Mill Creek announces groundbreaking of Modera Rio Salado apartment community in Phoenix metro area
Mill Creek Residential announced it has broken ground on Modera Rio Salado, a contemporary apartment community in the Tempe Town Lake neighborhood of North Tempe, Ariz.
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 is also near Arizona State University, more than 12 million square feet of office space, 25 acres of Tempe Beach Park, high-end retail, Loop 202 and many 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 at Mill Creek. "The site will cater to the local mode of being immensely bicy