Multifamily Demand Continues to Outweigh Supply in Greater Phoenix Market
Newmark Knight Frank (“Newmark”) announces it has arranged the sale of Haven on Peoria Apartment Homes, a 164-unit apartment complex in Glendale, Arizona for $28.7 million.
Newmark’s Senior Managing Director Brett Polachek, Managing Director Chris Canter and Executive Managing Director Brad Goff represented the seller, Whitehaven Capital LLC. The Phoenix-based buyer, Rise48 Equity LLC, has been actively buying in the market.
“We are seeing a lot of new, out-of-state capital coming into the Greater Phoenix multifamily market as well as existing capital wanting more,” said Polachek. “Demand continues to outweigh supply in the market as the fundamentals – employment growth, new construction, a rise of rental rates, population growth, increased pricing – remain strong and continue to draw interest and attract investors, both private and institutional.”
Canter added, “We are fortunate to have worked with both of these highly esteemed ownership groups and hope to do more business with them in the future.”
The two-story property, located at 5020 West Peoria Avenue, comprises of sixteen buildings with a mix of one and two-bedroom units. Features include a pool and spa, a fitness center, a dog park and a barbecue and picnic area. The units are detailed with fully equipped modern kitchens, washers and dryers, ceiling fans, two vanity areas, walk-in closets and private patios or balconies.
Polachek, Canter and Goff have been extremely active as of late, completing more than $570 million in sales the past year with seven currently in escrow, further confirming Metro Phoenix’s expected growth and quality underlying real estate fundamentals.