained a senior construction loan from Beverly Hills, California-based Kennedy Wilson Holdings to support the project. Greenwood, Indiana-based Garrett Construction Co. is the builder.
“Located in the heart of one of Phoenix’s fastest-growing submarkets with strong demographic demand drivers, we are excited to enhance the housing options for the myriad of highly skilled workers and families expected to move to North Valley in the coming years,” said Russell Gimelstob, founder and CEO of Ascendant, in the release.
