California investors continue to flood into the Phoenix multifamily market. In one of the latest deals, Los Angeles-based Ezralow Co. has acquired a 200-unit apartment community in Paradise Valley for $56 million from Olympus Property, an investor based in Fort Worh, Texas.

Located at 4242 East Cactus Road, Cactus Forty-2 is a class-A apartment community developed in 2014. It has a mix of studio, one and two bedroom units with mountain views of Phoenix, and it features a pool and spa, outdoor kitchen, fireplace, fitness center, clubhouse, pet park, covered parking and gated access. The interior units have high-end finishes like granite countertops, stainless steel appliances, private balconies and in-unit washer dryers.

Phoenix has been a top destination for capital exiting California. In an interview earlier this year, Tom Jonsson, multifamily director at James Capital Advisors, told GlobeSt.com that restrictive rent control, statewide lockdowns and an extended eviction moratorium during the pandemic fueled a capital exodus from California in the past 12 months. "There are a large percentage of California investors that want to exit the state for those reasons," he said.