Affordable apartment developer debuts in Phoenix with $700 million investment

A Minnesota-based housing developer is making its Arizona debut — while planning $700 million of new development in the Grand Canyon State.

BY ANGELA GONZALES/PHOENIX BUSINESS JOURNAL

Oct 13, 2024, 6:30 AM

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Called Solana Villas, this newly built affordable apartment community in Buckeye is the first of 1,800 units dedicated to residents who qualify for the Housing Tax Credit affordable housing program. (KNTXT)

(KNTXT)

A Minnesota-based housing developer is making its Arizona debut — while planning $700 million of new development in the Grand Canyon State.

Plymouth, Minnesota-based Roers Cos. has already opened the 200-unit Solana Villas affordable housing community at 25201 W. MC 85 in Buckeye. Three more projects are currently under construction and another handful have been lined up in the development pipeline.

Roers has a nationwide portfolio that includes market-rate apartments, senior and active 55+ communities and historic redevelopment work, according to its website, and recently was ranked as one of Minnesota’s largest private companies.

The company’s Arizona efforts will be focused on much-needed affordable housing — the company’s eight projects planned in the state are expected to add 1,800 new affordable units.

“The demand for housing, especially affordable housing is high,” said Shane LaFave, executive vice president of Roers. “The Phoenix MSA has grown 1.4 to 1.6% each year for at least five years. The national average for growing MSAs is closer to 1%. Phoenix is on the higher end. When you look at adding a lot of housing to an area, you want to make sure the population is going to be there to support it.”

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.