Taiwan Semiconductor Linked to $108M Apartment Sale Near Huge Phoenix Campus Article originally posted on Phoenix Business Journal on March 5, 2024 Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) has inked a lease agreement for an apartment community near its $40 billion semiconductor campus in north Phoenix. An entity tracing to Ideal Capital Group paid $108 million to an entity tracing to Houston-based real estate firm Hines for the 325-unit complex built in 2021, according to Tempe-based real estate database Vizzda LLC. TSMC is “master tenant” of the property at 3600 W. Happy Valley Rd. in Glendale, Maricopa County records show. Mark-Taylor Residential Inc. is listed as property manager. CBRE Capital Markets Inc. originated the $60 million loan from the Federal Home Loan Mortgage Corp., or Freddie Mac, according to Vizzda. Called Sentio, the property is 100% leased, according to a Mark-Taylor spokesperson. When a unit becomes available, the property is not limited to only TSMC employees, the spokesperson said. “We encourage everyone to apply for residency and we accept anyone who qualifies,” said the Mark-Taylor spokesperson. This transaction follows a similar deal in September 2023 through which Phoenix-based Greenlight Communities sold its Cabana Happy Valley Apartments — which it built in 2022 — to Ideal Capital Group for $79.25 million, according to Vizzda. Similar to Sentio, TSMC has a master leasing agreement on Cabana, while Mark-Taylor serves as property manager, according to Maricopa County records. The 292-unit apartment community at 24825 N. 19th Ave., Phoenix, is about 2.5 miles away from the Sentio apartments. Cabana is also 100% occupied, Mark-Taylor confirmed. Combined, the apartment communities encompass 617 units. The residential deals come at a time when TSMC has hired more than 2,000 employees for its new Arizona campus in north Phoenix. Developers of build-to-rent communities also have been gobbling up land around the semiconductor plant in an effort to provide for these employees, while homebuilders are also looking to develop hundreds of single-family homes nearby. TSMC is expected to start high-volume production at its first fab — which currently is under construction — in the first half of 2025.
Called Sentio, the property is 100% leased, according to a Mark-Taylor spokesperson. When a unit becomes available, the property is not limited to only TSMC employees, the spokesperson said. “We encourage everyone to apply for residency and we accept anyone who qualifies,” said the Mark-Taylor spokesperson. This transaction follows a similar deal in September 2023 through which Phoenix-based Greenlight Communities sold its Cabana Happy Valley Apartments — which it built in 2022 — to Ideal Capital Group for $79.25 million, according to Vizzda. Similar to Sentio, TSMC has a master leasing agreement on Cabana, while Mark-Taylor serves as property manager, according to Maricopa County records. The 292-unit apartment community at 24825 N. 19th Ave., Phoenix, is about 2.5 miles away from the Sentio apartments. Cabana is also 100% occupied, Mark-Taylor confirmed. Combined, the apartment communities encompass 617 units. The residential deals come at a time when TSMC has hired more than 2,000 employees for its new Arizona campus in north Phoenix. Developers of build-to-rent communities also have been gobbling up land around the semiconductor plant in an effort to provide for these employees, while homebuilders are also looking to develop hundreds of single-family homes nearby. TSMC is expected to start high-volume production at its first fab — which currently is under construction — in the first half of 2025.