Cielo Queen Creek

Queen Creek, AZ

Background

This ongoing build to rent multifamily project is located in the affluent and desirable Phoenix suburb of Queen Creek. The property fronts directly on Rittenhouse Rd, which serves as the main northeast to southeast corridor from greater Phoenix to Queen Creek and the southeast valley, allowing easy access to nearby high-paying employment hubs. A few minutes’ drive in either direction leads to two retail/commercial centers that include a Sprouts Farmers Market, Trader Joe’s, Target, Walmart, CVS, Starbucks, Chipotle, Chick-Fil A, and In-N-Out Burger. We were able to overcome the site-planning challenges presented by a triangular shaped parcel encumbered by a sizable utility easement along the back edge. Our successful entitlement efforts achieved an approved zoning density of 65 units on a parcel originally zoned for a maximum of 10 units.

An aerial view of the Cielo Queen Creek development layout indicating areas designated for specific uses
1. Community Pool & Spa 2. Dog Park 3. Gated Entry 4. Mailboxes 5. Natural Recreational Areas 6. Outdoor Fire Pit 7. Outdoor Grills, Dining Areas 8. Pedestrian Trail with Exercise Stations 9. Playground

Investment

Evergreen gained control of the property in late-2019. Despite its highly desirable location, the site had largely been overlooked by other developers due to its challenging shape, the large SRP easement along the back side of the property, and Queen Creek’s reputation as a high barrier-to-entry submarket due to demanding expectations from adjacent neighborhood stakeholders, particularly for new multifamily projects. Evergreen proceeded to design a creative triangular site-plan and successfully gained approvals for a luxury 65-unit “build-to-rent” cottage style development, which equates to 12-units per net-acre of developable land. Once completed, the community will offer residents a long list of compelling amenities, including a community building, a pool/spa with shade ramada & grill stations, a dog-park, a playground, and an extensive walking trail network with outdoor exercise stations.

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The Evergreen Investment Company is actively pursuing opportunities in various markets nationwide

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