Affordable housing project breaks ground in Downtown Phoenix opportunity zone

Real Estate | 22 Oct |

Pacific Oak Capital Advisers and Defer Gain broke ground on the St. Ambrose housing development located at the southwest corner of 12th St. and Van Buren St. in Phoenix on October 14 at 1155 E. Van Buren St.

The one-of-a-kind project located in a downtown Phoenix Opportunity Zone is expected to reinvigorate the Van Buren area, earning the support of Mayor Kate Gallego and other Phoenix dignitaries.

The groundbreaking will be moderated by Michael Lafferty and Scott Tonn of Defer Gain. The event will include remarks from District 8 Councilmember Carlos Garcia as well as other dignitaries.

“We’re looking forward to helping lead the revitalization of this area,” Lafferty said. “This project has been in development for many years and will offer Phoenix residents first-class amenities at an affordable price point, making it a great option for those downsizing amidst the pandemic or facing credit issues.”

St. Ambrose will provide cost-effective efficiency apartments with rent prices approximately 30% below the downtown Phoenix average, with the average monthly rent cost at approximately $1,051 per month and starting at under $1,000.

While the 235-unit, 129,000 square-foot property will forgo some luxury elements in an order to make the affordable pricing possible, residents will enjoy several amenities including a pool, clubhouse, weight room and four-story parking garage, as well as close access to a coffee shop, pizzeria and other restaurants.

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