Mill Creek Breaks Ground on Phoenix-Area Luxury Apartments
The project is the firm's fourth in the Grand Canyon State.
A rendering of Modera Rio Salado. Image courtesy of Mill Creek Residential
Mill Creek Residential is further expanding its Phoenix-area portfolio, breaking ground at Modera Rio Salado. The 391-unit luxury apartment community is located in Tempe, Ariz., and is the firm’s first in the city and fourth in the state. The property is expected to be ready for move-ins in the summer of 2025.
After construction wraps, Modera Rio Salado will be sectioned into one-, two- and three-bedroom apartments averaging 996 square feet. Apartments will feature kitchen islands, keyless entry systems, smart thermostats and laundry machines, as well as private patios and balconies.
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Community amenities at Modera Rio Salado span more than 14,000 square feet of interior space and three outdoor decks and include a hotel-style lobby, swimming pool, fitness center, club room, outdoor kitchen, speakeasy-style bar area and lounge, as well as an outdoor dog run and wash area. Situated at 835 W. Rio Salado Parkway, Modera Rio Salado sits across the street from Tempe Beach Park, with ample walking space along Salt River, the community’s namesake. The community is within a mile of Arizona State University’s Tempe campus and within four miles of an onramp to Loop 202, giving it highway access to much of Maricopa County and metro Phoenix.
Multifamily hotbed
Maricopa County’s status as the fastest-growing in the Unites States has led to considerable development activity in and around Phoenix, despite economic headwinds and declining construction starts. According to a June 2023 report from Yardi Matrix, Phoenix added 3,159 units to its market in the first four months of the year, approximately twice the national average. North Tempe, where Modera Rio Salado will be located, recorded the highest construction activity over the same period, with a pipeline of 3,326 units.
In June, Mill Creek began construction on Amavi Aster Ridge, a 177-unit townhome-style community in North Phoenix. The project is the firm’s first single family rental project in the area, following its development debut in October of 2022. That project, Modera Kierland, is a 438-unit mixed-use development that includes nearly 15,000 square feet of retail space.
