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Connell makes second play in Scottsdale…buys site for $55M apartment project

Posted by   /  September 11, 2014  /  No Comments

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Connell LogoBy Business Real Estate Weekly

Scottsdale – After finding success with a stalled residential condominium project the company acquired in south Scottsdale in 2010, Connell Real Estate Development Co. in Berkeley Heights, N.J. (Grover Connell, pres.) is investing another $55 + million to build an upscale apartment complex just down the street. Connell Real Estate is developing a 278-unit multi-family rental project along the east side of Scottsdale Road and just north of Thomas Road. Clayton-Connell LLC paid $7.26 million to buy the 4.47-acre site, which is now occupied by 40,251 sq. ft. of commercial buildings that will be demolished

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