Guess Who's Getting Into Multifamily?
The Resmark Cos is the latest to join the multifamily game, this time in a second JV with Westfield and Greystar in Desert Ridge. (Go be neighborly and say hello.)
Resmark's Ziv Cohen (here with this son Ben at a martial arts dojo) tells us the luxury apartment complex (344-units) will be spread across nine buildings on 15 acres at the northeast corner of East Deer Valley Road, just down the road from the Mayo Clinic Hospital and Scottsdale Airpark. That means it's not far from 50,000 employees for such companies as GE Capital, GoDaddy.com, and JDA Software.
Ziv says he expects to get $1.50/SF rents, similar to what Resmark and Graystar are achieving at their Elan at Desert Ridge community. Even though Phoenix has a big pipeline, "you have to isolate it to several micro markets and then look at what is the location's desirability and assess the competition within that micro-location,” Ziv says. (Somebody could be building a bunch of houses on Park Place, but it's not a big deal if you keep landing on Baltic Avenue.)
