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Phoenix-Area Apartment Complex Sells at Discount To Recent Highs

Hangar at Thunderbird Changes Hands for 25% Less Than Average Door Cost in 2021-22
The Hangar at Thunderbird in Glendale, Arizona, was completed in December 2022 but struggled to fill its units, maintaining a 13% vacancy rate more than a year later. (Decron Properties)
The Hangar at Thunderbird in Glendale, Arizona, was completed in December 2022 but struggled to fill its units, maintaining a 13% vacancy rate more than a year later. (Decron Properties)
CoStar News
April 18, 2024 | 9:49 P.M.

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A privately owned real estate firm in California has purchased a Phoenix-area luxury multifamily project at a 25% discount from recent market highs as the area struggles with the fallout from overbuilding, including falling rents and rising vacancy rates.

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News | Phoenix-Area Apartment Complex Sells at Discount To Recent Highs