Tapping into an increasing demand for new rental housing in the growing Phoenix metro area, a residential investment company has announced that it wants to build two new projects in the city with a cumulative total of 534 units.
The largest of the projects to be developed by the Vancouver-based IDM Companies will see the construction of 352 apartments in the city of Goodyear.
That project is being called the IDM Estrella Parkway, near the intersection of Interstate 10 and Estrella Parkway, and will include two pools, a fitness center, office, and resident community space.
IDM purchased the nearly 15-acre site late last year for some $3.8 million.
The second project is slated for the town of Gilbert and will see the construction of the IDM Cooley Station, near the intersection of Williams Field Road and Recker Road with 182 units. That project will include a single pool, as well as fitness center, office, and community space.
IDM, which stands for “invest, develop and manage,” was founded in 1993 and has handled upscale residential projects primarily in Oregon and Washington.
The company just recently secured slightly more than $54 million through Pacific Coast Capital Partners, an investment management firm with offices in Los Angeles, among other cities, to launch the Goodyear and Gilbert projects.
PCCP provided the IDM Companies with $34.1 million for the construction of the Goodyear project, and $20.1 million for the Gilbert complex.
Goodyear’s population is up from around 19,000 two decades ago to just under 80,000 today. Gilbert’s population, at the same time, has more than doubled from nearly 110,000 to 242,000.
By Garry Boulard
Get stories like these right to your inbox.