Phoenix was a top performer for both multifamily supply and demand in 2024.
According to a RealPage report from early January, Phoenix came in at No. 4 on the nation’s list for most apartment demand, absorbing 28,429 units last year. On the supply side, it ranked No. 3, with 26,216 deliveries.
Looking back at 2024, MFE parent company Zonda analyzed over 60 deals and calculated the top lease-ups for major markets in Arizona using its own proprietary scoring system that looked at a handful of factors to determine effectiveness.
To make the cut, the developments had to be 0% to 30% occupied in January and over 80% in December. Additional criteria included the size of project (bigger got more points), construction completion date (if they were achieving strong absorption while still under construction, they got a more favorable rating), absorption rate, rents (higher the better), concessions (lower the better), and online rating score (the happier the residents, the better).
Here are Arizona’s top 10 lease-up projects for 2024:
FLATZ 520 (Developer: Zekelman Industries; Manager: Greystar)
This modular-design community, developed by Zekelman Industries and managed by Greystar, is located in Maricopa, a rapidly growing city in Pinal County. FLATZ 520 is a “Built Better Living” community, offering quieter living through superior sound insulation, enhanced durability with low-maintenance steel construction, and improved safety with fire-resistant and pest-free materials—all touted as American-made. Amenities include a golf simulator, a dog park with a wash station, and a co-working lounge, providing a modern and convenient living experience.
Acero on Roosevelt (Developer and Manager: IDM Cos.)
Located in Goodyear—a rapidly growing city in the West Valley of Maricopa County—this three-story garden-style community offers a range of one-, two-, and three-bedroom floor plans. Situated at the intersection of Estrella Parkway and Roosevelt Street, just south of Interstate 10, the property provides convenient access to local amenities and major thoroughfares. Managed by IDM Cos., the community features unique amenities, including a nine-hole putting green, a community garden, and a resident lawn area for outdoor games and activities.
ECO MESA (Developer: Habitat Metro; Manager: Bryten Real Estate Partners)
Touted as the “most sustainable apartment ever built in Mesa,” ECO MESA is a seven-story podium community located downtown. Developed by Habitat Metro and managed by Bryten Real Estate Partners, the community is designed to help residents reduce their daily carbon footprint. Eco-friendly features include solar power, on-site Level 2 Tesla charging stations, and close proximity to the light rail. Situated within walking distance of Arizona State University’s Mesa City Center Campus, ECO MESA offers convenient, sustainable urban living. Plans for the ground floor include on-site retail and office spaces, enhancing the community’s walkability and connectivity.
District at Civic Square (Developer: Kaplan Cos.; Manager: Mark-Taylor Residential)
The positioning statement for this four-story garden-style community is “Live Extraordinarily in Palm Valley,” emphasizing its prime location in Goodyear, one of the newer suburbs in the Phoenix metro area. The property combines a desert-inspired setting with nearby conveniences. It features climate-controlled corridors and a variety of studio, one-, and two-bedroom floor plans. The community boasts an extensive smart-home technology package, including Nest thermostats, keyless entry, and mobile app controls for in-home functions. Leasing and management services are provided by Mark-Taylor Residential. Kaplan Cos. recently sold the high-quality multifamily community.
The Village at Chandler (Developer: TruVista Development; Manager: Pillar Communities)
This cottage-style rental community, located in Chandler—often referred to as Arizona's Silicon Desert—offers modern living in a serene setting. The Village at Chandler was developed by TruVista and is managed by Pillar Communities. The property features one-, two-, and three-bedroom single-story cottages, each designed with 10-foot ceilings, Ring doorbells, and private enclosed backyards. Residents enjoy community amenities such as an outdoor lawn games area, gas grills, a bark park, and a resort-style pool.
Alexan Tempe (Developer: Trammell Crow Residential; Manager: Mark-Taylor Residential)
This three- and four-story garden-style community, developed by Trammell Crow Residential and managed by Mark-Taylor, is located along Baseline Road in Tempe, with convenient access to state Route 101, Phoenix, and Tempe. The residences feature custom cabinetry, quartz countertops, and private outdoor spaces, including backyards or 7-foot-deep balconies. The community offers a variety of unit options, including studio, one-, two-, and three-bedroom layouts, catering to a wide range of lifestyles and preferences.
The Aster at Mountain Vista (Developer: Ascent Cos.; Manager: Bryten Real Estate Partners)
Situated in the heart of East Mesa, this three-story garden-style community was developed by Ascent Cos. Notable amenities include a clubhouse with a work lounge and co-working space, indoor and outdoor fitness centers, and a game lawn. The community offers convenient access to major transportation routes, including U.S. Route 60 and state Route 202. The property is managed by Bryten Real Estate Partners.
Moontower (Developer: LV Collective; Manager: Greystar)
Located in the vibrant Roosevelt Row neighborhood of downtown Phoenix, this 24-story high-rise was developed by LV Collective and is managed by Greystar. At ground level, residents can enjoy the convenience of Daydreamer Café, an on-site coffee shop. The rooftop features a pool, a jacuzzi, resident seating, and community barbecue grills, all offering views of the valley. Additional amenities include an on-site parking garage with 10 electric vehicle chargers and two bike rooms equipped with a repair station. The building also boasts an artists-in-residence program, showcasing the work of seven talented individuals from diverse backgrounds and disciplines.
Skye on 6th (Developer: Centrum Partners; Manager: Greystar)
"The Height of Luxury in Phoenix" sets the tone for Skye on 6th, a 26-story high-rise located in downtown Phoenix. Offering a mix of apartments and penthouse homes, the building also includes over 6,500 square feet of ground-floor retail space. Developed by Centrum Partners and managed by Greystar, Skye on 6th boasts premium amenities such as a pool and spa, steam and sauna rooms, a yoga studio, and a dog run. Residences feature modern touches like floor-to-ceiling windows with roller sunshades, gas cooking, soft-close cabinetry, and sleek floating bathroom vanities.
Malone Place (Developer and Manager: AMH)
This single-family home rental community is located in Queen Creek, a family-focused town known for its growing economy. Developed and managed by AMH, the homes include both one- and two-story options, each with two-car garages and private fenced backyards. The neighborhood offers resort-style amenities such as a pool, a children's playground, and a family picnic area. The homes are designed with quartz countertops and stainless-steel appliances. Queen Creek is home to several major employers, including the Banner Ironwood Medical Center and the Queen Creek Unified School District, which offer health care and education opportunities.
