How Opportunities & Partnerships Makes The Deals Work
A favorable market and a suitable partner have steered our company Phoenix Commercial Construction to enter the multifamily arena in Idaho.
We are Nampa, Idaho-based company, where we have been a player in the commercial real estate and development market in Idaho’s Treasure Valley region since the inception in 2014.
We have tackled a variety of high-profile projects in the area since 1999 including work for police departments, fire stations, a city hall, offices, and industrial buildings and now we are moving into the multifamily market.
It was the perfect combination of opportunity and being able to partner with the right people, where we have partnered with Aaron Elton, president of ipCREF, who has generated more than $500 million in commercial real estate financing for our construction projects and our companies are developing four multifamily projects consisting of roughly 1,000 residential units in the Treasure Valley area.
Aaron and I have emerged as a little bit of a powerhouse because we can plan, develop, construct and deliver, and our market has not seen that combination recently, we’re a totally different team than what is normal in our market.
For instance, one of the four projects is a 180-unit luxury apartment complex called Central Park Commons. It features one-, two- and three-bedroom floor plans. The $32 million projects are being constructed in phases with a projected completion date in mid- to late 2018.
The 200,000-square-foot multi-building complex will stand out thanks to its amenities, units will feature quartz countertops, high-end cabinets, stainless steel appliances, walk-in closets and a mixture of carpeting and hardwood floors, it’s definitely top of the market for Idaho.
Other amenities include a community patio with full outdoor kitchen, semi-private seating areas scattered around outdoor fireplaces, an outdoor and indoor playground, sport court, state-of-art fitness center, yoga studio, tanning bed, massage bed, outdoor pool, and a splash pad. A media room for screening events and movies and an indoor kitchen and entertaining areas are additional amenities. The complex’s 4,000-square-foot clubhouse features a two-sided fireplace and opens into the outdoor kitchen with sports fire pits and wood fire pizza oven.
We redesigned the clubhouse and made it very user-friendly, the workout room has a glass wall that is integrated with a kid’s area so you can see your kids at all times. In addition to Central Park Commons, we are working on a high-end 250-unit apartment complex set to break ground in spring 2018. The $48 million projects, called Mackenzie Meadows, will consist of 22 two- to four-story buildings that will encompass roughly 270,000 square feet.
We are also developing the Summer Town and Jasmine apartment complexes, Summer Town is a 270-unit, 260,000-square-foot mixed-use complex. The $40 million projects, scheduled to break ground in 2019, will be attached to 10 townhomes. Jasmine Apartments will span over 20 acres and its buildings will take up roughly 600,000 square feet. Its 600 units will also be attached to townhomes. The $80 million projects are set to break ground in 2019.
All three projects will include high-end amenities similar to Central Park Commons. And one of the things we incorporate in all of our complexes is pet amenities like pet wash facilities and pet parks, I believe the amenity package really pays you back because it provides quality of life. Contact us about future investment opportunities: http://bit.ly/ToolsForFinancialFreedom