Search
 

Trillium Maps Out $22M Multifamily Project

PHOENIX-With the design on the drawing board and city approval yet to be had, Trillium Residential hopes to break ground this summer on a 270-unit development for an 8.8-acre tract bought from the Foundation for Arizona Universities.

By Jennifer D. Duell | Updated on February 21, 2005

PHOENIX-The locally based Trillium Residential is finalizing development plans for a 270-unit complex, tentatively dubbed Trillium at Papago. The class A project, planned for an 8.8-acre tract near Van Buren and 50th streets, is estimated to cost $22 million.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.