Land Advisors Organization Scottsdale announced the sale of a 22.99-acre site planned for 245 units in Surprise, Arizona.
The property is located at Cotton Lane and Sweetwater Avenue and sold for $3.65 million to NPC Trugold, LLC. The sale of this parcel is significant as it is one of the first multi-family acquisitions on the west side of the Loop 303 in the emerging Loop 303 corridor.
The sale was arranged on behalf of the seller by Mike Schwab, Bret Rinehart, Ryan Semro and Ben Heglie of Land Advisors Organization Scottsdale who specialize in home builder developments and master planned communities throughout Arizona.
“The project, Trugold, will bring the hybrid rental product that has been successful across the Valley to the Loop 303 corridor in Surprise,” Rinehart said. “We expect the success of this project to match that of several existing communities located east of the Loop 303 in Surprise. This site is strategically located with easy freeway access, it is in close proximity to retail and major employers as well as regional amenities including the White Tank Mountain Regional Park.”
Land Advisors continues to advise clients on this product type and is working on several additional complementary projects in the area.
According to Hancock Communities, TruGold will consist of 245 luxury, one- and two-bedroom rentals. With Tuscan and Santa Barbara flair, this community includes a gorgeous pool, spa, and covered ramada with linear fireplace and outdoor TV viewing.
The community located welcomes residents with a gorgeous entry portico and large open green spaces with shaded picnic areas. The project breaks ground on May 5 and will be completed in September 2022.
Hancock Communities handled all the predevelopment, site plan, and zoning work on this project. That makes seven completed SFR communities for Hancock, seven under construction an additional eight to 10 in the design phase.