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TOLLESON, AZ- Following its first land acquisition in the city, Trammell Crow Residential has begun planning a 492-unit Alexan development on the 22.5-acre tract. The developer, with equity from Boston Capital Real Estate Partners LLC, will invest about $55 million to build the multifamily complex.

Atlanta-based Trammell Crow Residential will plans to break ground on the at 99th Avenue-Van Buren Street site in March 2008, with completion slated for March 2009. Jerry Tenge, vice president with Colliers International Inc. in Phoenix, says Tolleson represents a good investment for multifamily developers because the employment base is growing in the western area. “What’s nearby right now to that land are two large freeways,” he says.

Tenge teamed with Colliers’ associate Josh Hirons to work the land deal between Trammell Crow Residential and the seller of record, Sure-Lock IV LLC of Wichita, KS. “Tolleson’s an entry-level city where a lot of the manufacturing and employment base are starting to be centered because of its location on [Loop] 101 North and I-10.”

Tenge tells GlobeSt.com that Trammell Crow Residential beat eight other offers for the land because of its reputation, design and how fast it was willing to build. He adds Trammell Crow Residential is looking for more development land in the Tolleson area, especially acreage with good freeway access.

Tenge says Sure-Lock has other holdings in the area. In fact, he and Hirons are selling a second site, but he can’t discuss the deal due to a confidentiality agreement. “It’s what Sure-Lock does, they buy and flip,” he adds. “They’ll be working on other land deals in the future.”

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