High Street Residential (HSR), the residential subsidiary of Trammell Crow Company (TCC), and JV partner PGIM Real Estate opened Raintree Multifamily, a 192-unit residential community in Scottsdale, Arizona. The new development, scheduled for completion in 2023, is located adjacent to TCC and PGIM’s 175,000 square foot Axis Raintree office building, which was completed in January 2021. An official name for the development will be announced as construction progresses.
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The new five-story residential building is situated on a 3.2-acre site that provides direct frontage on Raintree Drive and is located just east of the lighted intersections of Northsight Boulevard and 87th Street. Units will range in size from a junior bedroom to two bedrooms and will include built-in workstations in some homes, quartz countertops, stainless steel appliances and large outdoor patios. Raintree Multifamily will also provide a premium set of equipment, setting it apart from the competitive set. Facilities will include a fifth-floor Sky Lounge, an outdoor courtyard, a large leisure park with a dog park, a home office space with numerous individual workspaces, a swimming pool, a spa, a fitness center fit and a pet lounge.
“We are excited to begin construction on Raintree Multifamily, which will complement Raintree’s mixed-use master plan and provide much-needed housing in North Scottsdale,” said Paul Tuchin, HSR’s Phoenix office manager. “The North Scottsdale submarket has strong demographics and attracts a variety of residents. We believe our unique design and extensive collection of amenities will appeal to renters looking for high-end accommodation unmatched in this area.
Raintree Multifamily provides residents with direct access to the Loop 101 freeway, walkable retail directly across the street, and multiple employment opportunities in the immediate area.TCC/HSR and PGIM purchased the entire 8.24 acre parcel of land in 2019 and began construction on Axis Raintree in October 2019. The office building is now complete and available for lease; CBRE markets the property. The residential part of the development is designed by ESG Architects and Weitz Company acts as the general contractor.