The Battery
Phoenix, AZ
Ground-up development of a 278-unit Class A multifamily project in downtown Phoenix, Arizona.
Asset Type
Multifamily
Acquired
2018
Scope
278 Units
Key Investment Thesis
Opportunity to develop the first for-rent housing project within the Warehouse District, a burgeoning tech hub in downtown Phoenix that has seen significant revitalization within the broader submarket.
- Extremely desirable location adjacent to Downtown Phoenix’s Chase Field, Footprint Center, and CityScape mixed-use hub.
- Unique positioning within market as the first for-rent residential project in the Warehouse District and the only mid-rise product situated around the south end of downtown, which is otherwise characterized by luxury high-rise buildings.
- Significant sustained growth of both the Downtown submarket as a whole, as well as the Warehouse District itself through entrants of new creative office user such as Galvanize, Web PT, Scientific Technologies Corporation, Seed Spot, CCBG Architects, Gould Evans, R&R Partners, Bentley Gallery and the ASU School of the Arts
JMA Value Creation
Acquisition of off-market site, navigating Phoenix’s construction market during a period of record high new development and COVID-19 impacts, ultimately derisking the project and delivering a highly competitive project within the market.
Navigated a volatile construction market while securing a competitive A&E and construction team while securing a favorable GMP contract with general contractor Hardison Downey.
Procured a best-in-class management team with Greystar and oversaw the successful lease-up of the project.
