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PHOENIX-A 17-acre site in North Phoenix’s master-planned community of Tramonto is set to become 324 luxury apartment units under a proposal being developed by Fairfield Residential Properties.

Fairfield Tramonto LP of San Diego, a subsidiary of Fairfield Residential, purchased the parcel north of the intersection of Interstate 17 and the Carefree Highway in a $3.2-million deal with Tramonto Development LLC of Phoenix. Construction will begin by the end of this year.

“It’s a very strategic North Phoenix location,” Mark Forester with Hendricks & Partners tells GlobeSt.com of the parcel, situated on the booming I-17 corridor within the 1,100-acre Tramonto, which is being developed by Communities Southwest. The site is located adjacent to a school and Albertsons-anchored neighborhood shopping center. Forester, who negotiated the land deal for both parties, says construction of the luxury apartment complex should be completed within a year.

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