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4/05/17
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Clark Street Holdings LLC paid $6.62 mil for just over 1.3 acres of development land in the heart of downtown Phoenix. The buyer plans to use the land for a yet-to-be-named residential high-rise development project.
Located on the northeast corner of 3rd and Pierce streets, the multifamily site sits directly adjacent to the 30-acre Phoenix Biomedical Campus and is within blocks of Arizona State University’s Downtown Campus, Light Rail, more than 150 restaurants and 800k sf of other amenities such as sports, culture and retail destinations. The property is also less than one mile from the State Capitol and Interstates 10 and 17, and just two miles from Sky Harbor International Airport.
John Cunningham and Charles Steele with JLL represented the seller, Third and Pierce Development LLC, in the transaction.
“Over the past decade, more than $4.6 bil has been invested in downtown’s two square miles. Factors ranging from university campus expansions and Light Rail to corporate and employment growth have also spurred the addition of all types of new amenities and led thousands of new residents to the area – with a great deal more expected to follow,” said Cunningham. “This property is in an exceptional position to capitalize on that revitalization.”
According to JLL, downtown Phoenix multifamily rents increased 4.3 percent in 2016, despite it being one of the Valley’s most actively built submarkets. Those rents are projected to continue their strong growth, as is renter demand, thanks to more than 10,000 new residents expected to move to the area within the next five years.
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