Investors raise caution flag for Phoenix apartment sector amid some softness
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…