Vedura Planning Eighth Multi-Family Project With Elevation At The Village in Gilbert

GILBERT – In the company’s eight nulti-family development and what will be its second in the San Tan Village mall area of Gilbert, Vedura Residential in Scottsdale (Bruce Hart, Paul Fannin, Jason O’Clair, principals) plans to develop a 214-unit apartment community on the northern edge of the San Tan Village outdoor lifestyle center. “We continue to be impressed with the growth in employment, retail and entertainment in the San Tan mall area”, says Hart, who has been developing in the multi-family space in the Valley for more than two decades. “This is a great place to live and it’s reflected in the local demographics.” Located north of Williams Field Road and south of Ray Road, the 6.528-acre site is just west of the 202 Loop (San Tan Freeway)along the southeastern side of the curving San Tan Village Parkway between Loma Vista Street and Coronado Road. Maricopa County records show Vedura ST Village Land LLC (Vedura joint venture) paid $4.48 million ($15.75 per foot) to buy the vacant parcel. Westcor San Tan Adjacent LLC, an affiliate of The Macerich Co. in Santa Monica, Calif. (NYSE: MAC), was the seller in the direct deal between principals. Vedura acquired the land with a $3.456 million loan from UMB Bank, which also figures to provide construction financing. Cathy Crier of Thomas Title and Escrow Agency in Scottsdale handled the escrow. Being called Elevation at the Village, the luxury rentals are expected to rise up beginning in mid-2020 after the start of construction. Completion expected late third quarter 2021. MT Builders in Scottsdale to serve as contractor. Plans from Todd & Associates Inc. in Phoenix show studio, one- and two-bedroom units ranging from 625 sq. ft. to 1,269 sq. ft. Residences within the gated community will be located in multiple four-story building with elevator service. Monthly rental rates projected to run from $1,242 to $1,900. Development cost (land and buildings) estimated at $43+ million. Globe Corp. in Scottsdale (George Getz, principal), a family office with significant history in the Phoenix-area real estate development and investment area, is Vedura’s partner in the deal. Vedura Residential, also developing in Colorado Springs, Colo., has built seven of its Elevation brand apartment communities in Phoenix, Chandler, Peoria and Flagstaff and the privately-held firm is underway with the 297-unit Elevation San Tan apartments south of the newly-acquired site located below the southeast corner of San Tan Village Parkway and Williams Field Road in Gilbert. Another entity formed by Vedura and Globe Corp. are developing that $55+ million complex, which is set to open early next year. In July 2018, BREW reported the venture paying $5,475,932 ($14 per foot) to buy thst 8.98-acre site in another trade with the affiliate of Macerich (Thomas O’Hern, CEO). In April, BREW reported a venture formed by Vedura selling the 333-unit Elevation Plaza Del Rio apartments at 13310 N. Plaza Del Rio Boulevard in Peoria. BREIT, formed by Blackstone Group L.P. in New York City, N.Y. (NYSE:BX), paid $69.9 million ($209,910 per unit) to buy Elevation Plaza Del Rio apartments. Learn more from Hart at (480)-922-9200. Edward Copolla, press=. of Macerich, is at (310)-394-6000.

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