TSMC Takes Stake in Second Apartment Complex Near Campus

Taiwan Semiconductor Manufacturing Co. (TSMC) doesn’t want to risk a housing issue for its employees at its $40 billion facility in north Phoenix. The Phoenix Business Journal reports TSMC is the “master tenant” for an apartment complex recently bought for $108 million. IDEAL Capital purchased the property. Hines was the developer and the seller of the property. Called Sentio, the 325-unit complex, built in 2021, is currently 100% leased.

The company previously signed on as a master tenant for another nearby apartment complex that sold for $80 million. Combined, the apartment communities encompass 617 units. A half dozen build-to-rent communities are under construction within a 15-minute drive. The TSMC campus is expected to deliver its first fab, short for fabrication shop, in 2025.

The TSMC campus is expected to employ over 4,500 workers at buildout. There will be an estimated 10,000 supply-chain jobs created. 10,000 construction workers will be needed to work on the project. Connectcre.com ran a story yesterday that provided additional details of IDEAL’s purchase of the property.

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