With 4,000 apartment units across the country, New York-based developer Mack Real Estate Group LLC has selected Phoenix for its first build-to-rent communities.
The developer is investing approximately $250 million to build luxury rental units in the Valley. The units will be single-family rental homes within a community that offer resort-like amenities.
The company plans to build the 735 rental units near Taiwan Semiconductor Manufacturing Co.’s $12 billion plant in north Phoenix, located off the 303 freeway. The area will soon be booming with new employment opportunities and will have an increase in need for additional residencies.
$22 million was paid for 21 acres at 20620 N. 19th Avenue. 438 unites will be built in this area. An additional 20 acres were bought at 23rd Avenue and Pinnacle Peak Road. 297-unit rentals will be built at this location.