A three year-old real estate investment company specializing in multifamily projects has announced plans to build a series of active adult communities in the metro Phoenix area.
Austin-based Sparrow Partners hopes to see construction begin later this spring on a 188-unit complex in Goodyear, roughly 18 miles to the west of downtown Phoenix.
A second project will see the building early this summer of a similar-size complex in Glendale, 9 miles northwest of Phoenix; with a third complex set to launch next fall in Mesa, 19 miles southeast of Phoenix.
All of the complexes will feature a swimming pool, fitness center, two-story clubhouse, enclosed dog park, and both bocce and pickleball courts, among other amenities.
The apartments themselves are expected to range in size from just under 700 square feet to 1,450 square feet.
Adult active communities are becoming increasingly popular across the country, particularly in Sunbelt states, catering to the more than 75 million strong Baby Boom generation.
“Some communities are budget-oriented and others are high-end,” notes the financial website Kiplinger’s, adding that such communities are also typically built near a large city.
Sparrow Partners has developed similar properties in Austin, Fort Worth, and Houston.
By Garry Boulard
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