Valley Apartment Deals Approach $4B During First Half of 2019

Article originally posted on Phoenix Business Journal on August 23, 2019

During the first half of 2019, investors paid $3.82 billion for 221 apartment communities across the Valley, according to research compiled by Vizzda LLC for the Phoenix Business Journal.

That’s up from 198 properties sold for $2.98 billion during the same period in 2018, according to Vizzda, a Tempe-based real estate database.

The 198 properties sold during the first half of 2018 comprise 20,952 units, while the 221 sold during the first half of 2019 total 25,237.

From the largest real estate investment trusts to the smallest investor, all types of buyers are looking to metro Phoenix to buy apartments, said Linda Fritz-Salazar, associate broker and senior partner for Kasten Long Commercial Group in Phoenix.

“From hundreds of units to a four-plex, buyers from all over the country and the world are looking to Phoenix for multifamily,” Fritz-Salazar said.

Buyers are interested in metro Phoenix because of its strong job and employment growth, along with low vacancy rates and a continuing increase in rental rates and apartment values, she said.

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Carter Apartments in Scottsdale sold for $117.8 million earlier this year.