HSL acquires 44 Monroe in downtown Phoenix
HSL 44 Monroe, LLC, purchased a $50.65 million controlling interest in 44 Monroe, Arizona’s tallest luxury residential tower. Located at 44 Monroe on the northeast corner of 1st Avenue and E. Monroe Street, the property is located in the heart of the downtown Phoenix financial district. HSL purchased 184 condominium units in the 198-unit tower. HSL will continue to operate the property as a luxury apartment home building.
44 Monroe offers luxury urban living, featuring three-bedroom, two-bath penthouse apartment homes, as well as spacious two- and one-bedroom floor plans. Residents of the tower experience panoramic views of the Phoenix valley through floor-to-ceiling windows, while indulging in the many unique amenities, including:
Luxury interior finishes:
- Kohler® fixtures;
- Dual master vanities with custom tile, surround soaker tubs and separate showers;
- Granite countertops in kitchens;
- Whirlpool® Gold appliances.
Indulgent outdoor amenities:
- Large private balconies;
- Spa and swimming pool with sundeck on the eighth floor;
- Eight floors of secured parking;
- Large outdoor terrace with gas grill and fire pit;
- Large, fully appointed conference room;
- 24-hour lobby attendant;
- Fitness center with professional equipment;
- Fully furnished club room with WIFI.
The 44 Monroe acquisition is the latest for HSL Properties, which, together with its affiliates, owns 42 apartment communities and five hotel properties in Arizona, including the Hilton El Conquistador in Oro Valley. HSL Properties is currently leasing at Encantada at Steam Pump Ranch, a newly built, 288-unit, $33 million project in Oro Valley, and Encantada at Dove Mountain, a newly built, 272-unit, $30 million apartment project in Marana.
The company is currently building another Encantada community in the Tucson National area. The 368-unit, $43 million project broke ground in December 2014 and will open for lease in July 2015. HSL continues to seek apartment and hotel acquisitions and development opportunities in Arizona.