The strategic partnership between AREA Property Partners and CC Residential to develop multifamily communities (with two 350-unit projects under way) in South Florida shines a spotlight on this once overbuilt region.
In the past couple of months, oncechallenged developers like Miami-based Related Cos. and Boca Raton, Fla.–based Altman Cos. have been active, while outof- state firms, such as Atlanta-based Wood Partners, are also breaking ground.
Altman announced four new developments that will add an additional 1,110 units to the South Florida inventory, and Related recently announced eight new projects totaling around 4,000 units.
Over in Phoenix, there are seven properties and 2,497 units under construction in the market and another 49 properties, totaling 15,164 units, on the way, according to Dallas-based Axiometrics. Alliance Residential is one of the leaders out of the gate, and has started the 270-unit Broadstone on Camelback. With rents on Class A projects moving 9 percent in 2010 and another 6 percent in 2011, it's easy to see why developers like Alliance, Denver-based Archstone, and Phoenix-based Grey Development want to build in the market.
In Las Vegas, locally based Calida Group is planning more than 1,800 starts over the next year. And builders such as Picerne Real Estate Group in Phoenix and Las Vegas– based Nevada West Development are also starting projects in Sin City. There are 2,126 apartment units slated for completion in the Las Vegas Valley this year and 1,022 units in 2013, according to CB Richard Ellis.