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MORGAN Opens Pearl Biltmore Multifamily Luxury Community in Phoenix

·4 min read

MORGAN, a Houston-based leader in multifamily development, construction, acquisitions and property management, has opened the Pearl Biltmore, its first multifamily luxury community in the Phoenix market. Located near the intersection of Highland and 24th Street, the 472-unit project is a joint venture between MORGAN and Mesirow.

Pearl Biltmore contains 19 unique floor plans in a mix of studio, one-, two- and three-bedroom apartments, including several loft-style units. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and numerous retail and dining destinations, including Biltmore Fashion Park. Less than a mile from State Route 51, the site offers convenient access to downtown and Phoenix Sky Harbor International Airport.

"We are excited about opening our first investment in Phoenix," Vice Chairman Alan Patton said. "With shopping, restaurants, entertainment options and daily conveniences right out the front door, Pearl Biltmore affords residents a lifestyle among the most desirable neighborhood amenities in one of the best submarkets in the valley. Within the community, we provide a host of best-in-class amenities synonymous with the Pearl brand."

Premium Pearl amenities at the Pearl Biltmore include luxury vinyl plank flooring in living areas; Nest thermostats; full-size balconies or patios; open kitchens with stainless steel appliances, under cabinet LED lighting, Quartzite countertops and glass tile backsplash; Quartzite countertops and backsplash in the bath area, as well as LED backlit mirrors. Select residences have skyline views, walk-in closets, movable kitchen islands, walk-in glass showers, and spa soaking tubs.

Outside the units, the property features more Pearl extras, such as a two-story fitness center with a cardio/strength training area and fitness-on-demand studio; a clubroom with lounge seating and media wall; two resort-style pool decks with grill stations, cabanas and bistro seating; a scenic sky lounge with an indoor/outdoor catering kitchen, media wall and Wi-Fi counter; a co-working lounge with a computer bar, printer station, refreshment center and private office pod; a bark park with pet wash area; a bike storage room with repair tools; and 24/7 package retrieval.

According to Alasdair Cripps, Chief Executive Officer and Co-Chief Investment Officer of Mesirow's Institutional Real Estate Direct Investments business, "We are excited to partner with MORGAN on this latest investment in Phoenix, one of the nation's strongest multifamily markets. This property exemplifies the signature Pearl luxuries, from the exclusive and classy ambiance of the property itself, to the premium amenities available for residents and the convenience and adventure offered by the exceptional location."

About Mesirow

Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago with offices around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Global Investment Management, Capital Markets & Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities and our culture. To learn more, visit mesirow.com and follow us on LinkedIn.

Mesirow was also recently named one of the Best Places to Work in Chicago by the Chicago Tribune and one of the Top Places to Work by Crain's Chicago Business.

About MORGAN

Morgan Group ("MORGAN") is a vertically integrated, third generation family business that invests in multifamily housing through development and acquisitions in high growth US markets. In its history, MORGAN has built or acquired over $3 billion of multifamily assets, consisting of over 20,000 units. Currently, the company's owned and managed portfolio consists of more than 10,000 units across Texas, California, Arizona, Colorado and Florida. MORGAN has been headquartered in Houston since 1959 and currently has regional offices in Austin, Denver and Miami.

In 2019, the Houston Chronicle ranked MORGAN the #1 medium sized company to work for and in the top five for 2020. In addition, MORGAN received the "Most Appreciated Award" of all Houston companies in 2020. On the national level, MORGAN placed in the Fortune 100 for 2020 and has been nationally certified as a "Great Place to Work" for two consecutive years. MORGAN has fostered valuable relationships and strategic partnerships throughout its 60-year history and attributes much of its success to its family values and entrepreneurial, team-oriented culture. For more information about MORGAN, visit www.morgangroup.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005940/en/

Contacts

Carole Minor
Encore Communications
713.880.9550
cminor@encorecommunications.com