Texas developer breaks ground on $100M Phoenix apartment project as supply wave slows

Article originally posted on Phoenix Business Journal on December 9, 2025

After selling a newly built luxury apartment community for $110.25 million last month, Embrey has broken ground on a $100 million, 340-unit apartment community in Phoenix.

Embrey paid $7.6 million for the vacant parcel near 12th street and Greenway Parkway to Donald L. Valk, who had previously paid $5.2 million for the land in August 2021, according to Tempe-based real estate database Vizzda LLC.

Named 12th & Greenway, the new 340-unit community marks Embrey’s fifth project start in Phoenix and its ninth overall in Arizona since entering the market in 2006.

The San Antonio, Texas-based developer is bullish on the metro, having invested about $750 million to develop nine communities totaling about 2,800 units in metro Phoenix over the past 20 years.

Garrett Karam, chief investment officer for Embrey, said he plans to invest $250 million to develop two to three apartment communities in metro Phoenix each year.

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