Archstone Purchases 7.8 Acres in Tempe, Plans 234-Unit Complex

VIZZDA--August 24th, 2012 -- A parcel of land totaling 7.8 acres at the Northwest corner of Scottsdale and Curry Roads was purchased by Archstone for $8,500,000 or $25.02 per square foot. 

The land is being sold by Bruce Shapiro of Arizona Partners and Martin Landis of Landwin Commercial Real Estate who foreclosed on the property on July 26th, 2011 with a $6,250,000 credit bid after acquiring the note from LNR Partners as special servicer for Bank of America CMBS on July 14th, 2011. 

New zoning was approved March 8th, 2012 for a 234 unit apartment complex or 396 bedrooms, consisting of ten two-story buildings, seven three-story buildings, and one four-story building. The primary access to the site will be west of Scottsdale Road on Curry Road. The site will have a lot coverage of 36% and 30 dwelling units per acre.

The site was previously zoned General Industrial and was occupied by a 79,705 SF neighborhood shopping center, which was mostly vacant prior to its demolition in the summer of 2012.

By:
Dan Alpers
Director of Planning and Municipal Solutions
dalpers@vizzda.com