Following more than a decade in leadership roles at P.B. Bell, Justin Steltenpohl stepped into the role of CEO at the beginning of 2025, becoming the first person outside the founding Bell family to lead the nearly 50-year-old Scottsdale, Arizona-based multifamily development and management firm.
Nearly a year into the position, he admits the experience has been more transformative than he expected.
“I honestly thought it was going to be a simple title change,” he said. “I had been doing so much behind the scenes anyway that I didn’t think it would feel that different. I don’t think I could have been more wrong. I underestimated the impact that this title has and that dynamic was unexpected.”
That shift required both personal and organizational adjustment. With the company approaching its 50th anniversary, Steltenpohl knew the transition from long-time leaders Phil and Chapin Bell would bring natural uncertainty. His priority, he noted, was to reassure the team that the company’s culture — and commitment to its people — would not change.
“My main goal was to get everybody comfortable that just because a Bell wasn’t sitting at the helm, it wasn’t going to change who P.B. Bell is,” Steltenpohl said. “We truly care about our employees, and I wanted to make sure everyone internally understood that wasn’t going to change. I think most people are now comfortable with me in the role, and that’s probably the thing I’m most proud of this year.”
Building culture and empowering leadership
Steltenpohl, previously COO and general counsel, credits his legal training for giving him the perspective needed to navigate a tumultuous year.
“Law school teaches you to see gray where others see black and white,” he said. “It helps you evaluate a situation from multiple angles and keep emotion and panic out of the decision-making process.”
That mindset has been valuable during a challenging time for multifamily development and acquisitions, with interest rates, construction costs and market perception posing real hurdles.
“In this industry, it’s cyclical, and we all knew a downturn would come eventually, so we prepared for it,” Steltenpohl said. “We can ride out the storm without being overly aggressive, and that gives our people and our investors confidence.”
Another priority for Steltenpohl is strengthening leadership across the organization.
“We have such an amazing leadership group here,” he said. “Seeing people step into new roles and really blossom has been wonderful to watch.”
As part of P.B. Bell’s focus on culture and internal growth, the company recently expanded its leadership team with two strategic appointments: Matt Dixon as director of learning and development, and Mayra Martinez as portfolio director.
Dixon, whose multifamily career began in 2008, has worked across leasing, operations and marketing and now concentrates on supporting on-site teams and enhancing training programs.
“My main goal is to infuse as much transparency and access to career pathways as possible, by creating crystal-clear steps to success,” he said. “For 2026, we will be rolling out a revitalized mentorship program that touches and supports all roles, as well as access to up/soft skill workshops to help develop those next-level characteristics needed for upward movement.”
Martinez brings more than 15 years of experience in property management and now oversees portfolio performance while mentoring regional teams. She plans to ensure consistency of service and culture across sites by coaching and empowering the teams to immerse themselves in their local market trends and be proactive instead of reactive.
“Ensuring consistency while fostering local adaptation is crucial,” she said. “My strategy involves establishing a strong core framework, empowering local leaders and using clear communication channels to align both successfully.”
Looking ahead to 2026
Despite current headwinds, Steltenpohl remains bullish on the Phoenix market.
“I’m still a firm believer in Phoenix,” he said. “There’s still a housing shortage. The influx of supply has created an imbalance, but we are now absorbing more units than are being delivered, and that should continue. Getting people past the negative market perception is going to be critical.”
With construction economics still tight, he believes acquisitions may be the more active opportunity in the next 12 to 14 months.
“We are uniquely positioned to pursue both acquisitions and ground-up development,” he said. “We’re preparing to take advantage of acquisition opportunities in the near term while simultaneously pursuing several development sites. Ideally, we’ll buy a couple of properties next year and break ground on new projects in the first half of 2027.”
Looking toward the company’s milestone anniversary, Steltenpohl sees reason for confidence.
“Phoenix is one of the best markets to be in and I wouldn’t want to work anywhere else,” he said. “We’re prepared for what’s next, and I’m excited for the next growth cycle.”
