Developers snap up Arizona land as multifamily supply expected to dwindle by 2027

Article originally posted on Phoenix Business Journal on December 23, 2025

Developers are closing on vacant land to prepare for a shortage of multifamily housing units as existing supply dwindles over the next couple of years.

On Dec. 17, an entity related to Houston-based Hines paid $16.6 million in cash for 14.6 acres in Peoria, according to Tempe-based real estate database Vizzda LLC, while Los Angeles-based Sunstone Two Tree closed on 21 acres in Buckeye, paying $8.85 million.