Avalon Development, based in Scottsdale, has proposed a new Aldi grocery store for a burgeoning shopping center in Mesa, potentially the second Aldi store in the locale. The project is poised opposite Barclay Group’s forthcoming Morrison Ranch Commercial Center. Meanwhile, in Phoenix, Banyan Residential is partnering with Milhaus to establish a luxury apartment community with an estimated completion of its initial phase by Q4 2025. The community will feature 320 units and is backed by a $117M investment. Other noteworthy real estate activities include the recent sale of the Springs at Cooley Station apartment community in Gilbert, an impending Dunn-Edwards retail location in the West Valley, and Housing for Hope’s motel-to-affordable housing conversions. Additionally, Rise48 Equity continues its aggressive investment in the apartment complex sector, underscoring their commitment to the Dallas and Phoenix markets.
