The Phoenix multifamily market fared better than most property types during the pandemic, with investment rebounding in the second half of 2020. Its market fundamentals and demand drivers – affordable living, employment base and population growth – remain strong, and as a result, investors are bullish, according to Newmark research.

One example is Midtown Flats, a 122-unit multifamily property located at 825 W. Osborn Rd. It recently sold for $26 million to West Freeman Properties. More than 40 percent of the units have been recently renovated and average 880 square feet in size.

Newmark’s Chris Canter, Brad Goff and Brett Polachek represented the seller, Midtown Flats Acquisition Company LLC.

“Midtown Flats is a luxurious asset situated in the ideal central Phoenix location with a strong mix, featuring studios, one-, two- and three-bedroom units,” said Canter. “The new owners plan to renovate the unit interiors and capitalize on the robust Midtown Phoenix market.”

Midtown Flats is located in the North Central Avenue Business District, home to more than 53,000 employees and near downtown Phoenix, the Camelback Corridor, the Osborn/Central Avenue METRO and Sky Harbor International Airport.