A $28M, 220-unit apartment community will be built on 7.5 acres on the northwest corner of 20th Street and Indian School Road, to be called Aura on Indian School.
The joint venture that is developing the site is looking for more multi-family infill parcels in Phoenix, Tempe, Chandler and Scottsdale.
The 203KSF, four-story building will house one-, two- and three-bedroom units ranging in size from 650SF to 1,350SF. Rents are expected to run between $910 and $1,890.
The building will be surrounded by 10 carriage units with a garage on the first level and apartment units above. The building will be a wood-framed and stucco structure of earth-tone colors. Target date for completion is December of 2016. Construction financing is being provided by Texas Capital Bank.