StarPoint Properties, a Beverly Hills, California-based company, purchased two Phoenix-area properties during the Covid epidemic and bided its time until market conditions improved. The Phoenix Business Journal reports that the company is now ready to move forward with $150 million worth of commercial and residential construction projects.
In 2021 StarPoint began constructing a 245-unit apartment community in Mesa and is preparing to develop a 34-acre business park south of Phoenix–Mesa Gateway Airport in Queen Creek. This 550,000 square foot industrial project will span three buildings at the northeast corner of Hawes and Germann Road with plans for breaking ground by year’s end.
JLL Capital Markets arranged $52 million in construction financing for this apartment project which has been named Lotus Point; it will include amenities such as 2200 square feet clubhouse, 1600 square feet fitness center , 1300 square feet group kitchen , 800squarefeet coworking facility along with an outdoor pool spa & BBQs .
