HOUSTON--(BUSINESS WIRE)--MORGAN, a Houston-based leader in upscale multifamily development, construction and property management, has purchased a prime permit-ready infill site in the Biltmore-Camelback area of central Phoenix and will start construction on a luxury five-story apartment community in the first quarter of 2018. Named Pearl Biltmore, the 474-unit urban project is a joint venture between MORGAN and Mesirow Financial. The site sale was arranged by Bert Kempfert at CBRE. The community is being designed by CCBG Architects Inc.
Located at the southwest corner of Highland Avenue and 24th Street in the Camelback Corridor, Pearl Biltmore will contain a mix of studio, one-, two- and three-bedroom units, including several loft-style floor plans. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and numerous retail and dining destinations, including Biltmore Fashion Park. Less than a mile from State Route 51, the site offers convenient access to downtown Phoenix and Phoenix Sky Harbor International Airport. The opening of the first Pearl Biltmore units is anticipated during the third quarter of 2019.
“MORGAN is bullish on the population and job growth outlook in Phoenix, and we are excited to be entering the Phoenix market," said Development Senior Vice President Philip Morgan. "This urban location is perfect for our upscale Pearl brand. Pearl Biltmore will be surrounded by premier office space, restaurants and retail, including grocers like Whole Foods and Trader Joe’s. This convenience, coupled with our best-in-class Pearl amenities, will be a win-win for Pearl Biltmore residents."
Alasdair Cripps, Chief Executive Officer and Co-Chief Investment Officer of Mesirow Financial’s Direct Real Estate business, said, “We look forward to partnering with MORGAN on their latest endeavor. The upscale surroundings of the Camelback Corridor make it the ideal location for this exceptional property.”
About MORGAN
MORGAN is a privately held national developer and manager of Class A multifamily properties. With headquarters in Houston, TX, MORGAN specializes in upscale urban construction and third-party property management across the United States. Since 1988, MORGAN has developed over 18,000 units at a cost of $2.3 billion, with a $500 million project pipeline currently in development or under construction. For more information about MORGAN, visit www.morgangroup.com.
About Mesirow Financial
Headquartered in Chicago, Mesirow Financial is an independent, employee-owned firm founded in 1937. As specialists in investment, risk management and advisory services, Mesirow Financial is committed to helping institutional, corporate and individual clients achieve their objectives. Its Direct Real Estate business incorporates a diversified value-added real estate strategy with an emphasis on the U.S. multifamily sector. Over the last five years, the team has raised approximately $1 billion in equity and has invested in nearly 12,000 units in 19 cities nationwide. To learn more, please visit mesirowfinancial.com.
Legal Disclosure
Mesirow Financial Institutional Real Estate Direct (“MFDRE”) is a division of Mesirow Financial Investment Management, Inc., an SEC-registered investment advisor. Mesirow Financial refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow Financial name and logo are registered service marks of Mesirow Financial Holdings, Inc., © 2017. All rights reserved. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy an interest in any Mesirow Financial investment vehicle. Any offer can only be made to Qualified or “accredited” investors through the appropriate Offering Memorandum which contains important information concerning risk factors and other material aspects of the investment and should be read carefully before an investment decision is made. Mesirow Financial does not provide legal or tax advice.