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Houston MF Developers to Build in Metro Phoenix

PHOENIX-Camden Property is paying $25 million for parcels in Scottsdale, Tempe and Chandler with plans for 834 units. Meanwhile, Hanover paid $7 million for three acres in Tempe, on which it will build 341 units.

By Amy Wolff Sorter | Updated on June 09, 2013

PHOENIX-Business Real Estate Weekly of Arizona reports that Houston multifamily developers are coming to town to build a total of 1,175 in the region. Camden Property Trust paid a total of $25 million to acquire multifamily sites in Scottsdale, Tempe and Chandler, AZ; while Hanover Co. forked over $7 million for a 2.7-acre site in Tempe on which it will build 341 units.

BREW reports that Camden is buying its land from Equity Residential Trust in Chicago which, in turn is the buyer of a portion of apartment complexes and multifamily sites from Archstone Enterprises in Colorado. The land transaction is anticipated to close by mid-June and all the sites are fully entitled. Michael Lieb of Michael A. Lieb Ltd. in Phoenix is brokering the land transaction. Read more about Camden’s activities here.

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