Out of State Buyers Clamor for Stable Income-Producing Assets

A CBRE survey of commercial real estate investors ranked Phoenix as a top 10 target among U.S. metros. The Sun Belt market jumped five spots to number four in the firm’s 2021 Americas Investor Intentions Survey.

A recent example of that appeal is The Amara, a 302-unit apartment property in Phoenix, which recently sold to a private buyer in Washington State for $60 million. The two-story multifamily property is located at 2802 East Osborn Rd. between Phoenix’s Biltmore and Arcadia neighborhoods. The property includes three pools and bike paths.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented both the buyer and seller in the off-market transaction.

“As one of the strongest multifamily markets in the U.S., the Greater Phoenix metro area continues to see unmatched demand from private investors, many from out of state who are looking for stable income-producing assets,” said Smuckler. “Recently our team represented a six-property portfolio with locations in Phoenix, Tempe and Scottsdale that received tremendous attention from local and national investors looking to take advantage of Phoenix’s growth and resulting demand for housing.”