Multifamily development permeates the valley, with hots spots in Downtown and Tempe
Multifamily construction in Metro Phoenix is well under way, with 9,880 units in 44 projects currently in progress.
- Multifamily construction in Metro Phoenix is well under way, with 9,880 units in 44 projects currently in progress. There are several projects occurring in the Southeast Valley area, especially in the very active area of Tempe near ASU’s main campus. Downtown is also showing a strong development pipeline.
- An additional 152 projects totaling over 35,000 units still in several stages of the planning process are spread throughout the valley. This development pipeline will benefit the growing workforce, and enable sustained economic expansion throughout the market.
- Notable valley assets include Block 23 leading Downtown’s development, and on track to deliver in mid-2019 with a total of 330 multifamily units. Two other projects in the same area include The Stewart, planning to deliver before the end of the year with 307 units, and The Link Phoenix, scheduled to deliver in August 2019 with 257 units. Over 900 new units will be delivered in the next 12-18 months in the Downtown area, one of the highest in any submarket today.
Source: JLL Research