PHOENIX-Targeting private capital investors in the multifamily market, CB Richard Ellis has formed a multihousing private client group in the local office. Headed up by first vice president Tom Montgomery, the recently formed group will target acquisitions and dispositions for 10- to 125-unit assets.

"The plan over the next three years is to garner between 20% and 25% of the market share in this area," Montgomery tells GlobeSt.com. He points out that $4.5 billion last year was deployed into Phoenix complexes with 50 units or more. "I'd say that 60% of the multifamily transactions that take place in our market are with private clients versus institutional funds," he adds.

Montgomery, who was president and CEO of Montgomery Partners LLC in Syracuse before arriving in the southwestern desert city, says the new operation will start closing deals in just a few months. To get off the ground, the group has built a database with owners' names in the 10- to 150-unit bracket. Now, he says it's time to begin chatting with owners about possible dispositions and acquisitions.

"Through the PCG [private client group] network nationally, there is a database of 125,000 investors around the country looking for private capital transactions. We've identified 10,000 with an interest in the Phoenix market," Montgomery says.

Working with Montgomery is sales associate Chris Gonzalez, who was recently a market analyst with Marcus & Millichap Real Estate Investment Services' Phoenix team. Rounding out the team is client services specialist Michelle Montgomery, who also comes from Syracuse. A sales assistant will be added in a few weeks.