With a winning bid of $35 million ($1 million per net acre), Camden Property Trust in Houston, Tex. (NYSE:CPT) has taken control of a parcel in northeast Phoenix that is planned for 1,150 apartment units.
The 49.6-acre (35.3 net) site, located at the northwest corner of Mayo Boulevard and 68th Street, was sold at public auction by the Arizona State Land Department.
The sale was brokered through Michael Lieb of Michael A. Lieb Ltd. in Phoenix. The winning bid included the appraised price for the land ($31.684 + million) and $3.316 million in reimbursements for infrastructure and planning fees.
The publicly-traded Camden Property Trust was the only bidder for the prime acreage, which is along the south side of the 101 Loop and just west of the Scottsdale 101 shopping center. Camden Property Trust is likely to build the apartments in multiple phases. Look for the first phase construction to begin early 2016, with opening to follow by year-end 2016.