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Pete O’Neil

Multifamily prices are surging in Phoenix, according to research from Colliers International. For the last several years, Phoenix multifamily sales have been largely driven by value-add deals. In the second quarter of this year, there was a shift with more new construction, class-A assets trading hands. As a result, the average price per unit has increased from $100,000 in 2017 to $164,000 in the second quarter.

“We have had this huge increase in pricing. Part of that was because we have built a lot of new complexes in the last few years, and those complexes have sold. We are building a lot of very expensive class-A apartment buildings,” Pete O’Neil, research director in greater Phoenix for Colliers International, tells GlobeSt.com. “The median price in the second quarter was $164,000 per unit and year to date we are up to $131,000 per unit. Last year, we were at $100,000 per unit. Activity has accelerated in the second quarter by about 10% and we are seeing a change in the mix of the product that is selling. This is a good indicator for our market.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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