Evergreen planning 330-unit apartment complex in Tempe

Evergreen Real Estate Development has purchased a 5.2-acre site just west of downtown Tempe, and it is planning a 330-unit apartment community. Phoenix-based Evergreen, in partnership with SudGroup Development, bought the empty plot of land at Lakeside Drive and Rio Salado Parkway from ML Manager for $4.5 million. ML Manager was created as the successor to Mortgages Ltd. following a Chapter 11 bankruptcy reorganization. “The site’s proximity to Tempe Town Lake and the Mill Avenue District makes Lakeside and Rio Salado an incredibly desirable location,” said Jason Donkersley, vice president and general counsel who leads Evergreen’s multifamily development division. “We’re delighted to have the opportunity to work with the city of Tempe to deliver an apartment community that provides a remarkable range of amenities and contributes to the social fabric of the area.” The land for the Class-A project is zoned for buildings up to six stories, but Evergreen officials aren’t yet sure how tall the structures will be. Design plans for the project will be submitted to the city of Tempe this summer. Evergreen anticipates construction will commence in 2012 and leasing will begin in 2013.

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