Lennar plans to raze existing structures and building a 294-unit apartment community

Phoenix, December 5, 2018 – Lennar Multifamily Communities (LMC) of Charlotte, North Carolina, acquired two office buildings situated on a total of 4.17 acres within the Kierland development in Scottsdale. The company plans to demolish the two Class A office buildings and construct a luxury apartment community on the site. 

“It is unusual for the sale of two high-quality office buildings to result in demolition,” said Greg Hopley, executive vice president of Colliers International in Greater Phoenix, who brokered the sale. “This is indicative of the premium being placed on well-located multifamily sites during this very robust cycle of apartment development here in the Valley of the Sun.”

Both office buildings are situated west of Scottsdale Road on the east side of 71st Street between Paradise and Tierra Buena lanes. The building located at 15849 N. 71st St. is situated on a 1.8-acre site and contains 30,028 square feet of office space. It was sold by Kierland Office Limited Partnership. The second building, situated just to the south, contains 19,373 square feet of space on a 1.97-acre parcel. Lennar purchased the building from PBA, which is a non-profit corporation. 

LMC is expected to build a beautifully designed apartment community with a two-level podium parking garage and residential levels as tall as six stories. Development is anticipated to commence during the third quarter of 2019 and is planned to open in 2021. The community will include luxury amenities for residents, including a premium fitness center and spa, resort style pool deck, and resident lounge with golf course views. The property will offer distinctive one- and two-bedroom apartments, in addition to exclusive townhomes and penthouses.

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.
 
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
 
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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.