Scottsdale-based luxury apartment developer Mark-Taylor Inc. is teaming up with Phoenix-based Kitchell Development Co. to erect a giant 590-unit multifamily project in Tempe.
The project will be located on roughly 30 acres near the southwest corner of Warner Road and Priest Drive. It’s on a block of land that, through a joint-venture deal between Mark-Taylor Capital LLC and Kitchell, was recently purchased in two transactions for a total $11.2 million.
Read more about the venture and project in this Phoenix Business Journal article.
Kitchell has broken ground on developer Sunroad Enterprises’ two new apartment buildings in San Diego, the Sunroad Centrum Apartment Buildings at Lightwave Avenue and Spectrum Center Boulevard.
“San Diego is among the top three apartment markets in California,” said Bill Cornelius, Kitchell’s regional director – community living. “Ariva is in a very desirable location and the demand for Class-A properties in this area is high. This project has been in pre-development for a couple of years, and as we’ve seen with many of Kitchell’s multifamily projects in Arizona, the commencement of development/construction right now strikes a good balance between access to cheap capital, cost of construction and rents.”
Read more about this project in this article from Multi-housing News