Lennar Multifamily Communities (LMC) of Charlotte, NC has acquired two office buildings situated on a total of 4.17 acres within the Kierland development in Phoenix. The company plans to demolish the two Class “A” office buildings and construct a luxury apartment community on the site.
“It is unusual for the sale of two high-quality office buildings to result in demolition,” says Greg Hopley, executive vice president of Colliers International in Greater Phoenix, who brokered the sale. “This is indicative of the premium being placed on well-located multifamily sites during this very robust cycle of apartment development here in the valley of the sun.”
Both office buildings are situated west of Scottsdale Road on the east side of 71st Street between Paradise and Tierra Buena lanes. The building located at 15849 N. 71st St. is situated on a 1.8-acre site and contains 30,028 square feet of office space. It was sold by Kierland Office Limited Partnership. The second building, situated just to the south, contains 19,373 square feet of space on a 1.97-acre parcel. Lennar purchased the building from PBA, which is a non-profit corporation.
LMC is expected to build a beautifully designed apartment community with a two-level podium parking garage and residential levels as tall as six stories. Development is anticipated to commence during the third quarter of 2019 and is planned to open in 2021. The community will include luxury amenities for residents including a premium fitness center and spa, resort style pool deck, and resident lounge with golf course views. The property will offer distinctive one- and two-bedroom apartments in addition to exclusive townhomes and penthouses.