Canadian Investor Acquires Phoenix-Area Property
- Apr 24, 2018
Located at 250 S. Elizabeth Way, the property offers 256 one-, two- and three-bedroom units with air conditioning, walk-in closets and balconies or patios. Common amenities include a fitness center, a pool, a playground and a tennis court.
Senior managing directors Ric Holway and Mark Forrester and senior director Dan Cheyne of Berkadia’s Phoenix office secured the deal on behalf of the seller. “Greentree Place represented value-add opportunity within walking distance of downtown Chandler,” said Forrester.
Metro Phoenix Rents Still Rising
Greater Phoenix has been a hot apartment market since the end of the recession, supported by an influx of jobs and population in recent years. Kidder Mathews reports that during the first quarter of 2018, metro Phoenix asking rents were up 4.79 percent compared with a year earlier.
The metro vacancy rate was 6.4 percent in Q1 2018, down from 6.8 percent in the last quarter of 2017, but the same as in the first quarter of last year. There has been a brisk pace of construction in the market, with 1,270 units completed in the first quarter of 2018, compared with 717 during the same quarter a year earlier, according to Kidder Mathews.