Park at Deer Valley The Park at Deer Valley is a 436-unit class-B asset in Phoenix.

PHOENIX—As Phoenix apartments remain essentially full at around 95% occupancy, the metro’s annual rent growth accelerated to a nine-year high of 7.2% in first quarter 2016, according to MPF Research. There have been numerous multifamily sales in the last six weeks.

In Chandler, AZ, a sale of the 374-unit Crosswinds Apartment Homes at 868 S. Arizona Ave. was completed for $22 million or approximately $58,824 per unit. The self-represented buyer was Emma Capital Investments Inc. of Toronto, Canada, ON. The sellers were P.B. Bell of Scottsdale, AZ, and Stonecutter Capital Management LLC of New York City, which originally acquired the asset in 2014.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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