In late 2013, the Westfield VII Partnership plans to commence construction on Valley Club at Desert Ridge. The 344 unit, Class A apartment project sits on 12.6 acres adjacent to CityNorth, a prominent, mixed-use development in the heart of the Desert Ridge master plan in Phoenix, Arizona. Developed in 2008, CityNorth features a vibrant and complementary mix of 99 luxury residential condominium rentals (CityCenter of CityNorth), 330,000 square feet of Class A office space, and 175,000 square feet of retail space perfectly suited for destination restaurants and upscale marquis tenants. CityCenter of CityNorth, the 99-unit luxury apartment community, is currently 99% occupied and is reported to command the highest rental rates in metropolitan Phoenix. Less than one mile from the Valley Club site, on the south side of Loop 101, the world renowned Mayo Clinic is undergoing a 220,000 square foot expansion slated for completion in 2015. The Valley Club site is considered to be one of the top remaining multi-family development sites in metropolitan Phoenix.
Westfield invested in a joint venture to develop three Class A apartment projects in Phoenix, Arizona with a wholly-owned affiliate of Greystone Group. Castellina is located northwest of Phoenix in the city of Surprise adjacent to the main entrance of the 7,000 residences Sun City Grand community. The project consists of 324 units, a clubhouse, 24-hour fitness center and a resort style pool. Next to Castellina, Westfield is separately developing Westfield Commons, a 19-acre retail parcel.
Westfield invested in a joint venture to develop BelaRosa at Anthem in suburban Phoenix with a wholly-owned affiliate of Greystone Group. Founded in 1978, Greystone has developed more than 60 luxury Class A multi-family communities throughout the Southwest.
BelaRosa is the exclusive apartment community in the highly-acclaimed development of Anthem. The project consists of 354 units with garages for each unit, quality exterior architecture, high level interior design and finishes, and resort scale and quality amenities. The site offers excellent accessibility and visibility. Now stabilized and over 90% leased, BelaRosa has positive cash flow and is well positioned for a profitable exit in 2013.
Westfield invested in a joint venture to develop three Class A apartment projects in Phoenix, Arizona with a wholly-owned affiliate of Greystone Group. Founded in 1978, Greystone has developed more than 60 luxury Class A multi-family communities throughout the Southwest.
West Town Court is a 274-unit apartment development located in the southwestern quadrant of Phoenix. The project is near the new stadiums for the Arizona Cardinals and Phoenix Coyotes. This site also has superior access to Interstate 10 and the 101 Loop – two of the city’s main vehicular arteries.