Old Rawhide site in Scottsdale might become new apartments

A revised plan for the former Rawhide site in north Scottsdale would include 262 apartments southeast of Pinnacle Peak and Scottsdale roads. Developer Larry Gabriele initially planned the Villa Volterra condominiums on just under 17 acres but now intends to build the Collection of Silverstone Luxury Apartments. It would include primarily one- and two-bedroom apartments in buildings of two or three stories, some with attached garages. "We're seeing a firmed up market on the rental side, especially in north Scottsdale," said Gabriele, managing member of North Scottsdale Apartments LLC. Apartment development has been scarce in north Scottsdale and rents are on the rise. Average rental prices in the north Scottsdale/Fountain Hills submarket for the second quarter are $942 per month, up 1 percent from a year ago, and just 6.8 percent of the apartments are vacant, 3 points below the Valley rate, said Pete TeKampe, Marcus and Millichap vice president of investments. "That market is getting tighter by the day, turnover is low and demand is very high," he said.

Click here to view this article from its source.