built in more than five years.
“There has been a growing demand for quality apartments in Prescott in recent years, making it ideal timing for building this new community,” said Cole Johnson, President of Paul Johnson Drywall, Inc. “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.”
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 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.
About Paul Johnson Drywall: Established in 1967, PJD is an Arizona-based drywall contractor, and one of the largest in the Southwestern United States with offices in Phoenix, Tucson and Prescott, Arizona; and Las Vegas. The family-owned business has long-been the drywall contractor of choice for the most prominent home builders in the region, providing high-quality drywall and related services for single-family, multifamily and commercial projects across the region. With safety, efficiency, quality and professionalism as its core values, PJD attracts and maintains the best crews, meets deadlines and delivers exceptional craftsmanship, which has established the company’s reputation as a leader in the industry. For additional information, visit PaulJohnsonDrywall.com.
MEDIA CONTACT: Patty Johnson: 602-402-2965 or PattyJohnson@Connections-marcom.com