Fairfield Residential just made history in Arizona’s multifamily market with a $462.38 million acquisition—the largest single multifamily portfolio purchase in the state’s history. Here’s a breakdown:
Deal Summary:
- Buyer: Fairfield Residential (San Diego-based)
- Portfolio Value: $462.38 million
- Properties Acquired: Five apartment complexes across Metro Phoenix
- Date Closed: First three on July 18, final two on July 23
Details by Property:
- Slate Scottsdale: Sold for $97.38M (originally bought by Sunroad Enterprises for $114M in 2021)
- The Laurel Apartments (Chandler): Sold for $120.2M (originally bought for $125M in 2021)
- Remaining three properties (not detailed) totaled $244.8M for 907 units
Market Context:
- 2025 YTD Phoenix apartment sales: $2.4B (up 4% YoY, 40% higher than 2023)
- Still 20% below pre-pandemic averages (2015–2019)
- Trend shift: Older buildings (pre-2020) now being acquired more frequently
Key Takeaways for Investors:
- The multifamily market is rebounding, especially in Phoenix
- Value opportunities exist for investors buying properties below 2021 peak prices
- Institutional buyers are focusing on older, stabilized assets in high-demand markets