28th St Town Homes

Min. Invest
$10,000
Target Hold
12 mo
Annualized Returns
10%
Progress - 70% Pledged
2250 N 28th Progress

2250 N 28th Progress

2250 N 28th Progress

2250 N 28th Progress

2250 N 28th Elevation

2250 N 28th Elevation

2250 N 28th Elevation

2250 N 28th Elevation

2250 N 28th Elevation

2250 N 28th Elevation

2250 N 28th Elevation

2250 N 28th Elevation

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2250 N 28th October 2019 Progress

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2250 N 28th October 2019 Progress

2250 N 28th Progress

2250 N 28th Progress

2250 N 28th Progress

2250 N 28th Progress

2250 N 28th Progress

2250 N 28th Progress

2250 N 28th Progress

2250 N 28th Progress

Project Summary

28th St Town Homes consists of two - 3 unit buildings each home is 2000 sqft 3 bedroom 2 3/4 bath 3 floors with a roof top deck and 2 car garage.

Investment Type Debt
Term 12 Months
Raise Amount $2,125,000

Property Summary

The property will be the very popular contemporary style in a popular downtown Phoenix area going through significant neighborhood revitilization.

Why Invest?

The sponsor is paying a 10% monthly or 12% deferred return for 12 months through completion and sale. The project is close to top business, social and sporting venues. The project is fully permitted and under construction with an estimated completion of December. Builder has built and sold 25 homes in the past 2 years for $15 mil with 29 homes currently under construction.. Most recent sale sold at full price first day on the market. Artisan Builders has veteran contractor teams succesfully building in Arizona for over 30 years with top quality finished products that sell quickly.

Artisan Capital Fund, LLC

Capital Raised to Date $1,500,000.00
Total Capital Required $2,125,000.00
Total Cost $354,166.00 Per Unit Includes Land, All Build Related Costs and Carrying Costs
Sales Prices To Be $475,000.00 Plus Per Unit
Total Sales Price $2,850,000.00 Minus Selling Expenses Minus Capital Raised
Estimated Net Profit $554,000.00 or 19%.

 

Financial Sources

Private Investor $1,500,000

Financial Uses

Construction $500,000

Downtown Phoenix Residential & Commercial Planned Development

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Six high-rise towers may soon replace a long-vacant plot of land at the northeast corner of Indian School Road and Central Avenue in Phoenix — a project that supporters call a first of its kind in Arizona. 

The planned development, dubbed "The Central Park," calls for more than 2 million square feet of development on the 15-acre lot that borders Steele Indian School Park. It will feature apartments, condominiums, office space, a retirement community and 170,000 square feet of retail.

A Phoenix-based developer, Pivotal Group, purchased the land a few years ago and plans to build public walking pathways surrounding the buildings to connect the community to Steele Indian School Park, which is currently hidden from the intersection. 

The Phoenix City Council approved zoning changes in early July that will allow Pivotal Group to move forward with the project. Zoning attorney Jason Morris said the developer hopes to begin construction within 24 months. 

"It's going to rival anything we have in the state of Arizona," Phoenix Councilman Sal DiCiccio said at a July 3 council meeting. 

WHAT $1 BILLION IN INVESTMENT COULD BRING

Morris said Pivotal Group's project will include just shy of $1 billion in development when completed.

The six towers, ranging from 165 feet to 355 feet tall, will house the following:

  • 250 market-rate apartments.
  • 150 condominiums.
  • 200 senior-housing units.
  • 760,000 square feet of commercial office space, split between two towers. 
  • 200-room hotel.

The project will also include parking garages and retail on the buildings' ground floors. Preliminary plans call for a grocery store and movie theater. 

In addition to the public walkway that would connect to Steele Indian School Park, the project calls for three outdoor public plazas that could host events like concerts, farmers markets, art shows, outdoor galas and fashion shows. 

Land has long history

The land, on a prominent corner next to the light rail, has never seen development — in part because of its complicated ownership history. 

The federal government acquired 190 acres of land at what is now Indian School Road and Central Avenue, including this piece of property, in the 1800s.

2

A rendering shows a planned $1 billion development by Pivotal Group at the northeast corner of Central Avenue and Indian School Road. Construction is expected to begin in 24 months. (Photo: Pivotal Group)

It was used as the Phoenix Indian School, which from 1891 to 1990 housed and educated Native American children — initially by forced removal from their reservations.

The federal government closed the school in 1990 but maintained ownership of the land. 

In 1996, the feds wanted 100,000 acres of environmentally-sensitive land in Florida the Baron Collier Company owned. The federal government orchestrated a trade — the Indian School property for the Florida land. 

But Phoenix interjected, saying it wanted to build a park on the land. The city then worked out a deal to trade the Indian School land for two city-owned pieces of property in downtown Phoenix — the land where the Collier Center stands now and the land where Block 23 is under construction

However, the Baron Collier Company maintained ownership of the 15-acre sliver on Central Avenue and Indian School Road until a few years ago when the federal government took it back in a legal dispute and auctioned it off to Pivotal Group. 

Morris said Pivotal Group decided to take the premiere piece of property and do something very different from most recent projects in downtown and midtown Phoenix. 

"They came up with a completely ambitious, innovative, really self-contained, multi-use gateway to the park," he said.

'A CATALYST AND A LINCHPIN'

Morris said there's been a "hiatus" in development in midtown. He said he believes this project will spur other development in the area and connect midtown to booming downtown and uptown Phoenix. 

"It's both a catalyst and a linchpin," he said. 

Local community leaders agreed. 

Rebecca Wininger, who sits on Phoenix's Encanto Village Planning Committee, told the council that the project could be a game-changer for midtown. 

"I think this has the ability to be an architectural anchor for Phoenix not just in the years to come, but perhaps the decades," she said. 

Margaret Dietrich of the Midtown Neighborhood Association said midtown has seen significant investment at the former Park Central Mall, but the area is ready to take "the next step."

"This project is way beyond a little step," she said. 

The Phoenix City Council voted unanimously to approve the zoning changes to allow "The Central Park" to move forward. 

"From my perspective this is an enormously exciting project," Mayor Kate Gallego said.

Phoenix Planned Hotel Expansion

The Phoenix area has been identified for as a highly developing area of the country with a large influx in population and tourism.  These hotel chains have targeted this ideal market.

One opened a 19-story tower this month next to the city's historic high-rises. Another is under construction down the street by Arizona State University's downtown campus. And plans were approved to build a hotel west of the downtown center.

Other hospitality projects are in early planning stages. The mixed-use Arizona Center is slated for a boutique hotel, for example, though additional details are sparse. Developers recently submitted plans to add a hotel chain at 11th and Van Buren streets.

Here are a few projects to watch for in downtown Phoenix and surrounding neighborhoods.

ASU to get new hotel neighbor

What: The new Hampton Inn and Suites Downtown Phoenix will be the brand's first hotel in the area. Developer Mortenson is building the project.

Where: The location at First and Polk streets is next to Arizona State University's downtown campus.

Features: The 11-story hotel will have 210 rooms. Amenities include a bar and lounge, business center, meeting space and fitness center, according to a project representative.

When: Crews broke ground on the hotel earlier this year. The developer expects it to open in summer 2018.

Why: It's a strong location "to capture hotel demand from the city’s core central business district as well as from ASU and the Phoenix Biomedical Campus,” said Nate Gundrum, director of real-estate development at Mortenson, in a press release.

 

Hotel opens at historic Luhrs City Center

What: A dual-brand hotel is now open at Luhrs City Center: a Residence Inn by Marriott and Courtyard by Marriott.

Where: The tower is at the northwest corner of Central Avenue and Madison Street.

Features: The high-rise is 19 stories and includes 320 rooms between the two brands. The project also features a bistro, about 6,000 square feet of meeting space and an indoor pool, according to a project representative.

When: The hotel opened May 4.

Why: The project completes an overhaul of the historic Luhrs block by Hansji Corporation. The hotel is next to two towers from the 1920s that were renovated as a mixed-use project. Crews demolished a 1914 building on site to make way for the hotel.

 

Holiday Inn Express planned for old motel site

What: Phoenix approved zoning this year for a construction project that will house a Holiday Inn Express, said Nick Wood, a land-use attorney representing the project.

Where: The location at the northeast corner of Van Buren Street and 10th Avenue is between downtown and the state Capitol.

Features: The hotel will have 120 rooms and a coffee shop, according to plans submitted to the city. The four stories will include meeting space, a fitness center and pool.

When: Wood said the project is starting Phoenix's permitting process but did not have a construction timeline.

Why: The site used to be the Desert Inn Motel but is now vacant. The location is prime for its proximity to downtown amenities as well as the Capitol Mall and a future light-rail line, according to development plans.

 

Sources:

Brenna Goth, “3 new hotels in downtown Phoenix to bring hundreds of rooms”, The Republic.

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THESE UNITS ARE BEING OFFERED WITHOUT REGISTRATION UNDER ANY FEDERAL OR STATE SECURITIES LAWS, BUT ARE BEING OFFERED UNDER AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER COMPARABLE EXEMPTIONS UNDER VARIOUS STATE SECURITIES LAWS. HOWEVER, THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”) HAS NOT DETERMINED THAT THESE UNITS ARE EXEMPT FROM REGISTRATION. THESE UNITS HAVE NOT BEEN REVIEWED, APPROVED OR DISAPPROVED BY THE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS THE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY, ADEQUACY, COMPLETENESS OR MERITS OF THIS MEMORANDUM, AND ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THIS MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL TO, OR A SOLICITATION OF AN OFFER TO BUY FROM, NOR SHALL ANY OF THE UNITS BE OFFERED OR SOLD TO, ANY PERSON IN ANY JURISDICTION IN WHICH SUCH AN OFFER, SOLICITATION, PURCHASE, OR SALE IS UNLAWFUL OR UNAUTHORIZED UNDER THE SECURITIES LAWS OF SUCH JURISDICTION.

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IN MAKING A DECISION TO PURCHASE UNITS HEREUNDER, PROSPECTIVE INVESTORS MUST CONDUCT THEIR OWN INDEPENDENT INVESTIGATION OF THE FUND AND THE TERMS OF THIS OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED, AND ARE ENCOURAGED TO CONSULT WITH THEIR ADVISORS AS THEY WILL BE REQUIRED TO REPRESENT THAT THEY ARE ABLE TO BEAR THE ECONOMIC RISK OF THEIR INVESTMENT AND THAT THEY ARE FAMILLIAR WITH AND UNDERSTAND THE FUNDAMENTAL RISKS AND TERMS OF THIS OFFERING.

NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATION WITH RESPECT TO THE OFFERING OF THE UNITS WHICH IS NOT CONTAINED OR REFERENCED HEREIN, AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE FUND. POTENTIAL INVESTORS MAY, IF THEY SO DESIRE, MAKE INQUIRIES OF THE FUND WITH RESPECT TO THE FUND’S BUSINESS OR ANY OTHER MATTERS SET FORTH HEREIN, AND MAY OBTAIN ANY ADDITIONAL INFORMATION WHICH SUCH PERSON DEEMS TO BE NECESSARY IN ORDER TO VERIFY THE ACCURACY OF THE INFORMATION CONTAINED IN THIS MEMORANDUM (TO THE EXTENT THAT THE FUND POSSESSES SUCH INFORMATION OR CAN ACQUIRE IT WITHOUT UNREASONABLE EFFORT OR EXPENSE).

April 05 2020

Confidential Offering Memorandum: Artisan Builders

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