Investment Property Associates (IPA) and The Rockefeller Group have entered into a joint venture agreement to develop a 402-unit Class A apartment community at the NEC of Warner and Recker roads in Gilbert.
The 24.67-acre site is fully entitled and the developers plan to break ground on the first of two phases in early 2013; development costs are anticipated to be approximately $57.5M.
The Rockefeller Group expects Liv Northgate to complement the company’s 155-acre, mixed-use North Gateway project, which can accommodate 226,000 SF of office space, 1.1 MSF of industrial /flex and 12.2 acres of retail space in addition to the 402 apartments.
“The Rockefeller Group is very pleased to be partnering with a company of IPA’s experience in developing and managing high quality residential communities in Arizona,” said Mark Singerman, Regional Director of The Rockefeller Group’s Arizona office. “With IPA as a partner, we look forward to bringing quality Class A, highly amenitized, residential living to Gilbert.”
The project, named Liv Northgate, will be managed by IPA and will consist of 402 garden-style, luxury apartment units in two and three story buildings, together with a leasing office, high-tech clubhouse, and extensive recreational amenities. Each apartment will be finished with a premium appliance package, custom cabinets, slab granite kitchen counters, full-size washer and dryer, walk-in closets, ceiling fans, state-of-the-art communications wiring, simulated wood flooring, window blinds, nine-foot ceilings, and private balconies and patios with storage areas.
“We are honored to partner with The Rockefeller Group on the development of Liv Northgate,” remarked Bill Fettis, Partner of IPA and co-founder of IPA Management. “The Rockefeller Group is among the most highly-regarded commercial real estate companies in the world for overall quality and focus on customers. Our companies line up very well in this regard and we look forward to serving our future residents through those shared values.”
According to Fettis, the developers are focused on creating spaces for interaction, encouraging wellness, incorporating leading technology, and promoting sustainability. Some of these features are reflected in intentional gathering spaces, state of-the-art fitness equipment, health and wellness classes, recycling stations, electric car charging stations, and pedestrian walkways throughout the property that connect to surrounding greenbelts. Other amenities include two heated pools with fire and water features, sand volleyball, a 24/7 fitness center, a bark park and pet care station, numerous outdoor picnic and family recreation areas throughout the property, and gated access.
Residents of Liv Northgate will be able to walk or bike to businesses and retail within North Gateway through a series of pathways being incorporated into the site.
“Liv Northgate and North Gateway will represent one of suburban Phoenix’ most desirable mixed-use developments,” Singerman said. “We believe businesses will want to locate in North Gateway due its proximity to freeways, aerospace companies located near Phoenix Mesa Gateway Airport, Banner/M.D. Anderson, other hospitals close by and DMB’s new Eastmark development. They will also appreciate being able to tap into the extensive talent pool that will live practically on-site at Liv Northgate.”
Gilbert Mayor John Lewis sees the project supporting the Town’s continued growth. “As the Phoenix-Mesa Gateway Airport continues its expansion, The Rockefeller Group’s North Gateway mixed-used project will provide high-quality amenities and accommodations for those living and conducting business in Gilbert. This project is a tremendous addition to our community and complements the Town’s investment in the Power Road and Morrison Ranch areas.”
IPA was represented by Cindy Cooke, Brad Cooke, Carrie Burton and Alex Sampson of Colliers International in Phoenix. The Rockefeller Group was represented by John Finnegan, Chaz Smith and Ramey Peru, also with Colliers in Phoenix.
“The strengths of these two veteran real estate developers perfectly complement each other and will produce an award-winning development.” Brad Cooke said.
IPA continues to expand its Phoenix portfolio with three additional multifamily developments and one seniors housing development underway. Liv Avenida (www.livavenida.com) is a 322-unit upscale multifamily development under construction in Chandler and scheduled to open this fall.
Liv North Scottsdale (www.livnorthscottsdale.com) is a 240-unit, fully entitled, urban-infill podium development at the hub of North Scottsdale’s trendiest shopping, dining, and nightlife with groundbreaking scheduled for Fall 2012. A third fully entitled multifamily parcel is located in the Ahwatukee submarket with 402 units scheduled to break ground in the fourth quarter of 2012.
IPA also plans to break ground in Fall 2012 on “Generations at Agritopia”, a 118-unit (122-bed) seniors housing community offering independent, assisted, memory care and memory care-lite accommodations, located in the highly sought-after Agritopia community in Gilbert.