Land deals signal AZ housing supply shift

By Angela Gonzales | Phoenix Business Journal

Developers are closing on vacant land to prepare for a shortage of multifamily housing units as existing supply dwindles over the next couple of years.

On Dec. 17, an entity related to Houston-based Hines paid $16.6 million in cash for 14.6 acres in Peoria, according to Tempe-based real estate database Vizzda LLC, while Los Angeles-based Sunstone Two Tree closed on 21 acres in Buckeye, paying $8.85 million.

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