Contractor Invests in Hometown, Bringing New 160-Unit Apartment Community to Prescott
New Willow Creek area community to be first new market-rate apartments built in Prescott in more than five years.Last week, Cole Johnson, president of Paul Johnson Drywall, announced that his development company will begin construction on a new 160-unit garden style apartment community in Prescott, his home town. General contractor Decca Multi-Family Builders began clearing the site earlier this month and groundbreaking is planned for September 2015. Construction is expected to complete by late October 2016.
The project, located at 3137 Willow Creek Road in Prescott, Arizona, will include new studio, one-bedroom and two-bedroom apartments and carriage houses with detached garages. In addition, the community will provide residents with new clubhouse facilities, including a full-kitchen, supplemented by outdoor BBQ, community entertainment space, courtyards and a 24-hour fitness center. Unit amenities include granite counter tops, in-unit laundry facilities, plank flooring and extensive landscaping.
Allison-Shelton Real Estate Services will be managing the property. Reservations are expected to begin by early summer 2016. Interested parties can contact info@Allison-Shelton.com for information and news about the new apartment community.
“Demand for new apartments is high in Prescott,” said Thomas Shelton, principal with Allison-Shelton Real Estate Partners. “This is the first market-rate community to be built in Prescott in at least five years and as a result we expect the waiting list to begin the first day we open reservations.”
Other development projects by Cole Johnson through his development company Parlay include:
Whispering Canyon, a custom home subdivision in Prescott, Arizona;
Berkanna Townhomes with locations throughout Arizona; and
Encanto at Moon Valley, a new single-family residential development in Phoenix, Arizona by Metro Living.
“There has been a growing demand for quality apartments in Prescott in recent years, making our timing right for this project,” said Cole Johnson. “Thanks to the great work by my finance partners Paragon Mortgage and Alliance Bank, we were able to negotiate through the complex HUD financing process to secure a $17.2M, 40-year, 3.6%fixed-rate term loan without any personal guarantees. We are on track to deliver 160 new apartment units in 14-months.”
