The Phoenix multifamily market is officially among the top in the nation. According to a new report from Commercial Search, the city is ranked sixth in the nation for multifamily sales over the last decade. The market has closed $42 billion in apartment investment sales since 2009. During that time, prices on multifamily increased 156%.

"Recent multifamily investment activity in Phoenix has been driven by the overall growth and success of the Arizona economy," Chapin Bell, CEO of P.B. Bell and an expert on the Phoenix market, tells GlobeSt.com. "There are a number of large companies coming to Phoenix to expand their businesses which brings an influx of job opportunities to the city so more individuals are flocking to the area. As a result of this, we've seen an increased need for housing, especially in multifamily."

Affordability is a key driver of growth, particularly in multifamily. Much of the inward population growth is driven by a more affordable quality of life. "We are seeing a lot of people moving here from states like California to get away from the high cost of living. Overall, the multifamily industry is experiencing so much success because it is riding on the coattails of the Arizona economy," says Bell.