Scottsdale – Alliance Residential Co. in Phoenix (Bruce Ward, Bob Hutt, Jay Hiemenzpartners) plans to build 316 apartment units southeast of Camelback and Scottsdale roads in the Old Town area of Scottsdale. Sources say Alliance Residential is paying $18.5 million to buy the multi-family land, which is comprised of two parcels totaling 5.4 acres. The seller is a company formed by Triyar Capital in Scottsdale (Steven Yari, Steven Yari, Bob Agahi, principals). The deal, which is slated to close October 15, is being brokered through Dave Fogler and Steve Nicoluzakis of Cassidy Turley in Phoenix. Representatives of Alliance Residential say they will discuss their plans after the sale is finalized. Alliance Residential will develop the upscale multi-family units with a joint venture partner and construction is expected to be under way by year-end. Alliance Residential Builders to serve as contractor. Development cost (land and buildings) estimated at $65 million to $70 million. The properties, now known as Industry East and Industry West, are comprised of 3.1 acres located at the northwest corner of 75th Street and Stetson Drive and 2.3 acres located at the northeast corner of Wells Fargo Avenue and Stetson Drive. The larger parcel will have 183 apartments and the smaller site will have 133 units. In 2006, BREW reported Triyar assembling numerous properties east of Scottsdale Road and south of Camelback Road. Continue reading
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