PCS Development Completes AZ Community
- May 24, 2018
PCS Development recently completed The Premiere at Dana Park, a 198-unit multifamily community in Mesa, Ariz. The company has tapped P.B. Bell as management firm for the property.
Located on Val Vista Drive, just off U.S. 60, The Premiere at Dana Park offers one-, two- and three-bedroom units ranging from 459 square feet to 1,251 square feet. The community includes such sustainable features as Energy Star appliances, low-flow plumbing fixtures, LED lighting, dual-pane Energy Star windows and solid surface countertops.
Common amenities include a full clubhouse and common area, and a heated pool and spa with an outdoor entertainment cabana featuring gas barbecue grills and a fireplace. There is a Crossfit studio, a playground with community park access, putting green, coffee bar, car charging station, and automated self-service mail kiosks.
Phoenix Development, Rent Increases Robust
The metro Phoenix multifamily market has been hitting all the cylinders in recent years. Currently, vacancies are going down, rents are going up, and new construction is being done at a brisk pace, according to Kidder Mathews data.
Marketwide, multifamily rental vacancy in the first quarter of this year was 6.4 percent, down from 6.8 percent the previous quarter, and the same as a year earlier. Asking rents averaged $985 as of Q1 2018, compared with $940 a year earlier, for nearly a 5 percent increase.
That’s despite robust development pipeline for Phoenix multifamily, Kidder Mathew reports. A year ago, more than 15,100 new units were under way; now the total is over 23,300 units.