X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

CHANDLER, AZ-New York-based NDC Capital Partners, LLC, in conjunction with P.B. Bell Cos. of Phoenix, has launched its second joint project for 2005, the groundbreaking of Chuparosas Apartments, a 258-unit multifamily luxury complex. The property is scheduled for completion within the next 18 months, at an all-in cost of just under $27 million.Located on 14 acres at the southwest corner of Dobson and Germann roads, the complex is being built to take advantage of large employment growth in the area, especially the growing employee base anticipated through Intel’s construction of its new $3-billion semiconductor plant.”Once that’s done, the new plant is anticipated to create more than 1,000 jobs during a 10-year time frame. That’s on top of the current employment base of just under 10,000 they already have in that area,” says Eric Jones, a principal with NDC Capital Partners.The employment growth of the area has, in fact, prompted other projects between NDC and P.B. Bell in the past, including the development of the 202-unit Desert Parks Vista in North Scottsdale, which broke ground in early 2005.”We’ve done multiple deals with this operator over the years,” Jones tells GlobeSt.com. “They’re very experienced, and they know the market well.”The unit mix on Chuparosas Apartments breaks down to 6% three-bedroom units; 52% two-bedroom units and 42% one-bedroom units. The average unit size is 977 sf, with the rent averaging approximately $1 per sf.The partnership, at this time, has no further acquisitions or sales planned in the area.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.