Evans Withycombe to Develop 470-Unit Apartment Project in Northwest Valley

Mon, 01/03/2011 - 00:00 -- admin

Phoenix - - Evans Withycombe Residential of Scottsdale (NYSE:EWR, Steve Evans, chairman) intends to build 470 apartments on a 25-acre site located at the northwest corner of Interstate 17 and Beardsley Road in Phoenix. Evans Withycombe has agreed to buy the parcel in a roughly $3 million deal set to close in July. The acreage is owned by a company formed by Randy Stolworthy of R.R. Stolworthy Inc. of Phoenix. Bert Kempfert and Chaz Smith of CB Commercial Real Estate Group Inc. of Phoenix are brokering the sale. Drawings from Todd & Associates Architecture of Phoenix show one-, two- and three-bedroom units ranging from 720 sq. ft. to 1,220 sq. ft. No word on rental rates. Project may be guard-gated. Wood Patel & Associates of Phoenix has the civil engineering assignment. Evans Withycombe to start construction in July, with opening slated for March 1997. Build out expected to require 14 months. Development cost (land and buildings) estimated at $28 million. Financing to come from within. In January, BREW reported Evans Withycombe planning to construct 375 apartments on a 22-acre site located at the southwest corner of Rural and Elliot roads in Tempe. The publicly traded real estate investment trust paid just under $4 million to buy the property from Del Webb's Coventry Homes, a subsidiary of Phoenix-based Del Webb Corp. (NYSE:WBB, Phil Dion, chief executive). Zoning approval still to come, but Evans Withycombe hopes to begin construction late 1996. Completion estimated to take 14 months. Plans show one-, two- and three-bedroom units ranging from 750 sq. ft. to 1,220 sq. ft. Monthly rental rates within the guard-gated community expected to run from $700 to $1,000. Development cost (land and buildings) projected to be $22.5 million (roughly $60,000 per unit). In November, BREW reported Phoenix-based Del Webb's Coventry Homes acquiring the 22-acre site as part of a 75-acre purchase from Amerco Real Estate Co., a subsidiary of U-Haul Co. of Phoenix, and Samuel Shoen and Michael Shoen, also of Phoenix. Del Webb's Coventry Homes paid $8.936 million for the entire tract. Trovas Co., also a subsidiary of Del Webb Corp., plans to construct 150 upscale homes on the remaining 53 acres. Zoning approval still to come. In November, BREW reported Evans Withycombe paying $13.575 million to acquire the 316-unit Superstition Vista apartments at 450 S. Acacia in Mesa. The seller was a partnership formed by Thomas Healey and Bill Anderson of Olympia, Wash. Evans Withycombe, a real-estate investment trust, owns 9,500 apartment units in the Phoenix area and in Tucson. The company also has 2,200 units under construction in Arizona. Dick Berry, senior v.p., is contact at Evans Withycombe, reach him at (602) 840-1040. Contact Stolworthy at (602) 553-0082. Talk to CB Commercial agents at (602) 262-5555.