Downtown Phoenix’s 44 Monroe Condos to be Leased
[Source: Jan Buchholz, Phoenix Business Journal]
From the “that didn’t last long” file, word comes today that the sale of condos at 44 Monroe in downtown Phoenix is off.
In early November, the new owner of most of the project — it was purchased by ST Residential after the lender took it back — said they would sell the units for nearly half of their original pricing.
The high-rise at First Avenue and Monroe Street has 196 units, with 14 occupied by residents who bought at the height of the market, when they cost between $450,000 and $3.2 million.
But now the plan is to lease them. In a letter sent to brokers and other interested parties Thursday afternoon, a representative from the sales team said the market dynamics don’t support sales. No word yet on what rents will run, but look for a mix of Arizona State University students and staff, and young professionals working downtown to settle into the high-rise lifestyle.