If you need assistance, please call 480-365-8346

Anomaly or catalyst? Analysts weigh in after 4 huge Valley apartment deals close in March

Monday, March 27, 2023   /   by Juan Grimaldo

Anomaly or catalyst? Analysts weigh in after 4 huge Valley apartment deals close in March


While Phoenix-metro apartment investment deals cooled off in 2022 due to rising interest rates, a flurry of hefty transactions in March has certainly attracted some attention to the sector.

Four apartment communities totaling 1,624 units sold for $417.78 million earlier this month, according to Tempe-based Vizzda LLC real estate database.

Kicking off the quartet of big transactions was the $90.26 million sale of Springs at Happy Valley. That was followed by the $115 million sale of Sweetwater at Metro North Apartments, the $110 million sale of Tempe Station and the $102.5 million sale of Aventura Apartments, according to Vizzda.

Steve Gebing, managing director of Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), negotiated the sale of Aventura, along with Cliff David, IPA executive managing director.

Gebing said these big transactions closing consecutively in March are just an anomaly, calling them "fall over transactions from 2022."

To continue reading, click here

By Angela Gonzales - Reporter, Phoenix Business Journal


The Grimaldo Group
Juan Grimaldo
2403 N Pebble Creek Pkwy #101
Goodyear, AZ 85395

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Juan Grimaldo - Keller Williams Realty Professional Partners - The Grimaldo Group (WINBACK) are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. June 23, 2024
This site powered by CINC: www.cincpro.com