Avison Young announced today it has completed the $7.93 million sale of a 10.9-acre land parcel located in Buckeye, AZ. The site is within an opportunity zone and is slated for the development of a 204-unit garden-style multifamily project.
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Avison Young Principal James DeCremer who is based in Phoenix negotiated the sale on behalf of the seller, Watson and I 10 Thirty Four, LLC. The buyer, Pedcor Companies, an Indiana-based full-service development, construction, property management, banking and finance company, was represented by Will French of Cushman & Wakefield.
The planned garden-style apartment project will include one-, two- and three-bedroom units with construction timing yet to be determined.
The site is located at the Southeast corner of the Watson Road interchange in Buckeye, AZ. It is highly visible from the adjacent Interstate 10.
“Buckeye is one of the nation’s fastest-growing cities and there is a strong demand for rental units as population growth continues throughout the Valley,” said DeCremer. “With a slowdown in residential construction due to rising interest rates and development costs, this opportunity zone project will be a welcome addition to the city.”
