PHOENIX, AZ – In a significant move highlighting their commitment to strategic real estate investments, Ascendant Capital Partners has joined forces with Canyon Partners Real Estate LLC (“Canyon”) and Bond Companies (“Bond”) to form a Joint Venture (JV) for the development of Inspire Sonoran Desert. This ambitious project will bring a 560-unit, Class A multifamily community to the rapidly expanding North Valley submarket of Phoenix, Arizona. Financing for the development is secured through a senior construction loan provided by Kennedy Wilson.
The Inspire Sonoran Desert, envisioned by the award-winning architects at Gensler, is set to become a landmark residential destination. The community will feature 560 meticulously designed apartment homes spread across ten buildings, each rising three and four stories. Construction is underway by The Garrett Construction Company, with completion aimed to meet the escalating housing demands of the region. Prospective residents can choose from a variety of floor plans, including 1-, 2-, and 3-bedroom options, ranging from approximately 650 to 1,375 square feet. Each unit will boast premium finishes, including stainless steel appliances, elegant quartz countertops, private outdoor spaces, soaring nine-foot ceilings, sophisticated laminate vinyl plank flooring and tile accents, and convenient smart locks with remote access.
Beyond the luxurious in-unit features, Inspire Sonoran Desert is designed to offer an unparalleled lifestyle experience with a rich array of amenities. Residents will enjoy access to a junior Olympic-sized pool, two resort-style lounge pools complete with inviting fire pits and cabanas, and a cutting-edge fitness and wellness center to promote an active and healthy lifestyle. The pet-friendly community will also include a dedicated pet park, along with three professional-grade pickleball courts for sports enthusiasts. Adding to the allure is direct access to an extensive network of 8.2 miles of scenic hiking, biking, and running trails, encouraging an outdoor-oriented lifestyle.
The strategic location of Inspire Sonoran Desert in North Valley is particularly noteworthy. This Phoenix submarket is experiencing explosive growth, largely fueled by TSMC’s groundbreaking decision to establish a multi-phase semiconductor manufacturing plant in the area. TSMC’s unprecedented $65 billion investment represents the largest foreign direct investment in Arizona history and is projected to be a major economic catalyst. The project is anticipated to generate approximately 6,000 direct high-paying jobs, 20,000 construction jobs, and countless indirect jobs through supporting industries and suppliers. With the first fabrication plant slated to commence operations in 2025, followed by subsequent facilities in 2028 and 2030, the demand for housing in the vicinity is expected to surge. Inspire Sonoran Desert is ideally positioned as one of the closest residential communities to the TSMC campus, making it a prime choice for the influx of professionals and families drawn to the area by this significant economic development, in addition to the region’s established employer base.
Russell Gimelstob, Founder and CEO of Ascendant Capital Partners, emphasized the strategic importance of the project, stating, “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. Once complete, the property will provide residents with an unmatched living experience and a complement of resort-quality amenities including multiple pools and the area’s largest fitness facility as well as access to miles of hiking and biking trails. We look forward to working closely with our JV partners and bringing our demonstrated operational experience to this exciting project.” His statement underscores Ascendant Capital Partners’ expertise and operational capabilities in bringing high-quality residential projects to fruition.
Larry Bond, Chairman of Bond Companies, echoed this sentiment, stating, “We are thrilled to introduce the Inspire brand to Phoenix. Leveraging decades of experience developing market-leading multifamily communities, we are committed to delivering a residential community that reflects the vibrancy and growth of this thriving area.” Robert Bond, President of Bond Companies, further added, “Our thoughtfully selected and curated amenities offer residents the perfect blend of convenience and activity. The community is designed to meet the lifestyle needs of families and individuals drawn to this sought after neighborhood.”
For Canyon Partners Real Estate, Inspire Sonoran Desert marks their ninth investment in the Phoenix area in the last five years, demonstrating their continued confidence in the region’s growth potential. Canyon is recognized as a consistent and active investor in Arizona and across primary and secondary markets throughout the United States, providing both debt and equity for diverse real estate projects.
Kennedy Wilson’s provision of the construction loan for Inspire Sonoran Desert adds to their robust year in debt investment. Q3 2024 signified the one-year mark since Kennedy Wilson’s acquisition of a substantial $4.1 billion construction loan portfolio. Since this acquisition, Kennedy Wilson’s debt investment platform has successfully originated $3 billion in multifamily and student housing construction loans, partnering with leading institutional sponsors nationwide.
About Ascendant Capital Partners
Ascendant Capital Partners is a leading real estate investment firm headquartered in Los Angeles, with a regional presence in Dallas. The firm specializes in managing discretionary commingled institutional funds focused on the hospitality and residential sectors, demonstrating a deep understanding of these dynamic markets. Ascendant’s partners bring extensive experience in acquiring, developing, operating, and asset managing real estate assets and operating companies. Their investment strategy concentrates on prime US gateway markets and high-growth cities, including New York, Boston, Miami, Houston, Phoenix, and Dallas. For further information about Ascendant Capital Partners and their portfolio, please visit https://www.ascendantcapital.com.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager overseeing over $26 billion in assets. Over the past decade, Canyon has strategically deployed approximately $5.2 billion of debt and equity capital across 179 transactions, capitalizing approximately $21.1 billion of real estate assets. Their investment focus encompasses debt, value-add, and opportunistic strategies across various property types, US regions, and project stages, including development, transitional, and distressed/workouts. With over 30 years of industry experience, Canyon offers a comprehensive suite of investment capabilities. For more information, please visit www.canyonpartners.com.
About Bond Companies
Bond Companies is a distinguished real estate development and investment firm with offices in Chicago and Los Angeles. Recognized for innovation and award-winning projects across the nation, Bond Companies has established a strong reputation for excellence. Their specialization lies in multifamily developments that seamlessly integrate quality, sustainability, and thoughtful design, creating exceptional residential communities. For more information, please visit https://bondcompanies.com.
About Kennedy Wilson
Kennedy Wilson (NYSE: KW) is a prominent global real estate investment company managing over $28 billion in assets across high-growth markets in the United States, the UK, and Ireland. Leveraging decades of experience and a relationship-focused approach, Kennedy Wilson excels at identifying opportunities and generating value throughout market cycles. Since becoming a public company in 2009, they have closed over $50 billion in total transactions across the property spectrum. Kennedy Wilson actively owns, operates, and develops real estate within their high-quality core real estate portfolio and through their investment management platform, targeting opportunistic equity and debt investments alongside their partners. For further details, please visit www.kennedywilson.com.
Contacts
Media
For Ascendant Capital Partners
Nathaniel Garnick / Justin Dechiario
Gasthalter & Co.
(212) 257-4170
For Canyon Partners
Kris Cole
(310) 614-9208
[email protected]
For Bond Companies
Rob Bond
(312) 229-5910, ext. 110
[email protected]
Larry Bond
(310) 696-2050
[email protected]
