Article Originally Posted On Phoenix Business Journal On June 24, 2021
Menomonee Falls, Wisconsin-based Continental Properties has broken ground on its fourth apartment community in metro Phoenix.
Called Springs at Eastmark, the 276-unit apartment community is expected to cost $59.5 million to build, adding to $145.6 million Continental Properties already has invested at three other Springs communities in the Valley, said Jake Meier, marketing and communications director for Continental Properties.
Peter O’Neil, research director for NorthMarq, said he’s tracking more than 100 multifamily projects in the Valley currently under construction totaling about 28,000 units.
Metro Phoenix has been averaging population growth of about 90,000 residents a year, which equates to about 32,000 households per year, O’Neil said.
“The 32,000 reflects how many new housing units we need each year, as a mix of for-sale and for-rent housing,” he said. “We estimate we should see between 11,000 and 12,500 new renter households per year.”