PHOENIX — A joint venture between Morgan and Mesirow Financial has purchased a permit-ready infill site in the Camelback area of central Phoenix for an undisclosed sum. The JV plans to build the 474-unit Pearl Biltmore apartment complex on the site.
The community is located at 4640 N. 24th St. Construction on the five-story project will begin in the first quarter of 2018.
The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and retail and dining destinations, including Biltmore Fashion Park. The Pearl Biltmore is scheduled to open in the third quarter of 2019.
CBRE’s Bert Kempfert arrange the sale. CCBG Architects is designing the community.