Real Estate Capitals Teams With Vedura Residential to Develop $20M Apartment Community
- Apr 25, 2013
Chandler, Ariz.—Real Estate Capital Partners of New York and Vedura Residential of Scottsdale, Ariz., have formed a joint venture to develop Elevation Chandler, a 163-unit luxury apartment community located in Chandler, Ariz.
Once completed, the community will offer one- and two-bedroom units in a serene desert oasis setting and offer luxury finishes inside.
“Elevation Chandler fits Real Estate Capital Partners philosophy of partnering with experienced, best in breed local development partners to develop communities in regions with solid employment fundamentals,” Stephen Henry, RECAP’s vice president, tells MHN. “This marks the first partnership between Vedura Residential and RECAP but the third project with Bruce Hart (Principal of Vedura Residential). RECAP previously partnered with Mr. Hart on two developments when he was at Trammell Crow Residential.”
This is RECAP’s second investment in the greater Phoenix area in the past year, following the August, 2012 acquisition of The Arbors Apartments in Tempe.
Located at 2300 W. Pecos Road, Elevation Chandler is in The Price Corridor, home to such important high-wage employers as eBay, PayPal, Orbital Sciences, Motorola, Freescale Semiconductor, Covance, Rogers, Avnet and others.
According to Henry, Elevation Chandler enjoys an envious location anchored by the Chandler Mall on the west and the Regional Medical Center on the east end. General Motors new IT facility will be constructed less than half mile west of the property and GM expects to hire 1,000 IT professionals for this new facility.
The community will enjoy Class A resort-style amenities including a swimming pool and heated spa, a ramada with barbeques and outdoor fire pit, and a 3,288-square-foot clubhouse with a conference center, gourmet kitchen, lounge area and a state-of-the-art fitness center.
Elevation Chandler is the 13th investment for RECAP Metropolitan Opportunity Fund III, which has a geographically diverse portfolio of apartment development joint ventures and value-add acquisitions. RECAP ended 2012 having invested in nearly $1.3 billion of U.S. real estate through several funds and separate accounts.