Nationwide Realty Investors Ltd. plans to kick off construction this fall of one of the biggest mixed-use projects in the Gilbert area, a 230-acre development at Gilbert Rd. and the Loop 202 freeway.
At full buildout, the project, which will be dubbed Rivulon, will include 3.1 million square feet of Class A office space, 500,000 square feet of retail, a luxury apartment complex and a 250-key hotel. Natural gathering places will be integrated throughout the property.
Site preparation is under way for the project’s first phase, which will include a 120,000-square-foot, four-story Class A commercial office building and a 45,000-square-foot LA Fitness location.
Located eight miles southeast of Phoenix, Gilbert is one of the fastest-growing communities in the United States, drawing about 1,000 new residents every month. Construction of the LA Fitness location is scheduled to start by the end of the year, and the first office building is expected to open in the fall of 2014, reported AZRE.
In transaction news, Los Angeles-based BH Properties L.L.C. has purchased Vista Ventana, a 275-unit multi-family community in Phoenix, from El Camino Vista, L.L.C. for $10.2 million.
Located on an 8.7-acre site at 3221 West El Camino Drive, the complex offers studio, one- and two- bedroom homes ranging in size from 400 square feet to 900 square feet. El Camino Vista completed a major overhaul of the property, including interior upgrades, exterior painting and a roof renovation, while raising occupancy to 90 percent.
“This well-maintained asset is a solid, long term type hold for us,” said Steve Jaffe, executive vice president of BH Properties. “We continue to view the Arizona B and C class apartments market as full of opportunity despite the recent uptick in pricing.”
BH Properties plans to add two more apartment complexes to its Phoenix portfolio by the end of 2013.
Rendering of the Rivulon project courtesy of Nationwide Realty Investors