According to public record, Vedura Central LLC closed on a 3.4 acre infill apartment site along Central Ave south of Camelback road. The deal closed Wednesday for $4.5 million ($16,917 per planned unit). The seller was a limited partnership with Sunbelt Investment Manager LLC listed as the general partner.
According to Vedura Residential’s website, the site is planned for a 266-unit four story wood framed apartment building wrapped around a six story concrete garage. The complex will offer studio, one and two bedroom units with an average unit size of 768 square feet. Construction is estimated to begin in December 2013 with leasing anticipated to begin in February 2015.