Property: The Flats at Jasper
Developer: Atlantic Jasper
Location: Prescott Valley, Arizona
Cost: $75 million
Developer Atlantic Jasper and Phoenix-based general contractor Mosaic broke ground in December at The Flats at Jasper, a 240-unit single-family build-to-rent development located in Prescott Valley, Arizona.
The Flats at Jasper is the latest development in the Jasper master-planned community, a 1,200-acre site envisioned as a clean energy community. The majority of its residences are single-family homes for sale by Mandalay Homes and Casper Homes.
Mosaic has previously partnered with Jasper’s builders on other projects for the site.
“This is our third project in the Jasper community, and the first build-to-rent neighborhood within the master-plan,” said Alex Pollack, director of partnerships at Mosaic, in a press release shared with Multifamily Dive. “Atlantic Jasper saw the need for a for-rent product type based on the strong regional demographics, [including] an ideal site layout, standout architectural features and an ambitious and executable construction plan.
The Flats at Jasper will offer a choice of four home layouts ranging from 760 to 1,039 square feet in size, including both single-family detached homes and duplexes. Plans include one- and two-bedroom homes, including one-bedrooms with separate office space.
Amenities will include a 5,000-square-foot clubhouse with a fitness center, meeting center, pool, hot tub, a dog park and dog wash facilities, as well as open green spaces, grilling areas and detached garages. Construction is expected to be complete in 2025.
Arizona has long been a hot market for single-family build-to-rent development. RentCafe has ranked the Phoenix metropolitan area as the #1 metro for build-to-rent homes, with 6,420 units available in early 2022 and over 5,000 under construction as of August.