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P.B. Bell, which has built 10 apartment communities totaling nearly 3,000 units across the Phoenix metro since 2019, is building its first build-to-rent project.

The Scottsdale developer has teamed up with Everest Holdings to develop Marketside Villas at Verrado in Buckeye. The total development cost for the 150-unit project is a little more than $50 million, said Justin Steltenpohl, chief operating officer and general counsel for P.B. Bell.

The project at 21045 W. McDowell Road is expected to be completed by the first quarter of 2025. Some of the first units will be ready for lease by the end of September or early October, said Steltenpohl.