PB Bell opens its first BTR community in Buckeye

PB Bell CEO Chapin Bell has kept his eye on build-to-rent home development for a while. The product fills a specific market need for renters who need something that falls in size and cost between a full-size single family home and an apartment. Build to rent (BTR) has become a popular model throughout the Phoenix metro area, where PB Bell has been building apartment complexes for the past 50 years. And, when it came time for the company to break into that market, it selected Buckeye as the location of choice for such an endeavor.

Marketside Villas at Verrado, which has opened the first phase of its completed homes, is the company's first-ever BTR community located at 21045 W. McDowell Road.

Why choose Buckeye for the site of its first BTR community? Bell said it came down to what Verrado has to offer for residents including retail and access to the freeway, making it an ideal location.

"We've been investing in that community a long, long time and have watched it grow over the years," said Bell. "We wanted to participate in the growth of the west side and be part of the continuing growth of Verrado. We love the location there."

 

The full community is expected to be completed by February with a total of 150 one-, two- and three-bedroom homes.

"That BTR product is pretty similar from development to development," said Bell, "so we've taken that product type and put what we call the PB Bell touch on it."

That includes amenities such as a dog park and spa, outdoor gaming area, attached garages and individual small back yards. Each home is additionally outfitted with smart-technology features such as smart locks, thermostats, lights and stoves. Rent ranges from $1,850 to $2,800 depending on the floor plan and if the home is in a duplex or standalone.

"We feel we have developed here a quality product that's got an enhanced amenities package that I think will be accepted well from renters out there," Bell said. "We are looking forward to watching the success of this development and, again, participating in the growth out in Buckeye and Verrado."

BTR homes are a demonstrably successful model for Phoenix developers, said Bell, catering to renters seeking low-density living. He anticipates PB Bell to continue building more communities within this product type in the future.

"The success of the product type has been demonstrated and so we feel that this product type is a product type will continue to be popular and, as a result, it is our goal to continue adding this product to our menu," he said.

Prior to 2020, the City of Buckeye saw development primarily in single-family homes, said City of Buckeye Development Services Deputy Director Adam Copeland. Following the COVID-19 pandemic, that changed, however, and included submissions for developing BTR communities alongside multi-family housing. Marketplace Villas now joins several other BTR communities in Buckeye including Buckeye Village Centre, Sundance Village and FirstStreet Skyline.

While supply and demand for BTR in the main Phoenix area may slow over time, Bell said Buckeye's exponential growth opportunities still makes it a viable location for these homes.

"Buckeye has demonstrated its growth so I would expect that growth to continue," he said. "As a result, our expectation and our desire to to continue to participate in that growth as the market allows."