Nearly 90 Apartment Projects are in the Pipeline in Metro Phoenix, Report Finds

Article originally posted on Phoenix Business Journal on May 14, 2019
Groundbreaking is scheduled for May 16 for X Phoenix in downtown Phoenix, one of 235 apartment communities either under construction, planned or in the pipeline around metro Phoenix.

 

New apartments will continue to be built around the Valley for the foreseeable future, according to a new report compiled for the Phoenix Business Journal.

Kasten Long Commercial Group identified 89 prospective apartment projects totaling nearly 22,000 units across metro Phoenix.

That’s in addition to the 91 planned communities totaling 21,672 units and the 56 projects under construction totaling 13,894 units across the Valley today, according to Kasten Long’s report created exclusively for the Business Journal.

Planned communities are properties that were announced for development and are actively in the process of planning, and entitlements are complete, according to Yardi Matrix, a Scottsdale-based commercial real estate data and research firm that provided much of the information to Kasten Long’s report. A prospective development is more tentative than probable, with project planning in the early stages.

Data provided by Kasten Long includes rental status, including whether units are being sold at market rate, partially affordable or fully affordable.

Phoenix, the largest city in the region, has the most projects looming. It also has the largest percentage of partially affordable and fully affordable units.

That’s by design, said Christine Mackay, director of Phoenix Community and Economic Development.

Find the Complete Article Herehttps://www.bizjournals.com/phoenix/news/2019/05/14/nearly-90-apartment-projects-are-in-the-pipeline.html?ana=e_phx_bn_exclusive&mkt_tok=eyJpIjoiTmpBeE1URXpNR1V6WmpReCIsInQiOiJMc2VFNWthTW96Tjc5cnVncjd5b1hWMEdpcVpObHd5dzltQkx4eGx5V3JxSFYwMHR3dzhEcTk5dHVkZWRPVmlEMDRDWFF6bGo0QWFVVkpzK3V0ZFZ5dFpEZ3h4aHZ0ZVdFd2ltRWlnNVc4ME5OOXM5SHJZRTlBK3c4OVZcL0prWG4ifQ%3D%3D

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