TEMPE, AZ - With the opening of a new upscale apartment community this month in Tempe, Mark-Taylor and Kitchell mark a significant milestone in the Valley's real estate market -- the first new large-scale multifamily project in metro Phoenix in two-plus years.
Since the project was announced last summer, the 224-unit San Marquis Apartments in Tempe has piqued the interest of hundreds of potential tenants with its "luxury homes cleverly disguised as apartments." Conveniently located at Rural and Baseline, the $29 million upscale community boasts amenities found in other Mark-Taylor communities as well as exciting new features such as Roman soaking tubs and "carriage houses" offering above-garage living spaces.
San Marquis is the first of two luxury apartment communities developed by the innovative partnership of Mark-Taylor, a well-known name in the multifamily industry, and Kitchell, which is venturing into the apartment market for the first time. The team's second project is the 383-unit Parcland Crossing community located at south Loop 202 and Alma School Road in Chandler, which will open this summer.
"These projects came to fruition after careful consideration and solid understanding of the market potential," said Dale Phillips of Mark-Taylor. "We're two well-known, Arizona-invested companies, and we recognized some time ago that our collective strength and track record could create legacy communities that stand the test of time. These are the right projects, at the right time for the marketplace."
Both developments feature one-, two- and three-bedroom units in 14 floor plans ranging from 625 square feet to 1,400 square feet. The luxury amenities include resort-style pools, clubhouses, granite countertops and stainless-steel appliances. Rental rates range from $995 to $1809.
"We're known as a diversified company that isn't afraid to try new things, and the multifamily sector is one of the few bright spots in development these days," said Kitchell Director of Development Ryan Cochran. "Mark-Taylor is an ideal partner for us -- their industry knowledge, their track record and their business philosophy is a great complement to what we bring to the table with our financial strength and development history."
Coinciding with the San Marquis opening is Mark Taylor's Spring Into Action campaign, an expansive partnership with Life Time Fitness offering a one-month membership, personal training and two weeks of boot camp to existing and new residents at its 32 metro Phoenix communities, as well as complimentary fitness programs to Mark-Taylor residents in Las Vegas and Washington States. The unique approach meets the needs of prospective tenants that are seeking a fresh, healthy start-over in life.
Long known as a multi-family developer and property manager of its own rental apartment communities, Mark-Taylor is consistently recognized as a leader in the multifamily industry.
Kitchell Development, one of the Kitchell family of companies, is a full-service developer offering construction and property management services with specialties in retail, office and industrial development.