Scottsdale-based Empire Group has acquired a 27-acre land parcel in Pinal County from Galeb Cos. and Borgata Ventures for $13.8 million.

Plans for the land are now underway for a build-for-rent community called Village at Borgata.

Empire Group, a Scottsdale-based developer, recently hosted a ribbon cutting to officially unveil Village at Pioneer Park, a luxury build-for-rent community in Peoria.

Build-to-rent communities are a cross between an apartment and a house, taking advantage of a growing hole in the housing market.

North Phoenix is expected to see an explosion of development on the heels of the construction of the Taiwan Semiconductor Manufacturing Co. plant.

The Empire Group of Cos. paid $14.37 million in cash for a 40-acre parcel near Taiwan Semiconductor Manufacturing Co.'s chip factory being built in north Phoenix.