Arizona Republic
z SUNDAY, DECEMBER 24, 2017 z 1R
Real Estate TRENDING SIDEWAYS?
Christopher Todd Communities is currently building ÿve, single-story “horizontal” rental complexes in the Valley and has plans to construct another ÿve to seven next year. CHRISTOPHER TODD COMMUNITIES
Single-story, horizontal rental complexes popping up across Valley moving from north Scottsdale/Phoenix,” he said. “She found these great one-story apartments right across from a park, halfway between where we both had lived.”
Catherine Reagor Columnist Arizona Republic USA TODAY NETWORK
Metro Phoenix’s apartment building boom has a different look in the suburbs. You might have driven by one of the new rental complexes and thought it was a new home subdivision. Developers are building single-story, unattached rental homes with private backyards that look much like single-family houses. More than a dozen of these horizontal complexes have recently been built or are under construction. And renters are snapping them up. “I didn’t want to live in an apartment because of all the noise above you,” said Scott Cocuzza, who is moving into the new 136unit Christopher Todd community at Greenway and Litchÿeld roads in Surprise. His complex, which opens in January, is already 60 percent leased. “My ÿancée lives in El Mirage, and I am
Trending in metro Phoenix Most of the Valley’s new single-story apartment complexes come with the popular amenities of new homes: backyards, alarm systems, smart-home technology, 10story ceilings and even doggy doors. Most also have the amenities of upscale apartment complexes: clubhouses, exercise facilities, community pools, ramadas and ÿre pits. NexMetro Communities launched this new type of rental in the Valley and has 1,500 homes in several Avilla communities underway or recently completed, mostly in the East and West Valley. Christopher Todd Communities is currently building ÿve, one-story “horizontal” rental complexes in the Valley and has plans to construct another ÿve to seven next year. “Phoenix is at the forefront of this
emerging product type, and now we have clients planning and considering these developments all over the United States,” said Tim Sullivan, principal of national real estate ÿrm Meyers Research.
Location, location, location Most of the 18,000 new apartments going up in the Valley are located in central Phoenix, Scottsdale and Tempe. Many of the developments are at least three stories high, but can be as tall as 30 stories in downtown Phoenix. The horizontal projects are after a different demographic. Many are going up in Valley suburbs that have seen little new apartment development since the housing crash. “For about $50 more a month, renters are getting more privacy and top amenities in a gated community,” said Christopher Todd CEO Todd Wood, about his company’s “horizontal” rentals. “We have created a new way to live that is resonating with the marSee REAGOR, Page 3R
Luxury Retirement Community for Active Adults Over 62 Come And Experience p The Hospitality! p y
Call Us NOW...
To make reservations to be our guest for a complimentary Lunch and Tour.
For more information, seee our ad inside!
LUXURY RETIREMENT COMMUNITY OF SUN CITY
623-933-1313 • www.wooddalevillage.com • Visit us on:
Recent Market Activity GINGERBREAD HOUSE DISTRESSED SALE: Prior owner ate two bedrooms and a hall bath but remaining kitchen can only be described as delicious! New owner plans housewarming.
See More - Page 2