$14.43M acquisition paves way for 318-unit modular garden apartment development
SAN TAN VALLEY, ARIZONA, (October 10, 2024) – Phoenix-based retail brokerage specialist Western Retail Advisors has announced the completion of a 20.45-acre, $14,433,000 land acquisition in San Tan Valley, Arizona, purchased for the development of a 318-unit apartment project.
Jake McClaughry and Brian Gausden of Western Retail Advisors represented the property buyer, Z Modular, a division of Zekelman Industries. Matt Rinzler of Insight Land and Investments represented Diversified Partners, the property seller.
“We were pleased to represent such a strong buyer, in a transaction that will bring much-needed housing to the booming San Tan Valley market,” said McClaughry “This is a prime example of the right product at the right time in the right place.”
The San Tan Valley land site sits at the southeast corner of Gantzel Road and El Parque Lane. It is surrounded by single-family housing and is walkable to major national retailers and restaurants including Safeway, Walgreens, McDonalds, Ace Hardware, Brakes Plus, LA Fitness and Salad and Go. It is also south of the planned $5.5 billion LG Energy Solutions battery manufacturing complex.
Z Modular plans to self-develop the San Tan Valley community, featuring its steel-framed, garden-style FLATZ™ apartment design. The project will use the company’s offsite manufacturing and on-site general contracting capabilities. Units will be manufactured at its Chandler factory and then transported to the San Tan Valley location for on-site completion.
According to McClaughry, the unique Z Modular approach allows developers to expedite construction timelines to meet market demand while maintaining the highest quality standards.
Base4 and STG are the project architects.