Chandler AZ
Real Estate

Multifamily housing booms along Chandler AZ Price Corridor

(Source: AZRE) – As Chandler AZ booming Price Corridor continues to grow, area homebuyers are driving a new demand for luxury urban living which is fueling new developments like The Cays at Downtown Ocotillo, one of the area’s first upscale condominium developments.

In the past decade, Chandler has gained over 100,000 new residents bringing the total population to nearly 255,000 people, according to the City of Chandler. Now the third largest city in Metro Phoenix, the burgeoning area employs over 30,000 people within the Price Corridor alone across major campuses including Intel, Wells Fargo, General Motors, PayPal and Orbital ATK. Over the next few years, Intel also plans to add an additional 3,000 new jobs to Chandler’s workforce as the company looks to complete its $7B semiconductor facility.

Just a 3-minute drive from the thriving tech sector and one of the only luxury condominium communities in the East Valley fit for the lifestyle of these buyers is The Cays at Downtown Ocotillo.  Developed by The Statesman Group, The Cays is a collection of 278 one- and two-bedroom condominium homes and penthouses with lofts, priced from the mid $200,000s and located within the sought-after Ocotillo lakefront neighborhood. A number of The Cays’ newest buyers work in the area and have been drawn to the development for its proximity to major office hubs, tech amenities and walkability to shops and restaurants.

“As a person in the tech industry myself, I was searching for a home that was safe, reliable and a short commute from work. The Cays met all my requirements, and for the right price,” said Will Hunter, program manager at Pacific Scientific and homeowner at The Cays. “Most importantly for me, The Cays supports the ability to work remotely when I have to with incredibly fast internet capabilities. The building is also nice and secure so I know myself and my work are safe, and it’s conveniently located next to a number of great restaurants when I need to take a break.”

Already seeing great success, the first phase of 76 homes at The Cays was completed last August and is now 85 percent sold. As more businesses and employees continue to flock to Chandler, The Cays broke ground on the second phase of 70 homes in February of this year and is already 36 percent sold with completion expected for early 2018. Two additional phases are also planned.

“In 2006, we knew we had to buy land in Chandler to get ahead of the curve as we watched the Price Corridor aggressively begin to expand along with the need for luxury, lock-and-leave living in the area,” said Alana Mann, president and owner of The Statesman Group based in Scottsdale, Ariz. “I believe multifamily living, both to rent and buy, is the future of Chandler and The Cays is leading the way as the first for-sale product offering single-level elevator access with underground parking and a robust amenity-rich lifestyle that appeals to the new tech and second homebuyers.”

In addition to attracting Price Corridor employees, The Cays continues to attract seasonal, second-home residents seeking a warm-weather destination during the winter months.  

“Being a snowbird from Canada, we were really looking for a second home that was as little maintenance as possible so we can enjoy our time in Arizona. I think what pulled us in most about The Cays was the resort feel and amenities around the property that we couldn’t find anywhere else in the East Valley,” said Marilyn Van Nostrand, a recent buyer at The Cays. “Whether it’s lounging around the heated pool, cooking dinner in the outdoor kitchen or grabbing a quick workout at the on-property fitness center, it’s such a great feeling being able to enjoy the outdoors in the winter. We also love being in close proximity to great restaurants and grocery shopping without having to venture to a major freeway to access what we need.”

Amenities at The Cays include an expansive 9,500-square-foot clubhouse at the heart of the property with a gourmet community kitchen, two-sided fireplace, a media center and social lounge, yoga studio, billiards, shuffleboard and a 1,800-square-foot fitness center with locker rooms and private steam showers. The amenities continue outside with a resort-style heated swimming pool surrounded by private cabanas, an outdoor kitchen with gas BBQs and a bar, fireplaces and lush landscaping.

Another major attraction for homeowners is that The Cays is walkable to the quaint Downtown Ocotillo district with restaurants, wine lounges, a coffee shop, salon and professional services just steps from the community.