By Alex Girda, Associate Editor
Even though it’s been one of the markets most affected by the recession, metro Phoenix has seen a somewhat unexpected upturn in the amount of houses needed to accommodate potential buyers. Information from the U.S. Census Bureau shows that Phoenix ranks 7th in terms of the value of all private housing projects authorized in 2010.
The total value of those projects was around $1.7 billion, ranking the Phoenix area in the top 10 out of America’s 366 largest metros. The top spenders in private housing projects were the residents, or future residents, of Houston with a total of $4.17 billion. Twenty metros out of the 366 managed to rack in over $1 billion while an additional 24, had figures somewhere between $500 million and $1 billion, The Phoenix Business Journal reports. Total expenditures for all of the metro areas with residential construction valuations stood at $88.46 billion for 2010.
Mountain Park Ranch, a luxury apartment complex situated at 13820 S. 44th St in Ahwatukee, was the object of a $44 million transaction. CREF Windsor LLC of Santa Monica, CA is the new owner of the residential complex after being purchased from Windsor at the Preserve LLC, a Boston-based company.
Although initially the value of the deal had been undisclosed, a PBJ article revealed the amount citing an affidavit with the Maricopa County recorder’s office that indicated a sale price of $44.6 million. During the deal, the seller was represented by two CB Richard Ellis agents, Tyler Anderson and Sean Cunningham. The luxury apartment complex was built back in 1996.