Phoenix Multi-Family market continues to strengthen amid growing investor demand.
Las Vegas, NV - Savant Investment Partners (formerly Savant Equity Group) has announced that it has completed a $44.45 million investment acquisition in the Tempe area of the Phoenix valley, Arizona on behalf of an investor client, acquiring a sprawling 25 acre, 240 unit Class A multi-family project known as Alta Ravenwood. The condominium project was developed in 2009 by Wood Partners, the third largest multi-family builder in the nation, and their institutional equity partner, Boston Capital. Tyler Anderson and Sean Cunningham, Vice Chairmen with CBRE, along with Matt Pesch and Asher Gunter of CBRE, represented the seller, Wood Partners, in negotiating the sale. Savant Investment Partners led the acquisition efforts including the asset selection, underwriting, due diligence, and closing process.
Savant Investment Partners is a Las Vegas, Nevada based real estate investment firm, which handles a wide variety of real estate investment matters across the U.S. including multi-family, office, industrial, retail, and land investments. Savant Investment Partners buys, sells, manages, and invests in real estate on its own behalf and alongside its investors/partners, and clients, as well as offers a variety of real estate related services including due diligence coordination. Savant also closed another multi-family property acquisition, a Class A, 192 unit apartment community known as “The Retreat At The Raven” for $22.5 million in November of 2012, which is located adjacent to the South Phoenix “Raven” golf course. The quickly recovering real estate markets in Phoenix have become a prime focus for Savant.
“The housing market has, and will continue to be a core focus for our group for some time to come,” says Jordan Wirsz, CEO of Savant Investment Partners. Wirsz continued, “There is tremendous appreciation potential in the housing sector, as well as other commercial sectors in real estate. The last boom and bust cycle has presented a fantastic opportunity for investors to buy real estate at great values with excellent cash flow.”
Many well-funded individual investors are flocking to the real estate asset class, not the least of which are foreign investors from Canada, Australia, and China. “Real estate is regaining its attractiveness very quickly,” said Mr. Wirsz. He continued, “As the economy stabilizes and housing recovers, housing occupancy rates will increase along with the rent rates. I believe we will see another bull market cycle in real estate over the coming decade.”