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.”
Situated at 835 W. Rio Salado Parkway, Modera Rio Salado will feature a wrap, podium-style design, a courtyard and three amenity decks, including a resort-style pool deck. It will also offer more than 14,000 square feet of interior amenity space. Located at the north end of Tempe, the community is within walking distance of Tempe Beach Park and within a short commute of the city’s vast array of additional dining, retail and entertainment options. Residents will also have accessibility to numerous recreational outlets, including The Yard at Farmer Arts District.
Modera Rio Salado will feature one-, two- and three-bedroom homes with various layouts and an average size of 996 square feet. Community amenities will include a hotel-style lobby with double-height ceilings, statement seating areas and a fireplace lounge area; a speakeasy bar area for hosted events or coffee service, resident lounge, co-working spaces to cater to the ever-increasing remote worker, clubroom with gaming tables and a resident mezzanine media and lounge room with views to the active clubroom below. The rooftop amenity deck will also include an outdoor kitchen/bar and grill areas, gaming lawns and ample lounging areas. The community will also feature an outdoor dog run, a combined pet and bicycle wash facility along with bike repair and storage areas. Residents will also have access to a state-of-the-art fitness center.
Apartment interiors will include a variety of deluxe features, including stainless steel appliances, quartz countertops, tile backsplashes, luxury vinyl-plank flooring, premium cabinetry, kitchen islands, undermount sinks, full-size washers and dryers, private patios or balconies, roller shades and a variety of smart home features, including smart thermostats and keyless entry. Bathrooms will feature double vanities, tile flooring, and tile tub and shower surrounds. Select Premium Collection homes will include under-cabinet lighting and other unique upgrades.