Combined financing of $24.2 million was recently obtained for five multifamily properties, a hotel and a retail property in Arizona. The transactions involve the 44 May multifamily property in Mesa, the Royal Meridian multifamily in Apache Junction, along with Sunset Ridge apartments, Gran Jardin multifamily property, the Mojave Apartments, a Motel 6 and the Alta Vista Shopping Center, all in Phoenix. Tower Capital arranged the financing.
“Transaction activity remains high across the metro Phoenix market as a result of population expansion and an influx of new businesses, in particular tech companies,” says Adam Finkel, Tower Capital’s principal. “The growth is being fueled by immigration of retirees attracted to the quality of life the market offers as well as middle-class families seeking more affordable housing options than they are finding in more expensive markets.”
Phoenix’s population grew from 1.4 million people in 2010 to 1.6 million in 2020, a rate of 11.2 percent, according to the Census Bureau. This is the fastest rate among America’s biggest cities and Phoenix is now the fifth-biggest city in the United States since the last census.