When Steve Jobs introduced the iPod, people didn’t know they needed one (and you know how that story goes). Same for mid-rise multifamily buildings in the greater Phoenix area, Transwestern VP Jack Hannum tells us (note the Megadeth posters, above). “It’s almost that Phoenix wants to be its own LA,” (with fewer paparazzi) he says, targeting new renters who want a lifestyle and amenities. Urban mid-rise projects (unlike traditional garden-style stucco) make up 43% of 14,000 units coming online over the next few years, featuring more luxurious clubhouses, kitchens, and game rooms (and already commanding rents upwards of $1.75/SF). And investors are liking this bigger city feel, with aggressive interest in the best-located assets.
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