The complex will be situated on 15.5 acres at McDowell Road and 119th Avenue. The mix of one-, two, and three-bedroom apartments will average 953 sf. The leasing campaign is about one year from its start so rents have yet to be determined. In keeping with its MO, PB Bell will manage the complex.

The developer's acquisitions manager Greg Linaman says whether or not the complex will remain a long-term hold or is sold at completion will depend on market conditions and its partner's desires.

Ashton Pointe was designed by Todd & Associates Inc. of Phoenix, with MT Builders Cos. of Scottsdale in place as the general contractor. The joint venture is the first time the Scottsdale developer has combined forces with New York City-based Real Estate Capital Partners. "We'd love to do more deals with them," Linaman says. "They've been a great partner."

In the meantime, PB Bell is scouting for additional development sites although Linaman acknowledges market conditions have meant a reevaluation of what's currently in the development pipeline. "We haven't dropped any deals," he tells GlobeSt.com. "We might have to postpone one or two, but right now we're on track for most of them." He anticipates that the company will be well into lease-up on 1,100 to 1,200 units by 2010.

PB Bell's team is seeking likely development sites in infill locations like Phoenix's CBD core and close-in suburban pockets. Linaman says PB Bell is looking at a couple potential opportunities despite the current state of the capital markets. "We're involved in some good land deals, but nothing we're ready to announce," he adds.