Phoenix Market Leaders Report | February 2020

FEBRUARY 2020

PHOENIX

MARKET LEADERS 1

arizona leading the nation

4.82M Population: 4.82M Phoenix MSA 66% of State’s Population and 73% of Employment

2

FASTEST GROWING

#1 WAGE GROWTH

Maricopa County - fastest growing county in U.S. 2016, 2017, 2018

AZ: #1 in U.S. for small business wage growth, up 5.14%

#3 FOR GDP

$83,000

Arizona: #3 for GDP Growth (2018)

2018 Average Household Income $83,000

522,000

TOP 20

Phoenix MSA: 522k New Jobs in last 10 Years

Phoenix MSA has three Top-20 cities in US to find a job Scottsdale #1, Chandler #10, Tempe #14

#4 JOB GROWTH

TOP 10

Phoenix MSA: New Job Growth in U.S. #4 in 2018 and #5 in 2017

Phoenix MSA among Top 10 Tech Employment Markets in U.S.

#2 INCOME

ASU #1

AZ: #2 for Personal Income Growth (2018-19)

ASU (111,000 students) ranked #1 as ‘Most Innovative School’ for 4th consecutive year

Sources: Census, Bureau of Economic Analysis, Bureau of Labor, US News & World Report

Phoenix MSA Leading the Nation in New Job Growth

TOP 5

396K

For Job Growth Since 2017

New Jobs Added Since 2015

Greater Phoenix continues to remain in the Top 5 metros for job creation in the country. During the 12-month

Phoenix MSA Employment

period ending in December, preliminary estimates show that employers added 68,800 net new jobs, an increase of 3.2% and well ahead of the 62,500-average increase

Jobs Gained

80,000

Annual Change

4.0%

over the first half of 2019.

Over the last 10 years (2009 to 2019), all 51 metropolitan

5.7% to 43.1%. Over the 10-year period, the Phoenix Metro ranked #10 for total employment growth, rising 29.7%, ahead of Salt Lake City (29.5%), San Antonio (29.4%), Denver (29%), Las Vegas (27.5%), Seattle (26.9%), Atlanta (26.3%) and Houston (26.3%). In the last 5-years, Phoenix was #4 in overall job growth rising 16.7%, ahead of such notable metros as Nashville

3.5%

60,000

3.0%

50,000

2.5%

40,000

2.0%

30,000

1.5%

20,000

1.0%

10,000

0.5%

Year-over-Year Change

more had nonfarm employment gains, ranging from

Net Employment Change

areas with a 2010 Census population of 1 million or

70,000

(16.3%), Las Vegas (16.2%), Dallas (15.2%), San Francisco (14.7%) and Denver (12.4%).

0.0%

0 2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

3

The increase in high paying jobs has caused developers to exceed their original rental projections.

Income growth Arizona Ranks 2nd for

Since 2010, there have been 105,938 new households with income in excess of $75,000 and the Phoenix MSA Average Household Income has increased 11.7% to $83,970. These figures are forecasted to grow an additional 22% by 2023

New Households Added 120,000

100,000

80,000

60,000

40,000

with an Average Household Income of $102,408.

20,000

0

4

$75,000 to $99,999

$100,000 to $124,999

$125,000 to $149,999

2018

2023

$150,000 to $199,999

$200,000+

Source: Magnify Maps

Personal Income Growth

Multifamily Housing Demand Chart

Phoenix’s apartment unit deficit is expected to hit +/- 32,000 units by 2020/21. Why? •

#1 Occupancy rates for the Phoenix area as of YE 2019 was 95.2% and marks the 32nd consecutive quarter occupancy

PHOENIX MSA MULTIFAMILY TOTAL MF HOUSING DEMAND VS. DELIVERIES P h o e n i x M S A M u l t i fa m i l y 2010 - 2020 Total MF Housing Demand v Deliveries

has been above the 20-year average.

•

#2 Population Growth: Maricopa County was fastest growing county in the nation for 3rd year in-a-row (2016/17/18); with a little over 4.7 million people, the Phoenix Metro is set to become the 10th largest metropolitan area in the U.S. as of

UNIT DEMAND (Estimated)

UNIT DELIVERIES (Estimated)

the 2020 Census and its population is expected to nearly

120000

110,272 UNITS DEMAND

100000

double in the next two decades.

•

#3 Job Growth: as of YE 2019 was 3.2% which places Greater Phoenix in the Top 5 among the top-36 major employment markets in the country for new job growth. In

80000

77,367 UNITS DELIVERIES

the last 5-years, Phoenix was #4 in overall job growth rising 16.7%, ahead of such notable metros as Nashville (16.3%), Las Vegas (16.2%), Dallas (15.2%), San Francisco (14.7%)

60000

and Denver (12.4%).

40000

8.8% Year Over Year Rent Growth 6% Three Year Average Rent Growth

20000

0 2010

2020

Apartment Housing Demand Assumptions: EXPECTED UNIT DEFICIT = 32,905 UNITS

(1) Population from ADOA (2015-2050) (2) Persons per HH (Census, Avg. 2010-17): 2.75 (3) Occupancy (Avg. 2010-18): 93.9% (currently 95%+)

Phoenix MSA continues to lead the nation in rent growth, rising 9% y/y to $1,185, still

(4) Rentership (Census, Avg. 2010-17): 38.0%

well below national average rent of $1,415. More than 8,700 units came online during

(5) Deliveries based on projects currently under construction/

2019. Given the current construction rate, 2020 should prove to be the highest delivery amount since 2009’s 9,315-units. There are approximately 16,200 units currently under construction throughout Greater Phoenix and marked the 23rd consecutive quarter where the number of units under construction was above 10,000.

planned (6) Unit Demand Calculation: (Pop1-Pop2)/Persons per HH)*Rentership Avg)*Occ Avg. 5

top economic job announcements Voya Financial to make its permanent metro Phoenix home in Chandler, hiring 1,000+ Voya’s new 151,000-square-foot facility is located on Price Road near Germann Road. The Fortune 500 company, which helps people plan for retirement, also has about 200 workers at a Scottsdale office that will continue to operate. The new offices will house employees in Voya’s retirement, employee benefits and claim administration groups, plus human resources.

California finance company, Freedom Financial, to hire 1,000 in newly expanded Tempe operations Of the company’s total 2,300 employee base, some 2,125 are in Tempe. The company needs technology workers include software engineers, information technology specialists as well as product management positions. Salaries for those technology workers range from $80,000 to more than $100,000.

A Major Bioscience Hub Is Emerging in Phoenix - $3.5B in capital investment planned over next 2 years The most significant projects include a $600 million extension of the Mayo Clinic Phoenix campus, which will double in size; a $900 million teaching hospital by the Maricopa Integrated Healthcare System; and 1 million square foot Wexford Bioscience and Technology campus, which recently broke ground. In addition, there is also a $150 million Creighton University Medical School.

SkyBridge development launches PHX East Valley into the stratosphere, expected to bring 12,000 new jobs within 10 years SkyBridge Arizona is a 360-acre, long-term development at Phoenix-Mesa Gateway Airport that will allow U.S. Customs and Border Protection and Mexican Customs officers to work side by side to jointly inspect and process shipments in preparation for international transit.

6

Waymo says it will hire hundreds for new East Valley facility near Broadway & Dobson in Mesa Waymo, Google’s self-driving car project, plans to more than double its presence in the Valley by opening a new service center in Mesa. The Mesa facility is expected to employ hundreds more local employees, as well as servicing and maintaining its fleet of Waymo One cars.

Metro Phoenix gets new public company with edtech firm’s Bridgepoint Education, now Zovio, move, bringing 600 jobs Bridgepoint Education Inc., an education technology services company, is moving its San Diego headquarters to Chandler and at the same time changing its name to Zovio Inc. San Francisco-based Online Resale Marketplace, thredUP, chooses Greater Phoenix to open Latest Distribution Center, adding 500 tech-warehouse jobs The world’s largest online marketplace to buy and sell secondhand women’s and kids’ clothing, thredUP, opened a new distribution center and office in Phoenix.

The 120,000 square foot space located in Phoenix at 7775 W. Buckeye Rd. will provide up to 500 new jobs.

Nike plans massive West Valley shoe manufacturing plant, hiring 500+ Nike subsidiary Air Manufacturing Innovation, the maker of Nike Air shoes, plans to open a multimillion-dollar facility in Goodyear, which will employ at least 505 people in full-time manufacturing roles.

Global tech firm, Infosys, opens innovation hub at SkySong, plans to hire 1,000 Infosys Ltd., a digital technology and consulting services firm with global operations, opened a temporary Digital Technology and Innovation Center at SkySong on Friday, with plans to hire more than 1,000 employees by 2023 after it relocates to a permanent space.

Deloitte announces 100,000-square-foot expansion in Gilbert, hiring 900 Deloitte moved into the first 100,000-square-foot building at 310 E. Rivulon Blvd. in late 2018 and will now be expanding their footprint to occupy another 100,000-square-foot building at 300 E. Rivulon Blvd. in early 2020. With this addition, Deloitte will fully occupy two of the four buildings that comprise The Commons at Rivulon.

Farmers Insurance’s 943-job Phoenix expansion plans at I-17 and Happy Valley Farmers Insurance has an operations center off Interstate 17 near Happy Valley Road. The company want to expand its 150,000 square foot footprint there by another 150,000 square feet and add 943 jobs between 2019 and 2023.

7

highest property rents STABILIZED | GREATER PHOENIX

8

OCCUPANCY

CONCESSIONS

1-MILE HH INCOME

RENT/HH INCOME

$2.97

97%

None

$114,920

29%

$2,092

$2.46

96%

2 Weeks

$110,725

23%

853

$2,274

$2.67

97%

None

$113,642

24%

2014

963

$2,189

$2.27

96%

None

$50,115

52%

369

2015

951

$2,272

$2.39

96%

2 Weeks

$130,380

21%

Downtown Scottsdale

592

2013

1,039

$2,523

$2.43

92%

None

$137,067

22%

Standard

Downtown Scottsdale

134

2016

841

$2,013

$2.39

98%

None

$97,356

25%

8

West 6th

North Tempe

375

2011

1,025

$2,180

$2.13

96%

Up to 4 Weeks

$62,125

42%

9

SALT

North Tempe

265

2017

1,009

$2,058

$2.03

94%

None

$65,212

38%

940

$2,261

$2.41

96%

$97,949

31%

PROPERTY

ADDRESS

UNITS YEAR AVG SF AVG RENT RENT/SF

1

7160 Optima Kierland

North Scottsdale

150

2017

926

$2,751

2

Broadstone @ Quarter

North Scottsdale

275

2015

850

3

Broadstone Waterfront

Downtown Scottsdale

259

2015

4

CityScape

Downtown Phoenix

224

5

The Moderne

Downtown Scottsdale

6

Optima Sonoran Village

7

LEASE UP | GREATER PHOENIX PROPERTY

ADDRESS

UNITS YEAR AVG SF AVG RENT RENT/SF

OCCUPANCY

CONCESSIONS

1-MILE HH INCOME

RENT/HH INCOME

10 The Angela

Phoenix

253

2019

963

$2,603

$2.70

22%

2 Weeks

$91,414

34%

11

North Scottsdale

170

2018

926

$2,555

$2.76

44%

8 Weeks

$110,562

28%

12 Vitri

North Scottsdale

300

2020

926

$2,547

$2.75

20%

Up to 4 Weeks

$112,721

27%

13 District at Scottsdale

North Scottsdale

332

2019

922

$2,242

$2.43

65%

Up to 8 Weeks

$119,050

23%

14 Link PHX

Phoenix

257

2020

720

$2,082

$2.89

36%

8 Weeks

$57,843

43%

15 The Stewart

Downtown Phoenix

312

2019

808

$2,069

$2.56

49%

6 Weeks

$61,605

40%

16 Halsten @ Chauncey Ln

North Scottsdale

301

2020

862

$1,952

$2.26

51%

6 Weeks

$85,525

27%

17

North Tempe

286

2019

740

$1,928

$2.61

85%

6 Weeks

$61,867

37%

858

$2,247

$2.62

47%

$87,573

32%

Overture Kierland (55+)

The Local

UNDER CONSTRUCTION | GREATER PHOENIX PROPERTY

ADDRESS

UNITS YEAR AVG SF

AVG RENT

RENT/SF

OCCUPANCY

CONCESSIONS

1-MILE HH INCOME

RENT/HH INCOME

18 The Ryan

Phoenix

253

2020

936

$2,373

$2.54

Preleasing

8 Weeks

$48,204

59%

19 The Cameron

Tempe

349

2020

889

$1,924

$2.16

Preleasing

8 Weeks

$44,957

51%

*Above rents are projected lease-up and stabilized. Additional details coming.

9

WEIGHTED AVERAGE SUMMARY

LEASE UP

STABILIZED

PROPERTY

RENT/SF

1 BED SF

RENT

RENT/SF

2 BED SF

RENT

RENT/SF

3 BED SF

RENT

RENT/SF

-

-

-

730

$2,173

$2.98

1,096

$3,202

$2.92

1,794

$5,825

$3.25

616

$1,583

$2.57

787

$1,977

$2.51

1,188

$2,752

$2.32

-

-

-

-

-

-

727

$1,939

$2.67

1,068

$2,896

$2.71

-

-

-

682

$1,563

$2.29

863

$1,938

$2.25

1,219

$2,787

$2.29

-

-

-

-

-

-

785

$1,913

$2.44

1,138

$2,673

$2.35

-

-

-

694

$1,822

$2.62

907

$2,215

$2.44

1,279

$2,932

$2.29

1,681

$4,384

$2.61

7160 Optima Kierland

2

Broadstone Scottsdale Quarter

3

Broadstone Waterfront

4

CityScape

5

The Moderne

6

Optima Sonoran Village

7

Standard

-

-

-

669

$1,703

$2.55

1,096

$2,350

$2.14

8

West 6th

486

$1,369

$2.82

672

$1,696

$2.52

1,185

$2,353

$1.99

1,670

$3,458

$2.07

9

SALT

698

$1,586

$2.27

907

$1,863

$2.05

1,175

$2,331

$1.98

1,620

$3,238

$2.00

10 The Angela

593

$1,806

$3.05

770

$2,135

$2.77

1,193

$3,146

$2.64

1,717

$4,279

$2.49

-

-

-

815

$2,151

$2.64

1,117

$3,297

$2.95

-

-

-

541

$1,493

$2.76

782

$2,024

$2.59

1,215

$3,433

$2.83

2,232

$8,995

$4.03

-

-

-

816

$1,892

$2.32

1,283

$2,825

$2.20

-

-

-

14 Link Phx

477

$1,541

$3.23

748

$1,972

$2.64

1,009

$2,912

$2.88

-

-

-

15 The Stewart

530

$1,544

$2.91

810

$1,933

$2.39

1,205

$3,389

$2.81

-

-

-

-

-

-

722

$1,666

$2.31

1,127

$2,494

$2.21

-

-

-

The Local

540

$1,569

$2.90

717

$1,858

$2.59

1,115

$2,682

$2.41

1,563

$3,985

$2.55

15 The Ryan

640

$1,668

$2.61

806

$2,143

$2.66

1,252

$3,026

$2.42

-

-

-

16 The Cameron

567

$1,413

$2.49

740

$1,667

$2.25

1,181

$2,302

$1.95

1,635

$3,701

$2.26

AVERAGE

589

$1,580

$2.68

777

$1,940

$2.50

1,165

$2,831

$2.43

1,739

$4,733

$2.72

11

Overture Kierland (55+)

13 District at Scottsdale

16 Halsten at Chauncey Lane 17 CONSTRUCTION

RENT

1

12 Vitri

10

STUDIO SF

1. 7160 Optima Kierland 2. Broadstone Scottsdale Quarter 3. Broadstone Waterfront 4. CityScape 5. The Moderne 6. Optima Sonoran Village 7. Standard 8. West 6th 9. SALT 10. The Angela 11. Overture Kierland (55+) 12. Vitri 13. District at Scottsdale 14. Link PHX 15. The Stewart 16. Halsten at Chauncey Lane 17. The Local 18. The Ryan 19. The Cameron 11

7160 Optima Kierland

58

Broadstone Scottsdale Quarter

58

Broadstone Waterfront

71

7160 E Kierland Blvd.

Scottsdale, AZ

66

15345 North Scottsdale Rd. Scottsdale, AZ

66

7025 E Via Soleri Dr. Scottsdale, AZ

85

7160optima-kierland.com

40

Broadstonescottsdalequarter.com

40

Broadstonewaterfront.com

55

Alliance

DEVELOPER

Optima

DE V E LOPER

Alliance

BUI LT

2017

BU ILT

2015

BUILT

2015

UN I TS

150

U NITS

275

UN ITS

259

10

STO R I ES REVITALIZATION

6

STO R IES

33%

REVITALIZATION

3 & 4

STORIES

33%

REVITALIZATION

48%

1-MILE HH INCOME

$114,920

1-MILE HH INCOME

$110,725

1-MILE HH INCOME

$113,642

RENT/INCOME RATIO

29%

RENT/INCOME RATIO

23%

RENT/INCOME RATIO

24%

OCCUPANCY

97%

OCCUPANCY

96%

OCCUPANCY

97%

CO NC ESS I O N S

12

D EVELOPER

None

Floorplan

SF

Rent

Rent/SF

STUDIOS

N/A

N/A

N/A

1 BED

730

$2,173

2 BED

1,096

3 BED Average

CO NCESSIO NS

2 Weeks

Floorplan

SF

Rent

Rent/SF

STUDIOS

616

$1,583

$2.98

1 BED

787

$3,202

$2.92

2 BED

1,794

$5,825

$3.25

926

$2,751

$ 2.97

CON CESSION S

None

Floorplan

SF

Rent

Rent/SF

$2.57

STUDIOS

616

$1,504

$2.44

$1,977

$2.751

1 BED

727

$1,939

$2.67

1,188

$2,752

$2.32

2 BED

1,068

$2,896

$2.71

3 BED

N/A

N/A

N/A

3 BED

N/A

N/A

N/A

Average

850

$2,092

$2.46

Average

853

$2,274

$2.67

CityScape

95

The Moderne

66

Optima Sonoran Village

81

11 South Central Ave. Phoenix, AZ

77

4848 N Goldwater Blvd.

Scottsdale, AZ

61

6895 East Camelback Rd. Scottsdale, AZ

82

Cityscaperesidences.com

65

Themodernescottsdale.com

48

Optimasonoranvillage.com

52

Red Development

DE V E LOPER

D EVELOPER

Optima

DEVELOPER

JLB Partners

BUI LT

2014

BU ILT

2015

BUILT

2013

UNI TS

224

U NITS

369

UN ITS

592

29

STOR I ES REVITALIZATION

4 & 5

STO R IES

64%

REVITALIZATION

11

STORIES

41%

REVITALIZATION

38%

1-MILE HH INCOME

$50,115

1-MILE HH INCOME

$130,380

1-MILE HH INCOME

$137,067

RENT/INCOME RATIO

52%

RENT/INCOME RATIO

21%

RENT/INCOME RATIO

22%

OCCUPANCY

96%

OCCUPANCY

96%

OCCUPANCY

92%

CO NC ESS I O N S

N/A

CO NCESSIO NS

CON CESSION S

None

Floorplan

SF

Rent

Rent/SF

STUDIOS

682

$1,563

1 BED

863

2 BED

2 Weeks

Floorplan

SF

Rent

Rent/SF

Floorplan

SF

Rent

Rent/SF

$2.29

STUDIOS

N/A

N/A

N/A

STUDIOS

694

$1,822

$2.62

$1,938

$2.25

1 BED

785

$1,913

$2.44

1 BED

907

$2,215

$2.44

1,219

$2,787

$2.29

2 BED

1,138

$2,673

$2.35

2 BED

1,279

$2,932

$2.29

3 BED

2,120

$5,100

$2.41

3 BED

N/A

N/A

N/A

3 BED

1,681

$4,384

$2.61

Average

963

$2,189

$ 2.27

Average

951

$2,272

$2.39

Average

1,039

$2,523

$2.43 13

The Standard

75

West 6th

81

SALT

51

6811 E Main St. Scottsdale, AZ

88

1115 West 6th St. Tempe AZ

95

260 E Rio Salado Pkwy.

Tempe AZ

64

Experiencethestandard.com

51

West6thtempe.com

70

Salt-tempe.com

68

Trinsic Residential

DE V E LOPER

DEVELOPER

OliverMcMillan

BUI LT

2016

BU ILT

2011

BUILT

2017

UNI TS

134

U NITS

375

UN ITS

265

3

STOR I ES REVITALIZATION

14

Zaremba Group

D EVELOPER

22 & 30

STO R IES

48%

REVITALIZATION

4 & 5

STORIES

44%

REVITALIZATION

55%

1-MILE HH INCOME

$97,356

1-MILE HH INCOME

$62,125

1-MILE HH INCOME

$65,212

RENT/INCOME RATIO

25%

RENT/INCOME RATIO

42%

RENT/INCOME RATIO

38%

OCCUPANCY

98%

OCCUPANCY

96%

OCCUPANCY

94%

CO NC ESS I O N S

None

CO NCESSIO NS

CON CESSION S

None

Floorplan

SF

Rent

Rent/SF

STUDIOS

N/A

N/A

N/A

1 BED

669

$1,703

2 BED

1,096

3 BED Average

Up to 4 Weeks

Floorplan

SF

Rent

Rent/SF

Floorplan

SF

Rent

Rent/SF

STUDIOS

486

$1,369

$2.82

STUDIOS

698

$1,586

$2.27

$2.55

1 BED

672

$1,696

$2.58

1 BED

907

$1,863

$2.05

$2,350

$2.14

2 BED

1,185

$2,353

$1.99

2 BED

1,175

$2,331

$1.98

1,665

$5,430

$3.26

3 BED

1,607

$3,458

$2.07

3 BED

1,620

$3,238

$2.00

841

$2,013

$2.39

Average

1,025

$2,180

$2.13

Average

1,009 $2,058

$2.04

The Angela

51

Overture Kierland

55

Vitri

49

2727 E Camelback Rd. Phoenix, AZ

51

7170 E Tierra Buena Ln. Scottsdale, AZ

71

15125 N Scottsdale Rd. Tempe, AZ

58

Theangelaphoenix.com

50

Liveoverture.com

41

Vitriapartments.com

40

StreetLights Residential

DE V E LOPER

Lennar Multifamily

DEVELOPER

Greystar

D EVELOPER

BUI LT

2019

BU ILT

2018

BUILT

2020

UN I TS

253

U NITS

170

UN ITS

300

5

STO R I ES REVITALIZATION

46%

REVITALIZATION

8

STORIES

5

STO R IES

REVITALIZATION

32%

34%

1-MILE HH INCOME

$91,414

1-MILE HH INCOME

$110,562

1-MILE HH INCOME

$112,721

RENT/INCOME RATIO

34%

RENT/INCOME RATIO

28%

RENT/INCOME RATIO

27%

OCCUPANCY

22%

OCCUPANCY

44%

OCCUPANCY

20%

CO NC ESS I O N S

2 Weeks

Floorplan

SF

Rent

Rent/SF

STUDIOS

593

$1,806

1 BED

770

2 BED

CO NCESSIO NS

CON CESSION S

8 Weeks

Up to 4 Weeks

Floorplan

SF

Rent

Rent/SF

STUDIOS

541

$1,493

$2.76

$2.64

1 BED

782

$2,024

$2.59

$3,297

$2.95

2 BED

1,215

$3,433

$2.83

N/A

N/A

N/A

3 BED

2,232

$8,995

$4.03

926

$2,555

$2.77

$2,547

$2 .75

Floorplan

SF

Rent

Rent/SF

$3.05

STUDIOS

N/A

N/A

N/A

$2,135

$2.77

1 BED

815

$2,151

1,193

$3,146

$2.64

2 BED

1,117

3 BED

1,717

$4,279

$2.49

3 BED

Average

963

$2,603

$2.70

Average

Average

926

15

District at Scottsdale

56

Link PHX

80

Stewart

84

15446 N Greenway Hayden Loop, Scottsdale, AZ

63

702 N 3rd St. Phoenix, AZ

66

800 N Central Ave. Phoenix, AZ

72

Thedistrictatscottsdale.com

41

Thelinkphx.com

64

Liveatthestewart.com

64

Kaplan Management

DE V E LOPER

Empire

DEVELOPER

CA Ventures

BUI LT

2019

BU ILT

2020

BUILT

2019

UN I TS

332

U NITS

257

UN ITS

312

4

STO R I ES REVITALIZATION

30

STO R IES

39%

REVITALIZATION

19

STORIES

60%

REVITALIZATION

64%

1-MILE HH INCOME

$119,050

1-MILE HH INCOME

$57,843

1-MILE HH INCOME

$61,605

RENT/INCOME RATIO

23%

RENT/INCOME RATIO

43%

RENT/INCOME RATIO

40%

OCCUPANCY

65%

OCCUPANCY

36%

OCCUPANCY

49%

CO NC ESS I O N S

Floorplan SF

16

D EVELOPER

Rent

Up to 8 Weeks Rent/SF

CO NCESSIO NS

8 Weeks

Floorplan

SF

Rent

Rent/SF

STUDIOS

477

$1,541

CON CESSION S

6 Weeks

Floorplan

SF

Rent

Rent/SF

$3.23

STUDIOS

530

$1,544

$2.91

STUDIOS

N/A

N/A

N/A

1 BED

816

$1,892

$2.32

1 BED

748

$1,972

$2.64

1 BED

810

$1,933

$2.39

2 BED

1,283

$2,825

$2.20

2 BED

1,009

$2,912

$2.88

2 BED

1,205

$3,389

$2.81

3 BED

N/A

N/A

N/A

3 BED

N/A

N/A

N/A

3 BED

N/A

N/A

N/A

Average

922

$2,242

$2.43

Average

720

$2,082

Average

808

$2,069

$ 2.89

$2 .56

Halsten at Chauncey Lane

37

Local

61

The Ryan

73

17777 N Scottsdale Rd. Scottsdale, AZ

67

750 S Ash Ave. Tempe, AZ

68

188 E Jefferson St. Phoenix, AZ

60

Thehalsten.com

39

Thelocaltempe.com

49

Theryanapartmentsphoenix.com

65

DE V E LOPER

Forum Real Estate

D EVELOPER

JLB Partners

StreetLights Residential

DEVELOPER

BUI LT

2020

BU ILT

2019

BUILT

2020

UN I TS

301

U NITS

286

UN ITS

253

4

STO R I ES REVITALIZATION

36%

REVITALIZATION

17

STORIES

9

STO R IES

REVITALIZATION

43%

75%

1-MILE HH INCOME

$85,525

1-MILE HH INCOME

$61,867

1-MILE HH INCOME

$48,204

RENT/INCOME RATIO

27%

RENT/INCOME RATIO

37%

RENT/INCOME RATIO

59%

OCCUPANCY

51%

OCCUPANCY

85%

OCCUPANCY

CO NC ESS I O N S

6 Weeks

Floorplan

SF

Rent

Rent/SF

STUDIOS

N/A

N/A

1 BED

722

2 BED

CO NCESSIO NS

CON CESSION S

6 Weeks

8 Weeks

Floorplan

SF

Rent

Rent/SF

$2.90

STUDIOS

640

$1,668

$2.61

$1,858

$2.59

1 BED

806

$2,143

$2.66

1,115

$2,682

$2.41

2 BED

1,252

$3,026

$2.42

1,563

$3,985

$2.55

3 BED

N/A

N/A

N/A

$1,928

$ 2.61

Average

936

$2,373

Floorplan

SF

Rent

Rent/SF

N/A

STUDIOS

540

$1,569

$1,666

$2.31

1 BED

717

1,127

$2,494

$2.21

2 BED

3 BED

N/A

N/A

N/A

3 BED

Average

862

$1,952

$2.26

Average

Preleasing

740

$2 .54 17

The Cameron

46

2062 E Cameron Way Tempe, AZ

60

Thecamerontempe.com

44

StreetLights Residential

DE V E LOPER BUI LT

2020

UN I TS

349 4

STO R I ES REVITALIZATION 1-MILE HH INCOME

$56,073

RENT/INCOME RATIO

41%

OCCUPANCY

Preleasing

CO NC ESS I O N S

Floorplan SF

18

28%

Rent

8 Weeks

Rent/SF

STUDIOS

567

$1,413

$2.49

1 BED

740

$1,667

$2.25

2 BED

1,181

$2,302

$1.95

3 BED

1,635

$3,701

$2.26

Average

889

$1,924

$2.16

19

THOMAS BROPHY

MATT ROACH

Research Director +1 602 222 5066 thomas.brophy@colliers.com

Associate Vice President +1 602 222 5143 matt.roach@colliers.com

CINDY COOKE

CHRIS ROACH

Senior Executive Vice President +1 602 222 5039 cindy.cooke@colliers.com

Associate Vice President +1 602 222 5144 chris.roach@colliers.com

BRAD COOKE Executive Vice President +1 602 222 5088 brad.cooke@colliers.com

COLLIERS INTERNATIONAL ARIZONA 2390 East Camelback Road | Suite 100 Phoenix, AZ 85016 | United States COOKETEAM.COM

20