The Largest Rental Developments Completed in 2015 in Phoenix
- May 04, 2016
By Balazs Szekely, Contributing Editor
Phoenix, Ariz.—Demand for rental properties in Phoenix keeps growing and, as a result, rents increased by 10.9 percent in 2015 according to the Phoenix Business Journal, as prospective tenants vied for the available rental properties. Phoenix ranks among the top places to live in the US, thanks to a combination of great career opportunities and beautiful surroundings with plenty of recreational options. The attraction the area holds for young professionals is reflected in the average rents for new, upmarket Phoenix apartments completed since 2010: $1,342 on average compared to the overall average of just $837 per month according to Yardi Matrix.
Let’s check out the biggest apartment developments of 2015 completed in Phoenix and spot the trends that matter to investors and rental tenants alike.
1. Liv Ahwatukee, 402 units
Investment Property Associates’ premium investment property targets young singles, couples and families with its preponderance of one- and two-bedroom apartments. The development features outdoor recreational and entertainment areas, a business center and a media room as well as gaming systems and a pool table to name but a few of the amenities here. Smoke-free apartment buildings seem to be en vogue, and this apartment complex surely follows the trend. (Image courtesy of Liv Ahwatukee Website)
2. Almeria at Ocotillo, 389 units
The sense of space appears to be the dominant design driver for this 389-unit, resort-style complex from Gilbane Development Company. Built in Spanish-style, the airy apartments with high ceilings clearly target the young professionals and empty nesters. Most of the units are one- and two-bedroom residences, with a scattering of three-bedroom apartments for the typical two-child family unit. Pools, spas and landscaped gardens, as well as outdoor entertainment areas lure the tenants of this pet-friendly community out of their apartments. (Image courtesy of Almeria at Ocotillo Website)
3. San Milan, 388 units
Arizona’s great climate calls for resort-style developments, and developer Mark-Taylor Residential Inc. has capitalized on the trend with this 388 unit complex. With almost one third of the apartments offering three bedrooms, and the balance consisting of one- and two-bedroom units, the development offers a slightly greater than usual family focus. Amenities include a fitness center, pool and spa, outdoor entertainment areas and doggy exercise area. High ceilings are popular, and the apartments sport 9-foot ceilings and an air of spaciousness. (Image courtesy of San Milan Website)
4. Camden Chandler, 380 units
Despite its location near the Chandler Fashion Square Mall, San Tan Village, and Downtown Chandler, Camden Development, Inc.’s Camden Chandler has managed to maintain an almost suburban feel with its low-rise exterior. But once inside the 380 unit complex, it’s pure resort-style chic. Pet amenities abound, and each unit has direct access to a lock-up garage. A trend we see around the country is the provision of electric car-charging stations, and Camden Chandler makes use of this opportunity to grab the environment-conscious motoring market. (Image courtesy of Camden Chandler Website)
5. The Moderne, 367 units
Built in the heart of popular Scottsdale, the aptly named Moderne from JLB Partners screams modernity from its state-of-the-art exterior to its slick interiors. Targeting the one- and two-bedroom market with its 367 units, the community offers all the amenities one would expect: the pool, the fully equipped gym and the communal recreation areas. Once again, electric car charging stations are available, and the location ensures access to still more leisure facilities in the form of fine restaurants and upmarket shops. (Image courtesy of The Moderne Website)
It’s all about the outdoors–but the interiors still matter. High ceilings, quality finishes and community relaxation areas are practically standards for the modern apartment complex. The Arizona must-have swimming pool is a coveted amenity not to be ignored in Phoenix! To see more of the largest new rental developments in Phoenix, visit the RENTCafé Blog.