LMC Opens 300-Unit Arizona Community
- Jun 17, 2020
After being delayed by the COVID-19 pandemic, LMC has now opened its 300-unit community in Scottsdale, Ariz. LMC began construction on its new community Vitri in February 2018 and opened its doors in February 2020.
While LMC began the preleasing and move-ins for Vitri earlier this year, the community had to close due to the COVID-19 pandemic. Before closing, Vitri reached a 15 percent occupancy rate with 35 percent of the community leased, Nate Stum, LMC’s vice president of development, told Multi-Housing News. Now as states enter their first phases of reopening, LMC is also reopening the community and restarting Vitri’s onsite leasing operations.
Stum also told MHN that Vitri was only open for approximately six weeks before the COVID-19 pandemic caused stay-at-home orders. To adjust to the reduced foot traffic and leasing activity, Vitri shifted to virtual tours, self-guided tours and eventually tours by appointment, which they are doing now, Stum told MHN.
Located at 15125 N. Scottsdale Road, Vitri offers one-, two- and three-bedroom floorplans with 12 penthouse options that are equipped with double ovens, wine refrigerators and keyless entry. The property’s amenities include a pool deck with hot tubs, steam and sauna rooms, a two-story fitness center, a wine lounge, pet grooming facilities, a workspace with collaborative and private spaces, digital package lockers, electric vehicle charging stations, a bike storage room and an on-site concierge.
Vitri also sits above 38,000 square feet of ground-level retail space that is owned by Washington Prime Group. The retail portion is leased to a variety of stores and restaurants including women’s clothing retailer Albion Fit, Arizona’s only Amazon store, and two restaurants, Culinary Dropout and MIXT. The new community is also part of Scottsdale Quarter, an open-air shopping center with more than 80 retailers including Apple, Restoration Hardware and H&M.
Scott Johnson, LMC’s division president of the Mountain and Southwest regions, said in prepared remarks that the North Scottsdale market is thriving but has a low supply of high-end rental communities like Vitri.
Outside the surrounding market, LMC’s Arizona portfolio includes a community in Tempe that was completed in 2016 and a community in Phoenix that was constructed a year after. Elsewhere in the U.S., LMC also broke ground on a 450-unit community in Redmond, Wash., that is set to open in early 2022.