By AZBigMedia
Scottsdale-based 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, state of the art fitness center, furnished outdoor lounge, and more. The land is located in a Qualified Opportunity Zone (QOZ) which provides for significant tax benefits to investors and will deliver additional multifamily housing to the rapidly growing West Valley community.
“In the Phoenix metro, pricing for existing assets has now exceeded replacement cost. Sterling has always been a value investor and now, the better value is to build. We see a bright future for the city of Avondale and believe the project is positioned to take advantage of the area’s exponential growth,” said Sterling’s President, David Zeff.
The project will become an industry-leading community boasting premium amenities that will provide a high quality of life for residents and will help serve the 7.9 percent population growth projected over the next five years. Avondale has seen its population grow by 21.4 percent 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 percent over the past year, up to a median sale price of $400,000. This has led to an affordable housing shortage in the area, creating an underserved demand for apartment living.
