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GLENDALE, AZ-Trammell Crow Residential's Phoenix office has obtained $32.8 million from Freemont Investment & Loan, also in Phoenix, to finance construction of the Quarter, a 171-unit condo/townhouse project in Westgate City Center.
Westgate City Center, located at the intersection of Arizona 101 and Glendale Avenue, is a 6.5-million-sf, mixed-use project that is currently under development. The entire project includes the Glendale Arena, home of the NHL Phoenix Coyotes and an additional 500,000 sf of retail and office product.
Trammell Crow, which recently broke ground on the Quarter, is also developing the Westgate-based 251-unit Alexan Westgate, a luxury apartment complex scheduled for completion during 4Q 2007. The estimated costs for both projects are in excess of $60 million. The company acquired land for both projects within the last six months.
"The response has been very strong to the Quarter, and we're now setting up appointments to write conditional sales contracts with buyers," says Bruce Hart, senior managing director with Trammell Crow Residential. The sales prices for the units range from $329,000 on the low end to $539,000, and Hart tells GlobeSt.com that most units will be sold out upon completion of the project.
"Westgate is such a unique project, with the stadium, mixed-use and office," Hart says. "There are things there that can't be replicated elsewhere." Situated on 8.7 acres, the Quarter will have two- and three-bedroom floor plans, ranging between 1,439 sf to 1,815 sf. Hart estimates the condos could sell out within 60 to 90 days.
Swenson Realty Group is the sales and marketing company for the Quarter, while Riverstone Residential Group is handling leasing on Alexan Westgate. Both companies are in Phoenix.
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