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California Investors Driving Phoenix Sales

PHOENIX-Out-of-state multifamily investors step up their interest in the Valley of the Sun, lured by strengthening market conditions and properties' relative affordability, according to Marcus & Millichap's new report.

By Jennifer D. Duell | Updated on October 08, 2004

PHOENIX-Out-of-state investors’ interest in the Valley of the Sun is increasing, creating a competitive environment that will keep prices on an upward trend over the next year as market fundamentals improve, according to Marcus & Millichap’s recently released Apartment Research Report.

“Recent sales statistics show a growing presence of out-of-state buyers, and these investors, many from California, account for a large share of purchases recorded this year,” says David A. Wetta, regional manager of the firm’s Phoenix office. “The Phoenixapartment market is in the beginning stages of a recovery and we expect both job and population growth to accelerate going into 2005.”

Out-of-state investment dollars are being lured by the Valley’s strengthening market conditions and relative affordability. California buyers alone account for more than 50% of the transactions recorded so far this year, a trend that’s expected to continue.

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