Chandler – A company formed by P.B. Bell Cos. in Scottsdale (Phil Bell, Chapin Bell, principals) plans to develop a 194-unit apartment complex at the southeast corner of Dobson and Germann roads in Chandler. Stonefield Luxury Apartment Investors LLC (the P.B. Bell entity) paid $2.2 million in cash for the 10.8-acre site. The seller was FNBN Dobson & Germann LLC, a company formed by Sorenson Group Management LLC in Salt Lake City, Utah (James Sorenson, principal). The seller was represented by Stephen Herman of Capital Asset Management in Phoenix. Nate Nathan and Ryan Duncan of Nathan & Associates Inc. in Scottsdale worked on behalf of the buyer. The escrow was handled by Kristina Hannan of Thomas Title & Escrow in Scottsdale. The multi-family complex, which will be gated and feature some units with attached garages, is being designed by Whitneybell Perry Inc. Architecture & Planning in Phoenix.
Studio, one-, two- and three-bed room units expected to range from 700 sq. ft. to 1,285 sq. ft. Monthly rental rate projected to average $972. Construction on the project expected to start in October, with opening to follow during the third quarter 2013. Build out expected to take about 15 months. MT Builders in Scottsdale to serve as contractor. Development cost (land and buildings) estimated at $24.5 million. Financing still to be arranged. P.B. Bell may take on a financial partner to develop the Chandler apartments. Jim Belfiore, President of Belfiore Real Estate Consulting, says “P.B. Bell has chosen a great location for its new Whitneybell Perry- designed community. This area is ripe for new for-sale and rental communities. Demand is rising, as are prices.”
The property will be managed by P.B. Bell Asset Management. Chapin Bell says the asset will be sold after completion of construction and lease up. P.B. Bell has extensive experience in the multi-family sector. P.B. Bell presently has four apartment projects in various stages of construction.
In March, BREW reported a company formed by P.B. Bell planning to develop a 228-unit apartment complex within the Morrison Ranch community in Gilbert. Morrison Ranch Luxury Apartments LLC in Scottsdale (the P.B. Bell entity) paid $2.8 million to buy the 13.5-acre site. Chapin Bell says the company may take on a joint venture equity partner to develop the multi-family community. Two months ago, BREW reported P.B. Bell forming a venture with Investment Property Associates LLC in Grand Haven, Mich. and planning to develop a 240-unit apartment community. The 5.83-acre site is located near the northeast corner of Greenway-Hayden Loop and Scottsdale Road, and is directly north of the Scottsdale Quarter mixed-use project and kitty-corner to the Kierland Commons mixed-use development. While the company has lots on its plate, Chapin Bell says P.B. Bell is looking for more development opportunities. In June 2010, BREW reported a venture formed by P.B. Bell selling the 202-unit Desert Parks Vista apartments located within the DC Ranch community at 9393 E. Palo Brea Drive in Scottsdale. A company formed by PASSCO Cos. LLC in Irvine, Calif. paid $32.63 million ($161,535 per unit) to purchase Desert Parks Vista. Find out more from the Bells at (480) 951-2222. Nathan and Duncan are at (480) 367-0700. Call Herman at (602) 489-7990.
