Porter Kyle has opened Prescott at Park West, a 95-unit luxury single-family rental community in the Peoria suburb of Phoenix. It was designed and built through the developer’s architecture and construction branches. The project was subject to an $18 million construction loan from INCA Capital, according to Yardi Matrix data. The lease-up process will be managed by MEB Management Services.
The community incorporates one-, two- and three-bedroom floorplans ranging from 804 to 1,467 square feet. Residences feature walk-in closets, in-unit washers and dryers, 10-foot ceilings and private backyards. Common-area amenities include a dog park, swimming pool, fitness enter, coworking space and an outdoor kitchen.
Located at 8102 North 99th Ave., the 5.4-acre site is adjacent to Park West mall, which encompasses numerous shopping, dining and entertainment options and is connected to the property via a lighted sidewalk. It is situated roughly 22 miles from Phoenix and 6 miles from Glendale, Ariz. The St Joseph’s Westgate Medical Center also sits less than 1 mile south of the community.
The Phoenix multifamily market has started to cool down as supply is catching up with demand and in-migration decelerates. The metro recorded 12,355 units completed last year, a decade-best for Phoenix and also ranking within the country’s top markets for multifamily construction in 2022. Since the beginning of the year, construction has started on 1,539 rental units across seven properties in metro Phoenix, Yardi Matrix data shows.
