If you live in DC Ranch or are planning to, purchase some DC Ranch real estate, here is some news about a planned luxury apartment building for the area. Construction to start in the middle of 2012
Here”s the press release.
ARCHSTONE BUYING MULTI-FAMILY SITE WITHIN DC RANCH COMMUNITY . . . TO BUILD 224 UNITS
Scottsdale – Archstone in Englewood, Colo. (Scot Sellers, CEO) plans to develop a 224-unit, luxury apartment complex within the DC Ranch community in Scottsdale. Archstone DC Ranch LLC is buying the 9.82-acre site in a $8 million deal scheduled to close at press time.
The seller is HCW LLC in Branson, Mo. (Rick Huffman, Sam Cantanese, managers) and Deco Communities LLC in Scottsdale (Rob Lyles, Patricia Watts, Dan Richards, principals). The kasyno poland cash transaction was negotiated through Michael Lieb of Michael A. Lieb Ltd. in Phoenix.
The parcel is located just east of Pima Road and south of Legacy Lane. In August, BREW reported the HCW/Deco venture paying just over $5.448 million to buy the property and planning to develop the 224 apartments. Sources say being able to sell the site for $2.5 million more than it paid for the parcel provided the motivation for the seller to dispose of the land and forgo development.
Now Archstone will see the project through. Whitneybell Perry Inc. and Angeleno Associates are teaming up to design the community. Construction on the gated development is expected to start mid-2012, with completion to take about 18 months. Development cost is estimated at $30 million. The DC Ranch apartment complex will be the first project in the Valley in which Archstone acts as the developer.
The privately-held Archstone previously served as a financial partner with Mark-Taylor Residential in Scottsdale and owned many apartment projects in the Phoenix area over the years. Archstone is one of the nation”s largest owners of multi-family properties, with 434 communities and 77,084 units located across the U.S. Archstone has plans to develop three more multi-family projects in the Valley.