JPMorgan Chase & Co recently paid nearly $85 MILLION for a 466 unit luxury apartment complex just North of Rio Salado and West of Mill. ( 1033 N Parkside Dr.) The property, called Trillium Rio Salado, includes units that range in size from 813 – 1498 square feet. Rents currently range from $920 – $1,700 and above. When the deal was announced, there was a mention that the complex is "near the future light-rail line in Tempe." One of Trillium’s partners called this a "trophy property" and mentioned it’s "great location."
I took a look at the area and the complex and it really is a nice place. I notice a ton of new development in this area with a lot of commercial use, great freeway access, close to Mill Ave, the Zoo, golf, spring training, hiking etc. Much of the residential being built in the area is South of the river but watch for more condos etc competing for this space. In fact, most of the area west of here (along Washington) look to have a lot of future potential as well. It has been a "bad area" for a long time but with the airport and a large job base, we might see more development in the near future.
The Central Corridor and Downtown Tempe are building like crazy. Should only be a matter of time before we see more "infill" projects. Stick around, this is getting to be a LOT of fun to watch…
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