Residential Real Estate Roundup: Apache Junction home to ‘next wave’ of East Valley growth Article originally posted on Phoenix Business Journal on April 23, 2026 Chicago-based 29th Street Capital held its grand opening April 15 for Verge, its 201-unit rental community at 1297 E. Broadway Ave. in Apache Junction. Monthly rental rates range between $1,554 and $2,325 for the 201-unit rental community, said Beric Wessely, director of lease-up operations for 29th Street Capital.”Apache Junction is really the next wave of growth in the East Valley,” Wessely said. “As Mesa and Queen Creek filled in, demand naturally pushed outward and this is where you still have attainable pricing, available land, and improving connectivity to major job centers — even if a little bit of a ways out.” Apache Junction is home to Superstition Vistas, which will encompass 10,000 homes on former state land when completed. D.R. Horton Inc. (NYSE: DHI) is building 5,000 homes within half of Superstition Vistas. Called Radiance at Superstition Vistas, that community is among the top-selling master-planned communities in the nation, ranked by RCLCO. The other half of Superstition Vistas is being developed by Brookfield Residential. Called Blossom Rock at Superstition Vistas, that 1,400-acre community continues to sell lots to homebuilders. Apache Junction’s 85120 ZIP code topped the Zonda Heat Index, which showed 645 home closings recorded in the first half of 2025. “Superstition Vistas aided in our conviction for this area but did not define it,” Wessely said. “When you see groups like D.R. Horton and Brookfield investing at that scale, it’s a strong signal around long-term demand and infrastructure growth. For us, Verge is about getting ahead of that curve. As those master-planned communities deliver thousands of homes, there’s a natural need for quality rental housing whether people are new to the area, not ready to buy, or just want flexibility. So we’re not competing with that growth, we’re positioned to benefit from it.” While Wessley declined to disclose total development costs for the project, he said debt was financed by Arbor Realty Trust while equity was provided by a family office. This property brings 29th Street Capital’s build-to-rent portfolio in metro Phoenix to 388 units, he said. The developer also owns an 18-acre site in Buckeye, where plans call for building 408 garden style rental units, he said. “We remain bullish on the market since Phoenix is one of the fastest growing metros in the country, with a surging population driven by domestic migration, a diversifying job market, and a relatively affordable cost of living compared to coastal cities — all of which fuel sustained demand for rental housing,” Wessley said. “The market’s continued economic diversification with expanding tech, health care and semiconductor sectors is attracting a wave of new residents and workers who need quality housing, creating durable, long-term demand for well-located multifamily assets.” • Toll Brothers Inc. (NYSE: TOL) is opening million-dollar model homes at two communities in metro Phoenix this month. The luxury homebuilder is opening two new models in the Enclave Collection at Sereno Canyon in Scottsdale, where homes will be priced starting at $1.2 million. Enclave Collection at Sereno Canyon has 238 home sites, with more than 400 total home sites in the master-planned community. Only 19 remain for purchase in the Enclave Collection. Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/04/22/residential-real-estate-roundup.html