Apartments aplenty rising out of Tempe's condo crash

The Centerpoint Condominium towers stood abandoned for two years in downtown Tempe as the most glaring symbol of the Valley’s real estate meltdown. But just as the second tower of the renamed West 6th is nearing completion, Tempe’s condo crash is transforming into an apartment boom. Nearly 2,500 units have opened, are under construction or expected to have tenants within 18 months. The city estimates the projects are worth $235 million. The city hasn’t seen such an influx of housing since farmland was being transformed into single-family homes several decades ago, said Chris Anaradian, Tempe’s community development director. The apartments are mostly in or close to downtown and Arizona State University. Demand has been growing since before the recession with a lack of student housing, Anaradian said. Many students or young professionals were renting homes but will now want to live closer to ASU or their downtown jobs, he said. Many of those renters like the amenities in modern rental communities and find it more socially engaging than being in a home, Anaradian said.

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