Scottsdale – Transwestern of Houston, Tex. (Robert Duncan, chairman) plans to develop a 416-unit apartment complex located near the southwest corner of Osborn and Scottsdale roads in Scottsdale. The company is assembling the 5+ acre site from multiple sellers. Sources say Transwestern will spend $14+ million to buy the properties in sales contingent on zoning approval. The deal is being brokered by Michael Lieb of Michael A. Lieb Ltd. in Phoenix. Representatives of the privately-owned Transwestern did not return calls from BREW seeking comment on the planned apartments. The project is estimated to cost upwards of $65 million to develop. The apartment complex will be the first multi-family development in the Valley for Transwestern, which is believed to be looking for more sites in the Phoenix area. Transwestern is a global real estate investment, development and management firm with interests in office, retail, industrial, healthcare and multi-family projects. The privately-owned company has offices in 34 states and in 40 countries. Continued
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