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National Multifamily

PHOENIX: Condo Fever

Cassidy Turley's Phoenix office tells us all multifamily eyes are on condos right now. David Fogler cites Deco Community's plans for a surge in condo projects, including Envy in Scottsdale (pictured here). So far there are 23,000 apartment units in the pipeline for Metro Phoenix spread over a three- to five-year build-out, “which matches perfectly what we did from '03 to '07.” The difference: Developers are chasing high rents. At the peak of the housing market, ownership rates here were 70%. Now it's back down to 65%, David says. “We're seeing a lot of people renting by choice. That's why developers are trying to build this new high-end stuff.”

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