New York developer to build 735 rental units near TSMC site in north Phoenix

A New York developer is investing about $250 million to build luxury rental units near Taiwan Semiconductor Manufacturing Co.'s $12 billion plant in north Phoenix.

BY ANGELA GONZALES/PHOENIX BUSINESS JOURNAL

Dec 23, 2022, 5:45 AM

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(Mack Real Estate Group Rendering)

New York-based Mack Real Estate Group LLC is investing about $250 million to build luxury rental units in the Valley.

With 4,000 apartment units across the country, the developer has selected Phoenix for its first build-to-rent communities, which offer single-family rental homes within a community with resort-like amenities.

The company plans to build 735 rental units near Taiwan Semiconductor Manufacturing Co.’s $12 billion plant in north Phoenix.

The developer paid $22 million for 21 acres at 20620 N. 19th Ave., where it plans to build upward of 438 units. That’s near 20 acres the company bought in November 2021 for $16.7 million, where it is building a 297-unit rental community at 23rd Avenue and Pinnacle Peak Road.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.