Sunbelt Holdings Sells Multi-family Site for $4.5m

Vizzda--July 29th, 2013 -- A joint venture between Bruce Hart of Vedura Residential and Bert Getz of Globe Corporation purchased a 4.23 gross acre vacant site that is fully entitled for a 266-unit multifamily project called Elevation on Central. The site is located at the southwest corner of Central & Highland Avenues in Phoenix. John Graham of Sunbelt Holdings sold the site for $4.5 million or $24.42 per square foot in the all cash transaction.

Plans for the project were approved following a city council meeting on April 3rd, 2013. The three buildings planned for the site will wrap around the six-level, 400 space above-ground parking garage, for a parking ratio of 1.5 spaces per unit. The development will be four stories and have a height of 69’8”.  The unit mix is planned as follows: 72 studio, 120 one bedroom one bath, 24 two bedroom one bath and 50 two bedroom two bath units. The units will have 9 different floor plans.  

The project will occupy 3.4 net acres of the 4.23 gross acre site, making a density of 6.8 dwelling units per acre. 13% of the gross acres will be dedicated towards open space.

The new Planned Unit Development zoning conforms with the general plan Transit Oriented Development overlay (TOD-1) in the light rail corridor. The site is 0.2 miles north of the Campbell/Central Avenue light rail station, and 0.25 miles south of the Camelback/Central Avenue station.

By:
Daniel Alpers
Director of Planing & Municipal Projects