A Chandler apartment complex will get a face-lift in the coming months. In October, California-based Portico Properties bought a 200-unit complex on Price Road north of Elliot Road near the Loop 101 for $16.6 million.
The investment group plans to rename the property, previously called Chandler Pointe, Chandler Meadows and spend $1.8 million on renovations.
“It’s great access off the freeway,” and the Price-Elliott intersection has roughly 35,000 vehicles pass through daily, said Alan Collenette, a principal at the firm.
The renovation will include exterior work with new signs, paint, a business office and workout facility, Collenette said.
The work will take about 10 months, he said.
Rents at the complex currently run from about $795 for a one bedroom to roughly $1,200 for a three-bedroom. Portico may raise rents from 3 percent to 4 percent, Collenette said.
“Our goal is to try to make it worthwhile to stay,” he said.
The group has also bought up other Valley apartment properties to renovate, including the 269-unit Waterstone Apartments at the southeast corner of U.S. 60 and Dobson Road in Mesa.
Randall Martin Home
In the single-family home market, Randall Martin Home will be offering 85 home sites in its new Sandalwood at Higley Park subdivision.
Situated on the northeast corner of Ray and Higley roads in Gilbert, Sandalwood is the Scottsdale-based builder’s third project in the larger Higley Park development.
The floor plans offered range in size from roughly 1,890 to more than 2,800 square feet. There are one- and two-story homes with three or four bedrooms.
Prices start in the $280,000s and run up to the $360,000s.
A major mixed-use development project planned for west Mesa is one step closer to reality. The sales office for AquaTerra — a project that includes 350 condominiums and 20,000 square feet of retail space — is slated to open today.
Located just east of Fiesta Mall near West Grove Avenue, the development will have three, six-story interconnected buildings and is being built by Chicago-area developer Tom Roszak.
Condominiums will range in size from 600 to 3,000 square feet. Prices will start in the $180,000s and go up to the $900,000s. The new sales center will be located on West Grove Avenue.
Construction on AquaTerra is expected to start in summer 2008 and be completed in late fall of 2009.