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9/11/25
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Two garden-style apartment communities in the Phoenix metropolitan area traded hands in separate deals totaling $20.65 mil. The properties, Maryland Greens and The Rio, total 122 units.
749 East Maryland Ave, Phoenix |
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One of the transactions was for Maryland Greens, a 78-unit community that was purchased by Neighborhood Ventures for $10.7 mil ($137k/unit). It was sold by Maryland Green Multifamily, LLC.
The property, located at 749 East Maryland Ave, features 78 one-bedroom units averaging 532 sf across 2.82 acres in midtown Phoenix. Built in 1967, the garden-style community offers amenities including a swimming pool, central courtyard, on-site laundry facility, barbecue areas, covered parking and electronic access gate.
The property is strategically positioned with direct access to Interstate 17 and State Route 51, just minutes from Phoenix's largest employment centers. Maryland Greens sits adjacent to the Camelback Corridor financial district with over 40,000 employees and near the Central Avenue Corridor with an additional 48,000 workers.
In the other deal, White Haven paid $9.95 mil for The Rio, a 44-unit community in Mesa that was sold by Capital Allocation Partners. Located at 830 N Alma School Rd, The Rio achieved the highest price per unit sale in Mesa year-to-date for non-new construction properties with 15 or more units at $226.1k/unit.
Built in 1986 and extensively renovated in 2023, the property sits on 1.79 acres and offers an attractive unit mix comprising 64% two-bedroom, two-bathroom units averaging 950 sf and 36% one-bedroom units averaging 625 sf. All units feature in-suite washers and dryers.
Community amenities include a swimming pool with patio area, barbecue area, 44 covered parking spaces, 36 uncovered spaces and individual storage units. The Rio benefits from its premier Mesa location within 1.5 miles of Phoenix Metro Light Rail access, providing convenient transportation to Arizona State University and downtown employment centers.
Brian Smuckler and Derek Smigiel with JLL Capital Markets represented the buyers and the sellers in both transactions.
"Private investors continue to demonstrate strong appetite for Phoenix multifamily assets, particularly those offering clear value-add potential in supply-constrained submarkets," said Smuckler. "Both Maryland Greens and The Rio generated competitive bidding processes, with The Rio achieving a record per-unit price for Mesa. These results reflect investor confidence in Phoenix's long-term growth trajectory and the scarcity value of well-positioned apartment communities in established neighborhoods."
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