Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Phoenix fundamentals are a big hit with investors, who are finding healthy returns and longevity in the market. Chicago-based LaSalle Investment Management has made its first multifamily purchase in the market in years, citing strong job growth and population growth as compelling reasons to invest in the market. LaSalle purchased San Melia, a 488-unit multifamily community in Ahwatukee Foothills neighborhood south of Phoenix in a competitive sale that attracted a double-digit number of bids.

“Phoenix is one of the strongest job growth stories in the country,” Summit Walia, Managing Director of Acquisitions at LaSalle, tells GlobeSt.com. “The types of jobs being added to the market are all high quality and well diversified. Large companies like Wells Fargo, JP Morgan, Intel are all adding lots of high quality jobs. Along with jobs has been strong population growth, and it is attracting young people from across the country. It is still one of the more affordable markets on the West Coast, and we think that we will continue to see an influx of people from higher priced markets like Los Angeles, San Diego and other coastal locations.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

More from this author


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.