A multifamily project developer based in Scottsdale has purchased 20 acres in north Phoenix for the development of new apartment space.
Treger Financial purchased the land for $14.2 million from Arizona State University. The site, which once belonged to Arizona Christian University, currently has fourteen existing structures.
The transaction was reported by the website Vizzda.com, which tracks commercial sales.
Acquired late last year by Arizona State University from American Christian University, the site is located at the intersection of Cactus Road and N. 25th Place in a neighborhood of mostly one- and two-story houses and apartment complexes.
Besides the existing structures on the site, there is also a baseball field and parking lot.
Arizona State University officials have said that the $14.2 million realized from the sale of the site on Cactus Road will be used for the continued development of its Thunderbird School of Global Management.
Although new apartment units are being built throughout the Phoenix metro area, a new report published by John Burns Real Estate Consulting, which has offices in Phoenix, indicates that the city currently has a lack of apartment space, with rental prices expected increase between now and 2022.
By Garry Boulard
Get stories like these right to your inbox. Sign up for our newsletter