Evergreen Development announced its successful acquisition of The CORE, a fully entitled and permitted planned luxury multifamily community consisting of 260 units to be located immediately west of Banner Gateway Medical Center at US 60 & Higley. Hunting for well-located apartment sites in strong Metro Phoenix submarkets, Evergreen pounced on the opportunity to work with Oakdale Communities to purchase the property.
Evergreen negotiated and executed the Purchase and Sale Agreement in less than one week, followed 90 days later with a fully completed acquisition that included assuming the City-approved entitlement and architectural plans.
In a development market where due diligence, underwriting, and capital funding frequently extends six months or more, Evergreen’s speed reflects its highly efficient and deliberately engineered capital execution platform. It’s an accomplishment that stands out as exceptionally rare in today’s challenging and volatile financial environment.
“Acquiring a property midstream in the development process is one of the most difficult things to do well,” said Jim Bulsiewicz, Vice President – Arizona Multifamily at Evergreen. “There is a natural temptation to redesign, refine, and rework what came before. After careful consideration, we made a disciplined decision to respect the existing plans, move decisively, and focus on execution. That discipline allowed us to preserve time — and in development, time is often the most expensive input.”
Transitions between developers often stall projects for months as new teams revisit design, budgets, and scope. At the same time, raising equity, securing debt financing, and negotiating a GMP contract with a general contractor typically require parallel workstreams that introduce complexity and delay.
Evergreen’s ability to align capital partners, lenders, and contractors in record time reflects a repeatable internal system for underwriting, capital raising, and execution. By running financing, construction pricing, and legal documentation concurrently — rather than sequentially — the company compressed a traditionally extended process into a single quarter.
Laura Ortiz, President of Evergreen, complimented the team. “Led by Jim, our development and capital teams hit the mark with their proactive approach and commitment to succeed where others fail. Speed, and not luck, is the result of preparation meeting opportunity.” Ms. Ortiz also noted that Evergreen is actively pursuing similar opportunities for well-located sites.
Mitchell Stravitz & Mark McFate with CBRE brokered the transaction.
