A joint venture between Kitchell Development and Mark-Taylor brings 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.
Chandler, Tempe get apartment complexes
Chandler – A venture formed by Mark-Taylor, Inc. in Scottsdale (Jeff Mark, Scott Taylor, principals) and Kitchell Development Co. in Phoenix (Jeff Allen, pres.) will break ground on Parcland Crossing, a 383-unit apartment community on a 21.5-acre site located east of the southeast corner of Alma School and the 202 in Chandler this summer.
The gated community shall consist of one-, two- and three-bedroom apartment units ranging from 673 to 1,400 square feet. Plans for the upscale project include a 8,500 square-foot clubhouse and many other amenities. Parcland Crossing is permit-ready and the venture is in the process of selecting a construction lender.
Another Mark-Taylor/Kitchell venture, Rural Baseline Apartments LLC, will break ground on the San Marquis apartment community in June. San Marquis consists of 224-units on a 10.1 acre site located west of the southwest corner of Rural and Baseline roads in Tempe. In October 2010, BREW reported Mark-Taylor/Kitchell paying $4.5 million for the property. San Marquis will include a mix of one-, two- and three- bedroom apartment units ranging from 645 to 1,440 square feet. The venture has selected U.S. Bank to finance the project.
The venture plans to hold the assets for investment. BREW has reported Kitchell and Mark-Taylor developing and selling numerous properties in the Phoenix area over the years.
Get more from Scott Taylor at Mark-Taylor(480) 281-5550 and Ryan Cochran at Kitchell(602) 631-6177.