3 apartment projects in the works for downtown Phoenix
Three affordable housing apartment projects, worth $61 million, are in the works for downtown Phoenix thanks to a new joint venture.
Presidential Apartments (Defer Gain and Pacific Oak Rendering)
(Defer Gain and Pacific Oak Rendering)
PHOENIX — Three apartment projects, worth $61 million, are in the works for downtown Phoenix.
Pacific Oak Capital Advisors and Arizona-based real estate company Defer Gain announced a joint venture Thursday to develop, finance and operate the “affordable housing options.”
Construction will begin next month on a 140-unit workforce housing complex called Imperial Apartments near 20th and Roosevelt streets, according to a press release.
The property will be part of the Edison-Eastlake Choice Neighborhood, which is undergoing a $150 million redevelopment.
The 241-unit St. Ambrose Apartments and 84-unit Presidential Apartments will be located between 11th and 12th streets and Van Buren and Jefferson streets, next to the 12th Street light rail stops.
The companies said the projects will “combine affordability with amenities,” including clubhouses, multi-purpose rooms, exercise facilities, swimming pools and cabanas.
The Presidential Apartments will also feature three open-air areas on Jefferson street to attract pop-up businesses, food trucks and events.
“Adding quality housing is a top priority for our city,” Mayor Kate Gallego said in the release.
“I am excited to see new housing, including much-needed workforce units, near our key job corridors in the downtown and airport area.”
[newsletter][/newsletter]
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