GenX Capital Partners and Prestige Development Group have partnered for the development of Azul El Paso, a $40 million, 130-unit community in El Paso, Texas. The duo received the final city approvals and intend to break ground on the project in the first quarter of 2024.
The developer purchased the site for $3.2 million, GenX Capital Managing Director Mark McClure told Multi-Housing News. Titan Funding‘s John Mansour and Edward Piazza secured the acquisition financing.
The community is set to encompass studio, one- and two-bedroom layouts, as well as some 12,000 square feet of retail space. Common-area amenities are expected to include a fitness center, business center, meditation room, theater room and conference room. Plans also call for a restaurant, bar and swimming pool.
The 104,000-square-foot property will rise at 6767 Gateway Blvd., close to retail centers Cielo Vista and The Fountains at Farah. Fox Plaza shopping mall will be some 3 miles away, while downtown El Paso will be within 7 miles. El Paso International Airport will be 1.5 miles north.
This project is one of the three Azul-branded developments that the partnership plans to deliver in the following years. A San Antonio live-work-play community that will encompass more than 400 units has already received city approvals and is set to feature retail space, McClure told MHN. The other community will be in New England and is expected to comprise 150-200 units.
