Mark-Taylor Residential to Manage Phoenix Micro-Unit Community
Owner Ascentris tapped the firm to manage the downtown community with units as small as 328 square feet.
The pool at Derby in Phoenix. Image courtesy of Mark Boisclair
Mark-Taylor Residential is adding micro units to its management portfolio after being tapped to manage a 222-unit community in downtown Phoenix. Ascentris tapped the firm to manage Derby, which was completed earlier this year.
The 21-story Derby is made up of micro units that are designed for tenants seeking minimalist layouts. The community offers studio, one- and two-bed units ranging from 328 to 834 square feet. The units were built with 10-foot ceilings, Murphy beds, smart home tech and built-in storage, while some units have a washer and dryer. The community’s amenities include a fitness center, clubhouse, pool, rooftop deck and laundry facilities on every floor. According to Mark-Taylor Residential, Derby is currently 35 percent preleased.
Located at 800 N. Second St. in downtown Phoenix’s Roosevelt Row district, residents can experience a live-work-play lifestyle with nearby access to the area’s art galleries, restaurants, retail and office buildings. The community recently opened in July, but Mark-Taylor Residential has already hosted resident events to welcome tenants in the last few months, including happy hours, charity football events and evening yoga classes.
Micro units are making waves
“As the demand for housing in downtown Phoenix remains strong, micro apartments offer a creative solution for minimalist city living,” a spokesperson for Mark-Taylor Residential told Multi-Housing News. “Mark-Taylor is open to professionally managing other micro-unit communities in the future while continuing to offer luxury garden-style, midrise and single-family rentals.”
Micro apartments have been trending in areas facing serious affordable housing crises, like Seattle and New York City. Developers in these areas have been using the creative solution of micro unit communities to help address the housing shortage issue.
Derby represents the first high-rise micro-unit community that Mark-Taylor Residential will manage. However, the firm has plenty of experience in Arizona as an apartment developer and a property owner of rental communities. On top of developer and owner, the company also manages more than 22,000 units in the area. In February, a joint venture between Nippon Steel Kowa Real Estate and Continental Realty Assets tapped Mark-Taylor Residential to manage the 150-unit Luna at Fountain Hills in Phoenix.
