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.

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By Angela Gonzales, Senior Reporter - Phoenix Business Journal