https://www.bizjournals.com/phoenix/...h-class-a.html
Houston-based real estate developer Morgan Inc. is entering the Arizona market and will build a five-story, 474-unit apartment complex near 24th Street and Camelback Road in Phoenix.
That is one of the most sought-after areas in the state and Southwest.
Morgan and Mesirow Financial are developing the Pearl Biltmore apartments at 24th Street and Highland Avenue. Morgan also has Class A apartments developments in California, Texas, Florida and Missouri.
The multifamily project is being designed by CCBG Architects, and CBRE broker Bert Kempfert helped Morgan and Mesirow acquire the property.
Morgan bought the site, which currently is vacant, for $30.59 million from a group called Biltmore 24 Investors.
The Pearl Biltmore will sit on five acres with construction slated to be completed in early 2019.
“Morgan is bullish on the population and job growth outlook in Phoenix, and we are excited to be entering the Phoenix market,” said Development Senior Vice President Philip Morgan. “This urban location is perfect for our upscale Pearl brand. Pearl Biltmore will be surrounded by premier office space, restaurants and retail, including grocers like Whole Foods and Trader Joe’s. This convenience, coupled with our best-in-class Pearl amenities, will be a win-win for Pearl Biltmore residents.”
The Phoenix market continues to see interest from apartment developers and investors via new projects and property sales.
“We look forward to partnering with Morgan on their latest endeavor. The upscale surroundings of the Camelback Corridor make it the ideal location for this exceptional property, said Alasdair Cripps, CEO and co-chief investment officer of Mesirow Financial’s Direct Real Estate business.