Chapin Bell has nearly 2,000 apartment units under or starting construction totaling more than $600 million in development costs.
As these projects come to fruition, the CEO of Scottsdale-based P.B. Bell Cos. continues to scout for land.
“We believe in the strength of the Phoenix market,” he said. “We have every expectation it will continue to grow.”
Chapin’s projects come at a time when the Phoenix market is undersupplied, but an active construction pipeline is moving it closer to equilibrium, said Peter O’Neil, research
director for Northmarq.
O’Neil is tracking 28,000 units currently under construction.
“Deliveries in 2021 were about 13,600 units,” he said. “This year we’re expecting about 14,500 new units coming online.”