By Angela Gonzales | Phoenix Business Journal
Miami-based The Related Group, one of the country’s largest real estate conglomerates, is making its Phoenix debut, with plans to invest $500 million here in new projects.
The developer is breaking ground this week on a 286-unit luxury apartment community on a 6.5-acre parcel at 13320 N. Scottsdale Road in Scottsdale.
With a total development cost of $88 million, that project, called The Manor Scottsdale, is being financed by a combination of private equity, construction loan and internal operations, said Michael D’Andrea, vice president of development for The Related Group.
Chicago-based McShane Co. is general contractor on the project, while Dallas-based Humphreys and Partners Architects is the architect.
The first phase of the units will open in March 2022, with units ranging from 550 for studios to 1,500 for three-bedroom units.
D’Andrea said it’s too early to determine rental rates.
The Related Group, which manages more than 100,000 apartment units across the country, also has three other projects in the Valley in various stages of the process.
A 388-unit community near Deer Valley Airpark is expected to begin construction in December, featuring larger units with a more suburban feel.
In addition, a 420-unit community in Chandler will break ground early next year and another parcel is under contract in the Scottsdale Kierland area of north Scottsdale for 360 units. That Kierland deal is expected to close mid to late next year.
All four projects will total about 1,400 units and total about $500 million in development costs, he said.
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