Institutional Real Estate, Inc.
October 17, 2022
The Phoenix market, which saw population increases of more than 2.5 times the national average during the past decade, directly aligns with Odyssey’s investment strategy, targeting exceptional submarkets in locations with strong job growth, favorable supply and demand conditions, and a superior quality of life.
“Overall, commercial growth and emerging industry clusters are shaping the economic landscape in Phoenix and diversifying the region’s burgeoning employment base,” continued Graham. “Already a top-performing employment market, the region’s continued job and population growth is further bolstered by recent large-scale industrial and manufacturing developments, including Taiwan Semiconductor Manufacturing Co.’s $12 billion chip manufacturing plant and Intel’s $20 billion expansion project containing two new leading-edge chip factories. Collectively, these projects will bring 5,000 high-tech, high-wage jobs to the region by 2024.”
Throughout the economic downturn due to the pandemic, the Phoenix multifamily market remained one of the strongest in the country, with rents now up 48.84 percent over pre-COVID levels and occupancy improving to 95.9 percent. Recognizing the resilience of this market early, Odyssey acquired its first two assets in the region — Parq at East Arcadia in December 2020 and Parq on 5th in January 2021.
