Phoenix Multifamily on Solid Ground: Q&Ahttps://nextwaveinvestors.com/wp-content/uploads/2020/08/multi-housing-news-mhn-vector-logo.png900500Next Wave InvestorsNext Wave Investorshttps://nextwaveinvestors.com/wp-content/uploads/2020/08/multi-housing-news-mhn-vector-logo.png
Having been active in the market’s multifamily sector for several years, Next Wave Investors’ Principal points out Phoenix’s strengths.
The Phoenix multifamily market has fared relatively well, despite the negative impact the COVID-19 outbreak has had on most markets. Occupancy in stabilized properties declined just 30 basis points year-over-year, to 95.0 percent as of June, according to Yardi Matrix data. Although transaction volume softened last year, property values held strong, with the average price per unit inching up 1 percent, to $166,540, and surpassing the U.S. average for the first time this decade.