Transwestern sells Lydian in Phoenix for $66M
Transwestern Development Company (TDC) announces the sale of Lydian, a 209-unit multifamily community at 1314 N. 3drd St. in Phoenix, Arizona. Knightvest Capital acquired the property for $66 million, or $313,400 per unit.
“Phoenix remains one of the healthiest multifamily markets in the nation,” said Brendan O’Leary, Southwest Partner at TDC. “High levels of in-migration and a diverse economy continue to drive investor interest. Lydian’s sale price is a testament to the demand.”
In 2021, Phoenix reported the highest multifamily sales volume ($14.5 billion) in the nation, averaging $203,873 per unit, according to Transwestern research.
In late 2021, TDC broke ground on a 200-unit multifamily development at 651 E. 6th St. in the Novus Innovation Corridor. The project is expected to deliver at year-end 2023. Last year, Knightvest Capital acquired another TDC project, the 340-unit Portrait at Hance Park, at 1313 N. 2nd Street in Phoenix.
At present, TDC has 10 multifamily projects totaling 2,529 units under construction, in pre-development or recently delivered nationwide, including 1,555 units in the Sunbelt.