I remember rolling into Phoenix in 2010. Place was decimated by the housing bust. Walked into large brokerage firms and they were ghost towns. We started buying there when rents were still declining. Free rent signs everywhere. Scary times. Looking back, those were our best buys
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We started buying at 7-8 caps and rents that were so much lower. Monster cap rate compression and rent growth over last few years.
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I have friends who were buying there hand over fist in the last few years
End of conversation
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Stabilized, 100+ apartment complexes in Phoenix have been trading at 5, and sub 5 caps.
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