PHOENIX — A joint venture between Arizona-based Defer Gain LLC and Pacific Oak Capital Advisors is developing three apartment communities that combine affordability with amenities in downtown Phoenix. The projects are valued at $61 million.
Situated within the Presidential District, the projects include the 241-unit St. Ambrose Apartments and the 84-unit Presidential Apartments. Located along the light rail line, the two communities are one stop from downtown Phoenix and three stops from Sky Harbor Airport. Additionally, the properties will feature luxury lobbies with mail rooms, including secured lockers for packages and cold/freezer storage for grocery deliveries; clubhouses; multi-purpose rooms; private conference rooms; exercise facilities; resort-style swimming pools; cabanas with private barbecues; and secured ingress/egress. Both properties will also feature street-level retail and mixed-use space.
In September, the joint venture plans to break ground on The Imperial Apartment, a 140-unit workforce housing project located in the Edison Eastlake Choice Neighborhoods, which is undergoing a $150 million redevelopment.