The Phoenix apartment market is booming with Convexity Properties looking to add a 24-story, 318-unit building at Second and Portland streets. According to Tempe-based Vizzda LLC real estate database, an entity aligned with Convexity Properties and DRW Trading Corp., paid $8.82 million in cash for the 0.64 acre vacant parcel at 114 E. Portland St..
In the past week alone, Phoenix City Council approved development plans calling for nearly 1,900 apartment units in midtown and will soon be voting on another 1,450 units along with a hotel and office complex. The Empire Group has proposed Astra – a $575 million project that includes one tower of 45 floors rising 541 feet tall alongside an adjacent 36 story tower reaching 424 feet high; four more towers between 19 – 27 stories are either under construction or being planned by other developers as well .
It’s clear that this area of Phoenix is experiencing rapid growth due to its attractive location near downtown amenities while still providing access to outdoor recreation areas nearby such as South Mountain Park & Preserve which offers over 16000 acres of trails & open space perfect for hiking or biking . With so much potential , it’s no surprise why investors have taken notice & continue investing into this thriving market .
