A major multifamily development is moving forward in Gilbert, signaling continued growth in the Southeast Valley.
Key Highlights:
- A 568-unit apartment community (“Trax at Cooley Station”) is planned near Recker & Williams Field
- Estimated development cost: $300M
- Construction expected to begin Q4 2026, with leasing targeted for summer 2027
- Project will feature a mix of 4- and 5-story buildings, including a wrapped parking structure design
- Located within the larger Cooley Station master-planned area, near ASU Polytechnic and Mesa Gateway Airport
Amenities & Positioning:
- Heavy amenity package including:
- Indoor pickleball courts, fitness spaces, sauna
- Multiple pools, dog parks, sports courts, and outdoor gathering areas
- Designed to compete with newer Class A communities in the area
Market Context:
- ~9,500 apartment units already exist within a 3-mile radius
- Roughly half delivered since 2020 — rapid supply growth
- Local rents average ~$1,767/month, above the Phoenix metro average
- Vacancy sits around 6.7%, outperforming broader metro levels
What This Means for Investors:
- Southeast Valley continues to attract institutional capital and large-scale development
- New supply is being delivered where jobs, infrastructure, and population growth intersect
- High-amenity apartments are raising the standard for tenant expectations
- Pressure on older rental inventory will continue unless updated or professionally managed