Paragon Development Group recently closed on the $3.1 million purchase of 15.67 acres in Apache Junction.
The site on the northeast corner of West Southern Avenue and South Meridian Road, is slated to become Hampton Meridian, a new 195-unit luxury build-to-rent community, according to a release.
The community will provide residents with convenient and direct access to U.S. Highway 60 and offers a low-maintenance, luxurious lifestyle in a gated and private community. Construction of the site is beginning immediately, with its first units expected to be available in March 2022, the release states.
Modeled after its Arizona Multihousing Association award-winning community Hampton East, Paragon Development Group is creating Hampton Meridian with one-, two- and three-bedroom attached and detached residences ranging in size from 645 square feet to 1,295 square feet. Community amenities will include a pool, spa, sundeck, outdoor kitchens, fitness center and fire pit in addition to community lawns and open spaces, community pedestrian paths, dog park and onsite property management.
“Following the success of our communities in Mesa, Paragon has identified the continuation of the growth from Mesa into western Apache Junction and along the US60 as a prime opportunity to bring our luxury residential rental option without a mortgage, HOA and other home ownership burdens to our residents,” Bruce Dunn, president of Paragon Development Group, said in the release. “The demand for convenient, new and well-located residential rental choices in the US60 corridor and within 30 minutes to downtown Phoenix contributed significantly to Paragon’s decision to develop another of its build-to-rent communities in the Southeast Valley submarket, and we are excited to be growing here.”
Consistent with Paragon’s other build-to-rent community neighborhoods, Hampton Meridian will utilize Tempe-based HercuTech’s HercuWall panelized structural wall system consisting of concrete, steel, polyester film and insulating foam. In addition to creating nearly soundproof residences, HercuWall will enable Hampton Meridian residents to achieve energy savings up to 40% as compared to residences built without HercuWall, the release states.
“The combination of location, design, amenities, efficiency and the use of HercuWall are integral parts of The Hampton Meridian’s consistency with our other communities,” Scott Turkington, Paragon executive vice president, said in the release.
Hampton Meridian’s pet-friendly residences will include ample covered parking, optional garages, private backyards and front entries, open floor plans, 10-foot ceilings, granite and quartz countertops, full-size washers and dryers and stainless-steel appliances.
Rental rates for the Hampton Meridian residences will be released prior to opening and will be competitively priced with surrounding community rentals and Class A apartments.