Phoenix recorded the eighth-highest multifamily rent growth out of all U.S. metros in the fourth quarter with a 4.5 percent year-over-year increase, according to CBRE research. With this demand comes investor appeal in the form of a New York-based buyer.

The 389-unit multifamily community Almeria at Ocotillo in Chandler recently sold to the pension fund adviser for an undisclosed price. The seller was Passco Companies.

Built in two phases in 2014 and 2015, Almeria at Ocotillo features Santa Barbara-style architecture and resort-style amenities including two swimming pool areas, two full resident clubhouses, two fitness centers with yoga studios, poolside dining with gas barbecues and a pet park.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller.

“This transaction is a testament to Phoenix’s strong economic fundamentals and continued population and job growth,” said Cunningham. “High quality and outperforming assets in Phoenix like Almeria at Ocotillo attract significant interest from investors.”