High-End Luxury Apartment Builder Purchases Land for $3.3M

Phoenix, Ariz. – SVN Desert Commercial Advisors was recently voted in the Top 3 brokerages by Ranking Arizona, AZ Big Media as the best of Arizona businesses. SVN was also voted in the top rankings for several other categories including the “Land” category. A great example is the recent sale in the west valley by the Director of Retail Leasing & Sales Investments, RommieMojahed and senior advisor, Beau Flahart for $3.3 million.

The property is located at 1610 N. 91st Ave. in Phoenix. The land was originally proposed as an office park that ultimately never went into fruition, however it was not long before someone else came along to acquire the property. The property is located in close proximity to the University of Phoenix Stadium and close access to the I-10 freeway.  So much so, that the desirable property raised the interest of a high-end luxury apartment builder.  Mojahed and Flahart represented the seller, Wade Ferguson with Interchange Holdings, LLC.  The buyer, Greg Hancock with Hancock Communities, LLC sees this as a huge opportunity to turn this property into luxury apartments.

Flahart stated, “It is amazing how much multifamily construction is happening right now.” SVN’s full service brokerage also provides investors many opportunities to buy and sell apartments at the brokerage. For Mojahed and Flahart, they have almost 20 land listings all across the valley. “There is such a strong growth in Arizona that creates new job opportunities. As a result, this creates a high demand for apartment living all across Arizona,” Flahart said.

Besides multifamily development projects, you will also find that SVN has several listings in the southeast valley in areas that are growing at a fast paced.  Trending demographics point to San Valley, Queen Creek, Chandler, and Mesa.