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Urban-style living is coming to secondary markets, thanks to migration from urban core markets to more affordable markets. The perfect example: Aviva, a $63 million apartment development in Phoenix from Housing Trust Group. The developer has delivered the property to tremendous success, breaking leasing records and surpassing pro forma rents. The success of the property illustrates pent-up demand for urban-style living in Phoenix.

“The property has completely outperformed every metric that we look at. It has been a roaring success, and it goes to show that there is pent up demand for high-quality green product,” Matthew Rieger, President and CEO of HTG, tells GlobeSt.com. Aviva is a 325-unit apartment complex with a mix of one-, two- and three-bedroom apartment units and quality amenity package that includes a 150-foot pool, a 9,000-square-foot clubhouse fitness stations and a dog park. The property is 90% leased. “We had a reasonable expectation that we would lease up the property at our expected rents,” Rieger adds. “What has been a surprise is the pent up demand and the premium that people are willing to pay for a product that is appreciably better than the competition.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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