(Read more on the multifamily market.)

TOLLESON, AZ- Following its first land acquisition in the city, Trammell Crow Residential has begun planning a 492-unit Alexan development on the 22.5-acre tract. The developer, with equity from Boston Capital Real Estate Partners LLC, will invest about $55 million to build the multifamily complex.

Atlanta-based Trammell Crow Residential will plans to break ground on the at 99th Avenue-Van Buren Street site in March 2008, with completion slated for March 2009. Jerry Tenge, vice president with Colliers International Inc. in Phoenix, says Tolleson represents a good investment for multifamily developers because the employment base is growing in the western area. “What’s nearby right now to that land are two large freeways,” he says.

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