EXECUTIVE Summary
- EMBREY closed on land and financing for 12th & Greenway, a 340-unit, Class A luxury multifamily community near North 12th Street and Greenway Parkway in Phoenix, Arizona. This property marks EMBREY’s fifth multifamily development start in Phoenix and its ninth overall multifamily development in Arizona since entering the market in 2006.
- Located between the high-growth Deer Valley and North Phoenix submarkets with direct access to Loop 101, Highway 51, and Interstate 17, 12th & Greenway sits within a mile of major employers including TSMC, USAA, and Honeywell.
- 12th & Greenway reflects EMBREY’s continued investment in high-growth markets defined by sustained population and employment growth. To read more market research from EMBREY, visit EMBREY Insights.
EMBREY, a vertically integrated real estate investment company based in San Antonio, Texas, today announced it has closed on the land and financing for 12th & Greenway, its newest Class A luxury multifamily development located near North 12th Street and Greenway Parkway in Phoenix. The seven-acre community will deliver 340 upscale apartment homes, reflecting EMBREY’s ongoing focus on high-quality communities in markets defined by strong population and employment growth.
12th & Greenway marks EMBREY’s fifth project start in Phoenix and its ninth overall in Arizona since entering the market in 2006.
“Phoenix continues to lead the nation in population and job growth, making it one of the most resilient and dynamic multifamily markets in the country,” said Jimmy McCloskey, chief development officer for EMBREY. “With 12th & Greenway, we’re delivering thoughtfully designed, high-quality housing in a location that offers both connectivity and convenience to some of the region’s top employers.”
Located between the high-growth Deer Valley and North Phoenix submarkets, 12th & Greenway provides exceptional regional access via Loop 101, Highway 51, and Interstate 17. The community is within one mile of 1.6 million square feet of retail anchored by Fry’s Food Stores, Target, and Sprouts Farmers Market, as well as major employment centers for TSMC, USAA, and Honeywell.
The four-story wrap-style community with townhomes will feature modern, open-concept layouts averaging 894 square feet, with interiors that include 9- and 10-foot ceilings, wood-style plank flooring, quartz countertops, and stainless-steel appliances. Additional features include built-in desks, keyless entry, and double vanities in select units.
Residents will enjoy an extensive amenity collection designed for resort-style living, including a heated pool and hot tub with private cabanas, outdoor kitchen and fireplace, fitness and yoga studios, game room, conference and micro-office spaces, and a secured 24-hour package room. Outdoor features will include several courtyards, a walking trail, dog park, and shaded community spaces for gathering and relaxation.
The financing for 12th & Greenway was provided by Frost Bank, with support from private investors. EMBREY’s Chief Investment Officer Garrett Karam and Chief Development Officer Jimmy McCloskey led the execution of the transaction.
“12th & Greenway is timed perfectly to meet demand as new supply in the Phoenix market begins to slow,” said Karam. “The project will deliver high-quality rental housing in a premier location that’s poised for long-term success.”
Construction will begin immediately, with first occupancies anticipated in the third quarter of 2027.
FAQs
Q: What is 12th & Greenway in Phoenix, Arizona?
A: 12th & Greenway is a 340-unit, Class A luxury multifamily community developed by EMBREY near North 12th Street and Greenway Parkway in Phoenix. The four-story community includes townhomes with open-concept layouts, quartz countertops, and resort-style amenities including a heated pool, fitness and yoga studios, and a dog park.
Q: Why is Phoenix an attractive market for multifamily investment?
A: Phoenix is a leader in population and job growth, supported by major employers across technology, finance, and manufacturing. EMBREY properties in Arizona are positioned near employment centers with strong access to retail and regional highways.
Q: What properties has EMBREY developed in Arizona?
A: EMBREY entered the Arizona market in 2006, and 12th & Greenway represents the firm’s fifth project start in Phoenix and ninth overall in the state. Other properties in Arizona include Escape at Arrowhead, Riata, Senna at Canyon Trails, Seven Oaks, The Flats at SanTan, and the now sold Quincy at Kierland, reflecting nearly two decades of sustained investment in the region.
About EMBREY
EMBREY is a diversified, partner-led real estate investment company that develops, invests, builds, acquires, and manages multifamily and commercial assets. Since 1974, family-owned EMBREY has developed more than 50,000 apartments and over 6 million square feet of commercial property in Texas, Arizona, Colorado, Florida, North Carolina, and Tennessee. San Antonio-based EMBREY is a leading developer in the multifamily sector, with more than 6,000 units under construction or in development. www.EMBREY.com.
