WestStone Communities Enters Apartment Market
December 18, 2007
Amendola Communications for WestStone

Carrie Morgan, 480.664.8412 x15

Jodi Amendola, 480.664.8412 x11

For Immediate Release





WestStone Communities Enters Valley Apartment Market With Two New Properties in Surprise and North Phoenix

Luxury condo developer sees gap in rentals



Scottsdale, Ariz. – Dec. 18, 2007 – WestStone Communities, one of the top three multi-family residential developers in Arizona, today announced that it will be entering the Valley apartment market. The first two projects in North Phoenix and Surprise will be three-story infill developments with one- and two-bedroom apartments. WestStone has formed a strategic partnership with The Greystone Group, Inc., a California-based multi-family residential developer and property management organization with a presence in Arizona, to manage the finished property.

Demand for affordable one- and two-bedroom apartments in metro Phoenix is very high, due to a reduced inventory driven by condominium conversions, tear-downs of older buildings and the surge in high-end, expensive units. Additionally, the recent mortgage crisis and credit-market downturn make renting more attractive to a wider segment of the population. People who are priced out of the home-ownership market or cannot meet today’s tough financing requirements are seeking affordable, leased living alternatives in desirable, growing areas.

Despite current mortgage woes, the Phoenix job market is the hottest in the nation, according to a September survey by Bizjournals, the online media division of American City Business Journals and the nation's largest publisher of metropolitan business newspapers. Phoenix has a five year growth rate of 23.4 percent, and has the nation’s fourth-lowest rate of unemployment at just 3 percent. This growing population acerbates the inventory gap.

“All of these factors coalesce into a prime opportunity for building apartments,” says John Iorillo, president and chief operating officer. “We can apply the expertise and knowledge gained through our successful condo developments to offer the most desired design features.”

“We are constantly talking with buyers and prospective customers about the features that would make their residences unique and outstanding,” says Iorillo. “Incorporating this knowledge into our apartment projects will give us a deep advantage over other developers because they do not engage in this type of dialog. They simply build a project, hand it over to a property management company and move on to the next one.”

“We see a great deal of crossover appeal between condo buyers and apartment dwellers,” he continued. “Many urban renters seek some of the same qualities that a condo buyer would. With our experience and reputation for quality at very affordable price points, WestStone is perfectly positioned to enter this market and looks forward to working with The Greystone Group to make it happen.”

Among their current projects, WestStone is developing and selling the luxurious Onyx Tower on Tempe Town Lake, which, at 26 stories, is currently planned as the tallest condominium high-rise on the lake.

About WestStone Communities

Following its success in Canada, WestStone expanded to the United States in 2001 and is headquartered in Scottsdale, Ariz. WestStone Communities is dedicated to creating superb live-work-play communities for busy professionals that are blended into established city neighborhoods. WestStone is one of the top three multi-family new home builders in Ariz., as ranked by the Phoenix Business Journal 2007 Book of Lists. Showcasing urban living floor plans designed to fit a multi-faceted life, WestStone provides breathe-easy lifestyles in unique, beautiful settings. Current developments include: Parkside (Phoenix), Northshore and Onyx Tower (Tempe Town Lake) and Vantage (Ahwatukee). For more information on WestStone Communities, visit www.weststonecommunities.com.

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About the Press Release
WestStone Communities, one of the top three multi-family residential developers in Arizona, today announced that it will be entering the Valley apartment market.


 
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