Estrella Commons Property Sells for $3.8+ Million

Phoenix, Arizona –  IDM Companies, a Vancouver, Washington-based real estate company, has purchased 14.72 acres near the southeast corner of Interstate 10 and Estrella Parkway in Goodyear.  The company paid $3,848,186 for the land and plans to develop 352 apartment units on the site called Acero Estrella Commons.

“This property provides a terrific, live-work-play environment for multifamily development,” says Ramey Peru with Colliers International in Greater Phoenix. “It is situated next to a Walmart Super Center and walking distance to Safeway, Walgreens and nearby restaurants.  Job growth in the area has been robust, which enables future residents to enjoy a complete lifestyle without long commutes.”

IDM Companies intends to break ground on its Acero Estrella Commons multifamily project in January 2019 with expected completion in mid-2020 . The Estrella Commons land features 700 feet of frontage along Estrella Parkway.  The property is located just one-third of a mile from a full diamond interchange of Interstate 10.  The neighborhood is home to a sizable Fulton Homes development of single-family dwellings, as well as a Christopher Todd community of single-family rental homes.

IDM Companies purchased the property from Evergreen Devco of Phoenix.  Peru, Chaz Smith and John Finnegan of Colliers International in Greater Phoenix represented Evergreen in the sale transaction.  Torrey Briegel of Phoenix Commercial Advisors represented IDM Companies.

IDM Companies was founded in 1993 and began developing in the Portland, OR area.  The company now operates throughout the Pacific Northwest and Southwest regions.

Evergreen Devco is a national, fully diversified real estate company specializing in retail, commercial and multifamily development, asset management, property management and leasing.  The company has completed more than 500 development projects in more than 175 municipalities throughout the United States.

Christopher Todd Communities Pays Nearly $4.1 Million for Land

Phoenix, Arizona –  Christopher Todd Communities has purchased 20 acres of land at Happy Valley Rd. and Vistancia Blvd. in Peoria.  The company paid $4,094,385 for the site, which will be developed into single-family rental homes.

“Christopher Todd Communities looks to further its success in the rental housing market,” says John Finnegan, senior vice president with Colliers International in Greater Phoenix. “This site is a great complement to their Surprise site. The demographics, transportation corridors and housing values provide a perfect setting for this rental product. The seller has an additional 23 acres immediately west of this site, which is currently in sale negotiations that would result in a project that complements the Christopher Todd development.”

Finnegan, Chaz Smith and Ramey Peru of Colliers International in Greater Phoenix handled the land sale.  Scottsdale Investment Management AZ LLC was the seller. Christopher Todd Vistancia LLC was the purchaser.

Christopher Todd Communities is a new Arizona-based real estate development company with a unique niche in horizontal multi-family communities.  Christopher Todd Communities creates technology-forward, highly-amenitized, single-family home rental neighborhoods that nurture a sense of belonging.

Hancock Builders (Greg Hancock, Kelly Ward) will build 224 rental homes at the site.  The property will feature 92 one-bedroom units with 640 square feet each and 132 two-bedroom homes with approximately 997 square feet of space.  The community will offer a resort style pool area and a state of the art fitness center.  The company plans to begin construction during second quarter of this year.  Hancock Builders is the exclusive builder for Christopher Todd Communities, and has successfully completed 100 units and currently has another 15 projects in the pipeline for development.

$40 Million Development is Slated for Grand Opening September 2018

Chandler, Arizona – Colliers International in Greater Phoenix has negotiated the $3,200,427 ($12.58 PSF) sale of a 5.84-acre parcel located at the northeast corner of 94^th Street and Pecos Road in Chandler.  The property will be the site of the $40 million Park at Copper Creek Independent Living.

“The location of the site was critical to the developer and operator,” said Chaz Smith, senior vice president with Colliers International in Greater Phoenix.  “A rehab hospital and memory care facility are located just north of the property and the Chandler Regional Hospital is about two blocks away. In addition to the strong demographics, proximity to the Chandler Regional Mall was a contributing factor in selecting the site for development ”

Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the seller, Henry Bosma (Arizona Acres and Cinder Butte Properties, Inc.)  in the transaction.  Tim Dulany of Colliers International in Greater Phoenix represented the buyer, RJ Development (Jeff Yates) as developer, Koelsch Communities as the sponsor and operator with Koelsch Construction as general contractor. The buyer is based in Olympia, WA.

The Park at Copper Creek Independent Living will contain approximately 170,000-square-feet of space with 135 units.  The community will feature gracious outdoor amenities including pool/hot tub, outdoor exercise stations, covered parking, fire pit, dog park, outdoor BBQ, outdoor gardens and walking paths.  Interior amenities will feature a bistro, theater, fitness center, beauty salon/spa, crafts, game rooms, library, private dining and much more.  Plans call for construction to begin in June and the grand opening is anticipated in September 2018.