Tempe – After its successful development of the Encore on Farmer senior housing complex in Tempe, a joint venture formed by Urban Development Partners in Tempe and PacifiCap Development in Portland, Ore. plans to build another rental community next door. The venture partners intend to develop a 30-unit multi-family project in a four story structure at 615 S. Farmer Avenue. There will be about 2,000 sq. ft. of retail space on the ground floor of the development, which is being called Residences on Farmer. The units will be rented to seniors. Just north of the 0.587-acre site of the planned project, the Urban Development/PacifiCap venture developed 56 senior housing residences at Encore on Farmer. That five-story complex, which is located at 601 S. Farmer, is presently 100 percent leased. Urban Development Partners was formed by Todd Marshall and Charles Huellmantel. The principal of PacifiCap is Robert Gibson.
Rose Law Group attorney, Evan Bolick says, “The deal is a clear win-win for both the investment team and taxpayers. Arizona is one of the leading states in the nation in State or locally-owned land. Such government-owned property often remains undeveloped and untaxed. This sale not only injects funds directly into the local government, but it also ensures productive use of the property by a proven business team as well as the creation of a new tax base for the Glendale. Further, it is good to hear that this joint venture is looking for opportunities to invest in close proximity to the light-rail system, as it indicates that the market is finally embracing and seeking to utilize Maricopa’s risky investment in light-rail public transportation.” Continue reading:
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