Vedura Planning Sixth Multi-Family Project With Elevation Santan in Gilbert | Brewaz.com
Publish Date: 07-13-2018
Gilbert- A joint venture by Vedura Residential in Scottsdale (Bruce Hart, Paul Fannin, Jason O’Clair, principals) plans to develop a 297-unit apartment complex south of the southeast corner of SanTan Village Parkway and Williams Field Road in Gilbert. An entity formed by Vedura, Globe Corp. in Scottsdale (George Getz, principal) and Phoenix Capital Partners Ltd. in Dallas, Tex. (Bruce Williams, pres.), paid $5,475,932 ($14 per foot) to buy the 8.98-acre site. Westcor SanTan Adjacent LLC, an affiliate of The Macerich Co. in Santa Monica, Calif. (NYSE:MAC), was the seller. Nick Christifulli and Brian Christifulli of Christifully Cos. in Scottsdale brokered the sale. Located west of the 202 Loop (Santan Freeway) and adjacent south of Macerich’s SanTan Village regional mall, the Gilbert apartments will be the sixth project for Vedura Residential, which develops multi-family rentals using the brand name “Elevation”. Maricopa County records show Vedura SanTan Manager LLC (Vedura venture entity) acquired the Gilbert land in a cash transaction. Plans from Todd & Associates Inc. in Phoenix show studio, one- and two-bedroom units ranging from 624 sq.ft to 1,416 sq.ft. The gated community, being called Gilbert SanTan, will be comprised of four-story buildings with elevator service. Monthly rental rates projected to run from $1,100 to $1,750. The complex will have surface parking. Construction slated to start by January 2019, with opening to follow 15 months later. MT Builders in Scottsdale to serve as contractor. Development cost (land and buildings) estimated at $55 + million. Construction financing now being arranged. BREW has previously reported Vedura Residential developing Elevation apartment projects in Phoenix, Chandler, Flagstaff and Peoria. The privately-held company, which is also underway on a multi-family community in Colorado Springs, Colo., is looking for more apartment sites. Both Globe Corp. and Phoenix Capital Partners have teamed up with other multi-family developers on Phoenix-area properties. Globe Corp. has vast holdings in the Valley and has been investing and developing real estate in Arizona for decades. Get more from Hart at (480)922-9200. Mike Olsen of Globe Corp. is at (480) 991-0500. Call the Christifullis at (480) 585-2150.