Three multifamily real estate investors — Canyon Partners and Ascendant Capital Partners, both based in Los Angeles, and Chicago-based Bond Cos. — have formed a joint venture to develop a 560-unit project near the Taiwan Semiconductor Manufacturing Co.’s new fabrication facility in the North Valley area of Phoenix, Arizona.
The upcoming Inspire Sonoran Desert, designed by San Francisco-based architect Gensler, will be one of the closest residential properties to TSMC’s Arizona campus, according to the news release. The Taiwanese company has committed to investing $65 billion in the area over time, according to the release, with its first plant set to start operation this year and a second and third expected to come online in 2028 and 2030.
The JV has obtained a senior construction loan from Beverly Hills, California-based Kennedy Wilson Holdings to support the project. Greenwood, Indiana-based Garrett Construction Co. is the builder.
“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,” said Russell Gimelstob, founder and CEO of Ascendant, in the release.
Inspire Sonoran Desert will comprise 10 three- and four-story buildings with garden-style walk-up entrances. Units will range from one to three bedrooms with stainless steel appliances, quartz countertops, private outdoor spaces, 9-foot ceilings and smart locks with remote control access.
Amenities at the property will include a junior Olympic-sized pool, two lounge pools with fire pits and cabanas, a fitness and wellness center, a pet park, three pickleball courts and access to 8.2 miles of hiking, biking and running trails.
The TSMC facilities are expected to create 6,000 direct jobs, 20,000 construction jobs and tens of thousands of indirect jobs from suppliers and supporting businesses, according to the release. Inspire Sonoran Desert is one of many residential projects underway near the campus, including a 297-unit build-to-rent property by the Empire Group of Cos.; a 436-unit midrise by Toll Brothers; and a $7 billion mixed-use development by Mack Real Estate Group, set to include more than 9,000 residential units.