Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, bought 16.54 acres of land in Tempe for $19,469,368, according to the commercial real estate tracking website Vizzda. The cost of the land, located at the southwest corner of North Miller and East Curry roads inTempe, breaks down to $1,177,108.10 per acre.
The seller was Rush Investments LLC.
Milhaus is using the land to expand into Arizona with Milhaus North Tempe, one of the company’s largest developments to date. The $91 million first phase of its planned two-phase $177 million development project, in a partnership with Los Angeles based development firm Banyan Residential, will be located at 1245 E. Curry Rd. in Tempe, Arizona, and is scheduled to break ground this month.
Milhaus’ first Arizona development will showcase an impressive collection of 310 studio, one-, two-, three- and four-bedroom units in its first phase and will total 621 units when the project is complete. The complex will offer residents luxury amenities such as a pool deck, grill stations, outdoor spa, commercial grade fitness center, clubhouse with work and entertainment areas, an on-site library, dog park overlooking Downtown Tempe and much more.
Centrally located less than a quarter mile to Tempe Town Lake, a mile to Arizona State University, and one and a half miles to downtown Tempe, Milhaus North Tempe will sit in the heart of the best Tempe has to offer. Students and young professionals are flocking to the city for its clean, safe college town atmosphere, diverse restaurants, great music scene, sunshine, events and nightlife. All these factors and more contributed to Tempe’s #12 ranking among cities that attract young workers according to USA Today.
“I can’t think of a better place for Milhaus to join the Arizona market than Tempe,” said Milhaus Vice President of Development Brad Vogelsmeier. “The employment opportunities, entertainment scene and proximity to ASU and Tempe Town Lake make it an appealing location both for residents and developers alike. We are excited to bring such a strong residential presence to a growing area alongside a great partner in Banyan.”