Multifamily Struggles to Keep Up with Boomers and Millennials

Velaire at Aspera is a multifamily community within the Aspera mixed-use development.

GLENDALE, AZ— P.B. Bell CEO, R. Chapin Bell , said the multifamily housing market is striving to keep pace with the needs of two influential groups of consumers: baby boomers and millennials. Both are seeking carefree living environments in prime locations across the Valley. “Positive job and population growth are expected to keep the momentum going through the remainder of the year,” says Bell. Reflecting that fast-paced housing market, P.B. Bell is responding with a burst of development activity in the form of its third new community since last fall. Velaire at Aspera , a luxury apartment community within the Aspera mixed-use development is now open. Located at 75th Avenue and the Agua Fria Loop 101 Freeway, Velaire at Aspera offers 286 luxury apartment homes with amenities that include a theater, dog park and salon, a 2,000-square-foot fitness facility, a pool, outdoor entertainment pavilion, and nearby recreational and sports opportunities. The complex offers one-, two- and three-bedroom floor plans ranging in size from 726 square feet to 1,281 square feet. Mike Trueman , P.B. Bell’s vice president of development, tells GlobeSt.com: “We designed Velaire at Aspera with an intention to truly appeal to a variety of potential residents, from singles to married professionals and empty-nesters to young families. The floor plans, amenities, luxury finishes and features reflect that. We look forward to watching this community flourish.” Velaire at Aspera, a nearly 13-acre site cushioned on either side by two lakes, consumes most of the northern portion of the Aspera community’s 75 acres, which will also support retail, healthcare and assisted living components. In addition, residents have pedestrian-friendly access to a retail center filled with neighborhood restaurants, financial institutions and fitness clubs. The Velaire at Aspera community will neighbor Banner Healthcare offices, a Mountainside Fitness , stores, restaurants and a senior living community. Also in the community is Treasure House , a first-of-its-kind residential facility for young adults with intellectual and developmental disabilities, co-founded by former Arizona Cardinal, Kurt Warner , and his wife, Brenda. “We’re thrilled to be a part of such a diverse and thriving mixed-use community such as Aspera,” says Trueman. “Velaire brings P.B. Bell’s distinctive, luxurious standard of multifamily living to the West Valley in a way that complements its surroundings.” P.B. Bell opened The View at Cascade in Scottsdale, AZ in September and followed that by opening Escape in Phoenix in March. In total, the three communities have added more than 700 luxury apartment homes to the Phoenix area during an eight-month period.