Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Tempe Prepping for Two Rental Communities
A local planning agency has greenlighted two apartment projects near Arizona State University totaling 512 units.
The Phoenix Business Journal reports both projects are proposed at the sites of existing structures that would be cleared to make way for the new buildings, and both are subject to City Council approval.
Apache Square would bring 272 units to a 1.95-acre site formerly the home of a Pep Boys auto repair shop at 1747 E. Apache Blvd. KB Devco became the owner and developer of the land after purchasing the parcel in January 2022 for $5.75 million.
KDF is developing the Verve Tempe at 1011 E. Orange Street., which would bring 240 mostly four-bedroom units to a 0.9-acre site at 1011 E. Orange Street. Currently home to Park Terrace Apartments, the 58-unit complex is primarily occupied by students. KDF bought the site in October 2022 for $9 million.
- ◦Development
