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1) Fueled by profit-taking, low risk and high demand, the Phoenix-area multifamily real estate market keeps churning out property sales. Although commercial real estate and the job market are still recovering. Apartment property sales are up 8.6 percent so far this year compared with the previous 12 months.
2) There are still plenty of tenants who can’t qualify for mortgages or are not interested in home ownership after foreclosures and lost equity. There are also hopes that lagging population growth will improve and bring more transplants to Phoenix. Millennial's are also proving to be less interested in home ownership and square footage as previous generations.
3) We are seeing an apartment marketplace where complexes sold for as low as $30,000 or $40,000 per unit during the market collapse to a climate where some of those same complexes are fetching $85,000 to $90,000 per unit. Scottsdale apartments are selling for $116,000 per unit. They are going for $91,000 per unit in Tempe.
4) Now for the even better news we have a few investors looking to sell. Check out the OFF MARKET properties below . Bring your offers contact : Shannon Murphy shannon.murphy@icoreglobal.com 480.290.0249 - Value-Add through rehab and new management
- (33) 1 Beds (11) 2 beds $32,500 per unit
- Minutes to downtown
- Built in 1973
- Master metered for electric
- Proforma NOI = $90,575
- Value-add through rehab and new management
- (61) 1 beds (3) 2 Beds $38,500 per unit
- Desirable Phoenix location minutes to downtown
- Built in 1971
- Master metered for electric
- Proforma NOI = $151,067
- Value-Add through stabalization / rehab / New mangement
- (1) 2 bed House and (48) 1 beds $30,000 per unit
- Ind. Metered for electric
- Fantastic exposure on major road
- proforma NOI = $90,485
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