Phoenix area – In less than one week’s time, eight Valley multi-family communities totaling 2,321 units have changed hands in transactions totaling $255.649 million ($110,146 per unit average). That span covered six days from February 14 to February 19. By comparison, the year-end 2012 rush to close sales resulted in a total of $126.85 million ($71,064 per unit average) being spent on the sale of 1,785 units. Those eight projects all traded in the last six business days of the year (the sales comparisons include only those properties of 100+ units that closed between December 26 and December 31 of 2012). While three of the year-end 2012 transactions accounted for $91.125 million and 996 of the total units sold, the recently completed six-day period was bolstered by a portfolio sale that included three Valley multi-family projects with $108.185 million changing hands for 927 of the units. Interestingly, the average sales price per unit of $110,146 for the multi-family sales in February is $39,082 per unit higher (54.995 percent) than the $83,069 per unit average for the Valley apartment communities that traded at year-end 2012. Continue reading:
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