Top 10 Lease-Ups in Arizona for 2023

Article originally posted on Multifamily Executive on February 15, 2024

Arizona, especially the Phoenix metro area, continues to be one of the nation’s hot spots for new multifamily supply as well as demand. Phoenix was one of the 12 U.S. metro areas to add at least 7,000 net new apartment households last year and ranked among the top markets for new supply, according to RealPage.

Zonda calculated the top lease-ups for major markets in the state for 2023, using its own proprietary scoring system that looked at a handful of factors to determine effectiveness.

Some of the criteria included the size of project (bigger got more points), construction completion date (if they were achieving strong absorption while still under construction, they got a more favorable rating), absorption rate, rents (higher the better), concessions (lower the better), and online rating score (the happier the residents, the better).

Here are Arizona’s top 10 lease-up projects.

Acero Queen Creek (Developer and Manager: IDM Cos.)
Developed and managed by IDM Cos., the community is located in Queen Creek, a popular family-friendly suburban area in the Valley of the Sun. The community is walking distance to shopping and entertainment, including Trader Joe’s, Target, Sprouts Farmers Market, Starbucks, and a Harkins movie theater. In addition, the site is within proximity to a top-selling master-planned community—The Villages at Queen Creek. The three-story garden-style community offers two swimming pools and a community garden with floor plans ranging from one- to three-bedrooms. One covered parking space is provided per unit, and free-standing garages are available for rent.

Lumina Mountain Vista (Developer: D.R. Horton; Manager: AMC Residential Management)
This three-story, D.R. Horton-developed community is in East Mesa, adjacent to a Sprouts-anchored shopping center. With quick access to state Route 202, Mesa employers such as Banner Health and the Arizona State University Polytechnic campus can be reached within a 15-minute drive time. The three-story garden-style community is managed by AMC and features one-, two-, and three-bedrooms with large patios and connected storage closets. A swimming pool with cabanas as well as a children’s play zone and playground are top community features at the property.

Camden Tempe II (Developer and Manager: Camden Property Trust)
Camden Tempe II is a four-story, mixed-use urban community located in the popular college town of Tempe. Now marketed as Camden Tempe East and built and managed by Camden Property Trust, the development features chestnut cabinetry, bottom freezer refrigerators, and white quartz countertops. The swimming pool and spa are heated year-round, and the community is powered by smart-home technology that can be accessed with a mobile phone, eliminating the need for keys and extra fobs or access cards. Carports are available for lease with larger two- and three-bedroom units featuring attached garages. The site is walking distance to Papago Park and a short driving distance to Tempe Town Lake and Arizona State University’s Sun Devil Stadium.

Aura Central (Developer: Trinsic Residential Group; Manager: Avenue5 Residential)
Located in the vibrant Midtown Phoenix market and developed by Trinsic Residential Group, the four-story wrap community features interior corridors and a multilevel parking garage. As with many urban developments, the community features over 75% studio and one-bedroom apartments. The site’s location offers the best the city has to offer and convenient access to freeways connecting residents to downtown, Tempe, and Mesa. Avenue5 Residential handles the leasing and management of the community.

Parc Tolleson (Developer: Evergreen Devco; Manager: MEB Management Services)
The community, developed by Evergreen Devco, is convenient to Interstate 10 and state Route 101 in Tolleson and is within proximity to major employers in the area such as Banner Estrella Medical Center (a 317-bed hospital) and Talking Stick Resort. MEB Management Services’ bilingual staff oversees leasing and management of the three-story garden-style community. Floor plan offerings are minimal and include one-, two-, and three-bedrooms with mountain views. The Estrella Mountains and Tres Rios Wetlands are minutes away for outdoor recreation enthusiasts.

Alta Chandler at the Park (Developer and Manager: Wood Partners)
Developed by Wood Partners, the community is in Chandler, a thriving technology hub in the East Valley of Phoenix. The four-story garden community is within a five-minute drive to historic downtown Chandler, and Starbucks is within walking distance. The community boasts “the best amenities in Chandler,” including a private speakeasy and a rooftop lounge. The unit mix contains over 50% studios and one-bedrooms targeting young professionals working in the area.