It’s no secret Phoenix is booming. From its population to its job market, the city is growing at an almost unheard of rate, experts say.
That growth, however, has created plenty of problems for affordable housing. Rental rates are high and homebuilders can hardly keep up with the demand, leaving inventory sparse and the need for more affordable housing. Developers are getting creative to fill the gaps in the market, with many now purchasing struggling hotels and turning them into multifamily housing projects.
Phoenix-based Chamberlin & Associates is one local group taking part in the emerging commercial real estate trend with four such Valley projects in the works and some under contract in other states. With Chamberlin’s developments, everything is included at a fraction of the cost of a typical apartment — from Wi-Fi to cable and resort-style amenities.
