Greystar Breaks Ground on City North Phase II
PHOENIX (November 7, 2023) — Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, today announced that it has broken ground on City North Residential Phase II.
“We are excited for our partnership with SofMac Partners and Security Benefit Life Insurance Company on the second phase of the City North project,” said Billy Cundiff, Managing Director, Development, Greystar. “City North allows us to deliver a world-class residential development that is adjacent to office space, dining, entertainment and shopping options, which stimulates the local economy and helps Phoenix continue to grow as a desirable destination.”
City North Residential Phase II will add 348 residences to the 272 that are currently underway in Phase I. Floorplans will be available in one- and two-bedroom layouts that range from 621 sq. ft. to 1,439 sq. ft. The seven-story building will have five residential stories as well as a parking garage, a rooftop amenity deck, relaxing landscaping, and breathtaking mountain views.
The second phase will feature refined boutique hotel-inspired in-home finishes like two toned cabinetry, quartz countertops and designer tile backsplashes. The community will boast a seven-story rooftop amenity deck that features a state-of-the-art fitness center, resort style pool and spa, outdoor cabanas and more. The ground-floor clubhouse and coworking spaces will feature two-story volume and storefront glass that bathes the space in natural light. The surrounding desertscape inspired the design of the exterior architecture and landscaping.
City North Residential Phase II, which is situated within the City North master plan, includes walking access to retail, restaurants, coffee shops, fitness studios and more along High Street with additional retail and restaurants. The community is also in close proximity to major existing and future employment uses including Mayo Clinic, Discount Tire, Republic Services and American Express.
Preleasing for the community is slated to begin in late 2025 with final completion planned for the second quarter of 2026. Lawrence Lake Interiors is overseeing the interior design, the architecture firm is Architects Orange and ABLA is the landscape architect. City North Residential Phase II is developed in together with our equity partner SofMac Partners and lender Security Benefit Life Insurance Company.
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About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $280 billion of real estate in 241 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 822,100 units/beds globally, and has a robust institutional investment management platform comprised of more than $75 billion of assets under management, including over $32 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About SofMac
SofMac Partners is an investment manager and developer mandated by private investors and select institutional investors to gain exposure to targeted rental housing sectors in growth markets in the U.S. In partnership with Greystar, SofMac has eight projects in different stages of development representing over US$300m in AUM.
About Security Benefit
Security Benefit Corporation (“Security Benefit”), through its subsidiary Security Benefit Life Insurance Company (SBL), a Kansas-based insurance company that has been in business for more than 131 years, is a leader in the U.S. retirement market. Security Benefit together with its affiliates offers products in a full range of retirement markets and wealth segments for employers and individuals and held $47.6 billion in assets under management as of December 31, 2022. Security Benefit, an Eldridge business, continues its mission of helping Americans To and Through Retirement®. Learn more at www.securitybenefit.com.