By Eric Jay Toll for The Arizona Builder’s Exchange
“The development team in North Carolina says we’re not ready to start taking calls,” says Kelly Johnson, Greystar Real Estate Partners Phoenix representative. However, Greystar, based in Charleston, will be seeking a general contractor this fall or winter for its planned 370-unit apartment complex on its new 13 acre parcel at the corner of E. Deer Valley Rd. and N. 56th St. diagonally across the intersection from CityNorth. The property was previously designed for more than 700 apartments.
Paying Westfield Capital Partners $10.5M ($90K/acre) for the property, Greystar hopes to start construction of Elan Desert Ridge in the second quarter, 2013. Westfield paid the State Land Department around $110K/acre when buying the property for $28.5M in 2007. It retains the south half of the parcel with entitlements for around 350 units.
Greystar, which owns or manages 41 apartment complexes throughout the Valley, expects Elan Desert Ridge will cost between $50 and $60 million to develop. It’s intending to build 575 SF to 1,100 SF units renting in the $850 to $1,600 range. This will be the first new development in Desert Ridge since mid-decade.
The company has a vendor registration system and firms must be approved through the system to be considered for any work. “Once approved,” a Greystar spokesperson says, “a vendor can work on any of our projects or properties in any location they are licensed to do business.” The vendor packet can be downloaded and questions answered at Greystar.com.