April 18, 2018 | Press Release
HQ Capital Real Estate and Fore Property Company Close on 223-unit Multifamily Development in Phoenix
New York, NY, April 13, 2018. New York City-based HQ Capital Real Estate (“HQCRE”), a member of HQ Capital, has formed a joint venture with Las Vegas-based Fore Property Company (“Fore”) to develop Central and Columbus, a five-story 223-unit multifamily development in Phoenix, AZ. The site, located within Phoenix’s Midtown submarket, is just one block north of the Valley Metro Light Rail station at Osborn and Central, which provides access through Downtown Phoenix, Sky Harbor International Airport, and the cities of Tempe and Mesa.
“Phoenix as a whole and the Central District submarket specifically, continue to outperform projections, as strong demand for Class A product still exceeds the available supply,” said Trey Wakefield, Director at HQCRE. “Central and Columbus represents an excellent opportunity to develop a transit-oriented community in a high growth market with an experienced local partner.”
About Fore Property Company:
Fore Property Company is a full service real estate firm that develops, owns, and manages multifamily communities nationwide. With four decades of experience, Fore Property Company has developed more than 23,000 apartments across 40 markets throughout the United States with a portfolio consisting of market rate, affordable and senior housing communities. Fore Property Company and its affiliated entities manage all aspects of the real estate value chain: acquisition, development, construction, and property management. Further information can be found at www.foreproperty.com.
Once completed, the property will feature Class A unit finishes and community amenities such as a state-of-the-art fitness center, resort-style swimming pool, rooftop deck, demonstration kitchen, and cyber cafe. Construction is planned to start immediately.
Central and Columbus is the eleventh investment in HQCRE’s RECAP Opportunity Fund II, which has a geographically diverse portfolio of multifamily developments and value-add acquisitions. This is HQCRE’s first time partnering with Fore.