“As a luxury developer new to Arizona and eager to take a prudent approach, sales for Portico outpaced all our expectations,” said Elizabeth Brooks, executive vice president of sales and marketing for Belgravia Group.

Camelot Homes will host a grand opening event at Shadow Ridge, a 31-home community in Scottsdale, on March 2 from 11 a.m. to 3 p.m.

The builder recently closed on 145 homesites that will serve as an extension of its existing Skye Ridge at Victory neighborhood in the community.

Camelot Homes will host a grand opening at Willow, a 14-home luxury gated community in North Central Phoenix.

Located at 128th St. and Shea near the Mayo Clinic, the luxury gated community contains 12 single-story homes.

Toll Brothers officially opened Sonoran Trails, a gated community of estate-sized homes in Cave Creek.

Portico won the Phoenix Agents’ Choice Award for Multifamily Project of the Year in 2023.

“We are excited that residents will have a top-quality new rental option to choose from when Stella opens its doors next year,” said Josh Purvis, managing partner for Thompson Thrift.

There are over 131,000 units in the Phoenix metro area’s apartment construction pipeline, according to the latest report from Berkadia.

Last year, inventory supply was 185.7% lower at less than one month.

Phoenix showed some of the greatest housing inventory gains in the country during 2022, according to new data from John Burns Real Estate.

The move comes despite a slowdown in the single-family rental market. 

The brand will specialize in cottage-style homes with private backyards. 

Most of the single-family homes are in Texas, Georgia, Alabama and Oklahoma.