Summary

To-be-built 202 unit luxury apartment community comprised of one-, two-, and three-story buildings. The property will consist of 11 loft units, 78 one-bedroom units, 87 two-bedroom units, and 18 three-bedroom units. There are also 8 two-bedroom townhouse units. The Site area consists of 13.55 gross acres with a density of 15 units per gross acre. The property will be developed with both detached and direct-access attached garages as well as covered carports and open spaces, bringing the total to 246 spaces and an overall ratio of 1.79:1. The property is located in the newly released Planning Unit One area of DC Ranch, the premier master planned community in North Scottsdale developed by DMB, Inc. Land uses adjacent north and east will be limited to single family residential homes, with proposed pricing starting at $300,000. The property will include a pool with spa and additional water features, a leasing office with recreational features and a separate exercise building will be provided for use by the residents.

The investment strategy consists of a 24-month development timeline (including lease-up phase), whereupon the property will be marketed to both institutional investors as well as condo converters. Desert Parks Vista represents the only property being developed in the Scottsdale submarket of Phoenix; there are no competing projects currently in a lease-up phase as well as no projects in pre-development/planning phase. Condo conversion activity continues to lower rental supply in Scottsdale (829 units are currently being converted to condominiums). Desert Parks Vista is well-positioned to take advantage of these market fundamentals.