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The Wilfs' Phoenix apartments are a bet on a frozen pipeline

A $44.1 million land basis struck in 2022 needs Phoenix completions to keep falling; the nearest recent state-land sale is lower.

At a glance

  1. The land under that plan was settled four years earlier: a Garden Communities affiliate paid $44.1 million in 2022 for the 41 acres at 5150 East Deer Valley Drive, winning the parcel at a state land auction at nearly $1.1 million an acre.
  2. Spread across 504 units, the $44.1 million works out to roughly $87,500 a door in land cost before a shovel moves; rents, lease-up, and the eventual exit all get measured against that number, so the live question is what holds it up.
  3. In April, Gilbert-based Blandford Homes won a bidding war for 293.5 acres of state land at Deer Valley Drive and 40th Street, paying $180 million for a master-planned community across more than 300 acres — about $613,000 an acre at a rough division.

The Wilf family, which owns the Minnesota Vikings, plans a 504-unit luxury apartment development on 41 acres between Desert Ridge Marketplace and the J.W. Marriott Phoenix Desert Ridge Resort and Spa, building through Garden Communities, the family's New Jersey-based real estate company, according to the Phoenix Business Journal, in a report carried by The Real Deal. The land under that plan was settled four years earlier: a Garden Communities affiliate paid $44.1 million in 2022 for the 41 acres at 5150 East Deer Valley Drive, winning the parcel at a state land auction at nearly $1.1 million an acre. Desert Ridge grew out of state-controlled trust land — the master plan was approved in 1993, the state began selling parcels, and the area sits on Phoenix's municipal water supply — and almost all of the dirt there came out of that trust, which makes the auction price the neighborhood's basis.

Spread across 504 units, the $44.1 million works out to roughly $87,500 a door in land cost before a shovel moves; rents, lease-up, and the eventual exit all get measured against that number, so the live question is what holds it up. About 14,000 apartment units have been completed in Greater Phoenix this year, down from more than 22,000 in 2024 and 2025, according to Northmarq, and roughly 23,000 units are under construction, 27 percent fewer than a year ago and about half the peak 2023 pipeline. Kidder Mathews counts 3,221 completions in the second quarter and 6,355 in the first half, off 5.4 percent from the 6,719 units delivered over the same stretch last year.

In April, Gilbert-based Blandford Homes won a bidding war for 293.5 acres of state land at Deer Valley Drive and 40th Street, paying $180 million for a master-planned community across more than 300 acres — about $613,000 an acre at a rough division. The parcels and intended uses differ, and a for-sale master plan is not an apartment site, but the comparison still puts the Wilfs' 2022 auction price above the most recent state-land print nearby.

The construction pipeline has roughly halved while the family that owns the Vikings sits on a 2022 basis, and Garden Communities is buying the delivery window that decline opens at a price struck four years ago. Each quarter of falling starts widens it: fewer groundbreakings now mean fewer 2028 leases competing with 504 units next to a mall, a resort and the municipal water line. The apartment bid has split into an income half and a scarcity half, and patient capital is now underwriting the back half of the decade's supply gap as much as a financing problem. The Wilfs already hold the 41 acres, bought at auction for nearly $1.1 million an acre. Whether that was clever or merely early is a question the quarterly delivery counts will settle, and they are running 5.4 percent behind last year's pace.

Phoenix apartment completions have fallen sharply from 2024-25 levels

2026 is year to date; 2024 and 2025 each topped 22,000 units

22K units202422K units202514K units2026 YTD22K units202422K units202514K units2026 YTD22K units202422K units202514K units2026 YTD
Source: Northmarq, via The Real Deal · Sep 2026
Show as table
LabelValue (units)
202422K units
202522K units
2026 YTD14K units

Reported by the Deals desk from The Real Deal, Phoenix Business Journal, Northmarq and Kidder Mathews. Published . Corrections

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