Pacific Oak Capital Advisors develops opportunity zone properties in Phoenix
Pacific Oak Capital Advisors and Defer Gain, an Arizona-based real estate development company specializing in opportunity zone investments, have signed a joint venture arrangement to develop, finance and operate multifamily, commercial and industrial income-producing properties in Arizona opportunity zones.
“We are excited to bring affordable, high-quality housing solutions to this fantastic neighborhood and be a part of its transformation with the City of Phoenix and Edison Eastlake stakeholders,” said Michael Lafferty, partner at Defer Gain.
The Pacific Oak–Defer Gain joint venture is kicking off its union with three multifamily projects in Downtown Phoenix's Presidential District, including the 241-unit St. Ambrose Apartments and the 84-unit Presidential Apartments, both situated between 11th and 12th streets and Van Buren and Jefferson streets in Phoenix. Both projects also are located strategically next to the 12th Street light-rail stops. The joint venture also will start construction in September 2019 on the workforce housing project known as the Imperial Apartments located near 20th Street and Roosevelt in Phoenix.
Phoenix Mayor Kate Gallego commented, “Adding quality housing is a top priority for our city. I am excited to see new housing, including much-needed workforce units, near our key job corridors in the downtown and airport area.”
The Imperial Apartments breaks ground next month and will be Arizona’s premier, and much needed, workforce housing project located in the heart of the Edison Eastlake Choice Neighborhoods, which has begun a $150 million redevelopment project. The 140-unit private project will join the addition of 1,100 new City of Phoenix housing units, propelled by a $30 million federal grant recently awarded to the Choice Neighborhood.
Positioned at the 12th Street light-rail stops, both the Presidential and St. Ambrose Apartments are one stop from Downtown Phoenix and three stops to Sky Harbor Airport. Both properties boast state-of-the-art amenities including luxurious lobbies, mail rooms including secured lockers for packages, grocery delivery cold/freezer storage, clubhouses, multi-purpose rooms, private conference rooms, exercise facilities, resort style swimming pools, cabanas with private BBQs, secured ingress/egress, great walkability, and easy access to public transportation. In addition, the Presidential Apartments offers large-format on-site personal locker storage. While both properties feature street-level retail/mixed-use opportunities, the Presidential Apartments will additionally include three open-air areas on Jefferson Street, adjacent to the light-rail stop, which will attract local artists, pop-up businesses, food trucks and events open to the public.