Transwestern Development Company (TDC) sold its 209-unit Lydian complex for $66 million. Knightvest Capital purchased the property in what amounted to a unit cost of $313,400 per. TDC’s Brendan O’Leary expected a premium, “Phoenix remains one of the healthiest multifamily markets in the nation. High levels of in-migration and a diverse economy continue to drive investor interest. Lydian’s sales price is a testament to the demand.”

At year-end 2021, Phoenix reported the nation’s highest multifamily sale volume of any city, $14.5 billion, averaging $203,873 a unit.

TDC has another multifamily project under construction in Phoenix, a 200-unit project at 651 E.6th St. It’s expected to open for business at year-end 2023. Nationwide, TDC has 10 multifamily projects, totaling 2,529 units, under construction.