Gilbert – A joint venture formed by Investment Property Associates LLC in Grand Haven, Mich. (Scott Brooks, James Brooks, Patrick Gaughan, Robert Diamond, managers) and a division of The Rockefeller Group in New York City, N.Y. are joining forces to develop a 402-unit apartment complex located at the northwest corner of Warner and Recker roads in Gilbert. The partnership has paid just over $4.062 million to purchase the 26.5-acre site. The project, being called North Gateway apartments, is being built on land that was previously solely by The Rockefeller Group.
In January 2008, BREW reported a division of The Rockefeller Group paying $30 million to purchase just under 155 acres in Gilbert that includes the multi-family site sold to the venture with IPA as well as land targeted for a mixed-use project that could eventually have 1.5 million sq. ft. of office, industrial, retail and residential uses. Representatives of The Rockefeller Group and IPA did not return calls from BREW seeking comment on the planned apartment community. Paul Sieczkowski, Phil Breidenbach and Rob Martensen of Colliers International in Phoenix are marketing the Gilbert project for Rockefeller.
BREW has previously reported IPA involved in multiple multi-family projects in the Phoenix area. IPA and P.B. Bell Cos. in Scottsdale are jointly developing a 240-unit apartment complex located near the northeast corner of Greenway-Hayden Loop and Scottsdale Road, and is directly north of the Scottsdale Quarter mixed-use project and kitty-corner to the Kierland Commons mixed-use development.
IPA owns and manages roughly 4,000 apartment and student housing units. In November 2009, a company formed by IPA paid $47.8 million ($97,951 per unit) to buy the 488-unit San Melia apartments located at 14435 S. 48th Street in Phoenix. The privately-held IPA is developing the 332-unit Avenida apartments in Chandler. IPA also owns a 35-acre parcel in the Ahwatukee area of Phoenix that is planned for a mixed-use project, including a luxury apartment complex. IPA is looking for more multi-family development opportunities in the Valley.
The contact at IPA is Bill Fettis . . . (616) 846-6900. Mark Singerman is the contact at The Rockefeller Group . . . (602) 387-5328. The Colliers agents are at (602) 222-5000.
