MESA, AZ-Cleveland-based Zaremba Group has acquired 17 acres at Southern Avenue and Sossaman Road with plans to build a 280-unit luxury multifamily complex.
The $2.5-million deal is the company's first investment in the Phoenix metropolitan area, says Bob Bruno of Hendricks & Partners who brokered the deal with Mark Forrester. He adds Zaremba is in the process of acquiring another piece of land for apartment development.
Bruno tells GlobeSt.com that it took more than a year for the deal to close because it needed to be rezoned from commercial to multifamily. "Zaremba was very patient," he says. Still, the company paid a little bit above market.
"This area is a pretty nice area, and the Southeast Valley is a huge growth area for the metro area," Bruno says. The seller, Superstition Springs Investors LP, is led by DMB Realty Inc. of Phoenix, which owned the land for a long time. "Commercial demand had slowed and they decided to take advantage of the market," Bruno explains.
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