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Sales of Phoenix Apartment Properties Sink in Opening Quarter of 2023

Sales of Phoenix Apartment Properties Sink in Opening Quarter of 2023


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.

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