In late 2020, a major national multifamily rental company announced its entry into the single-family rental market. In February 2021, the company, Mill Creek Residential, opened its first regional office in the Grand Canyon State. Here is more on Mill Creek Residential expanding into Arizona.
Mill Creek Residential in Arizona
Mill Creek Residential Trust LLC is a national rental housing company that develops, acquires, and operates rental communities throughout the U.S. market. The company has targeted cities in markets such as Texas, Georgia, Florida, the Carolinas, and very recently, Arizona.
In February of 2021, Mill Creek Residential announced its expansion into the Arizona market. With the February opening of its regional office in Phoenix, the company is expanding its presence in the state. Chad DuBeau, Mill Creek Residential?s executive managing director for Arizona, Colorado, and Southern California, recently commented that “The Arizona market has become increasingly popular among relocating renters, and strong, high-quality job growth in Phoenix is projected to continue at a rapid pace over the next decade.?
The new Mill Creek Residential office will be focused on establishing the company?s Arizona holdings and designing new multifamily development opportunities in the region. Tyler Wilson, Mill Creek Residentials managing director of development for the Phoenix office, will lead the new location and oversee its development. Wilson commented that ?We’re eager to start building our Phoenix-area portfolio.? He also stated that the ?The area is primed for growth, and we look forward to helping to meet the area’s rising housing demand. This is an increasingly relevant market nationally with an abundance of upside, and we believe Mill Creek will have a lot to offer Arizona’s increasingly sophisticated customer base.?
Mill Creek Residential in the Single-Family Rental Market
According to a recent report, statistics from the National Association of Home Builders showed that single-family-home for rent starts were up 27% during the third quarter in 2020. As the single-family-rental market continues to thrive in Arizona, investors and individuals are buying single-family rentals. Multifamily developers have also been acquiring these properties. Recently, Mill Creek announced that it was entering the single-family-rental space. Callum Parrott, founding partner and president of single-family rentals at Mill Creek Residential, recently commented that ?We looked at a few other opportunities, including senior living and student housing, but single-family rentals seem to have the most opportunity.? Parrott also related that ?Mill Creek is vertically integrated, with construction, development and operation capabilities, and we think the product type, while not easy, will be easier than what we have built in the past.? Arizona is reportedly one of the initial markets where the company intends to target single-family-rental investment.
Mill Creek Residential is a national rental housing community company headquartered in Boca Raton, Florida. Mill Creek’s portfolio includes real estate holdings in Austin, Dallas, Houston, Denver, Southern California, South Florida, Tampa, Orlando, Nashville, Atlanta, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. According to a recent article, in 2020, the company’s portfolio included 85 communities representing over 24,700 rental homes that were operating or under construction.
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