Phoenix developer to invest $500m to develop hybrid rental units

Phoenix-based NexMetro Communities has plans to invest $500 million this year to develop what it terms “hybrid” rental communities in a growing number of cities, reports the Phoenix Business Journal.

The residences are a hybrid between an apartment unit and a single-family home. They range from 635 square feet for a one-bedroom unit to 1,250 square feet for a three-bedroom, two-bath unit, but they are detached with a small backyard patio.

The company is targeting metro Dallas, Denver, Orlando, Phoenix and Tampa for key projects this year. In Phoenix the firm will deploy approximately $200 million, which will build 500 to 600 homes per year.

Since 2010, NexMetro has delivered 1,087 homes, with 1,027 homes currently under construction totaling $184 million in Phoenix, Denver and Dallas.