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Phoenix-area Apartment sales surge to $1.63B, on pace for all-time record

by Dalton Herring on June 8, 2016
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phoenixThere have been more than $1.6 billion worth of apartment sales in the Phoenix market so far this year, according to new research by ABI Multifamily LLC.

Many of those sales happened in April and May and the sales totals are on pace for an all-time annual record.

There were 68 apartment complexes and developments sold from the start of the year through May 24, according to ABI researchers Thomas Brophy and Ethan Millstein.

Those sales totaled $1.63 billion.

That compares to 51 sales totaling just under $897 million for the same time frame a year ago.

So far this year, apartments are selling for more than $96,500 a unit.

That is up from just under $77,200 per unit last year and $59,200 per unit in 2014, according to ABI’s Brophy and Millstein.

Another recent multifamily analysis by Colliers International pegged per unit sales in the first quarter at $100,500 per unit, up 28 percent from last year.

The river of new apartments hitting the market also continues to flow.

Multifamily developers delivered more than 1,500 apartments in the Phoenix market during the first quarter. They’ve finished close to 7,000 units locally over the past 12 months, according to Colliers.

Another 10,000 units are under construction, according to Colliers.

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