New Mid-Rise Apartment Development in Downtown Phoenix, AZ
Ascentris Purchases Site in Downtown Phoenix for Apartment Development
Denver, Colorado (April 11, 2016) – Ascentris, a Denver-based real estate private equity company, on behalf of one of its public retirement system clients, announced today the purchase of a 14,000-square-foot land parcel at Second and McKinley Streets in downtown Phoenix, Arizona. The site will be developed into a 223-unit boutique apartment property in conjunction with Ascentris’s development partner, Transwestern Development Company. Pricing was not disclosed.
The site is within four blocks of the light rail, Arizona State University’s Downtown Campus and the Phoenix Biomedical Campus. Ascentris and Transwestern expect to begin construction during the fourth quarter of 2016 and deliver units in early 2018. As envisioned, the property will consist of 14 stories of furnished apartments over a six-story parking garage with grade-level retail.