Mesa Leads Phoenix Multifamily Market in 2Q

Roland Murphy

Multifamily investment capital is flooding into the Mesa submarket. According to the second quarter multifamily report from ABI Multifamily, Mesa had a 136% increase in investment sales last quarter with a total of $119 million in activity. By comparison, investment sales totaled only $50 million in the second quarter 2018. The sales activity by far led the market in growth in the market.

“Compared to other East Valley cities, Mesa is older in development terms. Mesa was a fully formed city when neighbors like Chandler and Gilbert, which have seen exceptional growth, were still largely agricultural,” Roland Murphy, director of research at ABI Multifamily, tells GlobeSt.com. “As a result, Mesa has a much larger inventory of properties and units. Buyers are clamoring to acquire properties while the market is doing well—certainly before it peaks—and since Mesa has so many more, there will be more opportunity there just as a function of volume.”