Tag Archives: luxury apartments

Mark Boisclair Photography, Inc.

Mark-Taylor seeks recruits for new managed properties

Best Places to Work honoree Mark-Taylor is actively seeking team members to be part of its growing corps of professionals to manage new properties coming online this spring.
Full and part-time positions are available, including assistant manager, leasing consultants, porters and maintenance technicians, for new luxury apartment communities throughout the Valley. The company is hoping to fill at least 20 positions, in addition to 40 recently hired positions to staff other new managed properties.

Interested candidates are encouraged to complete an online application and research career opportunities, at www.mark-taylor.com/careers. Resumes can also be emailed to HR@mark-taylor.com or faxed to 480-281-5580.
Mark-Taylor offers excellent long-term opportunities for individual interested in a career in the multifamily industry. Every employee is automatically enrolled in Mark-Taylor University, a state-of-the-art training program with customized courses and program to set employees on a path of continual success.

Mark-Taylor benefits include medical, dental, vision, short-term disability, voluntary long-term disability, life and accidental disability, additional life, 401k and employee rental discounts. Career development paths are customized to foster growth through personal training programs designed to bring out the very best in each individual employee.

Encantada, HSL Properties, WEB

HSL breaks ground on Tucson National luxury apartments

HSL Properties, Inc. announced the ground breaking of its new $46 million, 368-unit luxury apartment home community in the exclusive Tucson National area of the northwest Tucson metropolitan area. With the success of Encantada at Riverside Crossing, Dove Mountain, and Steam Pump, Encantada at Tucson National is the latest in its premiere Southern Arizona luxury apartment collection. The property is scheduled to open for lease-up in the summer of 2015 and will be completed in fall of 2016. HSL Construction Services, LLC is the general contractor and Eglin + Bresler Architects PC will design the project.

Residents at Tucson National will enjoy the unique amenities Encantada properties offer, which include:
•    Interior features: granite slab countertops, solid wood cabinets, smooth top range, full-size laundry with multi-cycle washer and dryer, spacious storage, 9-foot plus ceilings, wood-style flooring and upgraded carpeting, elegant fixtures, and more;
•    Loft residences with attached garages;
•    Energy efficient residences;
•    Designer clubhouse;
•    A 24-hour state-of-the-art fitness center;
•    32-seat, private, full surround sound movie theatre;
•    Indoor/Outdoor living space with professional kitchen;
•    Two resort pools with large spa and fully appointed private cabanas;
•    Complimentary coffee bar;
•    Dog ranch;

As part of the development, Shannon Road will be widened to five lanes north of Cortaro Road to Club Drive, and the Shannon Road and Club Drive intersection will be signalized to improve traffic flow in the area.
The other HSL Encantada properties in the Tucson metropolitan area are Encantada at Riverside Crossing built in 2011, located at 1925 W. River Road, Encantada at Dove Mountain built in 2013, located at 4688 W. Tangerine Road, and Encantada at Steam Pump built in 2014, located at 11177 N. Oracle Rd.

C:UsersRogerDesktopProjectsHines - Chandler CommonsCADCD

Hines closes on purchase of 25-acre Chandler Viridian

Hines, the international real estate firm, announced today that it has closed on the purchase of the 25.5-acre site for Chandler Viridian, a mixed-use property on the northwest corner of the Loop 101/Loop 202 interchange, adjacent to the Chandler Fashion Center. Hines has been working on Chandler Viridian for nearly two years due to the significant legal complications related to the unfinished Elevation Chandler project. With the legal process regarding the site now complete, Hines expects to demolish and remove the structure in December 2014.

“Chandler Viridian will expand the area’s economic engine by creating a true live, work and play environment. The visibility and walkability of Chandler Viridian exceeds many other mixed-used projects in the area,” said Chris Anderson, Managing Director and local City Leader for Hines. “Hines is excited to develop the last available site adjacent to the Chandler Fashion Center and complete the master plan envisioned by the Chandler City leadership and citizens over 15 years ago.  The support received from the Chandler City Council, city staff and Alliance Bank of Arizona has been instrumental to our success.”

“This is a high-profile site in the midst of the Price Corridor, and the entire community will benefit from having a new project there,” said James Smith, the City of Chandler’s Acting Economic Development Director. “This is the moment our residents have been waiting for – to see that failed structure come down, and new development take its place.”

Alliance Residential is developing the Class A multifamily property at Chandler Viridian. Multifamily construction is expected to begin in the first quarter of 2015. Alliance Residential is headquartered in Phoenix with 33 regional offices nationwide.

“Alliance Residential has served as a partner throughout the entitlement and land-closing process, collaborated on the design and plays an important role in delivering on the promise of Chandler Viridian,” says Anderson.

“We are excited to develop the residential component within the well-designed, mixed-use project led by Hines,” said Ian Swiergol, Managing Director of Development, Southwest for Alliance Residential. “This urban community will meet the ever-growing demands of today’s renter profile and will complement the great mix of employment and entertainment options within the Chandler Fashion Center submarket.”

In addition to the luxury apartments, Chandler Viridian will include a six-story modern brand hotel, a central plaza with 250,000 square feet of Class A office, and retail options along with a pedestrian promenade to the Chandler Fashion Center. Chandler Viridian is located in the heart of the Chandler retail entertainment district.

Construction on the horizontal infrastructure for the commercial properties is expected to begin in the second quarter of 2015. The hotel, office and retail projects will begin construction later in 2015 and into 2016.

RSP Architects of Minneapolis serves as the architect of record for Chandler Viridian. A general contractor has not been selected.

real estate market

Real Estate Market Is Recovering, So What’s Next?

As job numbers and consumer spending begin to rise post-recession, the real estate market is also starting to recover. But will we see a repeat of massive growth, skyrocketing prices and cookie-cutter homes? One expert from the W. P. Carey School of Business at Arizona State University analyzes likely future trends.

“We have a lot of people looking at the same real estate data and making decisions at the same time,” explains Mark Stapp, the Fred E. Taylor Professor in Real Estate and director of the Master of Real Estate Development (MRED) program at the W. P. Carey School of Business. “This is how markets wind up with overbuilding and speculation, but I’m actually hopeful that won’t happen in the Phoenix metro area this time. After the recent bust, real estate professionals are paying more attention to differentiating projects and focusing more on users’ wants and values. Also, lenders are enforcing more discipline.”

Stapp says the Phoenix area is one of the markets with the most abundant real estate market data available. On the residential side, Stapp is seeing the emergence of different products to meet people’s changing needs.

“We’re watching the development of new luxury apartments that are big enough to comfortably house families,” says Stapp, who is both a real estate developer and who teaches real estate to mid-level professionals. “Many former homeowners have either decided to get out of the single-family home market because of their recent experiences or they simply can’t buy another home because of credit issues. Renting may be their best alternative.”

In addition, Stapp says it’s tough to get many existing homeowners to sell their houses with prices still down from the peak; they don’t want to lose money. Therefore, developers are introducing new alternatives that might be appealing. They’re integrating more sustainable, energy- and money-saving features. They’re also trying out new designs that appeal to changing lifestyles.

“Real estate is a service business, and developers have to deliver what the customers want,” says Stapp. “We’re already seeing more interest in new-home sales, and developers are getting creative. For example, there’s a very modern Dutch-designed model home from a major local builder. In the past, a risk like that would have been shunned in favor of more cookie-cutter homes that all look similar.”

Developers are also focusing on filling in desirable areas already close to roads and development, instead of building on the outskirts, where new homeowners may be reluctant to live. The median home price in the Phoenix area is already up 25 percent from this time last year, and new-home sales are up more than 40 percent. Plus, Stapp says it won’t be that long for many of those who filed for bankruptcy and/or lost their homes to foreclosure to get back into the real estate market.

“The Federal Housing Administration (FHA), Fannie Mae, Freddie Mac and the Department of Veterans Affairs (VA) all allow people who’ve filed for bankruptcy to get loans after several years,” explains Stapp. “Some developers are planning for that now, since it takes around two years from start to finish on these building projects.”

On the commercial side, Stapp says office-space needs have permanently changed. Thanks to advancements in technology and more forced productivity from fewer employees, more people and equipment can now fit into the same amount of office space. Also, some older buildings just don’t have the right configuration for modern equipment, and parking may be lacking. Therefore, Stapp thinks it will take longer for this sector to recover. However, he feels industrial space is already back in pretty good shape in the Phoenix area, though the situation is fragile.

“If they pull the trigger on too many projects, it will be like overgrazing,” says Stapp. “We don’t want to overbuild again, which would ruin the market for everyone.”

Stapp would like to see a little more regional development planning, plus a good look at the current property-tax structure. He also advocates more self-control.

“Hopefully, the recent fall has instilled a sense of discipline in the real estate community,” concludes Stapp. “Making money in real estate has always been about transactions – buying and selling. Banks make money when they loan; architects make money when they design; construction crews make money when they build. We all have to start putting more time into thinking and planning, even if that means postponing a pay day.”

Stapp is one of the industry experts teaching in the one-year Master of Real Estate Development program at the W. P. Carey School of Business. The program immerses students in the various facets of real estate development, including business, law, design and construction.

For more information about the MRED program and the real estate market, visit www.wpcarey.asu.edu/master-real-estate.