JPI Cos. Acquires 11 Acres for $11M
The company secured the permit-ready Arizona development site for $39,859 a unit.
Phoenix—JPI Companies has acquired a 10.79-acre, permit-ready, 283-unit multifamily development site at the northeast corner of Chandler Boulevard and McClintock Road in Chandler, Ariz., for $11.28 million, or $39,859 per unit.
Denver, Colo.-based Lennar Multifamily was the seller.
The acquisition opportunity was a good one due to the permit-ready nature of the site and a “great location,” Cushman & Wakefield executive managing director Steven Nicoluzakis told MHN. Nicoluzakis and executive managing director David Folger represented Irving, Texas-based JPI Companies in the multifamily land purchase.
“This purchase presented a rare opportunity for JPI to acquire a permit-ready site in the heart of Chandler with the ability to start construction mid-2016,” Nicoluzakis said.
“This desirable location will meet the housing demand for the young, educated workforce that wants to live at the center of work and play, in close proximity to dining, retail, recreation and business centers,” he added.
JPI is among the most active, privately-held real estate companies in the United States. The company plans to build a 283-unit multifamily development in 2016. Cushman & Wakefield’s 43,000 employees in more than 60 countries provide insights that create value for occupiers and investors.
