More than 6,000 apartments and condominiums are under construction, in the development pipeline or have recently hit the market in Scottsdale as the multifamily segment continues to be the Valley’s strongest real estate segment.
The activity also is creating work for contractors and jobs for construction workers.
The Scottsdale multifamily activity ranges from new apartments at and near Arizona State University’s SkySong technology center to condos in Old Town, according to construction and development reports from the city of Scottsdale.
The city’s multifamily development and construction list includes:
• a 572-unit complex being built by Mark Taylor next SkySong.
• the 154-unit Las Aguas apartments being built on McDowell Road on a former car dealership site west of Scottsdale Road.
• a 282-unit mixed-use project by Clayton Cos. at Scottsdale Road and Earll Drive.
• Optima’s 781-unit Sonoran Village development at Camelback Road and 66th Street. Optima is also developing new apartments in Phoenix near Kierland Commons.
There also continues to be apartment sales in Scottsdale, Phoenix and other submarkets.
A Memphis-based national apartment group has bought the 325-unit SkySong apartments in Scottsdale for $67.5 million, according to Business Real Estate Weekly of Arizona.
That translates into close to $207,700 per unit, according to BREW.
Mid-America Apartment Communities (NYSE:MAA) bought the Scottsdale complex from the ASU Foundation and USAA Real Estate Co.
Scottsdale’s younger, affluent demographics and ample number of college students and those just out of college appeal to multifamily developers.
There have also been some recent retail and commercial build-outs in Scottsdale including new Panda Express and Lolo’s Chicken & Waffles restaurants on Scottsdale Road and a new Raising Cane’s Chicken Fingers restaurant being built at near Scottsdale Road and Shea Boulevard.
There also continues to be new apartments hitting the market and in the works in central and downtown Phoenix.