News Summary
Fairfield Residential has acquired a multifamily portfolio valued at $244.8 million in the Phoenix metropolitan area, consisting of 907 units across three apartment complexes. This strategic purchase increases their national holdings to 46,100 apartment units in 30 markets. The Phoenix real estate market continues to thrive, showing growth with new multifamily units and decreasing vacancy rates, along with ongoing developments in the Buckeye area and investments from other local companies.
Phoenix – Fairfield Residential, a residential real estate investment company based in San Diego, has made a significant acquisition in the Phoenix metropolitan area, purchasing a multifamily portfolio valued at $244.8 million. This portfolio consists of 907 units across three distinct apartment complexes, expanding Fairfield’s holdings significantly in the fast-growing Phoenix market.
The selling entity of the portfolio was Sunroad Enterprises, a company known for its developments in various sectors. With this latest purchase, Fairfield Residential now boasts a total of 46,100 apartment units across 30 markets nationwide.
This acquisition is part of a broader increase in investment activities within the Phoenix area. Recent analysis from Northmarq indicates that investment activity in metro Phoenix has risen from the first quarter to the second quarter of 2025, highlighting the area’s appeal to multifamily investors.
In addition to Fairfield’s acquisition, the Phoenix real estate market remains active, with 27,700 new multifamily units reporting as coming online year-over-year as of March 2025. Over the past three years, approximately 60,000 new apartments have opened, which is nearly one-sixth of the pre-2021 stock. This influx of new housing has resulted in a reduction of the metro vacancy rate to 6.1%, the lowest reported in three years.
New multifamily properties have seen a year-over-year price decrease of 12%, while older assets are trading at valuations that are roughly 30% below previous peaks. Over the last 12 months, absorption rates have totaled about 30,000 units, showcasing the demand for residential units in the vicinity.
Additionally, the Buckeye area in Phoenix is set to undergo substantial development with plans for over one million square feet of new retail and restaurant space. This development aims to transform the intersection of I-10 and Verrado Way into a regional shopping hub, likely enhancing local economic growth.
In a separate venture, Scottsdale-based Taylor Morrison Home Corp. has initiated a $3 billion financing facility to support its build-to-rent brand, Yardly, indicating a shift in housing development strategies within the region.
Amid these developments, major corporations in the area are also restructuring. Intel Corp. has announced plans to reduce its global workforce by 25% by the end of 2025, a move aimed at streamlining operations and cutting expenses.
In the realm of local business, Durant’s, a popular restaurant closed for renovations, is looking to hire approximately 135 new employees as it prepares to reopen. Concurrently, Taroko Sports, a high-tech batting cage and entertainment venue, launched its first Arizona location on July 25, 2025, marking an expansion in entertainment options for residents.
Furthermore, Knightvest Capital has acquired Avana Desert View, a 412-unit apartment community in Scottsdale, marking its eighth investment in Fund II. This community is currently about 97.3% occupied and has experienced recent fluctuations in rent prices, with average rents dropping from $1,767 in 2021 to $1,661 now. Knightvest plans to renovate the property, which was originally developed nearly 30 years ago, to enhance its appeal and value.
As the Phoenix multifamily market continues to evolve and grow, these investments and developments illustrate the dynamic nature of real estate in the region, responding to both the challenges and opportunities presented by changing economic conditions.
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Additional Resources
- MultiHousing News: Knightvest Acquires Metro Phoenix Apartments
- Wikipedia: Phoenix (City)
- CBRE: Sale of Downtown Phoenix Multifamily Portfolio
- Google Search: Phoenix Real Estate Market
- AZ Big Media: Kennedy Wilson Acquires Multifamily Units
- Encyclopedia Britannica: Phoenix, Arizona
- MultiFamily Biz: Goodman Real Estate Announces Acquisition
- Google News: Phoenix Multifamily Development
