Heitman has purchased 44 Monroe, a 34-story high-rise multifamily community comprised of 184 residential units and four retail spaces in the heart of downtown Phoenix.
Heitman acquired the property on behalf of an affiliate of the firm as the seed asset in a $250 million joint venture with Grand Peaks Properties.
The property offers residents a true live, work, play experience with convenient access to several transportation nodes including the Light Rail, proximity to Phoenix’s largest employers and major universities, and steps to Downtown Phoenix wide array of retail, entertainment, and restaurant options.
“We are pleased to add 44 Monroe to our growing portfolio of value-add properties,” said Brian Pieracci, Heitman Managing Director and Head of North American Acquisitions. “With its desirable location, quality build, and market-leading unit mix, the property provides us a top-tier residential property in a leading growth market and in an asset type that continues to demonstrate strong fundamentals despite uncertainty in the market.”
“Without any significant modernization or unit upgrades made to the building since its development in 2008, 44 Monroe provides us with the opportunity to enhance value through a combination of operational improvement, unit renovations, and amenity upgrades that we will execute with our partners upon acquisition,” said Ashish Karamchandani, Heitman Senior Vice President and Director, North American Acquisitions.