Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

PHOENIX-Paying a record $149.45 million, Desert Ridge Holdings LLC has acquired a prime 269-acre property near the 110-acre, 1.2-million-sf Desert Ridge Marketplace in northeast Phoenix. The state agency’s website noted the buyer was the only bidder for the property on the southeast corner of 40th Street and Deer Valley Drive.

The acquisition price equates to $555,535 per acre or $12.75 per sf. The appraised value of the property established the minimum bid which was $149.45 million, according to the agency.

Desert Ridge Holdings representatives couldn’t be reached at GlobeSt.com’s publication deadline to learn their plans for the dirt. However, area brokerage sources familiar with the northeast submarket, tell GlobeSt.com that the developer plans a 3,700-home community of about 2,800 luxury apartments and townhouses and 900 single-family residences on the site. The project is expected to be built out in about five years.

Desert Ridge Holdings’ neighbor is the 110-acre Desert Ridge Marketplace, a hub of 75 stores, 31 restaurants and entertainment venues at Loop 101 and Tatum Boulevard situated within 20 minutes of the Downtown. Locally based Vestar Development Co. completed the open-air center in December 2001.

The marketplace’s trade area’s population is 312,544, with the average household income tipping $100,784 per year. The master-planned, 5,700-acre Desert Ridge community has been under development since the 1980s by Chicago-based Thomas J. Klutznick Co.

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.