(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 Alexandevelopment on the 22.5-acre tract. The developer, with equity fromBoston Capital Real Estate Partners LLC, will invest about $55million to build the multifamily complex.
Atlanta-based Trammell Crow Residential will plans to breakground on the at 99th Avenue-Van Buren Street site in March 2008,with completion slated for March 2009. Jerry Tenge, vice presidentwith Colliers International Inc. in Phoenix, says Tollesonrepresents a good investment for multifamily developers because theemployment base is growing in the western area. "What's nearbyright now to that land are two large freeways," he says.
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