San Lucas Apartments LP picked up the property, located at the southeast corner of 91st Avenue and Van Buren Street, from Tolleson Land Partners LPof Scottsdale. Jim Frazey with Hogan & Associates, who represented the seller in the transaction, tells GlobeSt.com that the buyer was shopping for a residentially zoned parcel along the Interstate 10 corridor in metro Phoenix when he contacted the seller to ask if the site was for sale. It wasn't. But, that didn't deter San Lucas Apartments from making a play for the property.
Mark Forrester with Hendricks and Partners, who represented the buyer, tells GlobeSt.com that the San Lucas Apartments' partnership targeted the Interstate 10 corridor because of the tremendous growth in the area. "It's going to be a very strong, long-term location for them," Forrester says. The firm expects to begin construction on the multi-million dollar San Lucas Apartments next year.
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