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."
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By Angela Gonzales - Reporter, Phoenix Business Journal