News

February 28, 2019
Enclave at Paradise Valley Acquired

Atlantic Creek Real Estate Partners, LLC (“Atlantic Creek”) is pleased to announce the joint venture acquisition of Enclave at Paradise Valley (the “Property”) in Phoenix, Maricopa County, AZ. The Property closed on February 28, 2019 and is comprised of a 174-unit, class B, garden-style, multi-family apartment community consisting of eight, two and three-story buildings. The investment plan is to redevelop, renovate, and reposition the Property to take advantage of its convenient location that offers access to numerous major employers and retail amenities within the Phoenix MSA.

The Property is located within the northern Paradise Valley submarket, one of Phoenix’s premier upscale residential areas, known for its world-class resorts, high-end dining, commercial amenities and attractions, and surrounding natural beauty. The Property has direct access to the SR-51 Freeway via Cactus Road, approximately one mile west of the community. The SR-51 Freeway is a major transportation corridor in Phoenix, connecting the Paradise Valley neighborhood (and the Property) to growing employment nodes located to the north and south. Directly north of Enclave at Paradise Valley, SR-51 connects to the Loop 101 Freeway, providing convenient access to approximately 142,000 jobs in the Deer Valley Corridor and approximately 25,000 jobs in the Desert Ridge (Mayo Clinic Corridor) submarkets at the time of acquisition; American Express, Mayo Clinic, and Nationwide Insurance all have major corporate expansions underway. Northwest of Enclave at Paradise Valley, the Deer Valley Corridor is one of the fastest growing markets in the country for financial services and financial technology jobs.

Atlantic Creek has offices in New York, NY and Palm Beach, FL and targets direct and joint venture investments in opportunistic and value add office, retail, and multi-family commercial real estate, primarily located on the East and West Coasts of the U.S., Texas, and other select U.S. markets.

For further information on new acquisitions and joint venture opportunities, please contact Joshua Schwalbe, Senior Vice President, in our New York, NY office at (212) 381-7617 or Jon Trucano, Senior Vice President, in our Palm Beach, FL office at (561) 275-7702.