Chandler – Sunrise Luxury Living in Houston, Tex. (Jim Hinton, man. principal) has agreed to buy a 22.3-acre parcel in Chandler to develop a 392-unit apartment project called The Enclave. The multi-family site is at the southeast corner of Arizona Avenue and Chandler Heights Road. Sunrise Luxury Living is purchasing the property from Sedona 43 LLC in Phoenix (Wayne Howard, Michael Lieb, principals). The $3.98 million deal is scheduled to close this week. The seller acquired the Chandler land in July 2010 for $1.45 million.
Biltform Architecture in Phoenix is designing The Enclave. The one-, two- and three-bedroom units will range from 685 sq. ft. to 1,450 sq. ft. There will be 190 one-bedroom, 162 two-bedroom and 40 three-bedroom units. Construction expected to start early 2013, with opening to follow around year-end. Contractor still to be selected. No word on development cost or source of financing. The apartment will be the first in the Phoenix market for Sunrise Luxury Living, which is a newly formed entity by former principals of Camden Property Trust in Houston. Sunrise Luxury Living specializes in the acquisition, development, construction and management of luxury multi-family residential properties in the Western United States. According to its website, the company is “currently pursuing acquisition opportunities in high barrier-to-entry and high growth markets.”
In September 2011, BREW reported Sunrise Luxury Living planning to build a 600-unit complex on a 12.2-acre parcel located along the east side of Hayden Road and between 83rd Way and Northsight Boulevard in Scottsdale. Those plans were scrapped after Scottsdale City Council would not approve zoning for the apartments.
Learn more from Hinton at (832) 443-7052. Talk to Lieb at (602) 870-9741.
