San Clemente Apartments LP of Tucson picked up the land at Germann and Power roads for $2.7 million in a deal with seller Jomax Power Road LLC of Phoenix. "Power Ranch is one of the nicest master-planned communities in the Southwest Valley and there's not a lot of apartment land available in Gilbert," Mark Forrester with Hendricks & Partners' Phoenix office tells GlobeSt.com of the seller's motivation behind the land deal.
Construction on the proposed San Clemente Apartments is expected to begin within the next few months, Forrester says. The Siegel Group, of Austin, TX, which will handle the project's development, has constructed several other Valley apartment projects, including San Remo in Glendale, Los Gardenias in Phoenix and San Miguel in Mesa. Forrester along with Bob Bruno, also with Hendricks & Partners, negotiated the land transaction.
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