High Street Residential Breaks Ground on 192-Unit Multifamily Community in Scottsdale
January 31, 2022
High Street Residential (HSR), the residential subsidiary of Trammell Crow Company (TCC), and JV Partner PGIM Real Estate have broken ground on Raintree Multifamily, a 192-unit residential community in Scottsdale, Arizona. The new development, slated for completion in 2023, is situated next to TCC and PGIM’s 175,000-squre-foot Axis Raintree office building, which was completed in January 2021. A formal name for the development will be announced as construction progresses.
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 at Northsight Boulevard and 87th Street. Units will range in size from junior one-bedrooms to two-bedrooms and feature built-in workstations in select homes, quartz countertops, stainless steel appliances, and large outdoor patios. Raintree Multifamily will also provide an upscale amenity package, setting it apart from the competitive set. Amenities will include a fifth-floor Sky Lounge, an outdoor courtyard, a large amenity park with dog run, a work-from-home area with ample individual workspaces, a pool, a spa, a fitness center, and a pet lounge.
“We are excited to begin construction on Raintree Multifamily, which will complete the mixed-use Raintree master-plan and deliver much-needed housing to North Scottsdale,” said Paul Tuchin, Principal with HSR’s Phoenix office. “The North Scottsdale submarket has strong demographics and attracts a variety of residents. We believe that our unique design and expansive collection of amenities will appeal to renters looking for unmatched, high-end housing in this area.”
Raintree Multifamily affords residents with direct access to the Loop 101 freeway, walkable retail amenities 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 of 2019. The office building is now complete and available for lease; CBRE is marketing the property. The residential portion of the development is being designed by ESG Architects and Weitz Company is acting as the general contractor.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.