"We have not had a big presence in the Phoenix area so when thisopportunity came available, we decided to move forward," MargaretEardley, executive vice president and CFO at ILX, tells GlobeSt.comabout the 5720 E. Rancho Manana Blvd. property. "They wereoriginally sold as fractional units. There were two phases built.Phase one was sold out and we purchased phase two."
ILX completed the sale with Rancho Manana Ventures LLC ofPhoenix. An additional 19 units recently were sold to anotherbuyer, according to Eardley.
With room to expand on the 3.8-acre site, ILX plans to add 20units to the mix. Construction could begin as soon as the fourthquarter, says Eardley.Units average 1,500 sf.
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