Lincoln Ventures bought a .63-acre parcel of land in Downtown Phoenix for $5,380,000, according to the commercial real estate tracking website Vizzda. The sellers were Wayne Rainey and Jason Merck.

The land is located at the southeast corner of Third and Garfield streets in Phoenix.

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The land purchased by Lincoln Ventures is expected to be used to build Moontower PHX, a proposed 24-story, 460,036-square foot apartment building. The first floor will contain office and retail office components, floors two through eight will be a parking garage and floors nine-24 feature apartments. There will be 326 total units.

The project will feature market leading amenities, including a ground floor coffee to cocktails concept, co-working and conference spaces with business lounge, secure bike parking and a dog run. The rooftop pool deck boasts incredible views of downtown Phoenix, plus an aqua lounge, grills and spa. The building will also have a state-of-the-art fitness studio, including yoga and meditation room, spin studio and saunas.

“We are big believers in the Roosevelt Row Arts District and are very excited to bring a high-quality living environment into this exciting district,” says Brendan Morrow, Chief Development Officer for Lincoln Ventures. “We are eager to partner with local artists on artwork and murals for the building, further weaving our building into the fabric of the district.”

811 N. 3rd St. is Lincoln Ventures’ first development in Phoenix, Arizona. Austin-based Lincoln Ventures is rapidly expanding its presence outside of its home state, recently announcing a multifamily project in Atlanta, Georgia. The company is best known for its successful multifamily developments in Austin, Texas, including The Ruckus, Ruckus 2.0, Moontower and Waterloo. 

811 N. 3rd Street is a partnership between Lincoln Ventures and Cross Harbor Capital Partners. JE Dunn is the general contractor and Arvest Bank will provide the debt for the project. 

“We are pleased to partner with Lincoln Ventures and JE Dunn on this opportunity and excited to continue to expand our portfolio in the Phoenix market,” says Brian Davis, Vice President, Cross Harbor Capital Partners.

Shepley Bulfinch is serving as architect for the project and Austin, Texas-based Michael Hsu Office of Architecture is providing interior design services.