Affordable apartment developer debuts in Phoenix with $700 million investment

Article originally posted on Phoenix Business Journal on October 7, 2024

A Minnesota-based housing developer is making its Arizona debut — while planning $700 million of new development in the Grand Canyon State.

Plymouth, Minnesota-based Roers Cos. has already opened the 200-unit Solano Villas affordable housing community at 25201 W. MC 85 in Buckeye. Three more projects are currently under construction and another handful have been lined up in the development pipeline.

Roers has a nationwide portfolio that includes market-rate apartments, senior and active 55+ communities and historic redevelopment work, according to its website, and recently ranked as the fastest growing private company in Minnesota with a threefold increase in revenue in 2023.

The company’s Arizona efforts will be focused on much-needed affordable housing — the company’s eight projects planned in the state are expected to add 1,800 new affordable units.

“The demand for housing, especially affordable housing is high,” said Shane LaFave, executive vice president of Roers. “The Phoenix MSA has grown 1.4 to 1.6% each year for at least five years. The national average for growing MSAs is closer to 1%. Phoenix is on the higher end. When you look at adding a lot of housing to an area, you want to make sure the population is going to be there to support it.”

While the first tenants are moving into Solano Villas, three other apartment projects are under construction: in Casa Grande, opening in February 2025; Maricopa, opening by the end of July 2025; and Flagstaff, opening by the end of 2025.

Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2024/10/07/affordable-apartment-developer-arizona-debut.html?cx_testId=40&cx_testVariant=cx_9&cx_artPos=2