The Empire Group of Companies closes on 40 acres for $14.37M near massive microchip facility north of the Valley
Land Advisors Organization represents buyer, which plans to build ±354 single-family build-for-rent homes
Scottsdale, Ariz. (August 1, 2022) – The Empire Group of Companies recently closed on 40 acres near the Taiwan Semiconductor Manufacturing Company (TSMC) north of the Valley where it plans to build ± 354single-family homes for rent. . The proposed development will be named the Village at Bronco Trail.
The Land Advisors Organization team of Bret Rinehart, Ryan Semro, and Ben Heglie represented the Empire Group (Principal Richard Felker) in the $14.37 million acquisition of the property at 31st Avenue and Lone Mountain Road in Phoenix. The seller was the David McHenry Family Trust (Principal David McHenry).
The sales price fetched $359,370 per acre.
“The unprecedented growth of development projects in proximity to the Loop 303 and I-17 is going to foster the need for residential housing,” Rinehart said. “The Empire Group’s proposed multifamily community will be a boon to that area. Empire Group has a great track record of serving the communities that it develops.”
Construction on TSMC’s latest semiconductor fabrication facility is well underway. TSMC’s Arizona plant – Fab21 – occupies at least 1,100 acres and will produce tens of thousands of semiconductor wafers once it is operational. According to a City of Phoenix analysis, the first phase of TSMC is estimated to have an economic impact of $38.2 billion over 20 years.
The Empire Group is an active in rolling out its Village communities, which are all build-for-rent (BFR) developments. Currently, Empire Group has six projects are under construction totaling 1,337 homes with another five communities that are targeted to start construction before the end of 2022.
About Land Advisors Organization
Founded in 1987, Land Advisors Organization is the nation’s largest land brokerage firm specializing in providing deep market insights to landowners and purchasers for the most comprehensive and effective evaluation of land in markets across the country. By integrating current local market information with cutting-edge technology and geographically specialized professionals, Land Advisors Organization advises clients in identifying and capitalizing on valuable land opportunities in all economic environments. Land Advisors Organization serves landowners and purchasers from offices in Phoenix, Tucson, Casa Grande and Prescott, Arizona; Irvine, San Francisco, Century City, Pasadena, Roseville and San Diego, California; Orlando, Jacksonville and Tampa Bay, Florida; Atlanta, Georgia; Charlotte, North Carolina; Nashville, Tennessee; Boise, Idaho; Las Vegas, Nevada; Albuquerque, New Mexico; Austin, Houston and Dallas-Fort Worth, Texas; Salt Lake City, Utah; Kansas City, Kansas; and Seattle, Washington. Stay connected with us on Twitter, Facebook and LinkedIn.
About The Empire Group Companies
The Empire Group Companies, headquartered in Scottsdale, Ariz., was founded by Richard Felker in the early 1970s. Under Felker’s direction the company built its reputation as a leading developer of Class A mixed-use projects and luxury build-for-rent communities throughout Arizona. For more information on the company and its portfolio of projects visit builtbyempire.com.
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Media Contact: Patty Johnson, Connections Marketing & Communications
PattyJohnson@Connections-marcom.com or 602.402.2965