Strong Growth Build Momentum For Institutional Interest In Phoenix Multifamily
Canadian multii-family REIT, Pure Pure Multi-Family reaffirmed its faith in Phoenix's growth and the vibrancy of its downtown with its latest acquisition of recently built 230-unit Fillmore Apartments on 7th Ave and Fillmore right smack in the middle of Phoenix's resurgent downtown. The sale took place for $59M or about $257K a door.
Pure Multi-family is a Canadian multi-family REIT with substantial presence in the U.S. sunbelt primarily Arizona and Texas. In Arizona, Pure Multi-family owns 3 additional Class-A multi-family communities. Per the broker on the transaction, ABI Multifamily Senior Managing Director Rue Bax, Pure Multi-family was attracted to "Downtown Phoenix as a strong-performing submarket, especially in light of the significant population and job growth in the Phoenix area since 2010."
The entire article can be read here.
