Canyon Partners Real Estate, Ascendant Capital Partners, and Bond Companies to Develop Class A Multifamily Community in Phoenix, AZ
560-unit Inspire Sonoran Desert is Ideally Situated Next to TSMC's New Semiconductor Plant in Fast Growing North Valley Submarket
Canyon Partners Real Estate LLC ("Canyon"), Ascendant Capital Partners ("Ascendant"), and Bond Companies ("Bond") announced today the formation of a Joint Venture (the "JV") to support the development of Inspire Sonoran Desert, a 560-unit, Class A multifamily community in the North Valley submarket of Phoenix, Arizona. Kennedy Wilson provided the JV with a senior construction loan.
Designed by award-winning architect Gensler, Inspire Sonoran Desert will feature 560 thoughtfully designed residences across ten 3- and 4-story residential buildings. Built by The Garrett Construction Company, Inspire Sonoran Desert will offer 1-, 2-, and 3-bedroom apartment homes ranging from approximately 650 to 1,375 square feet with in-unit finishes that include stainless steel appliances, quartz countertops, private outdoor space, nine-foot ceilings, laminate vinyl plank flooring & tile, and smart locks with remote access. The project's amenities will include a junior Olympic-sized pool, two resort-style lounge pools with fire pits and cabanas, a state-of-the-art fitness and wellness center, a pet park, three professional-grade pickleball courts, and direct access to 8.2 miles of hiking, biking, and running trails.
North Valley has experienced rapid growth in recent years following TSMC's announcement to build a multi-phase semiconductor plant in the submarket. As the largest foreign direct investment in Arizona history, TSMC's commitment to invest $65 billion in the new facility is projected to generate approximately 6,000 direct high-paying jobs, 20,000 construction jobs, and tens of thousands of indirect jobs from suppliers and supporting businesses. The first fabrication plant is expected to begin operations in 2025, with the second and third facilities anticipated to open in 2028 and 2030, respectively. Inspire Sonoran Desert will be one of the closest communities in the market to TSMC and is well-positioned to benefit from the demand generated by the campus as well as the area's existing employer base.
"Located in the heart of one of Phoenix's fastest growing submarkets with strong demographic demand drivers, we are excited to enhance the housing options for the myriad of highly-skilled workers and families expected to move to North Valley in the coming years. Once complete, the property will provide residents with an unmatched living experience and a complement of resort-quality amenities including multiple pools and the area's largest fitness facility as well as access to miles of hiking and biking trails. We look forward to working closely with our JV partners and bringing our demonstrated operational experience to this exciting project," said Russell Gimelstob, Founder and CEO of Ascendant.
"We are thrilled to introduce the Inspire brand to Phoenix," said Larry Bond, Chairman of Bond Companies. "Leveraging decades of experience developing market-leading multifamily communities, we are committed to delivering a residential community that reflects the vibrancy and growth of this thriving area."
"Our thoughtfully selected and curated amenities offer residents the perfect blend of convenience and activity. The community is designed to meet the lifestyle needs of families and individuals drawn to this sought after neighborhood," said Robert Bond, President of Bond Companies.
Inspire Sonoran Desert marks Canyon's ninth investment in the Phoenix area over the past five years. Canyon has been an active provider of debt and equity in Arizona and continues to invest in real estate projects in primary and secondary markets across the United States.
The Inspire Sonoran Desert construction loan is the latest in an active year for Kennedy Wilson's debt investment platform. Q3 2024 marked the one-year anniversary of Kennedy Wilson's acquisition of a $4.1 billion construction loan portfolio. Since the acquisition, Kennedy Wilson's debt investment platform has originated $3 billion in multifamily and student housing construction loans with institutional sponsors across the country.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC ("Canyon") is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $26 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.2 billion of debt and equity capital across 179 transactions capitalizing approximately $21.1 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com.
About Ascendant Capital Partners
Ascendant is a real estate investment firm headquartered in Los Angeles with a regional office in Dallas. Ascendant manages discretionary commingled institutional funds focused on the hospitality and residential sectors. The firm's partners are experienced acquiring, developing, operating and asset managing real estate assets and operating companies. Ascendant focuses on US gateway markets and high growth cities such as New York, Boston, Miami, Houston, Phoenix and Dallas. For more information, please visit https://www.ascendantcapital.com
About Bond Companies
Bond Companies is a leading real estate development and investment firm with offices in Chicago and Los Angeles, renowned for delivering innovative and award-winning projects nationwide. With a proven track record of excellence, Bond Companies specializes in multifamily developments that blend quality, sustainability, and thoughtful design. For more information visit: https://bondcompanies.com.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading real estate investment company with over $28 billion of assets under management in high growth markets across the United States, the UK, and Ireland. Drawing on decades of experience, our relationship-oriented team excels at identifying opportunities and building value through market cycles, closing more than $50 billion in total transactions across the property spectrum since going public in 2009. Kennedy Wilson owns, operates, and builds real estate within our high-quality, core real estate portfolio and through our investment management platform, where we target opportunistic equity and debt investments alongside our partners. For further information, please visit www.kennedywilson.com.
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