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Interest Rates, Scant New Product Fuel Multifamily Sales

PHOENIX-A near $5.7-million sale in Glendale goes for more than the norm. Location and condition of the 15-year-old complex were key, but so were market conditions. Low interest rates and fewer developable sites fuel an ongoing hustle and bustle.

By Connie Gore | Updated on November 08, 2001

PHOENIX-Low interest rates and scarce land for new product raise the bar for the region’s multifamily market.

The latest sale brings out four competitors for a 15-year-old property, with the winner being a first-time Phoenix buyer. Michael Cook of Oakland, CA paid about $5.7 million for the 116-unit Cedar Court, located at 5215 W. Peoria Ave. in Glendale. The competitive edge got seller Eagle Creek Investors LLC of Chicago relatively close to its original asking price of $5.85 million.

Mark Forrester, associate partner in Hendricks & Partners’ Phoenix office, tells GlobeSt.com that the $48,922 per unit came in somewhat higher than the norm due to its location and condition. The 93%-occuped complex is located along the main east-to-west artery and near the primary north-to-south route in the Phoenix suburb.

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