New purchase adds luxury urban living in downtown Phoenix to HSL’s portfolio.
Tucson, AZ (06/24/14) – HSL Properties has announced its acquisition of The Station on Central, located at 4140 N. Central Avenue in Phoenix. HSL purchased the 414-residence community from North Central Avenue Apartments, LLC, for $53,000,000 on June 24th.
Built in 1999 by JPI, the Class A, urban-infill community features 365,694 square feet of building space situated adjacent to the METRO Light Rail station at Indian School and Central Avenue. The luxury community offers one-, two-, and three-bedroom apartment homes. The community has a fully appointed fitness center, yoga studio, resort-style pools and spa, fire pit with cushioned seating, Internet lounge and controlled access entry. The property will undergo a $600,000 renovation over the next year.
The Station acquisition is the latest for HSL Properties, which, together with its affiliates, owns 42 apartment communities in Arizona. HSL Properties is currently leasing-up Encantada at Steam Pump Ranch, a newly built, 288-unit, $33 million project in Oro Valley, which is north of Tucson, and Encantada at Dove Mountain, a newly built, 272-unit, $30 million apartment project in Marana, also north of Tucson.
The company plans to build another Encantada community in northwest Tucson in the near future. The 368-unit, $43 million project will break ground in the fourth quarter of 2014. HSL continues to seek apartment and hotel acquisitions and development opportunities in Arizona.
For more information about HSL Properties, please visit www.hslproperties.com. See below for basic facts about this acquisition.
Property: The Station on Central
Address: 4140 N. Central Avenue, Phoenix, AZ
Purchase date: June 24, 2014
To schedule an interview with Omar Mireles, Executive Vice President of HSL Properties, please call the contacts at the bottom of this press release.
Formed in 1975, HSL Properties currently owns and operates over 10,000 apartment units in 42 apartment communities and is the largest apartment owner in Southern Arizona. Visit www.hslproperties.com for more information.
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