Washington developer buys Goodyear land for multifamily project

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Estrella Commons Property Sells for $3.8+ Million

Phoenix,  October 30, 2018 –  IDM Companies, a Vancouver, Washington-based real estate company, has purchased 14.72 acres near the southeast corner of Interstate 10 and Estrella Parkway in Goodyear.  The company paid $3,848,186 for the land and plans to develop 352 apartment units on the site called Acero Estrella Commons.

“This property provides a terrific, live-work-play environment for multifamily development,” says Ramey Peru with Colliers International in Greater Phoenix. “It is situated next to a Walmart Super Center and walking distance to Safeway, Walgreens and nearby restaurants.  Job growth in the area has been robust, which enables future residents to enjoy a complete lifestyle without long commutes.”

IDM Companies intends to break ground on its Acero Estrella Commons multifamily project in January 2019 with expected completion in mid-2020 . The Estrella Commons land features 700 feet of frontage along Estrella Parkway.  The property is located just one-third of a mile from a full diamond interchange of Interstate 10.  The neighborhood is home to a sizable Fulton Homes development of single-family dwellings, as well as a Christopher Todd community of single-family rental homes.

IDM Companies purchased the property from Evergreen Devco of Phoenix.  Peru, Chaz Smith and John Finnegan of Colliers International in Greater Phoenix represented Evergreen in the sale transaction.  Torrey Briegel of Phoenix Commercial Advisors represented IDM Companies.

IDM Companies was founded in 1993 and began developing in the Portland, OR area.  The company now operates throughout the Pacific Northwest and Southwest regions.

Evergreen Devco is a national, fully diversified real estate company specializing in retail, commercial and multifamily development, asset management, property management and leasing.  The company has completed more than 500 development projects in more than 175 municipalities throughout the United States.

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About Colliers International Group Inc.

Colliers International

Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

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