In fourth quarter 2020, Steve Gebing and Cliff David closed multifamily sales in Arizona and Utah valued at $916 million, according to Institutional Property Advisors, a division of Marcus & Millichap. Phoenix’s favorable demographics, led by years of above-average population growth, continue to benefit commercial real estate investment and mitigate uncertainty, says David.
The closings included the $117.5 million sale of Onnix, a 659-unit multifamily asset in Tempe; The Fairways at San Marcos, a 352-unit apartment property in Tempe that traded at $84.48 million; Riata, a 300-unit apartment property in Chandler that sold for $91 million, and Maxwell on 66th, a 349-unit garden-style asset in Phoenix’s North Scottsdale Corridor that brought $122.5 million.
“Multifamily investment velocity slowed in the second quarter of 2020 as the economy began to feel the effects of the health crisis,” said Gebing. “Financing tightened and some investors paused to assess the short-term outlook. In the third and fourth quarters, multifamily investment activity improved dramatically.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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