Deals of the week: 2 Phoenix apartment complexes sold for nearly $70 million
Monterra Apartment Homes, a 258-unit apartment complex near 24th Street and Loop 202 in Phoenix, sold for $37.2 million.
Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Weidner Apartment Homes in the sale.
“Drawn to the area by the increasing number of well-paying jobs, the Valley’s 20- to 34-year-old age group — the prime renter cohort — is growing five times faster than the national rate,” Gebing said in a statement. “The rising number of renters should continue to drive apartment demand marketwide, and vacancy is expected to drop below 5 percent for the first time since early 2001.”