The robust job growth recorded in Phoenix these past few years – particularly in the professional and business services, and trade, transportation and utilities – has led to an increased demand for apartments. This has resulted in rising rents (nearly 8% in 2015) and a competitive environment for renters all across the metro.
The good news, however, comes from new development numbers which point to a brighter 2016 in terms of housing options. While 2014 saw approx. 4,700 units delivered to the Phoenix metro in 50+ unit buildings, 2015 beat that with a 40% increase in deliveries in the large scale projects sector. An impressive 6,563 new apartments were completed last year in the 23 rental developments with 50 or more units, as Yardi Matrix data shows. The more apartments available on the market, the more relaxed the rental landscape – and with the influx of newcomers following the jobs trail, that’s certainly something to be excited about.
Many of these new apartments are directly targeting the so-called Millennials, the young renter cohort that postpones homeownership in favor of more flexible lifestyles, unburdened by property taxes and 25-year mortgages. In return, they get to enjoy prime locations, in close proximity to employment, shopping, and entertainment, not to mention amenities aplenty which in owning would require continuous maintenance efforts. On-site wellness centers, energy-saving features, and posh interiors have become common with new complexes such as Avion on Legacy and Liv Ahwatukee – the latter being the biggest apartment community delivered in 2015 in PHX by unit count.
Join us as we drill down to see the 10 largest rental developments that popped up on Phoenix’ horizon in 2015. Your next great home might just be among them.
#10. Avion on Legacy: 322 rental units – Check availability
Completed: 12/17/2015
Address: 7340 East Legacy Blvd, Scottsdale, AZ 85255
Rental types: 150 1-bedroom apartments, 151 2-bedroom apartments, 21 3-bedroom apartments
Property size: 305,492 sq.ft., 2,3 and 4 story buildings
Short description: Centrally located in North Scottsdale with easy freeway access. Saltwater pool and spa with cabanas. Fully equipped fitness center. Indoor golf simulator and screening room. Outdoor kitchen and BBQ grills. Quartz counters and stainless steel appliances. Attached garages in select apartments.
Photo credit: Avion on Legacy Website
#9. Skywater at Town Lake: 328 units
Completed: 06/18/2015
Address: 601 West Rio Salado Pkwy, Tempe, AZ 85281
Rental types: 40 studio apartments, 135 1-bedroom apartments, 137 2-bedroom apartments, 16 3-bedroom apartments
Property size: 324,164 sq.ft., 5- and 6-story buildings
Short description: Beautiful view of Tempe Town Lake and downtown Tempe. Miles of open space for running, biking, jogging, or relaxing. Easy access to all major valley freeways and Sky Harbor Airport. Electric vehicle chargers. Clubhouse with sweeping views and an expansive wrap-around patio. Outdoor kitchen lounge with four televisions and pool table. Gourmet kitchens that include granite countertops with under mount sink, gas cooktop, and stainless steel appliances. Energy-saving features such as heat pumps for each apartment and dual-paned windows.
Photo credit: Skywater at Town Lake Website
#8. Hanover Mill Avenue: 341 units
Completed: 12/04/2015
Address: 101 West 5th Street, Tempe, AZ 85281
Rental types: 247 1-bedroom apartments, 94 2-bedroom apartments
Property size: 281,452 sq.ft., 6 story building
Short description: Located in downtown Tempe, Hanover Mill Avenue offers apartment homes ranging from 550 sq.ft. to over 1,400 sq.ft. at a walking distance to restaurants and nightlife, and just minutes to Tempe’s best entertainment. 24/Hr fitness club with Technogym equipment. Aqua lounge with seating and dining space. Cyber lounge with iMac computers. Custom cabinetry and kitchen large islands.
Photo credit: Hanover Mill Avenue Website
#7. 56 North: 344 units
Completed: 2015
Address: 21021 North 56th Street, Phoenix, AZ 85054
Rental types: 182 1-bedroom apartments, 162 2-bedroom apartments
Property size: 313,856 sq.ft., 2-, 3-, and 4-story buildings
Short description: Resort-inspired amenities and generous spaces. Easy access to the area’s best dining and shopping. Mid-century modern-inspired design. Poolside glass-house cabana and private indoor/outdoor lounges with HD televisions. Poolside entertainment deck with outdoor fire pit, Wi-Fi, and ping-pong game tables. Close proximity to several biking and hiking trails. Stunning views of the McDowell mountains.
Photo credit: 56 North Website
#6. San Sonoma: 362 units
Completed: 2015
Address: 9010 South Priest Drive, Tempe, AZ 85284
Rental types: 128 1-bedroom apartments, 194 2-bedroom apartments, 40 3-bedroom apartments
Property size: 395,217 sq.ft., 2 story buildings
Short description: San Sonoma is located near major technology companies, entertainment and recreation destinations, and upscale retailers. It offers modern amenities including high ceilings, distressed plank floors, lush landscaping, generous living areas, ample storage, walk-in closets, and gourmet kitchens. Lagoon pools, jacuzzis with water features, outdoor cabanas with kitchens, fireplaces and TVs. 24/7 fitness center with individual workout stations, virtual trainers, and a yoga room.
Photo credit: San Sonoma Website
#5. The Moderne: 367 rental units
Completed: 10/29/2015
Address: 4848 North Goldwater Blvd, Scottsdale, AZ 85251
Rental types: 194 1-bedroom apartments, 171 2-bedroom apartments, 2 3-bedroom aparments
Property size: 349,225 sq.ft., 2-, 3-, 4-, and 5-story buildings
Short description: The Moderne offers incredible views of the Camelback Mountain and is minutes away from world-class shopping, fine dining, recreation, and relaxation. Elaborate entertainment lounge with Wi-Fi café, serving bar and TV gallery. Fully-equipped wellness center with highly-specialized Technogym cardio machines, free weights, individual strength training machines, and spin bikes. Relaxation courtyard with lush landscaping. Electric car charging stations.
Photo credit: The Moderne Website
#4. Camden Chandler: 380 rental units
Completed: 2015
Address: 2777 South Arizona Avenue, Chandler, AZ 85286
Rental types: 102 1-bedroom apartments, 216 2-bedroom apartments, 62 3-bedroom apartments
Property size: 433,606 sq.ft., 2- and 3-story buildings
Short description: Camden Chandler is located a few short miles of Chandler Fashion Square Mall, San Tan Village, and Downtown Chandler and offers custom apartment homes featuring quartz countertops and stainless steel appliances. Every apartment includes a direct access garage. State-of-the-art fitness center and resort-style pool, lounge area equipped with WiFi, pet-friendly community with a gated pet park and pet washing station. Bike storage/racks, electric car charging stations.
Photo credit: Camden Chandler Website
#3. San Milan: 388 rental units
Completed: 2015
Address: 6975 East Princess Drive, Phoenix, AZ 85054
Rental types: 134 1-bedroom apartments, 125 2-bedroom apartments, 129 3-bedroom apartments
Property size: 424,512 sq.ft., 2-, and 3-story buildings
Short description: Located in North Phoenix near great shopping destinations, restaurants, and golf courses. Pet-park, lush desert landscaping, resort-style swimming pool, with whirlpool spa, poolside cabanas and a wet bar, picnic area with barbecue grills. 24/7 fitness center. Nine-foot ceilings, distressed vinyl wood plank flooring, granite countertops and stainless steel appliances, dishwasher, built-in microwave, glass-top stove, and full-size washer.
Photo credit: San Milan Website
#2. Almeria at Ocotillo: 389 rental units
Completed: 03/13/2015
Address: 2471 West Edgewater Way, Chandler, AZ 85248
Rental types: 155 1-bedroom apartments, 188 2-bedroom apartments, 46 3-bedroom apartments
Property size: 393,077 sq.ft., 2- and 3-story buildings
Short description: Uniquely designed resort-style apartment homes located in the exclusive Ocotillo neighborhood. Lush grounds, mature trees, beautiful flower beds, waterfalls and lakes, golf course. 3 resort-style pools and 2 spas, open-air eatery with gas BBQ grills, outdoor fireplaces with conversation seating, bark park with dog salon, resident club house with pool tables.
Photo credit: Almeria at Ocotillo Website
#1. Liv Ahwatukee: 402 rental units
Completed: 05/06/2015
Address: 16025 South 50th Street, Phoenix, AZ 85048
Rental types: 186 1-bedroom apartments, 168 2-bedroom apartments, 48 3-bedroom apartments
Property size: 401,322 sq.ft., 2- and 3-story buildings
Short description: Community is key at Liv Ahwatukee where regular community events give the chance to connect with your neighbors. 1 mile jogging path around the community. 24/7 access to The Hub with a business center, a media room, and gaming systems. 24/7 clubhouse with Wi-Fi, gaming, pool table and screening area. Outdoor BBQ and lounge areas. Smoke-free community.
Photo credit: Liv Ahwatukee Website
