The red hot rental housing market in the Valley has caused many investors and developers to want to get in on the action. The newly-formed Lennar Multifamily Investors LLC plans to build 328 units in Tempe in what will be the company’s initial foray into the apartment development and rental business.
Lennar Multifamily paid $13.5M ($2.5M/acre) to purchase a 5.3-acre parcel along the south side of the Tempe Town Lake at 601 W. Rio Salado Parkway. The seller was Evergreen Devco Inc., Phoenix. The prime land is west of Mill Avenue, immediately south of the Tempe Center for the Arts, adjacent to the Tempe Beach Park. The total land and development cost is estimated at $60M ($183K/unit). Read more: Lennar’s New Multifamily Unit to Build First Complex on the Lake | Arizona Builders Exchange
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