Atlantic Jasper to Open 240-Unit Arizona BTR
The Flats at Jasper is part of a 1,200-acre master plan in Prescott Valley.
Developer Atlantic Jasper and general contractor Mosaic will open this week The Flats at Jasper, a 240-unit built-to-rent community in Prescott Valley, Ariz. The property is part of the 1,200-acre Jasper master plan, to be developed over multiple phases and slated to include both homes for sale and rentals.
Developers broke ground on The Flats at Jesper at the end of 2022. By the end of this month, 75 homes will be move-in ready, with an additional 30 residences every month thereafter.
Encompassing one- and two-bedroom floorplans in detached and duplex homes, the residences range from 760 to 1,039 square feet, with monthly fees between $1,824 and $2,858. The homes are set to feature washers and dryers, doorbell cameras, smart locks, walk-in closets and private backyards. Common-area amenities include a 24-hour fitness center, dog spa, EV charging stations, swimming pool, spa, grilling stations and business centers.
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Located at 4901 N. Jasper Parkway, the property is roughly 100 miles north of Phoenix and some 10 miles from the Prescott Regional Airport. The Flats at Jasper is also roughly 4 miles from the Dignity Health Yavapal Regional Medical Center and 12 miles from Prescott College.
In prepared remarks, Atlantic Jasper Co-Manager David Brown emphasized the growth of the single-family-rental market, stating that demand for this asset type has surpassed availability in the U.S. Average asking rates for built-to-rent properties grew 1.5 percent year-over-year as of January, reaching $2,130, according to a recent Yardi Matrix national report. The average occupancy also rose 10 basis points over 12 months to 95.7 percent.
