After several years at the mercy of the tumultuous ups and downs of the real estate market, 44 Monroe, Arizona’s tallest residential luxury high rise, recently opened its leasing center.

Interest has been strong from day one of leasing, with dozens of new residents already enjoying the building’s premier location and amenities.

ST Residential, the owner of 44 Monroe, decided earlier this year to lease 44 Monroe and capitalize on a strong rental market in Downtown Phoenix while protecting the housing values of people who’ve already purchased condominiums in the acclaimed property.

Since leasing began in March, more than 25 leases have been signed. Greystar is handling leasing and management activities at the 34-story skyscraper.

“We are huge believers in Downtown Phoenix,” said Wade Hundley, CEO of ST Residential, a powerful consortium of hand-picked private equity groups that include leading investors Starwood Capital, TPG Capital, WLR LeFrak and Perry Capital. The group also manages Safari Drive in Scottsdale and 3rd Avenue Palms in Midtown Phoenix. Those properties continue to see strong interest from buyers and will not be available for lease.

“We feel that the modern, contemporary design and lifestyle at 44 Monroe will continue to appeal to those seeking everything that urban living has to offer,” Hundley added. “44 Monroe has the views, the amenities and the ideal location — all in the heart of Downtown Phoenix.”

44 Monroe’s exceptional location — just steps from light rail, dining, entertainment, Civic Space Park and more — is just one of the many perks the building offers.

Inside, 44 Monroe is a stylish blend of modern design with urban sophistication. Units come standard with dual master vanities, custom tile surround soaker tubs and separate showers. Each unit is built with “SmartHome” technology and includes Whirlpool Gold appliances with Kohler fixtures, granite counter-tops, large travertine stone entries and gourmet kitchens are standard as are large, private balconies to enjoy city, mountain and urban views.

Amenities include a swimming pool, sun deck and spa, large outdoor terrace with a gas grill and fire pit. Access to a fitness center, business center and secured parking comes with each lease.

Greystar is currently leasing one-, two- and three-bedroom units ranging from 963 to 2,079 square feet. As of press time, leases range from approximately $1,200 to $3,000.

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  • Mike

    While I’m sure some people might consider $3000 to be a bargain, what about some housing that real people can afford in Phoenix. I don’t know what the official definition of “affordable housing” is, but it would be nice to see more downtown rentals in the $300-500 range that are clean, safe, and well maintained.