Dive Brief:

• American Landmark Apartments has moved into Arizona with its acquisition of Tempe Metro — a 408-unit apartment community located in the Phoenix suburb of Tempe.
• The Tampa, Florida, apartment owner will rebrand Tempe Metro, built in 2010, as The Access. The property offers studio, one-, two- and three-bedroom floor plans ranging from 485 to 1,328 square feet. Those apartments feature 9- to 17-foot ceilings, private balconies with city views and gated underground parking.
• American Landmark purchased more than 10,000 units in the Sun Belt between 2018 and 2020. That growth spurt propelled it to No 35.on the National Multifamily Housing Council Top 50 list with 33,303 total units.

Dive Insight

During its buying spree, American Landmark focused on the Sun Belt, focusing on Tennessee, Georgia, Florida and Texas. It has also recently re-entered Richmond, Virginia, CEO Joe Lubeck told Multifamily Dive. “Arizona has all of the Sun Belt characteristics — job and population growth and a business-friendly environment,” Lubeck said.

The Access’ amenities include resort-style swimming pools with a sundeck, a clubhouse with a social lounge and work areas, an outdoor spa, a 24/7 fitness center and spin room, outdoor kitchen and grilling stations, a rooftop basketball court, a controlled-access gate and an on-site courtesy patrol.

“Phoenix is one of the most dynamic and fastest-growing cities in the country, ranking just behind Miami as the most popular migration destination in the U.S.,” said Christine DeFilippis, chief investment officer of American Landmark, in a press release. “With a diversified economy offering jobs in high tech, finance, hospitality/service, and education, Phoenix will continue to experience above-average job growth, and demand for high-quality apartments is likely to remain for the long-term.”

Phoenix welcomed a yearly average of 48,175 new residents through metro-to-metro migration from 2014 to 2018, according to Census Bureau data. In 2021, Phoenix ranked third nationally in in-migration, according to data from Penske Truck Rental.

“We looked for a while [in Phoenix] until we found the right deals,” Lubeck told Multifamily Dive.

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