LOS ANGELES, Oct. 12, 2020 /PRNewswire-PRWeb/ -- Mountain Pacific Opportunity Partners, a Los Angeles-based capital provider for multifamily development with a focus on Opportunity Zones, announces the closing and commencement of vertical construction of a 223-unit mixed use development in Tempe, Arizona.
In partnership with Banyan Residential, Mountain Pacific acquired 4.39 acres of Opportunity Zone land located at 5321 E. Washington Street in Phoenix, Arizona and plans to build 223 multifamily units. The project, designed by local architect CCBG, will feature market-rate apartments centrally located near Phoenix Sky Harbor International Airport, the loop 202 freeway, and downtown Tempe. The over $50 million project is situated directly along Phoenix's light rail corridor and will feature first-class apartments in a modern design. The Project offers residents access to a resort-style pool, fitness center, meditation room, mobile market, dog walk, and tenant rooftop deck. The project broke ground in August 2020 and is slated for completion in April 2022.
"This project was specifically of interest to our team at Mountain Pacific as Tempe, along with Phoenix, is forecasted to lead the nation in job growth over the coming years," says Mountain Pacific Co-Founder and Principal Joan Kramer. "This area is further aided by the growing demand by Millennials and Generation Z to target 'Sun Belt' markets and the project site is centrally located between the dense employment nodes in the greater Phoenix area."
For more information, please visit http://www.mntpac.com.
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About Mountain Pacific Opportunity Partners
Mountain Pacific Opportunity Partners (MP) was founded in 2019 by Brian Shirken, Joan Kramer, and Josh Bloch to provide equity for real estate development and opportunistic value add transactions with a focus on opportunity zones. Along with a strong track record of investment returns, MP's value to investors and developers includes co-investment, attractive risk-adjusted returns, decisive and experienced management, transparency and clear reporting. MP brings investors into deals only after they are shovel ready, thus eliminating predevelopment and timing risks. Mountain Pacific Opportunity Partners, and its predecessor Mountain Capital Partners, have invested over $300 million in U.S. real estate, capitalizing over $1 billion of development over the past 5 years.
SOURCE Mountain Pacific Opportunity Partners (MP)
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