Apartment Communities Make Comeback

摘要

A joint venture of Chicago-based ORIX Real Estate Equities, Inc. and Cleveland, Ohio-based zaremba Group, LLC has closed on the purchase of a 13-acre vacant site in Mesa, Ariz., and plans to develop a Class A apartment complex containing 280 units. Groundbreaking is expected to take place early in 2005. Waterford at Superstition Springs will include 280 garden-style apartment buildings. Among the 280 apartments will be one-, two- and three-bedroom residences with high-end features and finishes throughout. Amenities will include a pool, fitness center, clubhouse and business center. The property also will include approximately 10,000 sq. ft. of retail and office space fronting Southern Avenue. The architect is Todd & Associates, Inc. of Phoenix. Zaremba Contractors of Cleveland, in conjunction with clark-Wayland Builders, L.C. of Phoenix will construct the project.