The San Diego-based developer plans to break ground in April on the 364-unit Azul at Spectrum and 260-unit Borrego at Spectrum, Ed McCoy, vice president of development for Fairfield Residential, tells GlobeSt.com. The projects will deliver in summer 2006.
"This is a great location within a very nice master-planned community with a lot of amenities," McCoy says, adding the complexes will be different from the design to the landscaping. Fairfield acquired the land from to Specres Inc. of Paradise Valley, AZ.
Fairfield has carved out 17.4 acres for the Azul at Spectrum, designed with 204 one-bedroom units, 144 two-bedroom apartments and a dozen three-bedroom designs.
The balance of the land will hold the Borrego: 144 one-bedroom units, 108 two-bedroom apartments and a dozen three-bedroom layouts.
Both complexes are designed with units ranging from 715 sf to 1,322 sf. Rent is projected to be more than $1 per sf.
The developments are located across from a 500,000-sf "Main Street"-style retail center being developed by Dallas-based Woodbine Corp. The neighborhood includes a nearby hospital and proposed San Tan Motorplex.
"The project is in the heart of Gilbert," says Mark Forrester, a partner with Hendricks & Partners' Phoenix office. He represented Fairfield Residential in the land acquisition while the seller was represented by Dale Willis of Willis Property Co. in Mesa.
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