By Luci Scott for Arizona Builder’s Exchange
A $28M, 220-unit apartment community will be built on 7.5 acres on the northwest corner of 20th Street and Indian School Road, to be called Aura on Indian School.
The joint venture that is developing the site is looking for more multi-family infill parcels in Phoenix, Tempe, Chandler and Scottsdale.
The 203KSF, four-story building will house one-, two- and three-bedroom units ranging in size from 650SF to 1,350SF. Rents are expected to run between $910 and $1,890.
The building will be surrounded by 10 carriage units with a garage on the first level and apartment units above. The building will be a wood-framed and stucco structure of earth-tone colors. Target date for completion is December of 2016. Construction financing is being provided by Texas Capital Bank.
The builder plans to break ground by June 1 on the complex, which will include a pool, clubhouse, barbecue area, cabanas and stand-alone, two-story fitness center of more than 3KSF.
The new community is in a prime location since it is near State Route 51 and Phoenix Children’s Hospital.
The site was assembled from several parcels, and Trinsic Residential Group of Dallas formed the joint venture for the $6.2M transaction. The venture, TRG Indian School L.P., bought parcels from three sellers in six cash deals.
The joint venture is comprised of Trinsic, Hunt Realty Investments in Dallas and Austin-based Teacher Retirement System of Texas. In addition to the apartment project in Arizona, they plan to develop in Texas, Florida and the Pacific Northwest.