SCOTTSDALE, AZ - Archstone, a leader in apartment investment and operations, announced today the acquisition of a 9.2-acre development site in the Phoenix metropolitan area. The company plans to build a 224-unit apartment community on the site located at the corner of Legacy Boulevard and North 91st street in Scottsdale’s DC Ranch development. Archstone expects to begin construction in the fall of 2012.
“We are excited about the opportunity to play an active role in the continued growth and development of the prestigious DC Ranch community,” said Rick Lamprecht, Archstone’s executive vice president of investments for the West Region. “The new apartment community will be designed to further enhance the DC Ranch community’s already unique living experience, in which residents enjoy easy access to a variety of exclusive amenities and recreation facilities.”
DC Ranch is a nationally-acclaimed private golf and residential community located in the western foothills of the McDowell Mountains. Originally a working cattle ranch in the late 1880s, DC Ranch today presents a prestigious lifestyle offering architectural excellence and life-enriching programs and amenities. The Archstone development site is adjacent to the DC Ranch Crossing shopping center, which is home to AJ’s Fine Foods, Pulse Fitness and Calistro California Bistro.
In addition, there are a number of entertainment options nearby, including excellent golf courses like TPC Scottsdale, Kierland Golf Club, Grayhawk Golf Club, The Country Club at DC Ranch and The Silverleaf Club.
The DC Ranch development site is also close to North Scottsdale’s major employment centers. The nearby Greater Airpark commercial area has experienced job growth in a number of professional industries. Among the major employers in the area are Scottsdale Healthcare, Mayo Clinic, General Dynamics and CVS Caremark.
“The North Scottsdale area has continued to grow steadily since the start of the DC Ranch development, but no apartment communities have been built in the area for more than two years,” said Chaz Mueller, Archstone’s chief operating officer. “Archstone’s DC Ranch apartment community will help meet the growing demand from the lack of development of apartment living options in the market.”
The apartment community will be designed to fit seamlessly into the prestigious DC Ranch development with upscale amenities and apartment features. The Phoenix apartments will feature one-, two- and three-bedroom units with mountain views, a resort-style swimming pool, fitness center and business center.
Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of June 30, 2011, the company owned or had an ownership position in 434 communities located in the United States and Europe, representing 77,084 units, including units under construction.