SCOTTSDALE, AZ-JLB Partners, an apartment developer based in Dallas, has bought a 9.7-acre site, called Portales Place, in Scottsdale for nearly $13.8 million. The property, situated north of Scottsdale Fashion Square, was slated to be a condominium project by the earlier owner, Grace Communities.
Now the new owner will construct 369 apartments on the site. Grace Communities bought the parcel with a $32-million loan from Phoenix-based Mortgages Ltd., which later took over the property from Grace. Phoenix-based Cassidy Turley BRE Commercial marketed the land. For the full story, go to Phoenix Business Journal .
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