Saturday, August 13, 2011

Chandler, Tempe get apartment complexes

Two new apartment complexes are on tap for the East Valley, including a Tempe project that developers say is the largest of its kind in the Valley in more than two years.

Work on the $29 million San Marquis Apartments, at Baseline and Rural roads, is under way and set for completion in late 2012. It will have 224 units.

It's a venture of Kitchell Development and Mark-Taylor, two firms with development and property-management experience.

The two companies also plan to break ground soon on a second and larger project, the 383-unit Parcland Crossing luxury apartment community at Loop 202 and Alma School Road in Chandler. That venture, with an estimated cost of $44 million, also is slated for completion late next year.

"We see multifamily as a key growth sector over the next several years," said Ryan Cochran, Kitchell's director of development, in a statement. "A number of our mixed-use developments will have a multifamily component."

Both developments will feature units from one to three bedrooms, ranging from 625 to 1,400 square feet. They also will include amenities such as resort-style pools, clubhouses and granite countertops. Monthly rents are expected to run from $850 to more than $1,600.

Leasing of units at both projects will begin in the first half of 2012.

US Bank is financing the Tempe complex, and Wells Fargo is providing lending on the Chandler project.

Phoenix-based Kitchell has offices in Arizona and California and employs about 1,000 people.

Scottsdale-based Mark-Taylor counts roughly 365 Arizona workers and operates in Nevada, Oregon and Washington.

by Russ Wiles The Arizona Republic Aug. 13, 2011 12:00 AM

Chandler, Tempe get apartment complexes

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