NAI Horizon represented Gilbert Growth Properties LLC (Park Corporation), headquartered in Cleveland, Ohio, in the disposition sale of 8.61 acres of land at Val Vista Square in Gilbert, Arizona, to Crescent Communities, LLC.
Val Vista Square is a large, mixed-use commercial land development located at the SEC of Val Vista Drive and Pecos Road, just north of the Loop 202 in Gilbert. NAI Horizon Senior Vice President Lane Neville and Associate Logan Crum represented the seller in the $7.5 million transaction.
The new development is for a high-density, luxury apartment project. The buyer, CC Val Vista, LLC (Crescent Communities) of Charlotte, North Carolina, is a nationally recognized developer. The new, 317-unit multi-family community is called NOVEL Val Vista.
“NAI Horizon is thrilled to be part of such a significant land transaction,” Lane Neville said. “Crescent Communities is top tier and will be building one of the finest luxury apartment properties in the entire Southeast Valley. The addition of this high-end residential component is a critical milestone for our overall commercial mixed-use project. This deal is such a nice addition to Val Vista Square and complements the
soon-to-be grand opening of ALDI Grocery Store located adjacent to the NOVEL community.”
“We are thrilled to begin our work on NOVEL Val Vista and look forward to breaking ground in early 2021,” said Ken Keefe, Director of Development for Crescent Communities. “The community will feature a variety of amenity-rich offerings suited to the residents of the growing Phoenix market, including top-of-the-line finishes, a spacious and refined clubhouse, a luxury pool, sky lounge, fitness center and more.”
For the seller, selecting the right residential developer was the key to bringing the multifamily dimension to the overall project.
“We first selected Crescent Communities based on their stellar long-standing reputation to create high-quality, high-density apartment living throughout the country,” said Park Corporation representative Morgan Neville. “As we began our work to complete the land sale, we knew immediately we had picked the right group. Their entire team was creative, responsive and proactive through the entitlement and design process.
“This was really important given that this is the first multi-family project in the Town of Gilbert to be approved and developed in their newly created multi-family, high density zoning district; and will set the bar for future urban style developments.”
Morgan Neville added the process was more challenging than usual given the unprecedented and difficult COVID-19 environment.
“This transaction is a major milestone for our property, as Crescent Communities’ NOVEL Val Vista brings the critical living component to Val Vista Square and to our vision of creating the finest mixed-use community development in Gilbert,” Morgan Neville said.