(To read more on the debt and equity markets and the multifamily market, click here.)

GLENDALE, AZ-Trammell Crow Residential’s Phoenix office has obtained $32.8 million from Freemont Investment & Loan, also in Phoenix, to finance construction of the Quarter, a 171-unit condo/townhouse project in Westgate City Center.

Westgate City Center, located at the intersection of Arizona 101 and Glendale Avenue, is a 6.5-million-sf, mixed-use project that is currently under development. The entire project includes the Glendale Arena, home of the NHL Phoenix Coyotes and an additional 500,000 sf of retail and office product.

Trammell Crow, which recently broke ground on the Quarter, is also developing the Westgate-based 251-unit Alexan Westgate, a luxury apartment complex scheduled for completion during 4Q 2007. The estimated costs for both projects are in excess of $60 million. The company acquired land for both projects within the last six months.

“The response has been very strong to the Quarter, and we’re now setting up appointments to write conditional sales contracts with buyers,” says Bruce Hart, senior managing director with Trammell Crow Residential. The sales prices for the units range from $329,000 on the low end to $539,000, and Hart tells GlobeSt.com that most units will be sold out upon completion of the project.

“Westgate is such a unique project, with the stadium, mixed-use and office,” Hart says. “There are things there that can’t be replicated elsewhere.” Situated on 8.7 acres, the Quarter will have two- and three-bedroom floor plans, ranging between 1,439 sf to 1,815 sf. Hart estimates the condos could sell out within 60 to 90 days.

Swenson Realty Group is the sales and marketing company for the Quarter, while Riverstone Residential Group is handling leasing on Alexan Westgate. Both companies are in Phoenix.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



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 © 2024 ALM Global, LLC. All Rights Reserved.