Jay Curran Of Crescent Communities Acquires 248-Unit Multifamily Site In Phoenix For $11.69M

The property asset involved in the transaction is an 8.5-acre multifamily site located at 26000 North Norterra Parkway in Phoenix, AZ. Crescent Communities acquired the asset for $11.69 million. The site consists of 248 units, with a per-unit price of $47,137. Construction for the planned rental community, Novel Norterra, is expected to commence by the end of July.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $11,690,000
• Address: 26000 North Norterra Parkway
• Market: Phoenix, AZ
• Acres: 8.5
• Units: 248
• Per Unit Price: $47,137
• Buyer: Jay Curran - Crescent Communities
• Seller: US Raven I LP

Jay Curran represents Crescent Communities in this transaction, which adds to the company's multifamily portfolio in the metro Phoenix area. The development is situated within the extensive 600-acre Norterra master-planned community, which is in proximity to TSMC’s semiconductor campus.