Peoria- A joint venture formed by Vedura Residential in Scottsdale (Bruce Hart, Paul Fannin, Jason O’Clair, principals) plans to develop 333 apartments within the Plaza del Rio community in Peoria. The multi-family complex, which has been 10 years in the making, is being developed on a 15.7-acre parcel located about a mile west of the 101 Loop and just south of Thunderbird Road at 13310 N.Plaza del Rio Boulevard. In August 2007, BREW reported a limited partnership formed by Trammel Crow Residential of Dallas, Tex. paying $3.931 million to acquire the land and planning to develop the apartments. Those plans were shelved after the economy collapsed and the project has been on hold for the past decade.
Hart, who was Trammel Crow Residential’s division partner it its Scottsdale office when the company acquired the multi-family site 10 years.ago, kept tabs on the property and has resurrected the apartment project with two joint venture partners. Vedura Residential, Trammel Crow Residential (Kenneth Valach, CEO) and Olympus Property in Fort Worth, Tex. (Chandler Wonderly, Anthony Wonderly, principals) will now take a run at developing the apartments.
Vedura PDR LLC (entity formed by Vedura, TCR and Olympus) paid $4 million to purchase the Peoria land. The seller SW 119 Plaza Del Rio Limited Partnership (Trammel Crow Residential L.P). Plans from Todd & Associates Inc. in Phoenix show one-, two- and three-bedroom townhomes and flats ranging from 695 sq.ft to 1,315 sq.ft. The gated community, being called Elevation Plaza Del Rio, will be comprised of 23 residential buildings and a clubhouse. The unit mix includes 65, thee-story townhomes with direct access garages. Monthly rental rates projected to range from $950 to $1,550. Construction set to start this month, with opening slated for April 2018. Built out expected to take 23 months. MT Builders in Scottsdale to serve as contractor. Development cost (land and buildings) estimated at $47 million. BMO Harris Bank in Chicago, Ill. is providing a $30,255 million construction loan. BREW has previously reported Vedura Residential developing “Elevation” brand apartment projects in Phoenix, Chandler and Flagstaff.
The company is looking for additional multi-family sites in the Valley and other markets in Arizona. Trammel Crow Residential, which has developed 250,000 + multi-family units across the U.S., gets the majority of its capital from affiliate Crow Holdings in Dallas (Harlan Crow, et al., directors). Crow Holdings is a privately-held firm that makes investments on behalf of the Trammel Crow family and its partners. Olympus Property owns over 11,000 apartments in eight states throughout the country. BREW has reported Olympus Property buying four multi-family communities in the Valley, including the 163-unit Elevation Chandler apartments located at 2300 W. Pecos Road in Chandler. Vedura Residential developed and sold that complex to Olympus Property for 28.7 million ($176,074 per unit) in a transaction completed in September 2015. Find out more from Hart at (480)922-9200. Talk to Valach at (214)922-8400. Reach the Wonderlys at (817)795-4900.
Publish Date 03-10-2017