Scottsdale – A venture formed by Trinsic Residential Group in Dallas, Tex. (Brian Tusa, managing director) plans to develop a 134-unit apartment complex on a 3-acre (net) parcel in Scottsdale at the southwest corner of 69th Street and Main Street in Scottsdale. A limited partnership formed by Trinsic and two other entities paid $5 million to purchase the land. The seller was MSR Properties LLC, a company formed by Russell Lyon Survivor’s Trust in Scottsdale (Scott Lyon, co-trustee). The cash sale was negotiated through Brad Wilde of Land Advisors Organization in Scottsdale. The prime multi-family site is located immediately south of the landmark Hotel Valley Ho in Old Town Scottsdale. Records show the buying entity was PBB-TRG Valley Ho L.P. That venture includes Trinsic, Teacher Retirement System of Texas in Austin, Tex. and Hunt Realty Investments in Dallas, Tex. (Patricia Gibson, pres.). The three entities have a multi-family platform to develop apartment properties in Arizona, Texas, the Pacific Northwest and Florida. The Trinsic partnership with the Texas Teacher’s pension fund and Hunt Realty has two multi-family projects teed up for construction in the Phoenix area and has two other Valley apartment sites under contract. The venture is looking for additional multi-family sites in infill locations in Phoenix, Scottsdale and Tempe. Continue reading
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