- June 07, 2016
(59 units) – Phoenix, AZ
RSRC has broken ground on its new boutique apartment project located at 413 W. Osborn Road near both St. Joseph’s Medical Complex and Park Central Mall on North Central Avenue. The project will consist of 59 residential units averaging 866sf and be only three blocks west of the main Midtown Phoenix intersection of Osborn and Central Avenues, where the light rail runs north and south.
The first floor will consist of parking spaces, the building’s offices/clubhouse, a fitness center and storage facilities. The project will include total parking of 89 spaces; 43 covered parking spaces beneath the structure, as well as an additional 46 covered surface parking spaces. The building will feature a common area rooftop deck offering sweeping views of the midtown and downtown Phoenix skyline. The property will also include a swimming pool and deck area. Each unit will include an exterior outward-facing balcony. RSRC has partnered with the existing land owner as well as an extremely seasoned local developer on the joint venture.
|Project Capitalization / Loan (LTV):||$11.2 million / $8,100,000 (72%)|
|Structure:||Limited Partnership Equity|
|Acquisition Date:||December – 2016|