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Transactions - MARCH 26, 2020

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Hines continues expansion in Arizona 

by Andrea Zander

Hines and an unnamed joint venture partner have acquired 11 acres in north Phoenix with plans to develop a 325-unit luxury for-rent residential property. 

The site, located at the northwest corner of Happy Valley Road and 35th Avenue, will consist of six three-story buildings.

An additional one-story building will include a clubhouse and fitness amenity that surrounds the pool. In total, Hines will develop 318,000 square feet. Construction is expected to start in fourth quarter 2020.

The site is part of a larger 23-acre commercial development by the Pederson Group of Phoenix, which owns the adjacent existing 167,000-square-foot Stetson Village shopping center and has plans to develop seven acres of a mix of retail services directly in front of Hines’ project on Happy Valley Road.

Hines

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