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1/12/22
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Seven multifamily properties totaling 285 units in the Greater Phoenix area traded hands in recent transactions totaling $64 mil. The properties were all sold separately and comprised of primarily value-add assets in dynamic in-fill locations throughout the East and West Valley.
Buyers of the properties featured both in-state and out-of-state investors and syndicators. The properties include:
• Park West - 4404 West Bethany Home Rd (85 Units / $14.9 mil)
• Monte Vista - 302 East Monte Vista Rd, Phoenix (60 Units / $13.2 mil)
• Rio Salado Place - 830 North Alma School Rd, Mesa (44 Units / $12.3 mil)
• Trident - 1206 East Lemon St, Tempe (27 Units / $7.65 mil)
• The Alhambra - 43 South MacDonald, Mesa (37 Units / $6.35 mil)
• Roosevelt Park - 210-220 South Roosevelt St, Tempe (20 Units / $6.3 mil)
• Coronado Court - 743 East Coronado Rd, Phoenix (12 Units / $3.2 mil)
Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE facilitated the transactions.
The apartment market in the Greater Phoenix area has seen more than 21.6% rent growth since 2020, leading the nation, according to research. The demand for multifamily investments in the region has been buoyed by strong in-migration as well as companies relocating to or expanding within the area.
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