Lennar to Begin Construction on MF, Retail Space

PHOENIX—Sonoran Ridge Apartments (1205 E. Apache Blvd.) and the adjacent 100-room, Day’s Inn Motel (1221 E. Apache Blvd) were purchased by Lennar Multifamily Communities for a combined purchase price of $11.5 million.  The 6.7 acre site is set to be redeveloped into a 399-unit apartment community featuring four levels of apartments stacked on top of podium parking and 4,242 square feet of ground floor retail space.  Construction is set to begin immediately. 

“This is a fantastic site for redevelopment for a whole host of reasons including close proximity to Light Rail, A.S.U. and in close proximity to the state’s top employers,” says Alon Shnitzer, senior managing partner at ABI and lead broker representing the seller for this transaction.  “It was an 18 month escrow because the selling entity needed to deliver the property free and clear of tenants and any property leases, and the buyer needed to get the zoning approval.”