#Aiya gilbert full#

A $54 million construction loan was funded by Citizens Financial Group Inc. The Dallas-based company started construction on the six-building property in January 2020, and completion is scheduled for delivery at the beginning of 2022. Rendering courtesy of Leon Capital GroupĪlso in Gilbert, Ariz., Leon Capital Group is currently developing Soltra at SanTan Village, a 380-unit community. Soltra at SanTan Village Soltra at SanTan Village. Hines also plans to start construction on a second residential project in the area by year-end. in the city’s Sky Harbor submarket, the property sits near Talking Stick Resort Arena and two light rail stops. SmithGroup serves as the architect, and CIM Group provided $101 million in construction financing. Adeline will feature 75 studios, 179 one-bedroom units and 125 two-bedroom units. The company broke ground on the luxury community in February 2020 and expects to deliver it at the end of 2021. The upcoming 379-unit Adeline represents Hines’ first multifamily project in Phoenix. Strouse Davis Architecture is designing the project in partnership with Katerra, while $32.4 in construction financing was provided by BMO Harris Bank. is developing Aiya, a 366-unit, 16-building community scheduled for completion in June 2021. The multifamily market is hot in Gilbert, Ariz., where more than 2,700 units were under construction as of July. Rendering courtesy of Strouse Davis Architecture BBVA USA funded the construction with a $57.4 million loan.

#Aiya gilbert full#

At full build-out, it will feature two midcentury modern-style apartment buildings of three and four stories each, as well as a single-story parking garage. The 358-unit community broke ground in March 2020 and is expected to come online at the end of 2021. The McDowell is a JLB Partners project being built on the site of a former car dealership in Scottsdale, Ariz. in Peoria, Ariz., close to Midwestern University and the P83 entertainment district. UMB Bank provided $39 million in construction financing. Upon completion, scheduled for the second quarter of 2021, it will encompass 352 units sized between 640 and 1,445 square feet. Construction on the 10-building asset broke ground in September 2019. The Opus Group’s Paradise at P83 is another community taking shape in suburban Phoenix. Fillmore St., the community is 15 minutes from Luke Air Force Base. Pacific Coast Capital Partners provided construction financing totaling $34.1 million. Completion is scheduled for the last quarter of 2020. The largest one is Acero Estrella Commons, a 15-building property in Goodyear, Ariz., encompassing 352 units ranging in size between 772 and 1,385 square feet.

is developing two communities in the Phoenix metro.

Acero Estrella Commons & Paradise at P83 Acero Estrella Commons. Here’s a breakdown of the largest communities under construction in the metro as of July. Meanwhile, 6,855 units are expected to come online by year-end. Some 3,700 units were added to the metro’s inventory year-to-date, including the 504-unit Sky at Chandler Airpark. According to Yardi Matrix data, more than 108 multifamily projects totaling nearly 22,000 units were underway in the metro as of July, most of which were in upscale communities.ĭevelopment activity was concentrated in the Sky Harbor and North Tempe submarkets, where a respective 4,247 and 2,876 units were under construction as of July.

The Phoenix multifamily market continues to stay on solid ground despite the ongoing pandemic-induced economic slowdown.