Via Mill Creek Residential
By InBusiness Phoenix
Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera Rio Salado, a contemporary apartment community in the Tempe Town Lake neighborhood of North Tempe.
Modera Rio Salado, which will feature 319 apartment homes, marks Mill Creek’s third development in its recently unveiled Arizona portfolio. The community is positioned directly across from Tempe Town Lake, the Tempe Center for the Arts and the Tempe IDEA Biotech campus. The location boasts proximity to Arizona State University, more than 12 million square feet of office space, 25 acres of Tempe Beach Park, high-end retail, Loop 202 and a multitude of restaurants. First move-ins are anticipated for summer 2025.
“Modera Rio Salado represents the last institutional multifamily development opportunity in the immediate area, and we look forward to getting started on this wonderful community,” said Fred Hood, vice president of development in Arizona for Mill Creek. “The site will cater to the local mode of being immensely bicycle-friendly and pedestrian-friendly, and we believe the community will quickly become a top-of-market option with its thoughtful design and refined suite of amenities.”
