PHOENIX MSA Subma r ket Monitor
| 10- 99 Un it s
NORTHWEST MESA 2Q2020
SUBMARKET MONITOR 2Q2020 Inventor y Summar y
2Q2020 Mar ke t Summar y
Nor t hwe s t Me s a P hoenix-Me s a S c o t t sda le, A Z
Units Completed
Nor t hwe s t Me s a
±0
2Q2020 Absorption Rate
Total Units
± 0 .0 %
Total Units
±361,400
±12,428
± 2 . 2 % Y- O -Y I nv. C h a nge
± 0 . 0 % Y- O -Y I nv. C h ange
Avg. Occupancy
Avg. Occupancy
Units Under Construction
±75
± 9 5 .6 %
± 9 7 .0 %
12 Mo. Forecasted Completions
±75
Avg. Eff Rent
P andemic Impac t Phoenix MSA June 2020 Rent Payment Rate Only Down -0.5% Y-O-Y [1] % Units with Concession Northwest Mesa
2Q2019
2Q2020
±20.6%
±11.6%
Phoenix MSA
±13.2%
±25.0%
[1] Based on RealPage June 2020 Rent Payment Tracker Source: RealPage, 2Q2020
Avg. Eff Rent
± $ 1 ,1 8 5
±$1,032
Y- O -Y Re n t C h a nge ±2.8%
Y- O -Y Re n t C h ange ± 4 .2%
Avg. $/SF
Avg. $/SF
± $ 1 .3 7
±$1.32
%
%
Avg. Concession (%)
Avg. Concession (%)
± 3 .1 %
± 2 .6 %
NORTHWE S T ME S A
P H OEN I X SU BM A R K E T S | His tor ic al Ef f ec t i ve Rent 2Q2016
2Q2020
$1,171 $1,503
$1,059 $1,314
Growth
Growth
Growth
Growth
Growth
Growth
SOUTH SCOTTSDALE
NORTH TEMPE
SOUTH TEMPE
EAST MESA
SOUTHWEST MESA
NORTHWEST MESA
$332 28.4%
$255 24.1%
$995 $1,233
$238 23.9%
$954 $1,217
$263 27.6%
$801 $1,076
$275 34.3%
$803 $1,032
$229 28.5%
2Q2020 Mult if amily Tr ans ac t ions | Or g ani zed by S ale D ate Apartment Transaction Between 10 to 99 Units
PROPERTY
C ITY
UNITS
YEA R B U I LT
PR I CE
$/ U N I T
SQFT
$/SQFT
SA L E DAT E
The Irving
Mesa
20
1960
$2,600,000
$130,000
15,672
$166
5/15/20
Sunland North
Mesa
45
1984
$5,050,000
$112,222
35,000
$144
6/26/20
Scottsdale Townhouse
Scottsdale
25
1973
$6,050,000
$242,000
23,750
$255
4/20/20
Skysong Coop
Scottsdale
16
1963
$2,650,000
$165,625
13,600
$195
5/22/20
Tempe Terrace
Tempe
39
1963
$5,650,000
$144,872
35,097
$161
4/8/20
Parkview
Tempe
17
1961
$2,975,000
$175,000
10,845
$274
6/30/20
Scottsdale
8
1959
$1,140,000
$142,500
4,800
$238
5/15/20
66th St
P R ES EN TE D BY: PAUL B AY
JAM ES CRAW LEY
CHRIST IA N T R UJI L LO
National Multi Housing Group 602.687.6679 paul.bay@marcusmillichap.com License: AZ SA671037000
National Multi Housing Group 602.687.6807 james.crawley@marcusmillichap.com License: AZ SA659077000
National Multi Housing Group 602.687.6687 c.trujillo@marcusmillichap.com License: AZ SA678818000
M A R C U S M I L L I C H A P. C O M MA R C U S & M IL L IC HA P | 2 39 8 E AST C A ME L B AC K R OA D, S U I TE 3 00 | P H O E N I X , A RI ZO NA | 8 5 016