PHX multifamily still appealing

Hanover Mill Avenue, Tempe / Apartmentlist

 

By Roland Murphy for Arizona Builder’s Exchange

Institutional investors are actively seeking multifamily opportunities in the Phoenix area, and that trend shows no sign of slowing down in the near term, according to the “ABInsight Phoenix MSA 2Q 2018” market report published this week by ABI Multifamily.

In the report, ABI Director of Research Thomas M. Brophy extensively catalogs a host of economic data to support his view on the strength of the area’s multifamily market. Gross Domestic Product was recently reported at 4.1 percent. Inflation is just slightly more than 2 percent. National unemployment is 4 percent (4.7 in Arizona, unchanged May-July), and – despite recent increases by the Federal Reserve – interest rates are still at near historic lows. These broad economic trends, Brophy theorizes, combined with the pace of absorption and delivery of new units to market, keep multifamily opportunities in the greater Phoenix area highly appealing.

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