Glen 91. All images courtesy of HCW Development
By Raluca Toma | Multihousing News
HCW Development has completed Glen 91, a 296-unit luxury community in Glendale, Ariz. EOS Builders served as general contractor for the project; H Design Group and David Flynn led the architectural efforts, while Design Environments Inc. handled interior design. Bowman Consulting, Mettemeyer Engineering and CJD Engineering were also part of the development team.
According to Yardi Matrix information, some 12,300 multifamily units entered the metro Phoenix inventory in 2022. Only 1,130, or 9.2 percent of the total, pertained to Glendale developments.
The overall vacancy rate in the Phoenix multifamily market reached 5.8 percent at the end of September, while rents were up 7.1 percent year-over-year, according to a Northmarq 2022 third quarter market analysis. The metrics were nevertheless consistent with the region’s long-term supply and demand balance, despite recent measures suggesting a change in the market’s direction.
