HQ Capital Real Estate Announces Sale of Centra in Phoenix, AZ
Jun 16, 2021
Centra, a joint venture development with Fore Property Company, sells to MG Properties
June 16, 2021 – New York City-based HQ Capital Real Estate (“HQCRE”), a member of HQ Capital, today announced the sale of Centra, a 223-unit transit-oriented apartment project located in the Midtown submarket of Phoenix, AZ. The property is just one block north of the METRO Light Rail Transit (LRT) station, which provides access through Downtown Phoenix, the Sky Harbor International Airport, and the cities of Tempe and Mesa. Tenants benefit from convenient access to the arts district as well as retail and restaurants.
The property was developed with Fore Property Company as part of our U.S. multifamily opportunistic strategy. The project is LEED-Gold certified, implementing many energy-saving and sustainability-focused practices, including sustainable material sourcing, and energy-efficient hot water distribution system, lighting and appliances. The property features Class A unit finishes, and community amenities include a 24-hour state-of-the-art fitness center, resort-style swimming pool, rooftop deck, cyber cafe, demonstration kitchen and entertainment patio with an outdoor fire pit.
The project was sold to MG Properties Group after a 38-month holding period.
This was HQCRE’s first investment with Fore Property Company.