By Sterling Real Estate Partners
Sterling Real Estate Partners recently acquired 9.6 acres of land with plans to develop a 238-unit, Class A apartment complex in the heart of Avondale’s rapidly expanding community. The property will feature luxury unit interiors, a resort style pool, fitness center and furnished outdoor lounge.
The land is located in a Qualified Opportunity Zone.
The project will help serve the 7.9% population growth projected over the next five years. Avondale has seen its population grow by 21.4% since 2010 and has been accompanied by rent growth of 14.3% in 2021 alone. The city has been recognized as a hub for healthcare, manufacturing, highly skilled and well-educated residents, and known as a world class sports destination. Home prices in Avondale and neighboring Goodyear have risen 37.9% over the past year, up to a median sale price of $400K. This has led to an affordable housing shortage in the area, creating an underserved demand for apartment living.
The proposed community will feature an array of one-, two-, and three-bedroom units exhibiting modern finishes with quartz countertops, stainless steel appliances, vinyl plank flooring, and in-unit washer/dryers. Units range in size from 551SF to 1,100SF with select units also including garages. The project is expected to begin in May of 2022 with completion estimated for Q4 of 2023.
Sterling is a multifamily investment company that has executed heavy value-add projects throughout Arizona, Texas, and Nevada. The proposed project will mark the first ground-up development for the company’s expanding Arizona portfolio. (Source)