There are more than 3,600 new apartments under construction or planned for downtown Phoenix, according to a new report.
Real estate firm ABI Multifamily says there are 1,260 apartment units currently under construction in downtown Phoenix and another 2,343 in the planning and proposal pipelines.
ABI’s Thomas Brophy said there are more than 3,800 existing units in downtown Phoenix across 63 properties.
Brophy said there are another half dozen under construction. They include:
• The Muse
- Developer: Lennar Multifamily Communities
- Number of Units: 367
- Location: 1602 N. Central Ave.
• Roosevelt Arts District
- Developer: Alliance Residential
- Number of Units: 318
- Location: 1011 N. Third St.
• Broadstone Arts District
- Developer: Alliance Residential
- Number of Units: 280
- Location: 202 E. McDowell Road
• iLuminate
- Developer: Baron Properties
- Number of Units: 111
- Location: 1002 N. Third St.
• Linear
- Developer: Baron Properties
- Number of Units: 104
- Location: 998 N. Third St.
• Union at Roosevelt
- Developer: MetroWest Development
- Number of Units: 80
- Location: 888 N. First Ave.
Brophy said there are another nine apartment projects totaling more than 2,300 units in the planning process. Those include ones proposed by Transwestern, Trammell Crow and redevelopment of the Circles Records property.
Downtown has seen a surge of new apartments as well as some condo projects since the recession. Some of that is driven by the growth of Arizona State University’s downtown campus and developers taking advantage of favorable land prices after the recession. Some of it stems from a greater focus on urban living and a trend away from homeownership.
Newer units in Phoenix’s central business district have average rents of $1,643 per month and are up 25 percent since 2013.
Rents for newer downtown apartments are $700 per month more than the region and city as a whole and $330 more per month than downtown Tempe and downtown Scottsdale, according to ABI.
There are currently more than 25,900 residents living in downtown Phoenix.
