Legacy Partners, a privately held national real estate firm, together with joint venture partner DWS, a leading global asset manager, announced the start of construction on Olea Scottsdale, a 433-residence apartment community in Scottsdale, Arizona.
The project is located north of Loop 101 and east of Scottsdale Road, at the northwest corner of Legacy Boulevard and Miller Road, in Scottsdale’s fastest growing neighborhood.
Olea Scottsdale will consist of 325 garden-style homes and 108 townhomes. Thirty-eight total buildings are planned, 24 of which will be townhomes and 14 will be apartments. Promising a phased delivery, the townhomes will be completed in summer 2027 with the garden-style homes anticipated for fall 2027. KTGY is the architect for the project and an affiliate of The Dinerstein Companies, a Houston based real estate company, will be the general contractor and co-investor in the project.
Legacy has been developing in Arizona since the 1970’s and views this project as a unique opportunity to capitalize on the region’s strong macroeconomics.
“Our team at Legacy is excited with the opportunity to bring an elevated suburban garden-style product to one of the most sought-after communities in this part of the valley” said Tim O’Brien, senior managing director for Southern California and the Southwest at Legacy Partners. “This is a unique development for North Scottsdale which will meet the demand for a high-end lifestyle in a low-density setting.”
The apartment buildings border Legacy Boulevard and Miller Road with a 25-foot setback, creating a buffer that protects the site and allows for desert plants to line the roadways. The townhomes along Miller Road are set back more than 75 feet, allowing room for a dog park and protected outdoor amenity areas with views towards the McDowell Mountains.
“This development opportunity and its design align with our strategy of investing in best-in-class residential projects in submarkets with strong fundamentals and builds on our programmatic relationship with Legacy Partners to deliver build-to-core assets on behalf of our investors,” added Michael J. Nigro, CIO and Head of Value Add & Development, Americas Real Estate at DWS.
The project’s location is highly desirable as the North Scottsdale submarket is among the fastest-growing and highest-rent multifamily submarkets in the Phoenix MSA. Luxury shopping options (including a Whole Foods-anchored shopping center 1.0 miles from the project), world-class resorts and golf courses. With its proximity to the Loop 101, North Scottsdale presents residents with convenient access to two of Arizona’s largest employment concentrations, the Scottsdale Airpark, and the Kierland Corridor.
