April 23, 2024 4:00 am
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JLB Partners taking over apartment project planned on Scottsdale Road

Scottsdale Road

Business Real Estate Weekly by Rose Law Group

Scottsdale RoadScottsdale – JLB Partners L.P. in Irving, Tex. (James Bosler, chairman) is now in the driver’s seat to develop an apartment project located near the southwest corner of Osborn and Scottsdale roads in Scottsdale. In February, BREW reported Transwestern of Houston, Tex. (Robert Duncan, chairman) planning to develop 416 luxury apartments along Scottsdale Road in a project called Agave Residential. Sources say JLB Partners is scaling back those plans and is working to develop around 370 multi-family units on the 5 + acre site. The land for the planned apartments will be assembled from multiple sellers. JLB Partners will spend $14+ million to buy the properties in sales contingent on zoning approval. The deal is being brokered by Michael Lieb of Michael A. Lieb Ltd. in Phoenix. Kevin Ransil, JLB’s regional partner in Arizona, could not be reached for comment. Details on construction timetable, unit sizes and rental rates were not available as of press time. Continued

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