Real Estate Capital Partners (RECAP) of New York City has formed a joint venture with Vedura Residential of Scottsdale to develop Elevation Chandler, a $20M, 163-unit luxury multi-family community.
The community, expected to break ground immediately, will offer one- and two-bedroom apartment homes in a serene desert oasis setting.
This is RECAP’s second investment in Metro Phoenix area in the past 12 months following the August 2012 acquisition of The Arbors Apartments in Tempe.
RECAP ended 2012 having invested in nearly $1.3B of U.S. real estate through several funds and separate accounts.
Residents at Elevation Chandler will enjoy Class A interior finishes and resort-style amenities including a swimming pool and heated spa, a ramada with barbeques and outdoor fire pit, and a 3,288 SF clubhouse with conference center, gourmet kitchen, lounge area, and state-of-the-art fitness center.
Elevation Chandler is located in the Price Corridor, home to such notable employers as eBay, PayPal, Orbital Sciences, Motorola, Freescale Semiconductor, Covance, Rogers, Avnet, and more.
This high-tech corridor has given rise to new neighborhoods, schools, and a thriving shopping and dining scene.
“We are excited to partner with Vedura Residential and create a footprint in the job-centric Chandler market,” said Stephen Henry, Vice President, RECAP. “The site’s proximity to Chandler’s major employers creates an exciting opportunity to deliver much-needed housing to this expanding market.”
Elevation Chandler is the 13th investment for RECAP Metropolitan Opportunity Fund III, which has a geographically diverse portfolio of apartment development joint ventures and value-add acquisitions.