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All Phoenix Submarkets Stay Hot Due to Robust Market Fundamentals
Seven multifamily properties totaling 285 units in the Greater Phoenix area recently sold in separate transactions for $64 million. The properties are located throughout the greater Phoenix market, including the East and West Valley.
The properties are comprised of primarily value-add assets in infill locations throughout the 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 for $14.9 million)
- Monte Vista – 302 East Monte Vista Rd., Phoenix (60 units for $13.2 million)
- Rio Salado Place – 830 North Alma School Rd., Mesa (44 units for $12.3 million)
- Trident – 1206 East Lemon St., Tempe (27 units for $7.65 million)
- The Alhambra – 43 South MacDonald, Mesa (37 units for $6.35 million)
- Roosevelt Park – 210-220 South Roosevelt St., Tempe (20 units for $6.3 million)
- Coronado Court – 743 East Coronado Rd., Phoenix (12 units for $3.2 million)
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE facilitated the transactions.
“The multifamily market in the Greater Phoenix region has been on fire regardless of the submarket due to robust market fundamentals,” said Smuckler. “In 2021, our team had a record year, completing 65 transactions totaling $750 million in consideration.”
- ◦Sale/Acquisition
