The Village at Surrey Hills PROJECT DETAILS
This upscale condominium development, purchased from a bank, is located in Cave Creek, Arizona, a unique sub-market of Phoenix. VRE determined during the course of its due diligence that the entitled unit designs would not be successful in the then existing economic environment. At the time of VRE's purchase the property was entitled for a total of 45 townhomes. VRE re-designed and re-entitled the project reducing the size of each unit and increasing the total number of units to 79. VRE was the first mover coming out of the real estate downturn in this sub-market with a newly designed product that matched consumer desires for a luxury product at a lower price.