By Katy Reeve
The Phoenix market is attracting a lot of attention for all the right reasons: business growth, population growth and increases in key economic sectors like tech and engineering. And billionaire investor Jorge Perez, known as “The Condo King of Miami”, and his company The Related Group, have set their sights on the metro Phoenix area for their next properties.
New multifamily development projects will be located near employment centers including downtown Phoenix, Tempe, Deer Valley and two projects planned for Scottsdale. Three of the initial sites are already under contract.
The initial planned developments are high-end multifamily rental projects ranging from two- to three-story to 10-story properties. The Related Group is also considering condo and mixed-use development projects for the Phoenix area.
The Related Group is planning to break ground of two of the properties during 2019. However, the impact on the local economy doesn’t stop there. The company is planning to open an Arizona office and hire associates to support these development projects.
Why is Phoenix the best place to invest? All the signs point to success for high-end multifamily developments with factors like educational infrastructure and quality of life. The Related Group also cites positive short-term investment indicators and population movement. According to the U.S. Census Bureau, Maricopa County was the fastest-growing county in the country in 2017. Census data also indicated the western U.S. is where people want to live with all of the top 10 fastest-growing counties either in western or southern states.
Perez cited that the growth in people ages 24 to 34 relocating to the Phoenix area double the rate of the national average and many of those individuals are relocating here in science, technology, engineering and math professions. According to the Arizona Technology Council, Arizona has more than 8,000 technology companies and a tech workforce growing at 1.38 percent, making Arizona the second-fastest growing tech workforce sector in the southwest.
One of the ways Perez distinguishes The Related Group properties is with the world-renowned architects, designers and artists the company partners with to create residences that become urban landmarks within the community.
Two full-time curators work for The Related Group focused exclusively on finding museum-quality art for their development projects. Perez is dedicated to showcasing art in his developments and educating and inspiring residents of all demographics with original work from artists worldwide. The company has been recognized for this dedication to the arts with numerous accolades, including the prestigious Honor Award from the National Building Museum.
Miami-based The Related Group and its sister company Related Companies in New York are known for multifamily residential properties ranging from luxury high-rises to public and affordable housing. The company started with multifamily residential developments in Florida and are known for properties such as Miami’s Portofino Tower and Icon South Beach.
Since its inception in 1979, The Related Group has developed $17 billion in South Florida real estate and built and managed more than 90,000 multifamily residences.