By Amy Wolff Sorter | GlobeSt.com
Business Real Estate Weekly of Arizona reports that Houston multifamily developers are coming to town to build a total of 1,175 in the region. Camden Property Trust paid a total of $25 million to acquire multifamily sites in Scottsdale, Tempe and Chandler, AZ; while Hanover Co. forked over $7 million for a 2.7-acre site in Tempe on which it will build 341 units.
BREW reports that Camden is buying its land from Equity Residential Trust in Chicago which, in turn is the buyer of a portion of apartment complexes and multifamily sites from Archstone Enterprises in Colorado. The land transaction is anticipated to close by mid-June and all the sites are fully entitled. Michael Lieb of Michael A. Lieb Ltd. in Phoenix is brokering the land transaction. Read more about Camden’s activities here.
In Tempe, Hanover Co. acquired its acreage in the Centerpoint on Mill mixed-use project from Centerport Land LLC, which is operated by DMB Associates Inc. in Scottsdale. The site is at Maple Avenue and Fifth Street and Hanover plans to launch construction on the six-story structure (including a nine-level parking garage) this summer. Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley in Phoenix brokered the land deal. “Hanover’s plans will not only provide new executive level housing in the Mill Avenue area, but with the parking structure they are not eliminating any parking spaces that are already in high demand in burgeoning Downtown Tempe,” Moser says.
