The Phoenix metro area’s multifamily market has done relatively well despite the challenges imposed by the pandemic. Rental rates have been stable, and the construction market has been active. According to a recent report, real estate developer Hines has secured the necessary financing from Alliance Bank of Arizona to begin construction on an 11 acre, 318,000-square-foot 325-unit, luxury multifamily project in north Phoenix. The project is Hines’ second in multifamily development in the Metro Phoenix high-end housing market. Here is more on north Phoenix’s latest luxury multifamily construction project.
The Happy Valley Project
International real estate and development company Hines has teamed up with MetLife as equity investors to develop an eleven-acre property with six three-story residential units at the northwest corner of Happy Valley Road and 35th Avenue. The properties will offer a combination of one, two, and three-bedroom units. Residents of the luxury property will be able to enjoy a separate one-story clubhouse and fitness center surrounding the outdoor pool.
The Happy Valley multifamily residential project will be close to downtown and major area employers such as Honor Health, USAA, and W.L. Gore. The community will also be close to The Shops at Norterra and Interstate 17.
The new residential development is going to be part of a larger commercial project that will be built by Phoenix-based Pederson Group. According to a recent report, Pederson owns the existing 167,000-square-foot Stetson Village shopping center next to the Happy Valley site. The builder plans to develop seven acres of new retail building space that will be located directly in front of the Hines multifamily residential development. Pederson has already started making improvements to the offsite infrastructure improvements on the land to begin the retail project.
Managing director for Hines, Robert Trujillo commented in a recent article that the company is “looking forward to starting construction on this exciting new luxury multifamily project.” Trujillo also stated that “This is an exceptional location in a growing area with a broad base of amenities, and the project being built by Pederson Group adjacent to our development will provide residents of the new community with a great retail mix.” Happy Valley marks Hines’ second multifamily development in Metro Phoenix. The developer recently broke ground on Adeline, a 25-story, 379-unit luxury multifamily community located at 222. E. Jefferson St. Trujillo commented that “Hines is excited about the potential of the Phoenix marketplace when it comes to multifamily development,” “We are continuing to identify opportunities in the Phoenix area for new development and are looking forward to bringing the new Happy Valley Road development to fruition.”
Laura B. Bramnick is an experienced Arizona real estate attorney who has the expertise you need at every stage of your real estate transaction. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the state of Arizona, contact Laura B. Bramnick to schedule your consultation.