The groundbreaking of a 345-unit luxury multifamily development dubbed the ONE at Mountain Vista in Arizona took place recently. Earlier in January, the Scottsdale-based developer, Talos Holdings, secured construction financing for the project worth about $85.1 million. It included a $59.2 million senior loan from Principal Financial Group and $26 million equity from a private firm.
Northmarq‘s debt and equity team consisting of Brandon Harrington, and Tyler Woodard secured the financing on behalf of the developers. According to Harrington, they were able to secure the entire capital stack worth up to 80% of the cost. Therefore, he said their team was thrilled to see the ONE at Mountain Vista in Arizona come together for the Talos team. Harrington said it would be a great addition to the Mesa market and he couldn’t wait to see the finished project.
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Talos intends to complete ONE at Mountain Vista in Arizona by the fall of 2024. The multifamily development will be built at an 11-acre land parcel situated at 10635 Ẹ Hampton Avenue. Therefore the project’s location will be conveniently off the I-60 freeway, which provides access to several nearby amenities. The property is in close proximity to some of the best fitness programming, hiking trails, and dining options in town. In addition, it also offers residents easy access to several dining, entertainment, and retail options along Superstition Freeway.
Features and amenities of ONE at Mountain Vista in Arizona
The development will consist of 26 studios, 127 one, 172 two, and 20 three-bedroom apartments. The apartments will have an average size of 750 square feet, with open-concept floor plans. Additionally, each of these floor plans will feature high ceilings and double-paned windows, offering amazing views of the Superstition Mountains.
ONE at Mountain Vista will feature shared amenities such as a swimming pool, fitness center, and dog park. What’s more, the multifamily community also provides residents with health and wellness facilities, operated by licensed life coaches on-site. Other additional features on the property will include a sky lounge and bocce ball court.
Bitform Architecture is responsible for the project’s design, while EMJ Construction is serving as the general contractor for the project. Upon completion, ONE at Mountain Vista in Arizona will be managed by Mark Taylor Residential based in Scottsdale Arizona.