Alliance Residential has acquired a 5.4-acre multi-family development tract at 75th Street and Stetson Drive in Downtown Scottsdale, and plans to break ground on an upscale 316-unit project by the end of the year.
The company purchased the property for $18.5 million from Equity Partners Group, a division of Scottsdale-based Triyar Cos. The sale price equates to $58,544 per unit.
David Fogler and Steven Nicoluzakis, executive vice presidents with Cassidy Turley multi-family investment group and Don Arone of the firm’s office group, represented the seller and brokered the transaction. “This is a premier multifamily development site located in the center of the Entertainment District in Downtown Scottsdale,” Nicoluzakis said.
Development costs are expected to run between $65 million and $70 million, according to Business Real Estate Weekly of Arizona.
In other multi-family news, Business Real Estate Weekly reports that Murray, Utah-based Bridge Investment Group Partners L.L.C. purchased Aventerra at Dobson Ranch (pictured at right), a 576-unit lakefront apartment community at 1960 West Keating Ave. in Mesa, for $38.4 million, or $66,710 per unit. The seller was an affiliate of Los Angeles-based Summit Equity Investments. Mark Forrester and Ric Holway of Hendricks-Berkadia in Phoenix arranged the transaction.
Built in 1980, Aventerra at Dobson Ranch underwent extensive renovation in 2012. Units feature high quality finishes, simulated wood flooring, stainless steel appliances and cherry or white cabinetry. Common amenities include a resort-style pool and spa and a playground.
Photo credits: Aventerra at Dobson Ranch Facebook page