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GILBERT, AZ-In its effort to take advantage of the growing metro market, Archstone-Smith Operating Trust in Englewood, CO, has acquired a 13-acre parcel in Gilbert and 10 acres in nearby Glendale for a combined $6.18 million. The multifamily developer will break ground on the tracts in 2006.

The Gilbert parcel at the northeast corner of Loop 202 and Pecos Road will be built out with a 315-unit apartment complex. The property in Glendale, at 91st and Glendale avenues, will hold a 253-unit apartment complex. Construction on both properties is scheduled for 2006, with completion anticipated during second quarter 2007.

Brent Moser of Grubb & Ellis/BRE Commercial LLC’s Phoenix office tells GlobeSt.com that while metro Phoenix is not necessarily a core market for Archstone, the appeal to build on the sites was tied to nearby entertainment and shopping venues, with the added attraction of a sports venue in Glendale. “The arena opened out there in the past couple of years and a football stadium is scheduled to open in August 2006,” Moser says. “This has created the buzz for additional hotel, retail and office space around these venues.”

Moser cites the land’s proximity growing employment centers. “Both areas will become self-contained employment centers, where the majority of the people occupying the units will be working within a mile or two of work,” predicts Moser, who with colleague Sandi Elmore, represented Archstone-Smith in the transactions. Melinda Korth with Trammell Crow Co.’s Phoenix office represented the seller of both properties, Glendale & 91st Avenue LLC.

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