AZBigMedia
A billionaire developer that builds best of class multifamily products around the globe is making a move into the Phoenix market. Billionaire investor Jorge Pérez, CEO of The Related Group, which got its start in Florida and remains based in the Sunshine State, is planning to invest $500 million in the Phoenix market. The Related Group currently has three sites under contract in the Valley and has another close to being under contract. In all, Related Group co-founder, chairman and CEO Pérez said his company is looking at 20 sites around the metro area.
“We have rated cities across the country, and that research showed that one of the top cities for us, right now, is Phoenix,” said Pérez, who sat down for interviews on Tuesday in Scottsdale after spending the day touring those potential project sites around the Valley. “The job growth, the unemployment rate, the occupancy rate, the number of building permits and construction starts; those versus the employment growth and the demographic growth are at an imbalance. So we like that.
