March 16, 2017
Crescent Communities is in the process of acquiring 3.6 acres from six sellers in Midtown Phoenix. The Charlotte, NC-based buyer wants the land, which currently contains 21 single-family houses and three vacant lots, to develop 335 apartment units. The acreage in question is at Third Street and Earll Drive.
The acquisitions, anticipated to close by October 2017, are being negotiated through Michael Lieb of Michael A. Lieb Ltd. Once the deal has closed, Crescent Communities will raze the houses and put up a four and five-level apartment complex that offers studio, one and two-bedroom units. The construction on Crescent Midtown will begin in Q4 2017, with opening scheduled for 18 months later.
Crescent Communities is anticipated to spec $7.5 million on the land. Development costs are estimated at $70 million.
For comments, questions or concerns, please contact Amy Sorter