courtesy of BREW
Phoenix – A company formed by Trillium Residential LLC in Tempe (Jamie Dawson, Ken Losch, principals) plans to develop a 304-unit apartment complex at the northwest corner of the 101 Loop and 7th Avenue in north Phoenix. 7th Avenue Apartments Holdings LLC(the Trillium entity) paid just under $4.299 million to buy the 9.95-acre site. The seller was The Ken Roth Family Limited Partnership in Phoenix (Ken Roth, principal)and a trust formed by Herbert Dreiseszun and Patricia Dreiseszun in Phoenix. The address of the parcel is 20202 N. 7th Avenue. The transaction was negotiated through Mark Forrester, Ric Holway and Jim Deakyne of Hendricks Berkadia Apartment Real Estate in Phoenix. The buyer acquired the property with $3.598+ million in seller carry back financing. Trillium Residential had originally agreed to buy the parcel from Roth several years ago. Dawson says his company had the land entitled and completed design work for the apartment development and then pulled out of the deal during the recession. Construction is scheduled to start this summer, with opening to follow in 12 months and build out to require 18 months. Contractor still to be selected. The project, being called Trillium 101, is being designed by MVE & Partners in Irvine, Calif. (formerly known as McLarand Vasquez & Emsiek). The studio, one- and two-bedroom units are expected to range from 560 sq. ft. to 1,050 sq. ft. Monthly rental rates yet to be determined. Development cost (land and buildings) estimated at $40 million. Trillium Residential is looking for an equity partner to develop the multi-family community or a lender to provide construction financing. Trillium Residential will manage the complex. Dawson says the company has yet to decide if it will hold or sell Trillium 101 after the completion of construction and lease up. Trillium Residential has been an active multi-family developer in the Valley. The company is looking for more apartment development opportunities in the Phoenix area. The privately-held Trillium Residential owns four apartment properties in the Valley totaling about 1,200 units. Dawson says the company is getting close to finalizing a loan for the construction start on a 297-unit apartment complex that Trillium Residential is building at the northeast corner of Washington and 44th streets in Phoenix. In March 2012, Trillium Residential paid $4.2 million to acquire that nearly 6-acre parcel. Find out more from Dawson at (480) 294-6300. The Hendricks agents are at (602) 955-1122.