Heitman takes ownership of 34-story high-rise in Phoenix

Heitman has acquired a 34-story high-rise multifamily community in the heart of downtown Phoenix.

The property, 44 Monroe, consists of 184 residential units and four retail spaces, and offers residents a true live, work, play experience with convenient access to several transportation nodes.

Heitman acquired the property as the seed asset in a $250 million joint venture with Grand Peaks Properties.

“We are pleased to add 44 Monroe to our growing portfolio of value-add properties,” said Brian Pieracci, managing director and head of North American acquisitions at Heitman. “With its desirable location, quality build, and market-leading unit mix, the property provides us a top-tier residential property in a leading growth market and in an asset type that continues to demonstrate strong fundamentals despite uncertainty in the market.”