Phoenix’s regional population is expected to reach 5.2 million by 2022, a 12 percent increase that began back in 2017. Reports rank the city as being home to the second-strongest U.S. multifamily market and Cushman & Wakefield found apartment vacancy rates hovering around 5% at mid-year 2020.
These stats have been fueled by a fast-growing population and an employment rate with stronger gains than those of the national average for the past three years.
“Phoenix has been and will continue to be a primary target market for us. We strongly believe that the job growth and population growth will continue to drive significant housing demand, creating growth for our properties in the market,” says Jim Duey, Milestone’s vice president of acquisitions.
Milestone now owns three properties in the Phoenix market.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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