Phoenix – Vedura Residential in Scottsdale (Bruce Hart, Paul Fannin, principals) is working on plans to develop a multi-family apartment complex at the southwest corner of Central and Highland avenues in Phoenix. The property is across the street from the Brophy College Preparatory campus and the St. Francis Xavier church and grade school. The 4.23-acre apartment site is owned by Central Highland L.P., a limited partnership formed by Sunbelt Holdings Inc. in Scottsdale (John Graham, pres.).
In February 2010, BREW reported the Sunbelt Holdings entity paying $2.86 million in cash for the property. Vedura Residential is in for zoning in Phoenix to develop a 266-unit apartment project on the site. No further details were available at press time. At one time, the Central and Highland parcel was targeted for high-rise development. If Phoenix approves the plans, the apartment project will be the second that Vedura Residential will develop in the state.
In December 2011, BREW reported Vedura Residential starting development on a 288-unit apartment complex located across the street from Flagstaff Mall at Mall Way and Marketplace Drive. In May 2010, BREW reported Hart and Fannin forming Vedura Residential and buying a note that was secured by the 14.4-acre site in Flagstaff and then foreclosing on the land.
Vedura Residential has formed a venture with Thackeray Partners in Dallas, Tex. to develop the project, which is called Elevation. Vedura Residential is looking for more multi-family investment and development opportunities throughout Arizona. In May 2010, BREW reported Hart and Fannin forming Vedura Residential in Scottsdale to invest in existing apartment projects, buy broken condominiums, develop new multi-family communities and acquire notes secured by land suitable for apartment use. Hart was formerly senior managing partner at Trammell Crow Residential in Scottsdale. Fannin was previously a partner with Gray Development Group in Phoenix and an executive at Evans Withycombe Inc. in Scottsdale. Learn more from Hart and Fannin at (480) 922-9200. Talk to Graham at (480) 905-0770.
