Phoenix’s Tallest High-Rise Apartment Sells for $93.5 Million
The 184-Unit 44 Monroe is Arizona’s largest residential real estate tower. The property, built in 2008 for a reported $70 million, was originally constructed as a condominium project. It was converted to apartment units in 2011.
Newmark’s Brad Goff, Brett Polachek and Chris Canter represented the seller, Tucson-based HSL Asset Management. The buyer was not disclosed.
Newmark’s Goff says the sale created a lot of buzz, “With a prime location in the center of Phoenix and exceptional build quality, this property generated significant investor interest. New ownership will have the opportunity to increase value-add potential via unit and amenity upgrades.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.