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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.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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