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Multifamily real estate development booming in greater Phoenix


Arizona residents are always going to need somewhere to live, which is good news for those in the real estate industry. Recent residential development is showing particular promise for the Valley area in Arizona, which encompasses both Phoenix and Scottsdale.

Development is notably booming in Scottsdale, with more than 6,000 condominiums and apartments in some stage of development. Whether they are in the development pipeline, currently under construction, or have recently been placed on the market following construction, there are many options for those seeking a place to live. Apartments and condominiums are considered to be part of the multifamily segment, which has been, and continues to be, the strongest real estate segment in the Valley region.

In Scottsdale, the multifamily properties encompass a wide range of types of development. From condominiums in the Old Town area of the city to new construction apartments near Arizona State University's technology center, the options are many. Developers interested in the multifamily projects are drawn to the area's demographics that present a wealth of opportunity for potential tenants - from recent college graduates, to college students, as well as the affluent younger demographic living in Scottsdale.

Phoenix is sharing in this boom as well. New apartments are in the process of being developed and are coming on the market in both the downtown and central city areas of Phoenix.

It is essential that developers entering into these projects have sound footing on which to proceed. This includes solid development agreements, proper zoning permits, as well as meeting all other required local and state regulations. Attorneys familiar with the Phoenix real estate market may be able to help facilitate the development process in what may be a fast-paced and busy environment.

Source: Phoenix Business Journal, "Scottsdale seeing condo, apartment boom with more than 6,000 units under construction," Mike Sunnucks, June 29, 2015

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