Origin Investments, Randolph Street Acquire 80-Unit Multifamily Asset in Downtown Phoenix
PHOENIX — A joint venture between Chicago-based firms Origin Investments and Randolph Street Realty Capital has purchased Union @ Roosevelt, a multifamily community in downtown Phoenix.
The joint venture plans to more than double the size of the five-story property, which features nine studio units, 60 one-bedroom units and 11 two-bedroom units with an average size of 830 square feet. At the time of acquisition, the 80-unit community was 95 percent leased. The asset also includes 9,100 square feet of retail space, which is currently 33 percent leased to Fatty Daddy Ice Cream and Genuine Wine Bar. The remaining 6,100-square-foot retail space is divisible to two spaces between 2,900 square feet and 3,200 square feet.
The second phase of the development will add additional units and community amenities, which will provide the level of development for compliance with the current Opportunity Zone requirements for the project. Additionally, the expansion will add supplemental amenities for the existing units.
Constructed is slated to begin during the second quarter of 2020. New units are scheduled to be available in early 2022. Randolph Street will serve as the operating partner and developer of the second phase.