Why the metro Phoenix apartment market is so hot right now

Optima Sonoran Village / Bisnow

 

By Catherine Reagor | Arizona Republic

Apartments are a hot commodity in metro Phoenix, and not just with renters.

Investors are snatching up Valley apartment complexes almost daily for hefty prices.

Last week, one of world’s largest real estate investors, New York-based Blackstone Group, went on an apartment-buying spree in metro Phoenix, purchasing six apartment complexes for almost $311 million.

Earlier this year, it bought five other Valley apartment complexes.

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