Bruce Gray with Gray Development Co., which designed and developed both class A properties, tells GlobeSt.com that the upscale projects were created to be architecturally appealing and functional. "We're trying to raise the bar," Gray said. "We're architects first and developers second."

The buyer spent $40 million for the Camelback Square apartments, located at 1701 E. Colter St., which combines studios to three-bedroom flats and lofts, ranging in size from 550 sf to 1,500 sf, into an architecturally interesting, 367-unit complex. "It's a very elegant, urban apartment-style community," Gray said of the project, which features four large courtyards, three pools, two spas, a two-level fitness facility and conference center. The apartments, which are currently available for rents at $699 to $1,850 per unit, are expected to be filled by January 2004.

Gray's second project went for $32 million. The 312-unit, garden-style Bacaro apartments at 6900 E. Princess Dr. are presently under construction and expected to be completed in July. The one, two and three-bedroom units, ranging in size from 750 sf to 1,250 sf , is projected to rent for $829 to $1,400 per month. The projection also calls for full lease-up by third quarter 2004. The complex features two heated pools and spas, mature landscaping and a large clubhouse with a two-level fitness and conference center.