(Read more on the multifamily market.)
PHOENIX-Paying a record $149.45 million, Desert Ridge Holdings LLC has acquired a prime 269-acre property near the 110-acre, 1.2-million-sf Desert Ridge Marketplace in northeast Phoenix. The state agency's website noted the buyer was the only bidder for the property on the southeast corner of 40th Street and Deer Valley Drive.
The acquisition price equates to $555,535 per acre or $12.75 per sf. The appraised value of the property established the minimum bid which was $149.45 million, according to the agency.
Desert Ridge Holdings representatives couldn't be reached at GlobeSt.com's publication deadline to learn their plans for the dirt. However, area brokerage sources familiar with the northeast submarket, tell GlobeSt.com that the developer plans a 3,700-home community of about 2,800 luxury apartments and townhouses and 900 single-family residences on the site. The project is expected to be built out in about five years.
Desert Ridge Holdings' neighbor is the 110-acre Desert Ridge Marketplace, a hub of 75 stores, 31 restaurants and entertainment venues at Loop 101 and Tatum Boulevard situated within 20 minutes of the Downtown. Locally based Vestar Development Co. completed the open-air center in December 2001.
The marketplace's trade area's population is 312,544, with the average household income tipping $100,784 per year. The master-planned, 5,700-acre Desert Ridge community has been under development since the 1980s by Chicago-based Thomas J. Klutznick Co.
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