DEA Office Building Converted Into Luxury Apartments in Midtown Phoenix
The former headquarters of the Phoenix Drug Enforcement Agency has been turned into a 171-unit development called Alloy Midtown. The project consists of two buildings. Fifty-seven of the 171 units will be located in the former DEA building, while the rest will be in a newly constructed building right next door. The new building is […]
Yardi Matrix May Report Shows Consecutive Upward Trend of Rent Growth
According to Yardi Matrix’s May National Multifamily Report, rents have continued to rise for the fourth consecutive month. The average U.S. asking rent increased by $6 to $1,733, maintaining a year-over-year growth rate of 0.6%. Despite robust demand, the pace of growth is tempered by substantial new supply entering many markets, particularly in the Sun […]
Gilbert Ranked #4 Among 50 Safest & Most Affordable U.S. Cities
According to a recent study by GOBankingRates, Gilbert ranked third in safety and affordability among 50 U.S. cities in 2024. Gilbert’s median household income is $115,179 with an average mortgage cost of $3,499 and a monthly cost of living of $5,510. It had 2,818 property crimes and 323 violent crimes reported. Other Arizona cities on […]
290-Acre Mixed-Use Development Receives Greenlight to Move Forward
The Economic Development and Housing Subcommittee of Phoenix has recommended approving a development agreement with Lines Family Entities for the 290-acre Gila Foothills Planned Unit Development (PUD). The project will include a mixed-use commercial auto park, a resort, a hospital, and 1,200 housing units. The developer aims to exceed the number of housing units by […]
New Office-to-Apartment Conversion Development Set to Open in Phoenix
Alloy Midtown, a converted office-to-apartment structure, formerly the Phoenix Drug Enforcement Agency (DEA) Headquarters, is set to open in Phoenix. Developed by Soltrust Residential REIT, Alloy Midtown will offer 171 modern apartment homes with studio, 1-bedroom, and 2-bedroom options. All units feature keyless smart lock apartment entry, plank hardwood-style flooring, stainless steel GE appliances, upgraded […]
Affordable Housing is a Top Concern Among Gen Z and Millennials
In a recent survey conducted by Redfin Corporation, 91% of Gen Z adults aged 18 to 27 emphasized the critical role of housing affordability in shaping their electoral decisions for the upcoming presidential election, ranking the issue as No.1. This focus on housing affordability outweighs concerns about education, gun rights, and abortion rights among Gen […]
Luxury Apartments Dominate Housing Market, As Rich Renters Reject Buying
Household incomes have outpaced rent increases in the past year, resulting in a greater variety of luxury options for tenants earning above the median income. The surge in new apartment construction, driven by favorable borrowing rates and rising rents early in the pandemic, has flooded the market with over 1.6 million units since 2020, with […]
Chandler’s Affordable Housing Project Stalls as the Need for Housing Grows
Chandler’s latest public housing project, Villas on McQueen, faces construction delays amid funding challenges, exacerbating the city’s critical shortage of affordable housing. With 11,300 affordable units needed for families seeking homes below $1,250 per month, the urgency is palpable. Once completed, Villas on McQueen will offer 78 project-based housing units and 79 low-income housing tax […]
Apartment Construction Boom Leaves Developers with Empty Lots
A notable surge in apartment construction nationwide has left many developers grappling with challenges in launching or completing their projects. This trend is exemplified in downtown Phoenix, where construction abruptly halted on the 25-story apartment complex, X Phoenix. Higher interest rates, stricter lending criteria, and stagnant rents in certain areas, spanning from California to Florida, […]
Housing Affordability Is Gen Z’s Top Campaign Concern
According to a survey conducted for Redfin, a staggering ninety-one percent of adult Gen Zers prioritize housing affordability when determining their vote in the upcoming presidential election. This demographic places a higher emphasis on affordable mortgages or rents compared to other pressing issues such as the economy, abortion, gun rights, preserving democracy, and foreign wars. […]
