Hines Plans New Apartment Development in Phoenix

With an unnamed joint venture partner, Hines has acquired 11 acres in North Phoenix to develop a 325-unit apartment community. The property totals 318,000 square feet and will include a clubhouse with amenities that include a swimming pool and fitness center.

“The fundamentals in this location are very strong and stable and there are no other new apartment communities in the Stetson Hills community because vacant land is now built out,” Robert Trujillo, managing director at Hines, tells GlobeSt.com. “The site is walkable to the Safeway grocery store and many other retail options as well as quick access to I-17, Norterra shopping area and major employers.”

Hines has only just closed on the land site and is still in the early planning and development phase, helping to mitigate the current economic disruption. The project will not kick off until quarter three 2020 with leasing occurring in late 2021/early 2022,” says Trujillo. “Hines is closely monitoring the effects of COVID-19 as it relates to permitting, construction pricing and availability of construction labor and materials; however, we expect Phoenix to be in a relatively good position to justify our Happy Valley construction start in Q3 2020.”