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The Phoenix apartment market is officially on fire. In the first half of the year, sales volumes for multifamily communities with 100-plus units increased 20% and represented $3.02 billion in total investment activity, according to research from CBRE that GlobeSt.com has seen exclusively. The investment activity is the capital recognition of significant population and job growth Phoenix has been experiencing for the last several years.

“It is all about the fundamentals. Phoenix sits at the top of almost every major economic indicator,” Matt Pesch, EVP in CBRE Phoenix multifamily institutional Properties group, tells GlobeSt.com. “In population growth and job growth, Phoenix not only leads but leads by a large margin. That translates into pretty robust demand. Then, on the supply side, there is a huge under supply story going on where we are not building enough housing for the demand that is being created. The result has been significant rent growth.”

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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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