Luxury apartments add to fast-growing Phoenix city

Companies and Merit Partners recently wrapped a more than four-year journey to open Stately Avondale in Avondale, Arizona.

Renters began moving into the 286-unit development at 12375 W. Van Buren St. in late March. The units are a mix of primarily one- and two-bedroom apartments and some three-bedroom rentals.

The project is the first in Avondale for Ascent Companies, according to President Bradly Richardson, and is a testament to the city’s strong population and job growth and the site’s proximity to the Coldwater Golf Club and business parks.

Ascent’s plan was to effectively time Stately Avondale’s opening as nearby apartments reach near-full occupancies.

Through a joint venture, Ascent and Merit acquired two separate parcels totaling more than 14 acres between 2022 and 2023 and started construction on Stately Avondale in early 2025. A grand opening was held last month.

CoStar is tracking 14 multifamily developments that have been built in the city of Avondale since 2020. Stately Avondale is one of six properties with a Class A distinction — representing the top of the top for apartment projects.

Richardson said Ascent upped its game to deliver an amenity package that would attract residents with a resort-style pool and spa with lounges and cabanas, pickleball courts, two dog parks, a clubhouse with a 24/7 fitness center and an on-site mini mart.

Inside the units, residents will find stainless steel appliances, marble-like quartz countertops, tile backsplashes, Wi-Fi-enabled washers and dryers, and smart thermostats, as well as extended patios or balconies.

“We plan on being invested in this community for the long term,” Richardson said. “We wanted to make sure that the quality of what we’re building lasts as well.”

Outside of Stately Avondale, Richardson said Ascent recently completed multifamily projects in Mesa, Queen Creek and the Tucson area with a townhouse development that’s under construction in Goodyear.

He added that Ascent is expected to break ground in the next 90 days on a multifamily and townhouse project in Peoria as well.

Avondale spans more than 47 square miles and is located 18 miles from downtown Phoenix. The city is home to major retailers, single-family and build-to-rent communities, and data centers along with business parks in the works to attract high-end employers.

“We are really looking at macroeconomic indicators of Phoenix and where jobs are going, where people are moving to, and what the market looks like over the next five to 10 years,” Richardson said of Ascent’s approach to multifamily building.

“Maricopa County was the second-fastest growing county in the country. I think this submarket still has plenty of growth in its future.”