A Blackstone entity sold an $80 million apartment community in Gilbert. Across the Phoenix metro, a land banker working with Lennar paid more than $60 million for hundreds of future homesites. Both September transactions are real. Together, they offer a contrast between selling an existing rental investment and securing land for future homebuilding. They do not establish that one company is abandoning Phoenix while another is predicting an immediate boom. The apartment deal involved Cadia Crossing, a 277 unit community…
MarketPhoenix
Blackstone Sold for $80 Million. Lennar Secured 132 Acres. Phoenix’s Big Deals Tell Two Stories.
A Blackstone entity sold a Gilbert apartment community for $80 million, while Lennar’s land banker acquired 132 acres for future homesites.
