Long-time Scottsdale apartment developer pivots to build-to-rent

Article originally posted on Phoenix Business Journal on September 25, 2024

P.B. Bell, which has built 10 apartment communities totaling nearly 3,000 units across the Phoenix metro since 2019, is building its first build-to-rent project.

The Scottsdale developer has teamed up with Everest Holdings to develop Marketside Villas at Verrado in Buckeye. The total development cost for the 150-unit project is a little more than $50 million, said Justin Steltenpohl, chief operating officer and general counsel for P.B. Bell.

The project at 21045 W. McDowell Road is expected to be completed by the first quarter of 2025. Some of the first units will be ready for lease by the end of September or early October, said Steltenpohl.

“This is our first build-to-rent product,” Steltenpohl said. “It’s been something we were looking at for awhile. We did Main Street Lofts at Verrado awhile back. We’ve always been a fan of the area. When the opportunity came up to do a project there we were thrilled.”

Steltenpohl said P.B. Bell has long been on the cutting edge of multifamily development, but in this case was a bit late to the build-to-rent frenzy.

“We’re throwing our hat in the ring,” he said. “This is here to stay.”

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