Investment activity slowed considerably during the first quarter in the Phoenix multifamily market. Only about $782 million worth of multifamily property traded hands in the opening three months of 2023, a 74% decline from the same period a year earlier. This marks the lowest level of quarterly sales in six years, aside from the pandemic-driven pause in mid-2020.
Sales of Phoenix Apartment Properties Sink in Opening Quarter of 2023
Higher Borrowing Costs, Economic Uncertainty and Lower Rent Growth Projections Crimp Sales
CoStar Analytics
May 24, 2023 | 4:08 P.M.
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