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StarPoint Building Phoenix Multifamily/Industrial Projects
Beverly Hills, California-based StarPoint Properties bought two Phoenix-area properties during the Covid epidemic and bided its time until market conditions improved. The Phoenix Business Journal reports the company is now ready to go ahead with $150 million worth of commercial and residential construction projects.
After buying the parcels in 2021, the company has begun construction on a 245-unit apartment community in Mesa and is preparing to develop a 34-acre business park south of Phoenix-Mesa Gateway Airport in Queen Creek.
The 550,000-square-foot industrial project will be spread across three different buildings on the 34-acre site at the northeast corner of Hawes and Germann Road. StarPoint has plans to break ground by the end of the year.
For the apartment build, JLL Capital Markets arranged $52 million in construction financing for the apartment project. The project, Lotus Point, will include a 2,200-square-foot clubhouse, a 1,600-square-foot fitness center, a 1,300-square-foot group kitchen, and an 800-square-foot coworking facility, along with an outdoor pool, spa and BBQs.
- ◦Development
