Private Equity Hot for Non-Core Multifamily
Private equity is looking more to assets like non-core Phoenix multifamily. Recently a California-based private equity firm paid more than $27M for the Class-B+, 264-unit Palm Valley Apartments in Goodyear. "The buyer wanted a stable, high-quality asset to reposition, but also one outside of urban core districts," ABI senior managing partner Rue Bax tells us. (ABI facilitated the deal.) These days, it's easier to maximize value in such places, without significant risk.
The buyer was also looking for a solid location. The Palm Valley Apartments are in Goodyear’s 9,500-acre Palm Valley Master Planned Community, which means it can't be replicated in the submarket, Rue adds. The property is on over 16 acres of land, with 19 total buildings and a dedicated leasing center/clubhouse. It's also near the Arthur Hills-designed, 36-hole Palm Valley Golf Club.
