By Eric Jay Toll for Arizona Builder’s Exchange
Original source: Business Real Estate Weekly of Arizona
In a second big acquisition in the past two months, Vedura Residential is planning a 163-unit apartment complex at Pecos and Dobson roads, Chandler. The company paid $1.8M ($28.6K/acre) for the 6.2 acre site from Westco Development Group LLC.
With the name Chandler Elevation, the project is being designed by Biltform Architecture. MT Builders has been picked as GC for the $20M project. The company plans one and two bedroom units that will fall into the $875-$1,350 range as mid-priced rentals.
Vedura is also putting up 266 units at Central and Highland avenues, Phoenix, across from Brophy College Preparatory (AZBEX, September 25th). Last winter, the company started construction of a 288 unit complex across the street from the Flagstaff Mall on U.S. 89.
Colliers International handled the Chandler transaction.
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