P. B. Bell Cos. has closed on the site of a planned 244-unit luxury multi-family community about five miles from downtown Phoenix, the Scottsdale-based company said Dec. 19. Located at the intersection of 16th Street and Highland, the project is scheduled to open during the second quarter of 2015.
Dubbed Scape Modern Living, the complex will offer one- and two-bedroom units in three- and four-story building configurations. Units will feature nine-foot ceilings, complete appliance packages, granite countertops, balconies and walk-in closets. Common amenities include gated access, underground parking, attached garages, a heated pool and spa, residents’ lounge and exercise facility, theater room, fireplace and flat-screen TV. The community will be situated near Camelback Corridor and the Biltmore area.
P.B. Bell also said that it has closed on a 4.5-acre site in Scottsdale where it plans to build Cascàd, a 187-unit high-end apartment community. Located at Scottsdale Road and Mayo Boulevard, the project will feature a pool with spa, exercise facility and residents’ lounge, among other amenities. Cascàd is part of a planned mixed-use project that may also include retail, hospitality and office components.
The Greater Phoenix multi-family market has shown strong growth lately, with vacancy rates dropping and rents growing for the fourth consecutive year. According to Marcus & Millichap Real Estate Investment Services Inc., average monthly rents will end the year at $775, a 2.9 percent increase compared with 2012. Last year average rents increased 2 percent.
Nearly 2,900 new units have come on the market during the past 12 months, more than 1,900 of them during the second and third quarters. Some 7,600 units are under construction.
The largest of those projects are the Liv Ahwatukee in South Phoenix and Liv Northgate in Gilbert, high-end projects being developed by Grand Haven, Mich.-based Investment Property Associates. Scheduled for completion this coming spring, each community will comprise 402 units.
Photo credits: Rendering of Liv Northgate luxury apartments via official website