![]() The firm bought its first property in the state in May 2021 - a 276-unit apartment building in Tempe. ![]() The buyer was Decron Properties, a real estate investment firm based in Los Angeles.ĭecron, as one industry newswire put it, has gone on an "acquisition spree" in Phoenix over the last year. In March, Ascent at Papago Park sold for $107.5 million. ![]() New, modern developments loom over shabby convenience stores and auto shops. The rush of development is pronounced in this slice of Phoenix. Investors have rushed into the Phoenix market, buying up not just luxury rentals but trailer parks and affordable housing.Īscent at Papago Park, Lake's apartment complex, is located at Van Buren Avenue and 51st Street. Figures from, which aggregates rental price trends in markets, show that in the last year, the average price for a one-bedroom apartment in Phoenix has increased by nearly 40 percent. Rising rents are the casualty of a white-hot real estate market, in turn propelled by an influx of new residents to Phoenix. Katya Schwenk Lake's story is a common one these days in Phoenix. Every morning since that letter arrived, Lake said, she wakes up and thinks: "What can I do today to get out of this?" Moving is expensive, and affordable apartments are hard to find. "I'm pretty scared right now," Lake told Phoenix New Times last week. Now, that monthly rent was jumping to more than $1,800. For three years, Lake had paid around $1,350 a month for a modest two-bedroom apartment for herself and her adult son, who is disabled. If she wanted to renew her lease when it expired in August, the letter said, she would face a monthly rent increase of $462. She saw how problems would pile up, how quickly people could find themselves on the street.īut, at 70 years old, Lake never thought she would find herself facing homelessness, trapped in the kind of "devastating situation" she had seen her clients face for years.Īt the beginning of June, Lake's landlord taped a letter on the door of her apartment in east Phoenix. Once, Nancy Lake worked as a social worker, a counselor for Phoenix families in crisis.
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