Greystar invests $550M to bring 1,400 rental units to metro Phoenix
Dec 16, 2024, 4:30 AM
Greystar is building its first build-to-rent community in Arizona. (Greystar Photo)
(Greystar Photo)
South Carolina-based Greystar is investing more than $550 million to bring 1,400 multifamily units to metro Phoenix.
On top of that, the developer has another 500 units in the predevelopment phase in the Valley, said Billy Cundiff, Greystar’s managing director for development.
Greystar paid $4.16 million in cash for the 4.1-acre parcel south of the southwest corner of Bullard Avenue and Bell Road in Surprise on Sept. 26, according to Tempe-based Vizzda LLC real estate database.
By October, ground was broken for Album Surprise, a $52 million project that will include 161 apartments.
The 55-plus active adult community at 1643 N. Parkview Place is expected to begin early apartment home reservations in September 2025 and open in April 2026.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
