IPA, Rockefeller Group JV to Develop Apartments in Phoenix Suburbs
- Sep 18, 2012
Investment Property Associates, L.L.C. and The Rockefeller Group entered into a joint venture agreement to develop Liv Northgate, a 402-unit Class A apartment community in Gilbert, Ariz.
“The partnership is founded on shared values. IPA and Rockefeller both have a commitment to producing really high-quality products with a definitive focus on the end user, whether an office or multi-family,” Bill Fettis, Partner of IPA and co-founder of IPA Management, told Commercial Property Executive. “This project reflects that commitment.”
Situated on the northeast corner of Warner and Recker Roads, the site will comprise 24.67 acres and will complement The Rockefeller Group’s 155 acre mixed-use North Gateway project, which will accommodate 226,000 square feet of office space, 1.1 million square feet of industrial /flex and 12.2 acres of retail space.
Liv Northgate will be managed by IPA and the 402 garden-style, luxury apartment units will consist of two- and three-story buildings, a leasing office, high-tech clubhouse and extensive recreational amenities.
“IPA loves to design with a real personal touch,” Fettis said. “Things are really centered around conveniences for the residents, making sure everything is very accessible, that there’s lots of technology built into the units themselves and that it’s well suited to a modern lifestyle.”
Each unit will include a premium appliance package, custom cabinets, slab granite kitchen counters, full-size washer and dryer, walk-in closets, ceiling fans, state-of-the-art communications wiring, simulated wood flooring, window blinds, nine-foot ceilings and private balconies and patios with storage areas.
The developers will also focus on maximizing the square footage in the spaces to create comfortable living environments and promoting sustainability. Some of these features are reflected in intentional gathering spaces, state of-the-art fitness equipment, health and wellness classes, recycling stations and pedestrian walkways throughout the property that connect to surrounding greenbelts.
“We like to do some innovative things on the sustainability front. We offer a concierge recycling service to make things easy for residents,” Fettis said. “We also are providing electric car charging stations and maximizing green space in the property.”
Other amenities include two heated pools with fire and water features, sand volleyball, a 24/7 fitness center, a bark park and pet care station, numerous outdoor picnic and family recreation areas throughout the property and gated access.
Liv Northgate and North Gateway will represent one of suburban Phoenix’ most desirable mixed-use developments, in close proximity to freeways, aerospace companies located near Phoenix Mesa Gateway Airport, Banner/M.D. Anderson, other hospitals close by and DMB’s new Eastmark development.
The project is scheduled to get under way in early 2013; development costs are anticipated to be approximately $57.5 million.
“The Rockefeller Group is very pleased to be partnering with a company of IPA’s experience in developing and managing high quality residential communities in Arizona,” said Mark Singerman, Regional Director of The Rockefeller Group’s Arizona office. “With IPA as a partner, we look forward to bringing quality Class A, highly amenitized residential living to Gilbert.”
IPA was represented by Cindy Cooke, Brad Cooke, Carrie Burton and Alex Sampson of Colliers International in Phoenix. The Rockefeller Group was represented by John Finnegan, Chaz Smith and Ramey Peru, also with Colliers in Phoenix.