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PHOENIX-Apartment developer Mark-Taylor Inc. has purchased for $1.2 million a parcel in the suburb of Chandler, where the company plans to build a 220-unit luxury apartment complex.

Scottsdale-based Mark-Taylor paid just under $3 psf for the acreage at the northwest corner of Knox Road and Arizona Avenue. The land lies in a redevelopment area of Chandler.

Mark-Taylor plans to begin construction on the apartment community this quarter. ARPHO Co. LLC of Scottsdale, a division of Shea Homes, was the land seller. It was represented by CB Richard Ellis.

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