Metro Phoenix Apartment Construction Building Boom
Apartment building wave not cresting, says Construction Officials
New apartments and even a few condominiums have continued to sprout in Phoenix, Scottsdale and the East Valley during the post-recession real estate market. There seems to be no end in sight for the multifamily wave, according to a number of local general manager, top executives and commercial building companies. It’s a building boom, construction experts say,that likely will continue for a while.
“We have a lot of multifamily on the books for at least the next two years,” said Chris Jones, president and co-owner of Ameris Construction in Scottsdale.
Old Town Scottsdale has been a top sub-market for apartment developers, as well as some new high-end condos, lofts and townhouses. There’s also more than 1,000 apartment and condo units coming online or that have recently hit the market in downtown and midtown Phoenix. Other industry executives don’t expect to see multifamily tail off, but rather increase as there is more focus on creating dense developments.