"The multifamily market is not at its healthiest point in the last few years, but we're still talking about a high-growth market," Matt Perrin, a principal with Trillium Residential, tells GlobeSt.com. "We believe that we've seen the bottom and now is the time to be preparing for the next upturn."
Trillium Residential purchased the parcel for $3.1 million from the Foundation for Arizona Universities, a nonprofit organization benefiting Arizona State University, Northern Arizona University and University of Arizona. Cleveland-based KeyBank provided the financing for the land acquisition, which was brokered by Robert Crum, an SVP in Phoenix for CB Richard Ellis Inc.
"We thought it was a good site because it's an emerging area," Perrin says. "It's an infill site and there are a lot of new projects and redevelopment going on in the area. Five years from now, it will be a completely different area." He points out the site offers great visibility and accessibility to Sky Harbor International Airport and various highways.
According to Perrin, Trillium at Papago is set to break ground this summer. Delivery could come in first quarter 2007 if the developer stays on track in securing city approvals, including a multifamily residential zoning. The site is zoned for commercial development. Perrin says the development will require a city waiver to increase the density.
In the meantime, Trillium Residential is tweaking its site plan with architect Todd & Associates and civil engineering firm Karll Engineering, both Phoenix firms. The preliminary site plan calls for three-story garden-style buildings with 127 one-bedroom floor plans, 125 two-bedroom designs and 18 three-bedroom units. Units are projected to average 870 sf. The developer says monthly rents will be roughly $1 per sf.
The two-year-old Trillium Residential has several projects in various stages of development. It is under construction on the 201-unit Trillium at Union Hills at Cave Creek and Union Hills roads and plans to break ground in April on the 360-unit Trillium at Deer Valley near 7th Avenue and Loop 101. The developer also is planning a residential condo project in Deer Valley plus has a land parcel in Cave Creek Road and Loop 101 in escrow.
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