As the economy picks up, homebuyers across the Valley are increasingly opting for downtown living. An influx of new residents is seeking walkability and easy access to mass transit, as well as proximity to jobs, cultural venues, retail and entertainment destinations.
In response, developers are picking up the pace of condominium development in downtown Phoenix. No fewer than four projects are in the pipeline, according to The Republic. Habitat Metro, in a joint venture with Scottsdale-based Sunbelt Holdings, plans to break ground by the end of the year on Portland Park, an 170-unit mixed-use development in downtown Phoenix.
Designed by DAVIS Architecture, the infill project bears a $75 million price tag, as the Phoenix Business Journal reports.
To be located on the north side of Portland Street between First and Third avenues, adjacent to Margaret T. Hance Park, the complex will consist of three buildings varying from four to 14 stories. Units will range in size from 745 square feet to 2,381 square feet. Prices are expected to range from the low $200,000s to about $1 million.
In addition to the residential component, Portland Park will include commercial space on the first floor. The community will also feature bike storage and car charging stations. Completion is set for 2016.
The luxury development is the second phase of Portland Place (pictured at right), which was launched in July 2007. The first phase received the Arizona Real Estate Magazine RED Award for Best Multifamily Project in 2008, and the Pacific Coast Builder’s Conference 2008 Gold Nugget Award Best Mid Rise Attached Housing Project.
Meanwhile, California Capital Real Estate Advisors, Inc. has acquired Northwest Gardens Apartments, a 198-unit multi-family community in Peoria, for $9 million, or $45,480 per unit. According to CALCAP Advisors, the complex was an REO property that Fannie Mae acquired in 2012 with an original loan balance of slightly less than $10.2 million. Ocwen Loan Servicing handled the sale for Fannie Mae.
“Northwest Gardens last sold in 2007 for $14,150,000. We feel confident that our purchase price is attractive relative to its past sales history, as well as against similar properties in the Peoria/Glendale submarket,” stated Pat Wakeman, Principal of CALCAP Advisors.
The company plans to add value by implementing upgrades, including exterior painting to enhance curb appeal, installing attractive drought-tolerant landscaping, remodeling the clubhouse and adding a fitness center.
Photo credit: Habitat Metro, LLC