Real Estate Capital Partners (RECAP) has formed a joint venture with Vedura Residential to develop Elevation Chandler, a 163-unit luxury apartment community located in Chandler, AZ. The community, expected to break ground immediately, will offer one- and two-bedroom apartment homes in a serene desert oasis setting.
This is RECAP’s second investment in the greater Phoenix area in the past twelve months following the August, 2012 acquisition of The Arbors Apartments in Tempe. RECAP ended 2012 having invested in nearly $1.3 billion of US real estate through several funds and separate accounts.
Residents at Elevation Chandler will enjoy Class A interior finishes and resort-style amenities including a swimming pool and heated spa, a ramada with barbeques and outdoor fire pit, and a 3,288 square foot clubhouse with conference center, gourmet kitchen, lounge area, and state-of-the-art fitness center. Elevation Chandler is located in The Price Corridor, home to such notable high-wage employers as eBay, PayPal, Orbital Sciences, Motorola, Freescale Semiconductor, Covance, Rogers, Avnet, and more. This burgeoning high-tech center has given rise to attractive neighborhoods, excellent schools, and a thriving shopping and dining scene.
“We are excited to partner with Vedura Residential and create a footprint in the job-centric Chandler market,” said Stephen Henry, Vice President, RECAP. “The site’s proximity to Chandler’s major employers create an exciting opportunity to deliver much-needed housing to this expanding market.” Elevation Chandler is the 13th investment for RECAP Metropolitan Opportunity Fund III, which has a geographically diverse portfolio of apartment development joint ventures and value-add acquisitions.
About Vedura Residential: Vedura Residential is a multifamily real estate company founded in 2010 by Bruce Hart and Paul Fannin, both longtime participants in the Phoenix apartment industry. Together, they have a combined 35 years leading three top multifamily development companies in the Southwest. Mr. Hart served as Senior Managing Director of Trammell Crow Residential (TCR) from 1998 through 2010, during which time he was responsible for all the construction, development, and finance and asset management in the Southwest Region. Mr. Fannin served as Chief Operating Officer/Chief Financial Officer of Gray Development Group (GDG), one of the most active apartment development companies in Phoenix, from 2001 through 2009. Vedura Residential’s first project, Elevation Flagstaff, a 288-unit garden community will be completed in April 2013.