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GlobeSt.com EXCLUSIVE: Five Multifamily Sales Draw $33M

PHOENIX-The sales crisscross all classes and metro submarkets, an affirmation of the hardy appetite of investors for Arizona assets. Three SoCal investors and two from Phoenix take the deeds in two days of whirlwind closings,

By Jennifer D. Duell | Updated on September 14, 2004

PHOENIX-Three Southern California buyers and two Phoenix buyers have bought $33 million of multifamily assets in a two-day whirlwind of closings. The five sales, crisscrossing all property classes and metro addresses, send a clear signal about the hardy appetite of investors for Arizona assets.

“People are flocking to Arizona because the economy is improving and the population is increasing,” Iuliana Vaughn, vice president of Sperry Van Ness, tells GlobeSt.com. “There are so many positives that Arizona is truthfully one of the best places to invest.”

Vaughn says three of the five buyers were private investors from California looking for increased cash flow. “Arizona is doing so well due to the high prices in California,” she explains. “You can sell a four-plex in California and buy 20 to 50 units in Arizona for less.”

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