More Metro Phoenix Apartments Selling for Over $100M in White-Hot Real Estate Market

Article originally posted on Phoenix Business Journal on June 18, 2021

Apartments in metro Phoenix continue to sell like hot cakes, as out-of-state investors are looking for a piece of the market that is seeing rental rate and occupancy increases amid job and population growth.

For example, San Diego-based Sunroad Enterprises paid $108.5 million to Sentinel Real Estate Corp. for the Paragon at Kierland Apartments at 15608 N. 71st St. in Scottsdale, according to Vizzda LLC real estate database.

That’s nearly double the price for the property in its previous sale. Nearly eight years ago, in September 2013, Sentinal paid $57.75 million for the same apartments, built in 2001, according to Vizzda.

Phoenix was the second-strongest U.S. metro for multifamily investment during the first quarter, with $2.38 billion in sales, representing a 6.7% share of the total national sales volume, according to the most recent CBRE Group Inc. report.

Plus, multifamily rent growth of 6.2% in Phoenix was the biggest increase in all of U.S. metros year to date through April, according to the CBRE report.

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