Multifamily Market in AZ

[Matt Williams]

Hello. I own a General Contracting firm that has specialized in multifamily remodeling for the past 10 years, and I have saved up a decent amount of cash and am ready to begin my multifamily investing business. (I have been investing in SFR for the last few years, but just sold it all last year). My question is what are everyone's feelings about the multifamily market in the Phoenix Metro area? I am mostly focused on communities at about $3million or less with a lean towards value add (as I specialize in that and it can give me an advantage over my competition). How do the cap rates and per unit prices compare now to the last couple years? I would hate to buy at the peak of the market and only devalue should the economy really slip.