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At a time when rent growth is weak nationwide, Dallas-based StreetLights Residential is making a bold move to unveil an ultra luxury boutique where monthly lease rates range between $8,000 and $16,000.

But The Bergen, at 4240 E. Camelback Road in Phoenix, is somewhat isolated from rent softening within the Phoenix and Sunbelt markets, said Greg Nadeau, senior vice president of development for StreetLights.