JLL Capital Markets announced that it has arranged a $58 million financing for The Parker on Higley, a Class A, 261-unit multifamily development in Gilbert, Arizona.
JLL worked on behalf of the sponsor, Artom Holdings LLC, in securing a construction loan through PCCP LLC.
The Parker on Higley enjoys a strategic location at the northeast corner of Baseline Road and Higley Road in the bustling Phoenix metropolitan area. This prime positioning offers residents exceptional connectivity to major arteries, including US-60, Loop-202 and Loop-101 freeways, facilitating easy access throughout the region. The community’s proximity to both Phoenix Mesa Gateway Airport and Phoenix Sky Harbor International Airport, coupled with nearby retail opportunities, ensures that residents have convenient access to both local amenities and global connections.
Gilbert, a thriving suburb of Phoenix, has experienced steady growth with a 1.5% annual population increase since 2020, contributing to the Phoenix metropolitan area’s impressive 5.41 million residents. The town boasts a high average household income of $154,441, reflecting its affluent status within the region. As part of the greater Phoenix area, which claims the third-largest labor pool in the western United States with over 2.3 million jobs, Gilbert benefits from Arizona’s business-friendly environment, including the nation’s lowest flat tax rate.
The Parker on Higley is an impressive four-story multifamily development spanning 220,570 square feet on a spacious 8.36-acre site. The property offers a diverse range of living options, including studios, one-, two- and three-bedroom units, with an average unit size of 845 square feet, catering to various lifestyle needs. Residents will enjoy luxurious community amenities, such as a resort-style pool and a state-of-the-art fitness center. The development also addresses parking needs comprehensively, featuring 400 covered surface parking spaces and 68 private garages.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Brad Miner and Associate Drew Lydon.
“The successful arrangement of financing for Artom Holdings demonstrates the enduring appeal of the Phoenix metropolitan area’s multifamily market,” said Miner. “This development’s strategic location in Gilbert, coupled with its high-quality amenities and diverse unit mix, positions it as an attractive investment in the current market landscape. The strong fundamentals of the Phoenix region, including robust population growth and a thriving job market, continue to drive demand for quality multifamily housing.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
