StarPoint Properties, based in Beverly Hills, California, has invested $150 million to begin construction on two Phoenix-area properties acquired during the Covid epidemic. According to the Phoenix Business Journal, StarPoint is developing a 245-unit apartment community in Mesa and a 34-acre business park south of Phoenix-Mesa Gateway Airport in Queen Creek.
The 550,000 square foot industrial project will be divided into three buildings located at the northeast corner of Hawes and Germann Road with plans for ground breaking by year’s end. JLL Capital Markets has provided $52 million for construction financing towards Lotus Point apartments which will include amenities such as 2200 sq ft clubhouse; 1600 sq ft fitness center; 1300 sq ft group kitchen; 800sqft coworking facility along with an outdoor pool spa and BBQs.
StarPoint Properties’ multifamily/industrial projects are set to bring new life into Arizona’s market post pandemic conditions improving across markets worldwide.
