Canyon Partners Real Estate, Ascendant Capital Partners, and Bond Companies have announced a joint venture (JV) to support the development of Inspire Sonoran Desert, a new Class A multifamily community in Phoenix, Arizona’s North Valley submarket in the US.
Designed by Gensler, Inspire Sonoran Desert will encompass 560 residences across ten three- and four-storey buildings.
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The community will offer a range of one-, two-, and three-bedroom apartment homes, with sizes varying from roughly 650ft² to 1,375ft².
The residences at Inspire Sonoran Desert will feature ’in-unit’ finishes, including stainless steel appliances, quartz countertops, and private outdoor spaces.
Additionally, 9ft ceilings, laminate vinyl plank flooring, tiles, and smart locks with remote access will be standard in all units.
The development will feature a range of amenities, including a junior Olympic-sized pool, two resort-style lounge pools, firepits, cabanas, a fitness and wellness centre, a pet park, and three professional-grade pickleball courts.
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By GlobalDataResidents will also have direct access to 8.2 miles of trails for hiking, biking, and running.
The North Valley area has seen substantial growth, largely due to Taiwan Semiconductor Manufacturing Company’s (TSMC) decision to construct a semiconductor plant there.
TSMC’s $65bn investment is expected to create approximately 6,000 direct jobs, 20,000 construction jobs, and many more indirect jobs. The first plant is set to open in 2025, with two more to follow in 2028 and 2030.
Inspire Sonoran Desert is strategically located to benefit from the influx of professionals to TSMC’s campus and the existing local employer base. This marks Canyon’s ninth investment in the Phoenix area in five years.
Kennedy Wilson, a real estate investment company, has provided a senior construction loan for the Inspire Sonoran Desert JV.
Ascendant founder and CEO Russell Gimelstob said: “Located in the heart of one of Phoenix’s fastest-growing submarkets with strong demographic demand drivers, we are excited to enhance the housing options for the myriad of highly skilled workers and families expected to move to North Valley in the coming years.
“Once complete, the property will provide residents with an unmatched living experience and a complement of resort-quality amenities including multiple pools and the area’s largest fitness facility as well as access to miles of hiking and biking trails. We look forward to working closely with our JV partners and bringing our demonstrated operational experience to this exciting project.”
