Hatteras Sky Developing Phoenix High-Rise as Steady Growth Boosts Rental Housing Demand

Phoenix’s regional population is expected to reach 5.2 million by 2022, a 12 percent increase that began back in 2017. Reports rank the city as being home to the second-strongest U.S. multifamily market and Cushman & Wakefield found apartment vacancy rates hovering around 5% at mid-year 2020.

These stats have been fueled by a fast-growing population and an employment rate with stronger gains than those of the national average for the past three years.

“Phoenix has been and will continue to be a primary target market for us. We strongly believe that the job growth and population growth will continue to drive significant housing demand, creating growth for our properties in the market,” says Jim Duey, Milestone’s vice president of acquisitions.

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Hatteras Sky partnered with local Phoenix developer True North Studio, already developing several project within the Roosevelt Row Arts District, to purchase a 1.68 acre site in the heart of downtown Phoenix. Development plans call for a mixed-use 23-story high rise.

Aptly named First McKinley for it’s location along First Avenue and McKinley Street, the ground-up new construction project will include 385 luxury apartment units and 15,000 square feet of street level retail.

“Phoenix has exhibited dramatic job and rent growth, especially in downtown, where the population has soared in recent years and is expected to double in the next five years,” said Oz Friedmann, principal and managing director of development for Hatteras Sky. “We are excited to be a part of the changing skyline. The property will provide future residents with immediate access to the best of Roosevelt Row’s art scene and downtown’s business and entertainment corridor.”

 

Read the full Connect Media article HERE.

Learn more about Hatteras Sky’s 23-story high-rise project in Downtown Phoenix, Arizona HERE.