Cole Johnson, President of Paul Johnson Drywall, Inc., announced that construction will begin on a new 160-unit garden style apartment community being built by his development company, Parlay LLC. Decca Multi-Family Builders, the general contractor for the project, began clearing the site and groundbreaking is planned for September 2015. Construction is expected to complete by late-October 2016.
The project, located at 3137 Willow Creek Road in Prescott, Arizona, will include new studio, one-bedroom and two-bedroom apartments and carriage houses with detached garages. In addition, the community will provide residents with new clubhouse facilities, including a full-kitchen, supplemented by outdoor BBQ, community entertainment space, courtyards and a 24-hour fitness center. Unit amenities include granite counter tops, in-unit laundry facilities, plank flooring and extensive landscaping.
“There has been a growing demand for quality apartments in Prescott in recent years, making it ideal timing for building this new community,” said Cole Johnson, President of Paul Johnson Drywall, Inc. “Thanks to the great work by my finance partners Paragon Mortgage and Alliance Bank, we were able to negotiate through the complex HUD financing process to secure a $17.2 million, 40-year, 3.6% fixed-rate term loan without any personal guarantees. We are on track to deliver 160 new apartment units in 14-months.”
“Demand for new apartments is high in Prescott,” said Thomas Shelton, principal with Allison-Shelton Real Estate Partners. “This is the first market-rate community to be built in Prescott in at least five years and as a result we expect the waiting list to begin the first day we open reservations.”
Other development projects by Cole Johnson include: