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.
