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Vedura Plans $20M Chandler Elevation Apartment Complex

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By Eric Jay Toll for Arizona Builder’s Exchange

Original source: Business Real Estate Weekly of Arizona

Central and Highland Apartments, 266 unit luxury apartments, Midtown Phoenix. Image from City of Phoenix Planned Unit Development Application Z-31-12 Elevation by Todd & Associates

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.

Read more in BREW

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2 Responses

  1. [...] The city has approved the permits for the $20M project on 6.2 acres Vedura picked up in December (AZBEX, December 4th). The 163-unit luxury apartment complex, 2300 W. Pecos Rd., is walking distance from [...]

  2. […] When the ten story skeleton of concrete and steel is hauled away, the Great Recession icon at Loops 101 and 202 and Chandler will be gone. Its demolition and scrapped remains could be the symbol that the economic downtown is over in the Valley of the Sun. That project was once called Elevation Chandler, not to be confused with Elevation, the luxury apartments going up east of Loop 101, announced about a year ago (AZBEX, Apr. 26, 2013; Dec. 4, 2012) […]

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