Phoenix Multifamily Rebounded in Q3

 

Following a decline in Q1 and a halt in activity through Q2 of 2020, the Phoenix Multifamily market has seen a significant rebound through Q3.

ABI Multifamily has reported closings on 12 apartment sales in October of 2020 and 40 properties set to trade before the end of the year. While there was a pricing corrections seen in the early days of the pandemic, ABI is currently reporting pre-pandemic values and rental growth in the market.

Phoenix has long been a popular area for multifamily investors however the pandemic shut downs in some states, rent control in California and overall uncertainty in the market has brought an influx of interest back to the area. With a low cost of living and high in-migration, Phoenix is building on its fundamentals and starting to see steady growth.

Ron Cadman is a Director of Investar USA, an active Build For Rent Development Company in the southwest United States. 

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