PHOENIX , Aug. 29 /PRNewswire/ — Cole Companies and Niche Residential, both based in Phoenix , announced today a joint venture under the entity name VSH Cave Creek, LLC to acquire The Village at Surrey Hills, a 45-unit luxury hillside townhome community currently being developed in Cave Creek, Arizona.
“Cave Creek is an exclusive community situated in the desert foothills northwest of Scottsdale , Arizona, that is seeing significant growth due to the influx of people moving into the north Phoenix area,” said Rick Rosenberg , Vice President of Investments for Cole. “We believe the combination of limited land availability and direct competition within Cave Creek, the community’s location at the base of a mountain preserve thereby offering buyers dramatic and unobstructed views, the high quality of the individual unit floor plans and the experience and expertise of our joint venture partner will result in a highly successful project especially given the continued demand for high-quality residential property in this part of the Northeast Phoenix market.”
The Company paid $11.5 million ( $255,555 per unit) for the project which included developed land and three model homes that are currently under construction. The seller was Village at Surrey Hills, LLC, an affiliate of Niche Residential. Models are anticipated to be open in November 2007 with average starting base sales prices in the mid $700,000 ‘s. The project is located at the southwest corner of Surrey Hills Drive and Cave Creek Road in Cave Creek, Arizona. Financing for the transaction was provided by Arizona Business Bank. No brokers were involved in the transaction.
Cole, through a joint venture with Cole Estrella 282, LLC, and Estrella 282 Management, LLC, recently purchased a 282.5-acre unimproved land parcel located in Goodyear, Arizona. The Goodyear property will be entitled and developed as residential property and then sold in phases, either as individual parcels or in bulk to homebuilders and/or developers. This property is adjacent to Estrella Mountain Ranch, one of the largest master- planned communities in the United States .
Cole is a leading real estate investment management firm that is focused on the acquisition of quality commercial real estate. In addition to being one of the largest retail investors in the country ( $969 million acquired in 2007 year to date, $252 million acquired in July 2007), Cole is actively seeking early stage investments (pre-entitlement land, residential construction, and commercial development) in Phoenix and throughout the southwestern United States . Since 1979, Cole has formed and managed over 100 investment programs, owning real estate with a combined acquisition and development cost in excess of $2.3 billion .
About Niche Residential
Niche Residential focuses on the development of smaller, attached residential in-fill and lifestyle communities in the Phoenix metropolitan area. Niche is actively seeking additional apartment and townhome land of 5-10 acres in various parts of Phoenix .
SOURCE Cole Companies
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