P.B. Bell, which has built 10 apartment communities totaling nearly 3,000 units across the Phoenix metro since 2019, is building its first build-to-rent project.The Scottsdale developer has teamed up with Everest Holdings to develop Marketside Villas at Verrado in Buckeye. The total development cost for the 150-unit project is a little more than $50 million, said Justin Steltenpohl, chief operating officer and general counsel for P.B. Bell.The project at 21045 W. McDowell Road is expected to be completed by the first quarter of 2025. Some of the first units will be ready for lease by the end of September or early October, said Steltenpohl.”This is our first build-to-rent product,” Steltenpohl said. “It’s been something we were looking at for awhile. We did Main Street Lofts at Verrado awhile back. We’ve always been a fan of the area. When the opportunity came up to do a project there we were thrilled.”Steltenpohl said P.B. Bell has long been on the cutting edge of multifamily development, but in this case was a bit late to the build-to-rent frenzy.”We’re throwing our hat in the ring,” he said. “This is here to stay.”Phoenix is ground zero for the build-to-rent product, which offers detached single-family homes within a rental community with resort-like amenities. Developers currently have 40 such projects under construction totaling 8,079 units in metro Phoenix, according to Yardi Matrix. Occupancy rates have been trending downward since Ja …
[wpts_spin]{Read|See} the {entire|full} article {on|about} rental market trends in Arizona, or, read more news about {Arizona real estate investing|real estate investing in Arizona|real estate investing in Arizona}. We {warmly |}{welcome and |}encourage you to {mention|recommend} our site to your{ circle of|} fellow investors, {letting them |allowing them to }benefit from the valuable{ resources and|} insights we provide. {Thanks!|Thank you!}[/wpts_spin]
