A local planning agency has approved two apartment projects near Arizona State University, totaling 512 units. According to the Phoenix Business Journal, these projects will be built on existing sites that will be cleared for construction and are awaiting City Council approval.
One of the developments, Apache Square by KB Devco, is set to bring 272 units to a 1.95-acre site previously occupied by a Pep Boys auto repair shop at 1747 E. Apache Blvd. The land was purchased in January of this year for $5.75 million.
The other project is Verve Tempe by KDF Development which plans to build 240 mostly four-bedroom units on a .9-acre site at1011 E Orange Street., currently home to Park Terrace Apartments – a complex primarily occupied by students. KDF acquired the property in October of last year for $9 million.
Tempe is preparing for the arrival of these two new rental communities as they continue their growth and development efforts near Arizona State University.
