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Phoenix Multifamily Stays the Course With Investors

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.”


Inside The Story

Learn More About Almeria at Ocotillo

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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