Scott Turkington says his company is building single-family homes for rent in Maricopa for one main reason: to meet a need.
“Maricopa met all of the key tenets of our investment and development criteria,” said Turkington, executive vice president of Paragon Development Group of Chandler.
The company is developing Hampton Edison, a 151-unit build-to-rent community on 12 acres at West Edison Road and North Wilson Avenue.
“The city’s population growth, demographics, proximity to employment, entertainment and transportation, and its demand for housing options made Paragon’s decision to develop our next community here a no-brainer,” Turkington said. “Objectively, we think we have the best community rental location in the city.”
The location offers proximity to Sonoran Creek Marketplace and other shopping centers along John Wayne Parkway, as well as the under-construction Estrella Gin Business Park.
“Being in the Heritage District and giving our tenants the convenience to walk to Sonoran Creek Marketplace makes Hampton Edison’s location even more ideal,” Turkington said.
He said Paragon, and other developers, are addressing a pressing need for housing other than single-family homes for purchase.
Hampton Edison will combine convenience, quality and affordability without the burden of home ownership, according to Paragon. In documents filed with the city, the company said the project would bring needed housing diversity to the city center.
The 151 build-to-rent units will feature 1-, 2- and 3-bedrooms with an average unit size of 969 square feet. Units will range from 645 square feet to 1,295 square feet.
Quinn Konold, digital communications manager for the city, said that while the city does not seek to attract or solicit any particular housing projects, which he noted are determined by market conditions, the city does see the need for such housing and wants to help meet that need.
“These are market-driven decisions made by developers and builders,” Konold said. “Residents with a wide range of family needs, professional backgrounds and financial means require the option of finding a home in Maricopa. The city is committed to seeing that need met.”
City Manager Rick Horst has often said that in the current market, a single-family home may be outside the financial means of a police officer, firefighter, nurse, teacher or entry-level professional. With the city working to attract more jobs, Horst has said the city needs places for those types of employees to live other than single-family homes for sale, which had a median price of $385,000 in February, according to real estate website Redfin.
Hampton Edison is Paragon’s fourth build-to-rent community in metro Phoenix, with two in Mesa and one in Apache Junction. Maricopa was an obvious choice for its next community, according to Paragon’s top executive.
“We had our eye on Maricopa for quite some time given its countless qualities, community strength and demand for residential options,” president Bruce Dunn said. “Our product is a perfect fit for Maricopa.”
The master-planned community will offer amenities such as indoor and outdoor living areas, pool, spa, fitness center, garages and a dog park.
Ground was broken on Hampton Edison in December 2021. Opening of the first phase is scheduled for the second quarter of 2023, with the final phase completed by the end of third quarter 2023, according to Paragon.