By Dees Stribling, Contributing Editor
Gilbert, Ariz.—Investment Property Associates LLC (IPA) and the Rockefeller Group have formed a joint venture to develop a 402-unit apartment complex at the northeast corner of Warner and Recker roads in Gilbert, a suburb of Phoenix. The site, which measures nearly 25 acres, is fully entitled and the developers plan to break ground on the first of two phases in early 2013.
The Rockefeller Group expects the project, called Liv Northgate, to complement the company’s 155-acre mixed-use North Gateway project, which can accommodate 226,000 square feet of office space, 1.1 million square feet of industrial and 12.2 acres of retail, in addition to the 402 apartments. The new apartment property will be managed by IPA and consist of two- and three-story buildings, together with a leasing office and clubhouse.
Each apartment will be finished with an appliance package, slab granite kitchen counters, nine-foot ceilings, private balconies and other amenities. Common amenities will include two heated pools, sand volleyball, a fitness center, outdoor picnic and family recreation areas, and gated access. According to the developers, total development costs will be about $57.5 million.
As demand for apartments rises, IPA is aggressively expanding its Phoenix-area portfolio, with three additional multifamily developments and one seniors housing development under way. Liv Avenida is a 322-unit upscale multifamily development under construction in Chandler scheduled to open this fall, while Liv North Scottsdale is a 240-unit urban-infill development scheduled to break ground this fall.
A third IPA multifamily parcel is located in the Ahwatukee submarket, with 402 units scheduled to break ground before the end of 2012, and IPA also plans to break ground this year on “Generations at Agritopia,” a 118-unit (122-bed) seniors housing property offering independent, assisted, memory care and memory care-lite accommodations in Gilbert.