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4/24/18
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A venture between Las Vegas-based Fore Property Co and HQ Capital in New York City, has acquired a 1.98-acre, transit-oriented development site in midtown Phoenix for $5.15 mil. The site is located on Central Ave between Columbus and Weldon Ave, between two Metro Light Rail stations.
The buyer plans to develop a 223-unit luxury apartment community on the site. EDI International is designing the project, which will feature four stories of residential units on top of two levels of parking. The project will offer studio, one- and two-bedroom units ranging from 600 sf to 1.5k sf, with rental rates projected to run from $1,200 to $2,500. Fore Construction is to serve as the contractor with construction scheduled to start mid-2018, with opening anticipated year-end 2019.
Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller, Phoenix-based Ironline Partners LLC (Bob Karber, Tim O’Neil, Olen Petznick, Earl Petznick, principals).
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