The City of Buckeye (Ariz.) has approved Shopoff Realty Investments’ 200-acre residential project, Desert Moon Estates.
The approved development allows for construction of a medium-density residential housing community with 739 single-family home lots across a nearly 200-acre site.
“Located just 30 miles west of downtown Phoenix, this development project will support the booming city of Buckeye, which was named one of the fastest-growing cities in the nation by the U.S. Census Bureau in 2017,” said William Shopoff, Shopoff Realty Investments CEO. “The development will help to provide much needed housing for new area residents, while seamlessly fitting into the outdoor desert lifestyle Buckeye residents have come to enjoy.”
Strong revenue growth potential keeps investors active in Phoenix, according to Marcus & Millichap. Strong millennial growth continued to propel an already strong apartment market over the past four quarters. In recent years, Phoenix has stood out as one of the few metros able to sustain substantial rent growth despite the onslaught of new supply. Since March 2013, the metro added roughly 28,000 rentals, a pace of development that persists during the coming months, as 16,000 units are underway, with almost half of them scheduled to deliver by year’s end.
In addition, the job market attracts incoming residents. In the first half of 2018, 39 companies announced job expansions or relocations to the greater Phoenix area, totaling 9,155 new jobs. According to data compiled by CBRE, the most actively growing industries were manufacturing, software and technology, and banking and finance. The two largest announcements in the first half of the year came from Deloitte and Nikola Motors, which plan to hire 2,500 and 2,000 people, respectively.
And Phoenix moved up two spots to No. 15 on CBRE’s Tech Talent Scorecard, part of its sixth-annual Scoring Tech Talent Report, which ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent. Phoenix has a tech talent labor pool of 83,930, or 4 percent of its total employment, compared to the national average of 3.5 percent.
