While positive economic indicators have attracted the attention of investor interest in the Arizona apartment market, they’re proceeding with caution.That’s because new supply is creating a softness in some submarkets, said Adam Finkel, co-founder and managing partner of Scottsdale-based Tower Capital.Year-over-year multifamily rents are down 1.6% through the second quarter in metro Phoenix, said Peter O’Neil, research director for Northmarq.”In Phoenix, rents have been hit a little harder, as the market is one of the more competitive ones for operators,” he said.Taking a closer look at which markets have been hit the hardest by rent declines, Yardi Matrix identified the five lowest-performing multifamily submarkets in metro Phoenix.Phoenix North Mountain Village near Lincoln Drive and 44th Street in Phoenix, with rental rates down 4% year over year in Augu …
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